Honestly the complete disregard for GenX financial strain is getting old

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomer here. We help our adult kids out because we don't want them to struggle as hard as we did (no family money on either side). Our parents did not pay for our college, weddings, vacations, home purchases, but somehow we scratched up enough to pay for it all ourselves. We were poor until midlife. I wish it hadn't been so hard back then, so we help our adult kids as we can.

There is going to be the greatest wealth transfer of all time when the Boomers die. Most of it will go to Millennials, but a lot will also go to GenX. But, the banks and government are already getting greedy to see how they can get a piece of the pie.

Oh please, Boomers fall for every financial scheme out there. Their Millennial and GenX kids are going to lose money after having the estate attorney wade through all the reverse mortgages, whole life policies, and losing real estate ventures.

I do wonder about that. DW's mother had a reverse mortgage for debt consolidation. The sale just covered the reverse mortgage.

[Anonymous]

Anonymous wrote:Boomer here. We help our adult kids out because we don't want them to struggle as hard as we did (no family money on either side). Our parents did not pay for our college, weddings, vacations, home purchases, but somehow we scratched up enough to pay for it all ourselves. We were poor until midlife. I wish it hadn't been so hard back then, so we help our adult kids as we can.

Poor people don't pay much for college and don't have a wedding. They don't go to vacations or don't buy homes. If you did all this and had to scratch money together, that's on you. You became a consumer way before you had any money.
Some poor people have to help parents when teens, while you want brownie points for 'no family money'.
Avoiding your mistakes and your way of thinking about money, is much bigger help to your kids than handing them money.
Read your post again. It's written by someone with a poor mindset. Don't hand it down to your kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomer here. We help our adult kids out because we don't want them to struggle as hard as we did (no family money on either side). Our parents did not pay for our college, weddings, vacations, home purchases, but somehow we scratched up enough to pay for it all ourselves. We were poor until midlife. I wish it hadn't been so hard back then, so we help our adult kids as we can.

There is going to be the greatest wealth transfer of all time when the Boomers die. Most of it will go to Millennials, but a lot will also go to GenX. But, the banks and government are already getting greedy to see how they can get a piece of the pie.

For some but I know some boomers who are in bad financial shape. They also could live another 20-30 years. I know a couple who have a lot but are in bad health in their late 70s and care is expensive. My silent gen in-laws are still alive in their late 80s and probably won't leave much behind. I expect they will live another 5-10 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At my work, it’s GenX who are completely uninterested in taking over for boomers. When the boomers finally retired, we couldn’t even get GenX to apply for those jobs. So millennials stepped up en masse. They all just want to coast into retirement.

At my job, Gen X applies but millennials get picked. Skipping a generation…

So true

[Anonymous]

Counterpoint

[Anonymous]

Anonymous wrote:Counterpoint

Is this inflation adjusted?

[Anonymous]

It looks inflation adjust however it is the average. Median would be far more useful for comparison.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomer here. We help our adult kids out because we don't want them to struggle as hard as we did (no family money on either side). Our parents did not pay for our college, weddings, vacations, home purchases, but somehow we scratched up enough to pay for it all ourselves. We were poor until midlife. I wish it hadn't been so hard back then, so we help our adult kids as we can.

There is going to be the greatest wealth transfer of all time when the Boomers die. Most of it will go to Millennials, but a lot will also go to GenX. But, the banks and government are already getting greedy to see how they can get a piece of the pie.

Oh please, Boomers fall for every financial scheme out there. Their Millennial and GenX kids are going to lose money after having the estate attorney wade through all the reverse mortgages, whole life policies, and losing real estate ventures.

why does everyone think Boomers are so old? I am a boomer, my wife is a boomer and all our three kids are Gen Z, and why do people think Boomers are dying when a lot of us parents are still alive.

This might shock you but Trump's Father in law and Mother in law are still alive. She could live another 40-50 years. Heck Al Pacino just had a kid at 85, The Silent Generation is still having kids.

Trump’s mother in law? You mean Melania’s mother? Didn’t she pass away a few years ago?

She did. Yet another example that people should be really careful about anything they read on these threads. There is so much wrong information posted.
This time it was about some old lady brought to the US to live a privileged life so no big harm done but there are plenty of people here writing with confidence about things that are simply wrong.

[Anonymous]

Anonymous wrote:It looks inflation adjust however it is the average. Median would be far more useful for comparison.

It's strange that Boomers didn't see the same wealth drop due to the recession. They would have only been 15-20 years older, and not heavily invested in stable assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It looks inflation adjust however it is the average. Median would be far more useful for comparison.

It's strange that Boomers didn't see the same wealth drop due to the recession. They would have only been 15-20 years older, and not heavily invested in stable assets.

They did. The X axis is age, not year. So the Boomer drop from GFC occurs further over on the right, they are not lined up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:the 2000-2010 period was a great time to invest. Bear markets are your friend.

Many of us were paying off student loans then. Money for investing wasn’t something we had.

Well it is time for people to stop taking massive student loans. We had $80K in student loans in early 90s. Choose to live in a decent (but not as nice as our jobs would indicate we could afford) and live off of one income for 2-3 years to pay them off and save for a downpayment. And then the house we bought was similar costs to our apartment costs. So we still aggressively saved for another 2-3 years so we were financially stable.

Would we have rather taken nicer vacations (or any vacation that wasn't just a drive), get lunch out more at work, go out more for drinks, etc? Sure. But don't regret what path we did for a minute as we were well set for the future by forgoing in our 20s.

Well goody for you.

The problem is the cost of higher education and predatory loans. Not people taking them to better themselves and their careers.


And FTR, I'm Gen X who financed my education (BA and law) and my parents gave me jack sh-- once I turned 18.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It looks inflation adjust however it is the average. Median would be far more useful for comparison.

It's strange that Boomers didn't see the same wealth drop due to the recession. They would have only been 15-20 years older, and not heavily invested in stable assets.

They did. The X axis is age, not year. So the Boomer drop from GFC occurs further over on the right, they are not lined up.

I did look to the right, about 20 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It looks inflation adjust however it is the average. Median would be far more useful for comparison.

It's strange that Boomers didn't see the same wealth drop due to the recession. They would have only been 15-20 years older, and not heavily invested in stable assets.

It’s about housing. Boomers bought for pennies Meanwhile GenX had homes foreclosed

[Anonymous]

Anonymous wrote:It looks inflation adjust however it is the average. Median would be far more useful for comparison.

Honestly Musk and Bezos alone could throw off average

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At my work, it’s GenX who are completely uninterested in taking over for boomers. When the boomers finally retired, we couldn’t even get GenX to apply for those jobs. So millennials stepped up en masse. They all just want to coast into retirement.

At my job, Gen X applies but millennials get picked. Skipping a generation…

You don't want any short timers who are only going to work another 5-10 years. Millennials will be around for the next 20-25.

I thought everyone was told to job hop to advance. Now you expect us to stay 20 years.