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re: let's ease up on boomers and millennials, Gen X sucks with money too
Posted on 12/30/17 at 11:03 am to SeeeeK
Posted on 12/30/17 at 11:03 am to SeeeeK
quote:
The 40's year olds in this Country are the sole blame for the Millennials, they raised these dumb fricks. Or rather, didn't raise them, they just shoved a phone, xbox, and computer in front to raise them.
Most Millennials were born to people at the tail end of the boomer era. Millennials were named that because they were to, on average, graduate high school in the year 2000. Early boomers gave birth to Gen X. Gen Y is sandwiched in the middle there and is usually ignored.
The boomers (certain part of them) ruined academia and K-12, which is most responsible for the problems with Millennials.
Much of Gen X has been trying to rebel against this the whole time. But Gen X was young and not influential when all of this was taking place. Much of Gen Z was born to Gen X parents, which IMO is why Gen Z appears to be growing up to hate Millennials and be very conservative in many respects.
2
Posted on 12/30/17 at 11:05 am to rocket31
quote:
Any generation raised before the internet were pawns in a game
Buy house
Get married
Live your entire life paying down your debts
So the internet taught you not to do this enlightened one?
Posted on 12/30/17 at 11:07 am to starsandstripes
Gen y and millenials are synonymous.
Posted on 12/30/17 at 11:16 am to Jake88
quote:
Gen y and millenials are synonymous
I think gen Y is the growing subset of early millenials, but yes, that was the original name of the generation born from 80 onward (some say earlier)...
It is noted though, those raised pre-internet and post-internet generally have 2 different mentalities
Posted on 12/30/17 at 11:16 am to GreatLakesTiger24
quote:
who owed on average $142,077 — most of which was mortgage debt
Thanks, McMansions. Real Estate prices have sky rocketed for the Gen X generation. At least with this debt it is something tangible: a larger home. The average home built in the 70s for Boomers was around 1800 sf. Now, it's 2400 or more sf. With interest rates so much lower for homes now, it is easier to allow yourself to get a much higher indebtedness for a home.
Consider if interest rates were ~10% (which was the case in the 70s) you'd pay double the monthly payment than you would now. Therefore, you'd simply wouldn't be able to borrow as much. Thus, you'd owe a total of less.
Second, banks have allowed much more leniency in lending than before, thus more people are borrowing when they shouldn't be. It used to be you had to put 20% down on a house and your payment to monthly gross income couldn't be much more than 25%, and total debt payments couldn't be more than 40%.
So, imagine if you and your spouse are bringing home gross $8000/ month. ($96,000/year). Your house payment could be $2000/ month, OK, but your overall could only be $3200/ month. Imagine if you have 2 car payments totally $1000/ month, interest payments of $500 or more a month, well, you can see what the numbers will be.
Posted on 12/30/17 at 11:17 am to GreatLakesTiger24
The taking on of credit card debt is the mind boggling thing to me. My brother didn't find out his new wife had 100k of credit card debt until they were married. Nice
Posted on 12/30/17 at 11:18 am to starsandstripes
quote:
Much of Gen X has been trying to rebel against this the whole time. But Gen X was young and not influential when all of this was taking place. Much of Gen Z was born to Gen X parents, which IMO is why Gen Z appears to be growing up to hate Millennials and be very conservative in many respects.
This. Most Gen Xers didn’t pop out kids at 20. 45 year old Gen Xer probably has kids ranging in ages from 20 to 10 which are Gen Z. My oldest which is 19 hates politics but is obsessed with busting arse in school to make bank, my youngest which is 14 is more conservative than me and that’s saying something. It’s really weird how different millennials are to Gen Z.
Posted on 12/30/17 at 11:19 am to starsandstripes
quote:
Is this a serious question?
Yes, how does the 40-something have an average of $23K in student loan and credit card debt?
Posted on 12/30/17 at 11:20 am to GreatLakesTiger24
Newsflash: we all suck.
Posted on 12/30/17 at 11:21 am to molsusports
quote:
My brother didn't find out his new wife had 100k of credit card debt until they were married. Nice
Annulment
Posted on 12/30/17 at 11:24 am to BOSCEAUX
I wish. Bitch got pregnant to force him to marry her. He's fricked
Posted on 12/30/17 at 11:25 am to GreatLakesTiger24
It chaps my arse when financial studies discuss the average debt/assets/wages etc. The median is far more important and relevant.
Posted on 12/30/17 at 11:26 am to CoachChappy
quote:
$23K in non-mortgage debt at 40 Year’s old?! Jesus H, how does that happen?
My student loan debts are that much, or more. Explain to me, please, why I would ever pay off a 2.5% (fixed) loan that is backed by the government, interest can be written off and the debt is completely wiped out if I die? That loan will always receive the minimum and be paid off only moments before close of business on the very last day. Unless you can come up with some good reason why I should pay it off early.
Even if I had enough money in the bank to pay that off immediately I never would.
This post was edited on 12/30/17 at 11:28 am
Posted on 12/30/17 at 11:26 am to GreatLakesTiger24
quote:
GreatLakesTiger24
You're trying too hard.
Posted on 12/30/17 at 11:28 am to rocket31
quote:
Gen X was duped by society too
We also started college were living on our own at a time where you could be tailgating at LSU and sign up for a couple credit cards and get stuff for doing so(anyone that went to LSU in the mid to late 90s will know exactly what I'm talking about). Very easy to rack up credit card debt at a young age.
Hell I had my first credit card BEFORE I even graduated high school.
Posted on 12/30/17 at 11:29 am to Deactived
quote:
The generation blame game is getting old
Yes and this troll starts a new thread every week about each generation to antagonize the board.
Posted on 12/30/17 at 11:29 am to GreatLakesTiger24
So what we have learned is that Americans of all ages suck at being financially responsible. Shocking.
Posted on 12/30/17 at 11:30 am to lsunurse
I didn't get one til after college. Way easier to use my dads and let him pay the bill
Posted on 12/30/17 at 11:30 am to GreatLakesTiger24
So what generation is a 36 y/o?
Posted on 12/30/17 at 11:30 am to LSUBoo
Instead of making me take bs electives in high school I really wish they would have had a class on basic life skills...with finances being the bulk of the class.
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