Baby Boomers! Is your idea of The American Dream the traditional "two cars, boat or RV, house that is paid off, etc"? (physically, divorce)
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Yes. I want a boat. I want my old BMW and at least an old Mercedes (maybe two). I want my house paid off. I want to take a few vacations. I want good Chinese and Mexican food. I will be happy.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Vic Romano
... I want good Chinese and Mexican food. I will be happy.
THAT can be a tall order! (but a worthwhile quest) maybe we should start a 'C-D RoadFood blog / data base. When in this area, here is the SPOT! tried Yelp, trip advisor, google reviews last week.
I am a Generation X in a relationship with a Baby Boomer and my idea of The American Dream is so radically different than his. I don't believe you need a boat/RV or even to live in a house to be happy. You like your job, are content with your trailer/condo/apartment, have enough money for bills and savings as well as a little entertainment on the side, and have a family who loves you...THAT is my idea of The American Dream. But that isn't enough for my significant other. He just cannot bring himself to count his blessings and be happy. He says it has nothing to do with me...it is just something he is upset with himself about, that he didn't achieve HIS idea of success. He is even convinced that if we do not live in a house (with a mortgage, not a rental house) by the time our son is in school that other kids will make fun of him.
People who experienced even the tail end of the great postwar economic boom as adults are really struggling to cope with more recent and current times. I actually feel a bit sorry for them. But they feel sorry for us, since we have lower expectations due to having had to fight our way through.
He is even convinced that if we do not live in a house (with a mortgage, not a rental house) by the time our son is in school that other kids will make fun of him.
Maybe he grew up poor or in a rental house and people made fun of him. Usually if someone is materialistic it's because they didn't have much to begin with. If someone grew up with enough, then they are usually not in competition with everyone else to get more.
Top-5% household income in metro-Boston is $266K. 35 years of that and you have the nice house, the vacation home, and the other toys if you want them. It's not like you go out and buy a trophy home, a vacation home, and a yacht at age 30. You buy those things as you accumulate wealth.
Top 5% household income nationally is far higher than $166K. That was the 2009 Great Recession number. Try $190K for 2016. Welcome to income stratification.
I make a lot more than that and drive a used car, live in a starter home and do my own repairs and don't have a maid. Heck I dont have a mortgage or car loan or any debt. That income is maybe a step above collection cans out of garbage for the nickles.
We are retired boomers, but I never thought of acquiring possessions as part of the "American Dream". We bought what we wanted. Right now we have a primary residence in Alaska that is less than a year old, a winter home in Arizona that is 11 years old, a 2016 pickup truck, a 2015 Jeep and a 2015 sedan. The RV comes next year. And I sold my airplane and my Harley when I retired. It was just a matter of working hard all my life, not dreaming.
To the OP, why would you believe that all people born around the age of your spouse would all feel the same way as he?
I didn't grow up in a house, my parents never could afford one. I never wanted one myself. I never owned a car, never wanted one of those either.
At 70 I am living my American Dream. I'm retired, my time is free and I can support myself comfortably. For me that's living well enough to be content.
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Houses are EXPENSIVE! In addition to the mortgage, you have to pay property taxes, homeowners insurance, gas/electric (which will probably be higher than in an apartment), sewer, water, garbage, and any and all possible repairs, routine maintenance, and possibly HOA fees. In addition you would probably need additional furniture/rugs/linens/curtains or blinds/appliances to fill the house, which I assume will be larger than where you are now. You will also need to do a lot of yardwork, or pay someone else to do it. There will be more to clean on a weekly basis if the house is larger. If it's farther from your work, you could have additional commute costs. All this extra money that will go to the house, is money that you will no longer be able to save towards your son's future college education or your eventual retirement. With all these extra expenses a vacation or boat/RV will be even further out of reach.
What makes you think you're going to do better by renting? If you're talking about renting an apartment, it's an apples/oranges comparison. In my neighborhood there is a house similar to mine being rented for $200 more a month than I pay in PITA. And the renters will have to still pay for everthing except the blinds. There's a big difference between owning a house versus renting an apartment where you have much less living area and most likely no garage and no privacy. And then there are the intangibles. The girls across the street from me leave their bikes out overnight. Try that at an apartment complex. And even if you have assigned parking, you will come home one day and find someone in your spot. Not a problem at my house. And if something breaks, I'll take care of it, rather than waiting for someone to fix it on their schedule. I could go on, but there is absolutely nothing that appeals to me about apartment living, so I can understand someone else's reluctance to live in one.
That would be an attractive reason for a person to retire to your area.
For me, good reasons to own instead of rent are nobody can raise your rent, you have more privacy, and you can better control the environment wrt noise and air.
A friend in Las Cruces lives in a condominium complex where there are similar units to what Serious Conversation posted for about $110K. But they also have much nicer finishes with lots of tile in the kitchen and bathroom. There is not as much green space as the Tennessee units but all open to the outside similar to a townhome and have a medium sized porch or balcony. The ones with a single car garage may be $115-120K. the other units have a designated car port slot.
I'm not a boomer, but I'll post my opinion anyway. I've never looked at the 'American Dream' as anything materialistic. For me, the American Dream is about opportunities. We are free to pursue the type of lifestyle we want. Plenty of other parts in the world do not have these freedoms and they would wish they had our freedom. Thus the 'American Dream'.
Now, no thanks to television, marketing and the whole 'keeping up with the Jones', the American Dream is no longer about being able to go as far in life as you want. It is now about how people think they are entitled to a nice house, new car, newest phone, etc. just because they are American.
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