Baby Boomers will own 45% of the nation's wealth when they reach their 80s (health care, military)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They paid for their own college instead of going in debt for Women's Studies degrees and International Human Rights majors.
They lived within their means and didn't stop by Starbucks twice a day.
They didn't have the technology available to waste their money on to have the latest iPhone the minute it came out.
They didn't have the unnecessary money sucks like cable and Wi-Fi to pay for, so they could put their money away.
They didn't buy new cars every three years for loans that go on for 8 years and are worthless when they own the car. They didn't lease cars.
They didn't apply for and run up every single charge card available and then just keep transferring their debt between cards every time they hit the credit limit.
They paid for things BEFORE they owned them. They did lay-a-way or 30-60-90 programs to purchase items like furniture.
They cooked and ate at home.
Their vacations were to visit family, not family cruises or annual family trips to Disney.
Baby-Boomers were the grandkids of the depression era folks, so they were raised with an understanding of what deprivation and delayed gratification meant and the value of money!
Don't blame the baby boomers! We are the ones you keep wishing would die off, so the people that got you to where you are now can take over!
One correction. For the most part we were the children of Depression Era parents, not the grandchildren.
So that means the Baby Boomers' kids will inherit that money. Consider yourselves lucky. I think most Baby Boomers' parents didn't have much wealth to be inherited. Mine certainly didn't.
I'm in your exact shoes. Younger boomer - still some years to go before I reach retirement age and putting my millennial son through college. An out of state college (for us) in Chicago where rent is $$$$$$$$$$$$$$.
I have worked since I was 15 years old and certainly was never rich.
My father left me some money when he died and I plan to leave my son the same.
My first job out of college barely paid the rent in for a second-story apartment over someone's garage.
Where is this fantasy that we had it made the minute we got out of college???
I think part of the problem, not just millennials but other generations in the past as well, is that when they first entered the real world they are too picky thinking getting their dream job will be a piece of cake. Then when reality hits that their first, second, and even third job will most likely not be their dream job, they cry about it.
I currently work my dream job. But it wasn't easy getting here. I went through 3 different professional career paths and a dozen jobs before I got to this point. Perseverance makes all the difference.
I know many people my age who do nothing but whine and whine and whine about how much they hate their jobs but in the mean time won't do anything to change their situation. It is quite annoying to watch these guys complain about how unfair the world is and yet they will not take any of my suggestions or take any risk to change their situation.
I have a friend who graduated with an art degree. Her GPA was 2.xx. She could not find a full time teaching job, so she subs. We graduated together. While I went through 3 different professional careers, she stayed as a sub.
Here's the part that really irks me. A few years ago, her substitute job temporarily turned into a full time teaching job when the teacher was pregnant. Toward the end of the school year, the teacher decided to not teach any more and be a stay at home mom. So, a full time art teaching position opened up. And they offered it to my friend. At the time, I begged and begged and begged her to take it. How often does something like that just landed on your lap? She eventually turned it down because she thought taking a full time job would hold her down. She did not want to waste her youth! WTF?
Boomer here, retired at 55 after working 33 years. Put myself and my three kids thru college. My retirement check is $9000 a month and my wife has a pension and SS too for another $3000 a month. We live pretty well and paid cash for the two homes we own. My 3 kids won't do as well as me but hopefully I can leave them each a sizable estate. I was fortunate, but I worked hard too.
I wonder how many of those boomers who own homes are getting reverse mortgages and giving their houses back to the banks instead of passing them on to their kids?
Millennials hit the bad luck lottery, not their fault at all, but it is their responsibility to deal with it and get themselves out of it. Life is cruel that way, with little to no empathy, but everybody has hardships in life they have to deal with. I think a big key is to not quit before you have even gotten started and I have met way too many millennials that have simply given up at way too young an age. They should be full of life, excited to go out and make their own way and instead they are just depressed and anxiety ridden.
In my immediate family, all millienals have lived a better life so far than their parents. Generation Xerox are doing very well too. The boomers are the least accomplished. But none are on welfare.
I wonder how many of those boomers who own homes are getting reverse mortgages and giving their houses back to the banks instead of passing them on to their kids?
Millennials hit the bad luck lottery, not their fault at all, but it is their responsibility to deal with it and get themselves out of it. Life is cruel that way, with little to no empathy, but everybody has hardships in life they have to deal with. I think a big key is to not quit before you have even gotten started and I have met way too many millennials that have simply given up at way too young an age. They should be full of life, excited to go out and make their own way and instead they are just depressed and anxiety ridden.
I wonder how many BBers are having to take care of one or more elderly parents (Silent Generation parents) while simultaneously paying for kids to go through college (raises hand here).
True. For degree holders growth has been low but positive.
Beyond those people who entered the job market during 2008-2010 -- who had it worst economically since the great depression (of course not worst overall, much better to spend your early twenties un/underemployed than fighting in Europe or Vietnam) and more than enough right to complain about the experience -- there's been degree inflation. Overall salaries are up a decent amount, but break it down and salaries for non-degree-holders are down, degree holders are barely up, BUT many more people are getting degrees than before, and the mix change (more graduates) is where the overall growth is.
So people who are the first in their family to get a degree feel pretty good about it & the upward mobility, rightly so, but everyone else -- which is most people -- see themselves swimming a lot harder to only do marginally better than their parents for those with degrees and worse without. There's a real sense of running faster just to stay in place that is well rooted in reality, because that IS the reality for most people who got the same level of education that their parents did.
True. For degree holders growth has been low but positive.
Beyond those people who entered the job market during 2008-2010 -- who had it worst economically since the great depression (of course not worst overall, much better to spend your early twenties un/underemployed than fighting in Europe or Vietnam) and more than enough right to complain about the experience -- there's been degree inflation. Overall salaries are up a decent amount, but break it down and salaries for non-degree-holders are down, degree holders are barely up, BUT many more people are getting degrees than before, and the mix change (more graduates) is where the overall growth is.
So people who are the first in their family to get a degree feel pretty good about it & the upward mobility, rightly so, but everyone else -- which is most people -- see themselves swimming a lot harder to only do marginally better than their parents for those with degrees and worse without. There's a real sense of running faster just to stay in place that is well rooted in reality, because that IS the reality for most people who got the same level of education that their parents did.
My grandmother only attended school till the 8th grade. That was the norm for her region and her peers at the time. But that wouldn't have even gotten her son, my dad, into the military (which is what he wanted to do) even as an enlisted soldier.
Expectations, jobs, the market, the TYPE of work - all that is fluid over the generations. Just because more education is now required doesn't mean anyone is getting screwed over.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
