Reply to The median Boomer has a housing cost of $612. That includes taxes and insurance.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Stop your whining and get a therapist to help you deal with your very transparent issues with your parents. 
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NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did. [/quote]

Who do you think is going to inherit the houses and 401k balances of boomers?[/quote]

Real answer: private equity and asset management firms that own housing vulture funds, nursing homes, hospital networks, and physician practices. [/quote]

Yeah, people who discount this don't understand how it works. And the PP who mentioned that many Boomers amassed small fortunes with no or little skill is right, which is one reason Boomers are so susceptible to this-- many have no clue how to protect their money from being gobbled up by elder and end-of-life care.

Also, don't laugh, but scammers are a genuine concern. They are getting more aggressive and clever, there are more of them, and they know Boomers are sitting on piles of cash. I know of two Boomer men who recently got scammed out of thousands this way. It could have been a lot more.[/quote]

And to be fair, what is the special skill that the younger generations have? They can make a mean pivot table and slide deck? Most people aren't sitting at the top in a leadership position, they are sitting somewhere in the middle bored and daydreaming.

Also some of the jobs boomers have had successfully - nurses, teachers, etc, we still need desperately today. Are you knocking those positions? Are you being condescending to people who work low wage jobs?[/quote]

PP here and I didn't say or even imply any of what you are accusing me of here.

I don't think younger generations are at all more capable of managing money than Boomers. But Boomers have a lot of wealth, and mostly younger generations don't. In previous eras, the only people with a lot of wealth were either from families with generations of experience managing it (and even then they often screwed it up) or they amassed it themselves via financial/business savvy and had some clue of how to protect it. But now we have a lot of Boomers who became millionaires simply by investing in 401ks and buying homes to live in. Most have no idea how to protect that wealth, as they simply did what they were told and then benefitted from unprecedented gains in the real estate and financial markets.

I'm not "knocking" any positions, that's just in your head. But teachers are not actually in the group I'm talking about because many have pensions and access to inexpensive healthcare (including Medicare supplements) via union agreements. My MIL was a teacher and I worry less about her because the pension is guaranteed income and she has more options regarding healthcare. But she also won't leave behind much because  you can't inherit a pension. So teachers tend to be in a separate category here.[/quote]

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