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Old 05-03-2022, 07:30 AM
 
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The stock market is always a safe retreat if you have patience.
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Old 05-03-2022, 07:48 AM
 
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I am not certain the cost of housing has gone up (relative to other things) - but I am 100% certain that the expectations of 1st time home-buyers has gone up. Look around - at "older" folks - who are still living in the house they bought in 1980. Is it huge? No.


Did they (at some point - even though they made more money, found success, etc...) - move to a bigger home? Mainly, no.

This ain't the way ANY generation EVER did it, until right now. And yet - later on - there will be much whining about how unfair it is that they can't retire when they're 48.
I'm sorry - I want to be more sympathetic - but I see so many stupid money decisions on a daily basis - it's hard to actually locate the legitimate "bad luck" case.
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Old 05-03-2022, 07:59 AM
 
19,864 posts, read 18,133,562 times
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Quote:
Originally Posted by Thatsright19 View Post
I’d like to reiterate my second post in this thread. I pointed out the context of all of history and how well we still have it compared to many around the world in regards to your Dhaka comment.

I know American history well. I know what boomers lived through. My point was correcting the person that said it’s “historically false” that millennials have had a tough time. For every Cold War (today, we still live under nuclear threat from Russia)there was living under the threat of 911 and domestic/foreign terrorist/rise of school shooting for every Vietnam there was Afghanistan and Iraq. But there’s also been 2 historic financial crisis’ (marked by their severity and duration in one case, and the rapid nature of the other-both required historic rescue packages) and a pandemic raging that killed nearly 1 million Americans in just two years. And of course, boomers have lived through these as well, it’s just not as financially damaging to their wealth accumulation stage. We see things from the federal reserve about younger workers in the service industry being heavily effected by the pandemic for the first few years, while the market soared largely.

From pure carnage and impacts at home angles Afghanistan does not equal Vietnam. Not even close.


We are under constant threat of Russian nuclear attack. But we are not living under The Bay of Pigs or the Russian/Soviets trying to establish multiple beachheads in Central America either.


It also easy to gloss over how tough the economic landscape was from the early 1960s - 1982. Vs. inflation the DOW bust from 1965-1982 was both deep and very, very long in duration.

Last edited by EDS_; 05-03-2022 at 08:59 AM..
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Old 05-03-2022, 08:34 AM
 
Location: Full Time: N.NJ Part Time: S.CA, ID
6,116 posts, read 12,613,719 times
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Quote:
Originally Posted by Thatsright19 View Post
I’d like to reiterate my second post in this thread. I pointed out the context of all of history and how well we still have it compared to many around the world in regards to your Dhaka comment.

I know American history well. I know what boomers lived through. My point was correcting the person that said it’s “historically false” that millennials have had a tough time. For every Cold War (today, we still live under nuclear threat from Russia)there was living under the threat of 911 and domestic/foreign terrorist/rise of school shooting for every Vietnam there was Afghanistan and Iraq. But there’s also been 2 historic financial crisis’ (marked by their severity and duration in one case, and the rapid nature of the other-both required historic rescue packages) and a pandemic raging that killed nearly 1 million Americans in just two years. And of course, boomers have lived through these as well, it’s just not as financially damaging to their wealth accumulation stage. We see things from the federal reserve about younger workers in the service industry being heavily effected by the pandemic for the first few years, while the market soared largely.
I never said we haven’t had a tough time - I said “had it tougher” [than other generations]. Every generation has had challenges, and (in my personal experience), those blaming these events for things like wealth accumulation have been due to self inflicted choices.
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Old 05-03-2022, 08:52 AM
 
Location: Raleigh
13,715 posts, read 12,459,737 times
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Originally Posted by GoAmericaGo View Post
Inflation is making cash worthless.

The stock market doesn’t seem like a safe retreat anymore.

Cars are wildly expensive and almost hard to get.

Homes…if you haven’t already bought one that ship has sailed.

Food prices are up…along with everything else.

When I think back over my life, it seems like people of my generation have been brutally clobbered.

Coming out of high school 2004+ and onward there was a huge push for everyone to go to college. I had a lot of friends take on massive debt for their education. Then the meltdown in 2008/2009 happened and these same people with degrees couldn’t even find jobs paying much over minimum wage. Fast forward less than a decade and now we are in the environment we have now.

Seems like a lot of people under 45 might be working until death. Perhaps retirement will be reserved for the top 10%.
Similar age as you...My boomer Dad bought his first house at 12% interest at a time of 10% inflation.

I graduated college into a weird time where we had all sorts of overqualified people fighting for basic jobs. The flip side was that borrowing was far cheaper.
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Old 05-03-2022, 09:01 AM
 
26,194 posts, read 21,621,745 times
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For starters some how millennials have become the standard for bashing even though older people often mean to bash folks younger than millennials, strange but a bit of the out of touch nature of reality. To older people “millennials” are people younger than they are when that’s just inaccurate

Second to millennials, I’m one and you need to gtf over it. Yes there have been challenges you can’t control and that’s been the case for every generation and there have been things you can control which you either choose to do so or you don’t. Complaining about it all usually does nothing, do something instead.
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Old 05-03-2022, 09:08 AM
 
5,907 posts, read 4,440,392 times
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Quote:
Originally Posted by EDS_ View Post
From pure carnage and impacts at home angles Afghanistan does not equal Vietnam. Not even close.


We are under constant threat of Russian nuclear attack. But we are not living under The Bay of Pigs or the Russian/Soviets trying to establish multiple beachheads in Central America either.


It also easy to gloss over how tough the economic landscape was from the early 1960s - 1982. Vs. inflation the DOW bust from 1965-1982 was both deep and very, very long in duration.
The cost in terms of Iraq and Afghanistan was in the multi trillion range. It had an effect at home if not just in crowd out spending. There was also the patriot act and all of the security changes to combat terrorism.

I guess when you stick nuclear missiles on russias doorstep in turkey and Italy, Cuba is the blowback you get.

“Blowback. It’s a cia term. Blowback does not mean simply the unintended consequences of foreign operations. It’s the unintended consequences of foreign operations that is deliberately kept secret from the American public so that when the retaliation comes, they’re not able to put it in context, to put cause and effect together, so they can come up with questions like “why do they hate us?””.

Or questions like “why would Russia put missiles in Cuba?”

Last edited by Thatsright19; 05-03-2022 at 09:18 AM..
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Old 05-03-2022, 09:13 AM
 
5,907 posts, read 4,440,392 times
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Quote:
Originally Posted by 1200RT View Post
I never said we haven’t had a tough time - I said “had it tougher” [than other generations]. Every generation has had challenges, and (in my personal experience), those blaming these events for things like wealth accumulation have been due to self inflicted choices.
Hmmm, are these self inflicted choices a $5 latte and a tattoo…? You know, the usual tripe?

Look at a federal reserve report on wealth by generation and they will answer the question objectively that it wasn’t just “personal choices” that lead to millennials having 1/5 as much wealth as the boomers at the same age….but sure maybe it was that vacation they took that one time in college.
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Old 05-03-2022, 09:14 AM
 
Location: Full Time: N.NJ Part Time: S.CA, ID
6,116 posts, read 12,613,719 times
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Quote:
Originally Posted by Thatsright19 View Post
The cost in terms of Iraq and Afghanistan was in the multi trillion range. It had an effect at home if not just in crowd out spending. There was also the patriot act and all of the security changes to combat terrorism.

I guess when you stick nuclear missiles on russias doorstep in turkey and Italy, Cuba is the blowback you get.
Aside from someone who actually served in GWOT (or, god forbid lost someone on 9/11 or aftermath), what impact does this have vs. similar generations challenges? Be specific.
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Old 05-03-2022, 09:29 AM
 
19,864 posts, read 18,133,562 times
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Quote:
Originally Posted by Thatsright19 View Post
The cost in terms of Iraq and Afghanistan was in the multi trillion range. It had an effect at home if not just in crowd out spending. There was also the patriot act and all of the security changes to combat terrorism.

I guess when you stick nuclear missiles on russias doorstep in turkey and Italy, Cuba is the blowback you get.

I don't have numbers at hand but I'd bet as a percentage of GDP Vietnam cost more than Iraq and Afghanistan combined and probably by a lot.......I'll try to find some numbers later.


Anyway, my point was about the 58,000+ KiA and ~160,000 wounded vs. an ear population of ~207,000,000. Proportionally, heck even nominally, your generation has faced nothing similar.

Post 911 across Iraq, Syria, Afghanistan and Pakistan we've lost roughly 7,100 KIA with roughly 16,000 wounded vs. a current era population of ~330,000,000.


Proportionally Vietnam, from a US casualty perspective, was roughly 10X worse.

__________________


I promise I'm not bashing you but younger people, even those who claim solid knowledge of history, often seem to lack much sense of proportionality per this and related topics.
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