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

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[quote=Anonymous][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]

Gen-X immigrant here.  Yes, our home too was purchased at 18%. We were in our early-30s, living in an apartment.  We delayed having a child for 6 years after we got married because we could not afford a kid. The cost of the house was 4x our HHI. This was 26 yrs ago.  We did for years without a fully furnished home.

Our wealth today is a result of years of frugal living and sound economic practices.  Tell the millennial to do the same and they will have a nervous breakdown.  Yes, you can have our kind of wealth if you are willing to live our kind of life.  No Starbucks, no processed food, no eating out, no travel, no concerts, no designer anything, no vaping, no pets, no therapy, no electronics, no Netflix, no smartphones.

Poor babies!!

[/quote]

Honestly, many of them were raised poorly by entitled boomers.  There is a huge difference in the frugalness practices of the Greatest Generation, who lived through the depression and WW!!, compared to the boomers who were raised during a time of relative opulence.  That mentality gets passed down to the next generation.

FWIW, no one forced you to buy a home you couldn't afford at 18% interest.  Some people would be better off continuing to rent than become house poor.  [/quote]

We moved close to relatives once we had a baby.  No cheap apartments to rent around there. Thankfully, because of lack of an extensive credit history, we put in 40% down. In a few years, we refinanced at 8%, then 5% etc.   We bought a house because that was a good location for our family. [/quote]

That's fine, but you made a CHOICE to live in an expensive area.  Stop whining.[/quote]

Yeah, OP should stop whining, too.[/quote]

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