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

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[quote=Anonymous][quote=Anonymous]I just don't see millennials + Gen Z being as frugal and focused on saving as previous generations. My parents were just visiting and I got so much criticism for things they perceived as food waste, overconsumption, etc.  My and DH's parents are both in the late 40s/early 50s and all grew up pretty poor and have always been very frugal, and both sets of them have managed to build up a lot of wealth over the past 20 years in particular.

DH and I rented until our late 30s because we could not afford to buy a home. When we did, we bought a small townhouse, knowing it would be our "starter home" and hoping that we could build up some equity and buy a larger home later - which we did just this year at ages 46 and 47. So, nope, not buying into millennial whining. You have to start small.[/quote]

We pretty much did the same- bought our "starter" home in our mid-30s, but I doubt we'll move up.  It's actually a lesson learned from my less frugal parents- they bought their starter home in their mid-20s and then traded up to a bigger house in their late 30s to something they really couldn't afford.  A couple re-finances later, they sold after 30 years and didn't net much because they weren't close to paying off their house.  Our starter home is big enough for our family of 4 and I'd rather be conservative and have extra money to save for college, etc.

So yeah, not all boomers were frugal and saved a lot.  The median retirement savings for that age group is only something like $200k.[/quote]

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