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Old 10-06-2008, 10:57 AM
 
Location: Hope, AR
1,505 posts, read 2,906,030 times
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But what about Gen Y?
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Old 10-06-2008, 11:10 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,658,582 times
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Quote:
Originally Posted by Lulu101 View Post
But what about Gen Y?
My kids are at the very end of Gen Y. We have always discussed age appropriate finances with them. We (DH & I) discuss the current economic times with them, again with age appropriate details. I am bound and determined that they leave home being financially responsible!

The early Gen Y crowd is probably just entering the workforce. I hope they have not gotten too far in debt (although college loans is usually the start of their road to financial woes). Hopefully they are AWAKE and learning something from this mess!
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Old 10-06-2008, 12:51 PM
 
Location: Rhode Island (Splash!)
1,150 posts, read 2,479,404 times
Reputation: 444
Default Your money moralizing belongs in a Dickens novel and nowhere else.

There is absolutely nothing wrong with parents giving money to their kids. That is how the rich ensure that their kids don't drop down in social strata, BTW.

Let me explain in a nutshell how the well-off tend to raise their kids:

1. Try to ensure that your kids are grounded in reality, not fantasy, that they are made to go out into the "real world", preferably already at a very young age (example: little Jimmy gets his first newspaper delivery job at age 9), and start taking responsibility for their lives and learning to be little mini-adults or starter-adults I guess you could say.

2. Give your kids money to the degree that the money will be used by the kids themselves to nurture themselves (via education, entrepreneurship, marrying up, etc.)

~~~~~~~~~~~~~~~~~~~~~~~
I myself in 2003 recused myself from the USA debt peonage society that has been pushed on everyone. NO DEBT, NO DEBT IN FUTURE, I DON'T DO DEBT! But, I need to go back to school. So in between looking for full scholarships somewhere I explained to my elderly parents that clearly we are facing one hell of a bear market and they should sell some stocks and pay for my school before they lose thousands in the markets anyway. (They will be deceased before this market ever recovers, IMHO.) They have a number of foolish middle-class friends who have counseled them to not be "weak minded" etc. and "don't give him a penny", "cut him off", etc. Well, I was right and their investments are dropping left and right along with most everybody elses. IS THAT SMART OR WISE, Miss Gemini?

~~~~~~~~~~~~~~~~~~~~~~~
What we are witnessing now is a lot of very brainwashed, foolish people losing a lot of their wealth.

THANK GOD after this is said and done, people are sure to be A BIT LESS brainwashed and a bit less foolish.

Yours sincerely,
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Old 10-06-2008, 12:56 PM
 
Location: Earth
1,469 posts, read 3,840,571 times
Reputation: 908
I'm calling it the 'consequences of complacency', and it spans generations.

I am awaiting my post-bailout economic stimulus check. I got $5 the last go-round. It probably cost the govt $500 to process that payment to me.
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Old 10-06-2008, 01:02 PM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,658,582 times
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Quote:
Originally Posted by POhdNcrzy View Post
There is absolutely nothing wrong with parents giving money to their kids. That is how the rich ensure that their kids don't drop down in social strata, BTW.
Um ... I am pretty positive, in this particular thread, we are NOT talking about the wealthy.
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Old 10-06-2008, 02:56 PM
 
Location: Rhode Island (Splash!)
1,150 posts, read 2,479,404 times
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In a country like America, who exactly is "the wealthy" and who is not? I am not talking exclusively about the super-rich, not even close.

What I've noticed amongst my peers from college days, those with parents who shared some $$ with their offspring in a constructive manner, those friends are way ahead now. They own nice homes, have careers, etc.
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Old 10-06-2008, 03:18 PM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,658,582 times
Reputation: 474
Quote:
Originally Posted by POhdNcrzy View Post
In a country like America, who exactly is "the wealthy" and who is not? I am not talking exclusively about the super-rich, not even close.

What I've noticed amongst my peers from college days, those with parents who shared some $$ with their offspring in a constructive manner, those friends are way ahead now. They own nice homes, have careers, etc.
Both your "peers" and their "parents" are probably highly leveraged and in debt! I am sure their are plenty of examples of "the wealthy" that are being forclosued on at this very moment.

The ONLY thing I can fathom a parent giving an adult child, IF they can afford it, is a college education.
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Old 10-06-2008, 04:01 PM
 
Location: Los Angeles Area
3,306 posts, read 3,674,777 times
Reputation: 592
Quote:
Originally Posted by goodbyehollywood View Post
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.
.
Mainly, I think the Gen Xers forgot that their parents had to work their way up. The Gen Xers wanted everything right out of school. I know my parents were much better off by the time I was a teenager. When I was a kid they didn't have nearly as much money.

One of my siblings run up huge debts to afford a more lavish life style, the other lives with my parents (Despite being...ahem in their 30's).
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Old 10-06-2008, 05:08 PM
 
947 posts, read 2,935,896 times
Reputation: 729
Quote:
Originally Posted by goodbyehollywood View Post
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.

Wells Said
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Old 10-06-2008, 05:14 PM
 
947 posts, read 2,935,896 times
Reputation: 729
Quote:
Originally Posted by POhdNcrzy View Post
There is absolutely nothing wrong with parents giving money to their kids. That is how the rich ensure that their kids don't drop down in social strata, BTW.

Let me explain in a nutshell how the well-off tend to raise their kids:

1. Try to ensure that your kids are grounded in reality, not fantasy, that they are made to go out into the "real world", preferably already at a very young age (example: little Jimmy gets his first newspaper delivery job at age 9), and start taking responsibility for their lives and learning to be little mini-adults or starter-adults I guess you could say.

2. Give your kids money to the degree that the money will be used by the kids themselves to nurture themselves (via education, entrepreneurship, marrying up, etc.)

~~~~~~~~~~~~~~~~~~~~~~~
I myself in 2003 recused myself from the USA debt peonage society that has been pushed on everyone. NO DEBT, NO DEBT IN FUTURE, I DON'T DO DEBT! But, I need to go back to school. So in between looking for full scholarships somewhere I explained to my elderly parents that clearly we are facing one hell of a bear market and they should sell some stocks and pay for my school before they lose thousands in the markets anyway. (They will be deceased before this market ever recovers, IMHO.) They have a number of foolish middle-class friends who have counseled them to not be "weak minded" etc. and "don't give him a penny", "cut him off", etc. Well, I was right and their investments are dropping left and right along with most everybody elses. IS THAT SMART OR WISE, Miss Gemini?

~~~~~~~~~~~~~~~~~~~~~~~
What we are witnessing now is a lot of very brainwashed, foolish people losing a lot of their wealth.

THANK GOD after this is said and done, people are sure to be A BIT LESS brainwashed and a bit less foolish.

Yours sincerely,
I can't believe you - and I quote again

"I explained to my elderly parents that clearly we are facing one hell of a bear market and they should sell some stocks and pay for my school before they lose thousands in the markets anyway"

And then you went on to say - and I quote again

"Well, I was right and their investments are dropping left and right along with most everybody elses. "

It's nice to see you were looking out for them. Looking out for their best interests.
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