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Old 10-05-2008, 10:30 PM
 
268 posts, read 761,362 times
Reputation: 185

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Quote:
Originally Posted by baystater View Post
Of course there are exceptions. People that bought their house and car(s) outright, didn't rack up there credit cards, didn't have insanely high college debts, didn't have tons of kids, and actually saved some cash in there bank accounts should be OK. Wait............how many people actually didn't that???????.....Never mind we're all screwed.

I can think of another

Sometime growing up poor teaches you something.

Everyone thought I was stupid for not jumping in and "making a bunch of money".
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Old 10-05-2008, 10:49 PM
 
Location: Los Angeles Area
3,306 posts, read 3,682,967 times
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Quote:
Originally Posted by OC Investor2 View Post
As a whole they don't have a pot to **** in. You constantly see articles about the boomer generation having no money for retirement. Boomers spend money like water & live on debt.
I don't think Boomers are big on debt, that is Generation X & Y. Most Boomers have parents that remembered the depression and avoided debt like the plague, that attitude to some degree stayed with them. They didn't grow up with credit cards or easy credit either. They didn't save much though, from my experience they spent everything they made but not over. It is generation X & Y that not only spent want they made, but also spent a lot of their future earnings via debt.

Personally, I don't know a single boomer that has a lot of debt. I also don't know one that has significant savings.
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Old 10-06-2008, 07:50 AM
 
Location: Heartland Florida
9,324 posts, read 24,846,644 times
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I am an unusual one because I am from the gen x period but my parents grew up in the depression. Because I recognized that the economy has been based on air all my life, I avoided debt. No mortgage, no car payments, nothing. That has meant a life without new toys but I have survived. In many ways I believe that having old cars, building my own house, starting and running businesses has made me better prepared for the mess ahead. Despite having some savings, I am looking to spend all of it before hyperinflation hits. Hopefully those savings get me in the country and off the grid when the great depression hits.
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Old 10-06-2008, 09:29 AM
 
2,541 posts, read 10,717,988 times
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i dont think any Gen-Yers have a house unless their parent bought it for them
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Old 10-06-2008, 09:52 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,661,844 times
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Personally I think it is mostly Gen X. Unfortunately I know a few Gen Xers (including a sibling ) that look to their Boomer parents for money - the other sad thing is that give it to them! I have had this converstaion with my parents (about sibling) and they tell me a few of their Boomer friends do the same for their kids. My parents finally wised up after pressure from me and another sibling. I personally think they were on their way to ruining their retirement years.

That may be another factor / twist in this whole mess ...
Anyone else have experiences like the above scenario?
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Old 10-06-2008, 10:03 AM
 
Location: Hope, AR
1,505 posts, read 2,909,134 times
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This is extremely common. A lot of these kids can't afford to live in expensive cities. Then there is the whole boomerang kid effect (kid moves back in with parents).

Quote:
Originally Posted by GeminiGal View Post
Personally I think it is mostly Gen X. Unfortunately I know a few Gen Xers (including a sibling ) that look to their Boomer parents for money - the other sad thing is that give it to them!
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Old 10-06-2008, 10:16 AM
 
Location: NoVA
27 posts, read 102,669 times
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Quote:
Originally Posted by NJ Chutzpah View Post
i dont think any Gen-Yers have a house unless their parent bought it for them
My DH and I are at the end of Gen X beginning of Gen Y - we just closed on our first home Sept 24. No help from our parents. Although last year this time we couldn't have afforded anything in our market! A few of my friends own a home, but the majority are renters.

Quote:
Originally Posted by Lulu101 View Post
This is extremely common. A lot of these kids can't afford to live in expensive cities. Then there is the whole boomerang kid effect (kid moves back in with parents).
I've seen this with a few people I know, especially friends who were in a double income relationship and are now are single.
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Old 10-06-2008, 10:18 AM
 
Location: Hope, AR
1,505 posts, read 2,909,134 times
Reputation: 254
A lot of these people are receiving regular money from their parents, they just keep mum about it--how else could they live in places like San Fran right out of college otherwise?

Quote:
Originally Posted by bunnyscootles View Post


I've seen this with a few people I know, especially friends who were in a double income relationship and are now are single.
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Old 10-06-2008, 10:22 AM
 
2,197 posts, read 6,957,813 times
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I think Boomers paid their own freight. Yes, they spent money, but it was theirs to spend, and they worked hard to earn it. They didn't grow up with expectations of bailouts or feelings of entitlement. I don't know many Boomers with a lot of debt and most have (well, had) pretty fat retirement accounts. They invested-- in stocks, real estate, bonds-- so a lot of them were on target for a comfortable retirement. Many Boomers own-- or almost own-- their homes. Many own second homes. If they're seeing foreclosures, I would guess the majority are in the second home arena.

Gen Xers grew up expecting more for less. The work ethic wasn't as ingrained, because they were used to their wants and needs being met by others, namely their Boomer parents. Gen Xers wanted to maintain the lifestyle they grew up with, and that meant taking on debt to buy things they wanted, rather than needed. Because they thought they deserved their parents' lifestyles-- or better-- they stretched into homes that they couldn't afford today, but hoped they could tomorrow. In other words, they leveraged themselves to the hilt, banking on a better tomorrow. They bet wrong.

So everybody loses. A lot of Boomers lose the retirement they have worked hard and saved for for decades. Gen X loses the lifestyle they expected to have, starting with the big, expensive homes. Gen Xers have time to start over, adjust their strategy and save for a different kind of retirement. Boomers just have to adjust. Not a lot of winners in this game.
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Old 10-06-2008, 10:55 AM
 
Location: Londonderry, NH
41,478 posts, read 54,634,333 times
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Gen X ers are catching it now. BBs will feel it when thier pension plans, mutual funds and savings go belly up. That should happen later this year.
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