Quote:
Originally Posted by activeStick
I wonder how the next generation is going to purchase a home if they want to? With the prices being where they are now, the 20% minimum down payment and the cost of living just to survive these days being so high making it harder to save, I'm not sure how they'll do it. If they don't have parents (many who are also struggling) who can essentially give them money for a down payment, saving $100k minimum will be tough.
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I think a huge thing for us GenXers and Millennials is we need to be helping the Zers and the generations coming up behind us more than the Boomers helped us.
I look at any wealth my wife and I may accumulate as familial wealth versus just money for us to blow on cruises and BS travel to ride elephants in Thailand because yOu CaN't TaKe It WiTh YoU.
In my view, setting money aside to ensure my kids (and eventual grandkids) will be able to get their degrees without any debt (or as little as possible) and have money for use as a down payment on a home is waaaay more important than selfish pursuits.
Life is way too hard and way too unpredictable. I think buying security for the generations coming behind you if you have excess is way more important than throwing on your cargo shorts and sandals and walking around another beach with a bunch of other grey-hairs.
I don't like the way boomers did their retirements. They really did seem to have a selfish ideology. I know they get picked on a lot these days, but they've always been like this and it has always surprised me how the ones I know seemed to hoard and blow their wealth on themselves instead of setting up the younger people coming up behind them. We're breaking that chain in my family.
As my wife and I get older, too, we want to be sure to exit the work world at an appropriate time to make room for the people coming up. How many old boomers do you know just sort of hobby-working even though they don't need the money because they're too uninteresting to develop hobbies? I know several who are just sort of #### blocking younger people from moving up in their careers because they won't make room (granted that's starting to change pretty quickly as they start to sail off into the sunset). I don't think the parents of the boomers acted like that. Really odd how that generation's worldview developed to the extent I think you can make some accurate generalizations.