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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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%. [/quote]

Was going to post the same![/quote]

I think the article has so many flaws it’s maddening. 
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren.

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them. 
[/quote]

Boomers didn't get much from the generation before them. People had big families so paying for college, weddings or inheritance was slim pickens when splitting it between 6-8 kids. Also Boomers work, save, invest, work, save, invest. Millenials work, borrow, spend, whine, work, borrow, spend, whine.[/quote]

Way to overgeneralize- my parents didn't remotely save enough to fund their retirement, so we'll probably end up supporting them eventually.  They didn't save anything for college either so we all had loans- it was fine, we paid them off, but we (on the Gen-X-millennial cusp) to save for our retirement and children's education rather than repeat their mistakes.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics