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Old 10-06-2008, 07:18 PM
 
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are we all on the same page on what age bracket Gen X, Baby Boomers, and Gen Y are in?
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Old 10-07-2008, 06:33 AM
 
268 posts, read 760,821 times
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Quote:
Originally Posted by GeminiGal View Post

The ONLY thing I can fathom a parent giving an adult child, IF they can afford it, is a college education.
That would have been a gift from God. Unfortunately my parents were not rich or in a position to help me. I worked full time and went to night school, my parents didn't give me a dime for my college education. I did it without "grants" or student loans. Sometimes had to pull an all nighter then be to work by 6am for an 8 hour day. I wish I still had the energy of a twenty something kid....
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Old 10-07-2008, 07:10 AM
 
77 posts, read 222,326 times
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Originally Posted by GeminiGal View Post
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.
Your assumptions show the rearing head of jealousy. It is understandable that you want to state that b/c someone "looks" like they have money, that does not mean they have the money.

Why is the only thing a parent should give an ADULT child is an education? Is adult 18+? This debate can take different courses but i will say my parents have given me what i need, even while i bought myself what i wanted. They paid my tuition that was not covered by gov loans. They did this so i felt responsibility(a financial portion). If i asked them to pay the loan off they could, and might, if i were insolvent.

FYI after Graduation i lived at home making good money for 2 yrs, while 3 months ago i moved to a different state and got an apt and everything else that comes along with life expenses. My financial situation is the same and i live the same life, so please don't assume someone living at home does it b/c they don't have the means to move on. My parents were my roommates, ones who didn't ask for rent or utilities and watched the doors revolve at all hrs with all "friends". I am sorry if you find that disrespectful, but everyone is entitled to their own life.

Since this is about foreclosures i don't have much to add, but my parents are 63 and have ~20k left so i don't think a foreclosure is on the horizon. I do not know the classifications but i'd say first home buyers ~25-30 with 45-50 "upgraders" are the ones to be "burned" now
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Old 10-07-2008, 08:31 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,660,207 times
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Originally Posted by bassholic View Post
Your assumptions show the rearing head of jealousy. It is understandable that you want to state that b/c someone "looks" like they have money, that does not mean they have the money.
Jealous - sorry don't think so! I just think it's absolutely ridiculous for an educated, healthy ADULT child to EXPECT monetary help from their parents. There are certain exceptions (illness) that apply - but the key to the above underlined phrase is that you are an ADULT - act like one!

We are talking about foreclosure and debt here - and what generations are in trouble. And yes - based on what is happening with our economy - it certainly appears that there are MANY folks that are not as wealthy as they appear.

Some of the wealthiest people I know look like they don't have a dime to their name.
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Old 10-07-2008, 08:35 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,660,207 times
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Originally Posted by carp killer View Post
That would have been a gift from God. Unfortunately my parents were not rich or in a position to help me. I worked full time and went to night school, my parents didn't give me a dime for my college education. I did it without "grants" or student loans. Sometimes had to pull an all nighter then be to work by 6am for an 8 hour day. I wish I still had the energy of a twenty something kid....
Great post!
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Old 10-07-2008, 09:04 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,660,207 times
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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 know ... I have a sibling that did this a few years back. I don't have a problem with this as a short-term temporary solution. Problem is, like with my parents, they didn't set guidelines from the get-go and the situation got out of hand quickly. My Boomer parents were well on their way to dwindling away their money to pay for their Gen X childs' lifestyle.
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Old 10-07-2008, 11:08 AM
 
77 posts, read 222,326 times
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Quote:
Originally Posted by GeminiGal View Post
We are talking about foreclosure and debt here - and what generations are in trouble. And yes - based on what is happening with our economy - it certainly appears that there are MANY folks that are not as wealthy as they appear.

Some of the wealthiest people I know look like they don't have a dime to their name.
Unless you have scientific research, that is not based off what the media tells you, then it is all appearances. These views, based on appearances, foster the paranoia .

I'd say both generations are on the verge of being foreclosed. I believe it is 2% of mortgages that are toxic(i'll look for my source sometime), that is nothing. However the media feeds you what you think you should know, and why you should scream the sky is falling.

FYI - i think i am going to have my parents fill my tank up when i come home next weekend, along with a new laptop and a plane ticket to AZ, that's not unreasonable is it? Even if i can afford it, it is financially wise to conserve money when the opp presents itself. Remember your children did not ask to be brought into this world. I know when/if i have children i will give them the resources to make wise decisions, but my life will be for them.
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Old 10-07-2008, 12:37 PM
 
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Born in 1981 here so beginning of Gen Y for me. Most Gen Y'rs who are homeowners, by my peer's evaluation, are so because of parental downpayments or severe principal buydown by said parents. The rest are highly leveraged. Most are renters. I'm in the renter category, nowhere near in a position to afford (20% down and no more than 30% net pay total housing cost monthly including maintenance) a home not in the ghetto in my area (so-so starter homes in so-so neighborhoods start at 140K). So I don't think Gen Y''rs are much of a contributor in the foreclosing, as many just didn't have the time to get in on it. Most are aware though of the impending reality that for gen Y'rs home ownership is going to go back to a more utilitarian view of housing, not to mention most recognize gen Y'rs are only going to be able to comfortably afford a house of the same comfort as their parents did, via parental subsidy or by a susbtantial time in boomerang status. This is diametrically opposing of an experience as their parents had, and will be a source of bitterness among Gen Y'rs as the middle and latter portions of the generation enter the workforce. I don't believe Gen Zrs (1993-xx) will have these tribulations as the housing bubble would have been an established case study on what not to do on the history books by the time they enter the work force.

We, the Y generation, are effed since we are the generation that will cognitively experience the first lowering of living standards and will have to fight our boomer parents that their experience is outdated and no longer a viable view of the world, and that they are the primary players in the excesses that led to such resetting.
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Old 10-07-2008, 02:50 PM
 
Location: Orange, California
1,576 posts, read 5,907,094 times
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Originally Posted by Humanoid View Post
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.
I agree with this. Boomers made spent a lot of money over the last few decades but the MADE a lot of money too!!! Gen-Xers never had the chance to make as much money relative to the cost of living as Boomers did (e.g., A Boomer might make $30k and live in a 3/2 suburban home that cost $85, whereas--adjusted for inflation--the Gen-Xer might make $55k and struggle to buy that same house for $300k (or more).). I think a big reason why so many Gen-Xers are overextended and deep in debt is that the looked to what their parents had and the one to achieve the same standard of living. But the have less buying power nowadays to do that.
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Old 10-07-2008, 02:53 PM
 
Location: Orange, California
1,576 posts, read 5,907,094 times
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Quote:
Originally Posted by hindsight2020 View Post
Born in 1981 here so beginning of Gen Y for me. Most Gen Y'rs who are homeowners, by my peer's evaluation, are so because of parental downpayments or severe principal buydown by said parents. The rest are highly leveraged. Most are renters. I'm in the renter category, nowhere near in a position to afford (20% down and no more than 30% net pay total housing cost monthly including maintenance) a home not in the ghetto in my area (so-so starter homes in so-so neighborhoods start at 140K). So I don't think Gen Y''rs are much of a contributor in the foreclosing, as many just didn't have the time to get in on it. Most are aware though of the impending reality that for gen Y'rs home ownership is going to go back to a more utilitarian view of housing, not to mention most recognize gen Y'rs are only going to be able to comfortably afford a house of the same comfort as their parents did, via parental subsidy or by a susbtantial time in boomerang status. This is diametrically opposing of an experience as their parents had, and will be a source of bitterness among Gen Y'rs as the middle and latter portions of the generation enter the workforce. I don't believe Gen Zrs (1993-xx) will have these tribulations as the housing bubble would have been an established case study on what not to do on the history books by the time they enter the work force.

We, the Y generation, are effed since we are the generation that will cognitively experience the first lowering of living standards and will have to fight our boomer parents that their experience is outdated and no longer a viable view of the world, and that they are the primary players in the excesses that led to such resetting.
Good post. I am a Gen-Xer and I think my generation will have it worse than the Boomers (taxes will need to be raised to fund their retirements and replenish Social Security). But I think the Gen-Y folks really have it tough. The lucky ones will inherit significant assets from their Boomer parents/grandparents. Without an inheritance, it will be very hard to get by and try to attain a standard of living that compares with what earlier generations had.
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