Quote:
Originally Posted by Cowboy89
I'm not really down with blaming and labeling entire generations as having money problems. It's rather a human nature problem. Most people don't have the discipline required to do what's necessary to retire comfortably, and of those who do, too many of them are too ignorant to execute it properly and end up stuffing all their money in ING Direct accounts or bank GICs that in effect lose economic value over time by the effects of inflation and taxation .
|
This is where I stand as well. I'm not going to say Boomers or mid-20's or kids these days are stupid. This is not generation specific, people of all generations do stupid things like live beyond their means and buy status cars and whatnot. I'm not going to say everyone is like me, but I gave a perfect example of a large (ignored) portion of mid-20's guys when I referenced all my roommates and I (5 of us) save a over 50% of our gross paycheck each month. And we aren't living a crappy lifestyle either, we are having a blast and enjoying life, we just don't need a BMW to do that.
I can't say much for mid-20's going travelling because I don't know their situation (? it is only $2000-3000 for a few months, which is half of a semesters tuition, and in some cases, many university programs are 5-year coops and internship salary is pretty good, so its not as big of a deal as you think... they aren't fancy hotels they stay in, its hostels). Back in the Boomers age, wasn't it common to buy a Ford Mustang or some crap like that when you came out of university? Are the Europe traveler also buying a BMW too? I'm pretty sure its common norm for all generations to spend to their fancy when they graduate, this isn't just a generation specific.
I can say, though, that I can understand kids living at home later. A university degree is the new high school degree, you pretty much need some post-secondary education whereas for the Boomers you didn't. Even a masters degree is common these days. Rent, cost of living et al has increased faster than annuel income, driven by demand and people buying. Yes that includes Boomers as well. But, I don't get this kids vs parents thing, so a kid lives at home, should a parent guilt them out of a house? At the same time, doesn't a child owe it to their parents to help them out when they retire? In my situation, I came from a average middle class family and I got a lot of help from my parents through university. Now I have a good job, and I have no problem helping them out through retirement and I'm probably expected to as well. Because they are family.