Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

[Anonymous]

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

This my parents bought a house in 1979 at something like 18% interest. Falling interest rates were what caused home prices to soar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

[Anonymous]

Anonymous wrote:This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful.

This is very generous of you. You sound more like my greatest generation grandparents vs my selfish boomer mom. She says she’s going to spend all of her (inherited from her parents) money before she dies and hasn’t offered to contribute one penny to her grandkids’ education like her parents did for my generation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

This my parents bought a house in 1979 at something like 18% interest. Falling interest rates were what caused home prices to soar.

Which caused a massive wealth transfer to your parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

Our parents paid into social security for the entirety of their careers too. Not sure what the purpose of this post is.

[Anonymous]

Well, they can't take it with them...

[Anonymous]

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

Yes. How soon people forget.

Exactly! What a joke. When I bought my first home as a boomer in the late 80s the interest rate was over 10%. You have no idea what the hell you’re talking about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

This my parents bought a house in 1979 at something like 18% interest. Falling interest rates were what caused home prices to soar.

Which caused a massive wealth transfer to your parents.

DP. Wealth tied up in their house? They have to live somewhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

This is unadulterated horseshit. This retired Boomer paid $600,000 in Social Security and Medicare taxes over the years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

Our parents paid into social security for the entirety of their careers too. Not sure what the purpose of this post is.

You are an idiot. No one qualifies for Social Security, who did not pay it themselves.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

This is unadulterated horseshit. This retired Boomer paid $600,000 in Social Security and Medicare taxes over the years.

And it all went to your parents. That's how SS works.

[Anonymous]

Anonymous wrote:Well, they can't take it with them...

Right? Where is all that wealth going to go?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful.

Ofc they’re grateful for all the gifts you’re giving them. The point is - OP and her generation don’t have the same parameters to make all that money on their own, which you did have when you were younger. That’s the whole point. Unless you inherit, you’re screwed.

PP - you’re wrong! Our kids are in the mid 30’s and make more than we did at the same age and their homes are nicer than the ones they grew up in and they bought those homes with 3% mortgages and no help, at the time, from us. How does OP not have the same parameters to make that money on their own? We didn’t start to make a lot of money until we were in our late 40’s when my husband took a very high risk job and the business succeeded beyond our expectations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Transferred from where to where?

Weren't mortgage rates 2% like 2 years ago?

This. Your post is pathetic. Work for what you have op or just wait for your boomer parents to die so you can get your grandparents money.

I work to pay social security for your parents.

This is unadulterated horseshit. This retired Boomer paid $600,000 in Social Security and Medicare taxes over the years.

And it all went to your parents. That's how SS works.

This is very true! The problem with a declining birth rate and no intelligent immigration policy is that we won’t have enough workers to continue to fund SS. Congress keeps kicking the can down the road.

[Anonymous]

https://www.theatlantic.com/magazine/archive/2023/05/millennial-generation-financial-issues-income-homeowners/673485/