Michael Z
Senior Member
- Location
- Northern Wisconsin
Back when I went to college, I paid my own way with virtually no loans, living on my own, making minimum wage or near-minimum wage. Now, a student graduates with 100k+ in loans!
Boomers are the richest generation!
- Thread starter Trade
- Start date
JBR
Well-known Member
Some boomers were given a million dollars by their dad to get started in life. Did all of those do things in the world, during their lives, to truly benefit other people as well as themselves?
Oh, and then there are some boomers who weren't given a million...
Oh, and then there are some boomers who weren't given a million...
Dr.Colosso
Member
-
Last edited:
Muskrat
Senior Member
- Location
- Mainly arizona
And then there is the fact that a million does not feel like all that much…
Tom52
Member
- Location
- The Villages, Florida
I bet it would if you had nothing.
I guess non boomers would be the ones complaining about this.
Warrigal
SF VIP
- Location
- Sydney, Australia
Someone once said, "There are lies, damn lies and statistics."
Statistics can be very misleading. This article talks about 40% of boomers owning their own homes at 27 years of age.
Home ownership was definitely a dream of young Australians in the aftermath of WWII. It was a time of owner builders mortgaging themselves to buy a block of land. The first building was often a large garage where they lived while a modest timber frame house was erected on weekends and after work. People on lower incomes were able to get mortgages from building societies. Banks wanted loans repaid quickly and charged higher interest rates.
Hubby and I were beneficiaries of building societies. The first mortgage for the land was taken out when we were both 20 years old, still legal infants. We lived with Hubby's parents for nearly 3 years until it was paid off and then we had a house erected on the vacant block. The mortgage on the house was set at an affordable interest rate of 6% and we finally owned the house in 1985 when our children were 18 and 22. I had worked outside the home for most of that time, and we were savers.
Talk about boomers "owning" their first home in their 20s is a nonsense. Sensible use of statistics requires sensible data to be collected. Sensible statisticians do not use words like "gobbled up’ nearly one-third of America’s wealth share". I don't imagine that they use ill-defined categories such as "boomer generation" which is a very large cohort. You need to compare like with like to arrive at meaningful conclusions.
Statistics can be very misleading. This article talks about 40% of boomers owning their own homes at 27 years of age.
Home ownership was definitely a dream of young Australians in the aftermath of WWII. It was a time of owner builders mortgaging themselves to buy a block of land. The first building was often a large garage where they lived while a modest timber frame house was erected on weekends and after work. People on lower incomes were able to get mortgages from building societies. Banks wanted loans repaid quickly and charged higher interest rates.
Hubby and I were beneficiaries of building societies. The first mortgage for the land was taken out when we were both 20 years old, still legal infants. We lived with Hubby's parents for nearly 3 years until it was paid off and then we had a house erected on the vacant block. The mortgage on the house was set at an affordable interest rate of 6% and we finally owned the house in 1985 when our children were 18 and 22. I had worked outside the home for most of that time, and we were savers.
Talk about boomers "owning" their first home in their 20s is a nonsense. Sensible use of statistics requires sensible data to be collected. Sensible statisticians do not use words like "gobbled up’ nearly one-third of America’s wealth share". I don't imagine that they use ill-defined categories such as "boomer generation" which is a very large cohort. You need to compare like with like to arrive at meaningful conclusions.
RambleTamble
Member
- Location
- U.S.
It certainly doesn't hurt!
Restored
New Member
- Location
- Giles County, Virginia, USA
Boomers were the IRA/401k generation. We all invested because that's what we were told to do. A few years before retirement, we consolidated all our accounts and it was shocking. We knew we saved that money but never intended to actually spend it. That's what these articles are telling us. We have a large amount of money that needs to be spent. If we don't, the politicians will start eyeballing it. You don't have to make big purchases. You just need to avoid hoarding it. If you have a large amount of savings, you should not be trying to grow it in retirement.
