Honestly the complete disregard for GenX financial strain is getting old

[Anonymous]

If the Boomers are so wealthy, won't Gen X inherit their massive wealth? And ditto for Gen Z.

Being poor is really normal when you're just starting your career and I think it's normal to be envious. I remember wondering how so many adults from my parents generation could have money, yet most were extremely unimpressive. I think most made their money by simply investing in their 401k. Compounding returns is an amazing thing!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers have very good social security benefits with no means testing. They do not NEED to keep working and delaying retirement. They also won’t give up their family sized homes that younger people need to start families.

Meanwhile they complain that they don’t have many grandchildren. And that it’s expensive to hire people to cut their grass, repair their spare 2 bathrooms, snowblower their long driveways. It’s ridiculous. Poor them.

They just care A LOT about their peers’ opinions.
My parents had an enormous house on 2 acres of land. I convinced them to downsize and when they saw houses that would be an appropriate size (no stairs, 2 bedrooms) they were appalled. My mom said “I need to be PROUD of my home! My friends wouldn’t be impressed by this.” They ended up in a huge “luxury” townhouse with two flights of stairs. But at least they got rid of the yardwork problem.

Your mom is right. Those tiny 2br "retirement" homes are depressing. Most of them don't even have enough space for a proper dining table that would seat 8-10 people. Tiny closets, no storage. We are not ready to downsize yet (youngest still at home) but what I have seen is not very encouraging. We will likely either stay put and remodel or do a partial downsize to something like a large townhome for 10 or so years before downsizing again.

So buy a plot of land and build a custom home with 1 level living. Easy peasy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers have very good social security benefits with no means testing. They do not NEED to keep working and delaying retirement. They also won’t give up their family sized homes that younger people need to start families.

Meanwhile they complain that they don’t have many grandchildren. And that it’s expensive to hire people to cut their grass, repair their spare 2 bathrooms, snowblower their long driveways. It’s ridiculous. Poor them.

They just care A LOT about their peers’ opinions.
My parents had an enormous house on 2 acres of land. I convinced them to downsize and when they saw houses that would be an appropriate size (no stairs, 2 bedrooms) they were appalled. My mom said “I need to be PROUD of my home! My friends wouldn’t be impressed by this.” They ended up in a huge “luxury” townhouse with two flights of stairs. But at least they got rid of the yardwork problem.

Your mom is right. Those tiny 2br "retirement" homes are depressing. Most of them don't even have enough space for a proper dining table that would seat 8-10 people. Tiny closets, no storage. We are not ready to downsize yet (youngest still at home) but what I have seen is not very encouraging. We will likely either stay put and remodel or do a partial downsize to something like a large townhome for 10 or so years before downsizing again.

So buy a plot of land and build a custom home with 1 level living. Easy peasy.

This presumes you want to live somewhere with available land.

[Anonymous]

Anonymous wrote:

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.

Buying a house in early 90s is all that matters. No one is not able to buy a house because they went for lunch or drinks. That’s avocado toast nonsense that has been disproven time and again. People do end up spending more recently on vacations etc , because of financial nihilism — they are doomed no matter what so might as well enjoy what they can.

My teacher coworker and her engineer husband just bought a nice 4br in Leesburg. They are 32. They were coming from a small townhouse.

[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.

I think it was a moment in time. In our 30s, the early 2000s, Gen Xers wanted to take over and be heard. We were finally mature enough, better at tech, etc. But the Boomers, our bosses, then in their 50s still ruled the roost. It was just As It Always Had Been.

Then Millennials come in and are handed entire departments in their 30s, and are bosses of older people. And of course Gen x is like "whatever"- we tried. But I'm sure it stings a little.

So ridiculous. Bosses were in their 50s, and their 40s if you were trying to be honest. Why wouldn’t they still be working? Genx groups are currently in their 40s and 50s. Should they leave to let millennials take over?

I’m sure there are leaders in every age group The stereotypes are getting as old as GenX.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

Let's back the truck up for a bit.

Boomers WILL NOT LEAVE because they can't! Life is damn expensive and they got caught in the squeeze same as narcissistic you. Do you think their old asses want to continue working? Don't be dense.

Blame population growth for creating conditions leading to higher cost of everything since everyone is chasing the same goods and services including housing, transportation, food, etc. And my population growth comment is my delicate way of saying unchecked immigration.

This comment is peak DCUM - people with zero knowledge of economics and boundless confidence in their idiotic opinions. Meanwhile, every economist who has studied this has concluded that immigration is an enormous economic boon because immigrants tend to be underpaid relative to non-immigrants and undocumented people pay federal taxes but don’t get federal benefits like social security.

PP - the immigrant crews building houses for pennies on the dollar compared to non-immigrants make housing CHEAPER, not more expensive. And most DCUM posters aren’t competing for housing with immigrants. The immigrants providing cheap childcare make it EASIER for your family to have dual incomes, not harder.

Most illegals I know get paid cash. And how would we when know what percentage of illegals get paid cash?

You don’t know any illegal workers unless you’re using them for cheap labor. Most pay federal tax not to mention sales tax, meal tax and others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

Let's back the truck up for a bit.

Boomers WILL NOT LEAVE because they can't! Life is damn expensive and they got caught in the squeeze same as narcissistic you. Do you think their old asses want to continue working? Don't be dense.

Blame population growth for creating conditions leading to higher cost of everything since everyone is chasing the same goods and services including housing, transportation, food, etc. And my population growth comment is my delicate way of saying unchecked immigration.

This comment is peak DCUM - people with zero knowledge of economics and boundless confidence in their idiotic opinions. Meanwhile, every economist who has studied this has concluded that immigration is an enormous economic boon because immigrants tend to be underpaid relative to non-immigrants and undocumented people pay federal taxes but don’t get federal benefits like social security.

PP - the immigrant crews building houses for pennies on the dollar compared to non-immigrants make housing CHEAPER, not more expensive. And most DCUM posters aren’t competing for housing with immigrants. The immigrants providing cheap childcare make it EASIER for your family to have dual incomes, not harder.

Most illegals I know get paid cash. And how would we when know what percentage of illegals get paid cash?

You don’t know any illegal workers unless you’re using them for cheap labor. Most pay federal tax not to mention sales tax, meal tax and others.

You just make up dumb shit and we're supposed to believe your study lol

[Anonymous]

Anonymous wrote:If the Boomers are so wealthy, won't Gen X inherit their massive wealth? And ditto for Gen Z.

Being poor is really normal when you're just starting your career and I think it's normal to be envious. I remember wondering how so many adults from my parents generation could have money, yet most were extremely unimpressive. I think most made their money by simply investing in their 401k. Compounding returns is an amazing thing!

Some Boomers are out spending it all. Others are just a long way from being dead. My parents and in-laws are only early 70’s. They could have a long ways to go yet.

[Anonymous]

Graduated college in 2000. Worked overseas, dealt with 9/11. Worked a lab job and saved 10k for retirement. Went back overseas. Got married and returned to US in 2006. Teaching at $36k a year. Luckily spouse made better money and we bought a fixerupper in 2008. Cheapest single family home with a garage in the county. Lots of sweat equity. Very little professional help. Never moved. Put everything else into retirement accounts and 529. Now at age 48 we have almost a million across accounts on middle class salaries. I missed most of the big drops in the markets and housing so we have been lucky. 5 years later or earlier would be a very different story.

[Anonymous]

55 and older should if they are financially able, but many don’t! It's a disservice.

[Anonymous]

Anonymous wrote:55 and older should if they are financially able, but many don’t! It's a disservice.

Should what?
Retire?

I did at 55 and I hope I have enough. My boomer husband says we are good.

My mom and dad were older than boomers— greatest gen? 1941 and 1943. They didn’t leave anything to me when they passed, not that I was expecting anything.

I was under the impression that the kids of boomers are millennials, but

[Anonymous]

Anonymous wrote:

Anonymous wrote:55 and older should if they are financially able, but many don’t! It's a disservice.

Should what?
Retire?

I did at 55 and I hope I have enough. My boomer husband says we are good.

My mom and dad were older than boomers— greatest gen? 1941 and 1943. They didn’t leave anything to me when they passed, not that I was expecting anything.

I was under the impression that the kids of boomers are millennials, but

… but I certainly could have that wrong.

[Anonymous]

Anonymous wrote:Graduated college in 2000. Worked overseas, dealt with 9/11. Worked a lab job and saved 10k for retirement. Went back overseas. Got married and returned to US in 2006. Teaching at $36k a year. Luckily spouse made better money and we bought a fixerupper in 2008. Cheapest single family home with a garage in the county. Lots of sweat equity. Very little professional help. Never moved. Put everything else into retirement accounts and 529. Now at age 48 we have almost a million across accounts on middle class salaries. I missed most of the big drops in the markets and housing so we have been lucky. 5 years later or earlier would be a very different story.

I'm your age. We are Xenniels, and I think we are probablthe best off between GenX and millenials. This is completely because of the sweet spot you mentioned, +/- 5 years would be a different story. DH and I both finished grad school in 2007, and we kept our jobs through the recession. Had we graduated even a year later, might be totally different.

[Anonymous]

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

You are not entitled to a job. Work hard and earn it.

[Anonymous]

Anonymous wrote:55 and older should if they are financially able, but many don’t! It's a disservice.

We'd love to. Are you going to pay for our mortgage, insurance, property taxes, utilities, food, clothing, kids activities, and pay for their college?