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I feel bad for my son, he is 29. Him and his fiancé' are slowly working their way up to a better existence (ie: better housing, more disposable income) as they have attained better jobs. It is just that the area in which they live and have their well paying jobs has a high COL. So even as they earn more collectively, the COL will probably stay one step ahead. Most of the single family apartments and almost all of the homes are out of reach for them especially when you count taxes and all you need to put down these days to get a mortgage. As far as being a senior, my wife and I are by no means wealthy. We saved money over years, worked our way up career-wise and purchased a CHEAP home cash so no mortgage, but I mean we are not by any means "rolling in dough". My point is age doesn't necessarily determine class/wealth and this is something that takes time to do. If one is smart and works their way up job-wise and saves and spends smartly one can one day own one's own home, retirement, etc. granted it is not like it was in the 50s/60s. Today however everyone seems to want to start at the top or near the top. With a few exceptions, that just doesn't happen.
I'm not to the point yet where I can buy my island
But yes, I understand what you're saying. I agree that we don't live in vacuums. That there needs to be a societal infrastructure for support. My point is that there are different types of people. Those who will work as hard as they can, make the right decisions, and get "ahead" in life. And then there are those who won't.
The wealthiest man I know has a quote also: "Buy low, sell high".. words to live by
We definitely agree then
Here's something else to think about as well. Because you, as well as other posters, are usually pretty intelligent if your debating on these forums.
There's always going to be those who are not as intelligent, or who might not be as skilled as others. We have to look out for them as well. They shouldn't have to suffer simply because they're at the bottom of the skill totem pole, have learning issues, are not as intelligent, etc. So as we work to improve our economy, we have to improve it for all.
I guess that's all I'm saying. It's great to encourage success but we need an Economy that is healthy and for everybody. I don't believe our current one is, nor meant to be.
Would you say you have experienced more spoiled and lazy Boomers than Millennials? What about Gen X, Y, and Zers?
More lazy Boomers than Millennials? Good question; I don't know. But it's pretty darn close. Plus, let's not forget who the parents of the "spoiled" Millennials are. Millennials are the way are because that's how their Boomer parents raised them to be (I realize I'm making HUGE generalizations here, but some generalizations can be pretty accurate).
GenXers lazy? No. Caught in between the huge Boomer and Millennial generations, we couldn't afford to be lazy. IMHO, GenXers, collectively, are among the most innovative, open-minded, smart, adaptable, diplomatic, and pragmatic employees out there. Because we MUST be.
And Gen Y and Z? I'm sorry, I don't who they are. I thought GenY and Millennials were roughly the same generation (?).
More lazy Boomers than Millennials? Good question; I don't know. But it's pretty darn close. Plus, let's not forget who the parents of the "spoiled" Millennials are. Millennials are the way are because that's how their Boomer parents raised them to be (I realize I'm making HUGE generalizations here, but some generalizations can be pretty accurate).
GenXers lazy? No. Caught in between the huge Boomer and Millennial generations, we couldn't afford to be lazy. IMHO, GenXers, collectively, are among the most innovative, open-minded, smart, adaptable, diplomatic, and pragmatic employees out there. Because we MUST be.
And Gen Y and Z? I'm sorry, I don't who they are. I thought GenY and Millennials were roughly the same generation (?).
1,000,000% in agreement.
I googled the generation thing:
Baby Boomers - Born between 1946 and 1964.
Generation X - Born between 1965 and 1980
Generation Y/Millennium - Born between 1981 and 2000
Generation Z/Boomlets - Born after 2001
I'm in my late fifties so I guess I'm a "younger boomer."
My tuition costs, adjusted for inflation, through graduate school exceeded $130,000.00. I'm not including living costs. My FEDERAL student loans were 8%.
My first house purchase, adjusted for inflation was over $250,000.00. I was happy to get a 12% mortgage. I had to put down 20%. In the late 80's I saw my home value fall 25%. I don't recall any bank/government programs adjusting my principle or interest rate downwards. In fairness though I think I was only paying around 10% interest at that time.
The job market was tight circa 1980, and notably a few times before and since then.
The "Great Recession" was a blow, to be sure, but it was at least the second time my 401 became a 201.
I'm just curious how I was a member of a "blessed generation?"
Well, there are always outliers. Compared to my friends and family of similar age, I'm currently one, myself.
But, collectively speaking, do you not agree that the Baby Boomers have been very fortunate?
In the 20's many Boomers were not just lazy but actually resistant to doing as their parents did to get ahead. I am a boomer and saw lots of lazy unguided boomers as class mate in college. But I also saw many snap out of it in their mid 20's. Normally it takes hardship to face reality I any generation. The 1920's were pretty much the same as the mid60's as far as that if you study the times. The depression and then WWII changed a lot of people that you can't just handout in life unless born with a silver spoon in your mouth. Lots of GEN X who were not prepare for the present economic shift also as their unemployed numbers show. My younger relative talk still about professional college students they saw getting a degree to no where when in college. Now its really the numbers dropping out without even a high school degree that is most worrying. They face high odds.
Well, there are always outliers. Compared to my friends and family of similar age, I'm currently one, myself.
But, collectively speaking, do you not agree that the Baby Boomers have been very fortunate?
Were they more fortunate, or did they have a stronger work ethic? And was that because it was instilled by their parents? If so, and as you corroborate, they then instilled that into their children (Gen Xers). Why did it stop there, as I agree, parenting has contributed to the lack of it in many Millennials...
Boomers got kind of lucky and rode the economic prosperity engine of America which started out after world war 2 with some hiccups in the 70s oil crisis, 87 stock crash, benefited off of 80s Regeanomics and 90s Clintonmics. Boomers did not need much certification for a employment such as a college degree, property was also much more affordable during their time of working. Even if a Boomer had a college degree, college back in their time was much more affordable compared to todays higher education which is costly.
America shot its self in the foot as of recently. The U.S as a whole deindustrialized leaving large swaths of the Midwest and Northeast in big trouble. Industrial jobs either moved union free South or moved out of the country all together thanks to deals like NAFTA, Pacific Trade agreements with Asia, LAFTA and so on where goods can be made cheaply and sold marked up here in the States. Lack of industrial jobs forced many to obtain college degrees and scramble for professional or high paid service industry jobs. College degrees are leaving huge hole for Millennials to pay off. Rising cost of health insurance will also be a burden on Millennials in time to come, and having Obamacare is not going to make health care costs and pocket savings any better especially when young and getting older is right there at every corner. Housing is another problem. With paying tuition, how can one afford property unless if it is inherited? In some parts of the country Rents are really high especially in legacy cities that attract college educated suburban Millennials like NYC, SF, Boston and DC. Millennials have to live with roomates to get by and the rent is not cheap. Those that do stay home in suburbia have to live in their parents basement. I think the Millennials are a repeat of the lost generation who were also young and working when the stock market crashed in 1929. Millennials have two options from what I observed. Either live in your parents suburban basement or attic. or Move to some big city and try your luck that way.
Were they more fortunate, or did they have a stronger work ethic? And was that because it was instilled by their parents? If so, and as you corroborate, they then instilled that into their children (Gen Xers). Why did it stop there, as I agree, parenting has contributed to the lack of it in many Millennials...
Oh, the Baby Boomers' parents (the so-called "Greatest Generation," roughly speaking) definitely had a strong work ethic. Because they HAD to. They came of age during the Great Depression and WWII. They had fewer alternatives. Plus, I think they had more humble expectations of life. The social and economic turmoil of the 30s and 40s made them yearn for simpler lives wherein they could have a nice little house and raise a nice family.
The point is that we are all products of our environments. That doesn't mean that our circumstances determine who we always will be. But they certainly have an impact in shaping us and our expectations. Ever read Outliers by Malcolm Gladwell? Good book, and he talks about just that.
I think that wealth and prosperity are cyclical, a part of the natural progression and order of things. I have seen this firsthand from traveling around the world and getting to know different cultures. I know people in the U.S. will moan about foreigners taking their jobs, but the fact is that foreigners want those jobs more than Americans do. Foreigners want American jobs just as badly as Americans during the Great Depression wanted American jobs. They didn't have an ego about sharing a house with ten others, didn't need to strike out on one's own to prove how independent they could be. Didn't need to own a car, or subscribe to cable television, or go out to eat every other night. People in the Depression also had the experience of WWII and rationing of supplies - doing more with less. It was just the way they lived and they accepted it. That's why that same generation got pretty rich once the economy took off in the 50s. They knew the value of money. They also knew the value of competition.
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Compared to my friends and family of similar age, I'm currently one, myself.