Is it because GenX and Millennials are slackers? Or some other reason? Hmmm, maybe it's because Boomers are older, have spent more time in the work force, and accumulated more money?
They earned their money when we had REAL "interest rates" through the 70s, 80s & 90s. Remember when a 5-year CD paid 10,11,12%? Even 6-month CDs approached 10% at their peak. How about fixed income securities, even T-Bills paying out 10%+ short term yields?
That's beyond EZ money that GenX'ers and Millennials never got access to..
And it all happened when we dropped the gold standard peg. That's how Volker et al kept the masses docile and asleep as they printed to infinity.
Perhaps those are factors, but don't discount one major thing that I and all my fellow boomers seem to have but that is lacking today: Frugality (i.e., discipline) to not spend on frivolous geegaws and doodads. I don't have to be the first on my block to have some new electronics toy, or hot car, or whatever. My personal finances are that I live within my means, have very few "luxury" indulgences, and keep things I have well cared for. Example: I just bought a new Samsung S22 FE in 5G, but my old phone was a Samsung 7 Edge....it still looked brand new but I traded up after SEVERAL years with the Edge. The S22 FE was on a special sale at COSTCO, so I went for it.
I don't see that kind of discipline (or frugality) being practiced today.
I completely agree. Boomers were also fortunate to be raised shortly after the "Great Depression". They were taught well by their parents/families.
The "Consumer economy" was foisted upon the masses to enable the fraudulent fiat fedbux to spread like wildfire around the world following WWII. The GenX'ers got a small taste of this propaganda, the Millennials got a fuller dose, while the Zoomers have had nothing but the "consumer-bug" indoctrinated into their consciousness.
There are many factors. But I'd be a lot richer if my checking/savings/MMF accounts were paying me 5-7% for doing nothing like the boomer-generation benefited from.
And to be clear, I'm not assigning any blame toward your generation, or any other for that matter. It is what it is. The bottom line is, the masses have been educated into an astonishing state of ignorance that isn't going to be simple to unwind. We're right at the beginning of it now - the "Great Awakening" has begun.
Not only that, but we are also nearing the end of "The Fourth Turning." I highly recommend that book, but because it IS rather technical with lots of charts and tables, there is a summary available. The authors' 1997 book predicted that we would be in a "fourth turning" (a time of CRISIS) from about 2005 to 2025. They were right, and we are nearing the end of this Crisis period. What awaits us is a new beginning within the next couple of years. It's exciting to watch!!
That is a great point that should not be discounted. Or the simple brown bag lunch. The latte factor is a real thing. Don’t get me started on all these subscription boxes for little nik nacks. The devil tapped into humanity’s vanity and won big
I brown bagged it for years. Even going out to lunch with coworkers could run $12 to $15 dollars a pop, and leftovers cost practically nothing. It was always a sense of "delayed gratification" with me. Eat and live humbly now and enjoy a better life later. Fortunately it worked out just that way.
I believe you bought the S21 FE as the S22 just came out and the FE isn't one of the models lol. But your point is taken and I agree that has benefited you generation but Morpheus is also correct. Its a combination of both.
Hey you may be right about the Samsung.... don't know and really don't care, I'll have it for years to come though. My 2017 Subaru Outback will probably last me another 10 or 15 years, the careful way I drive it. These are a multitude of little habits -- turning the light off when I leave the room, turning down the heat when I leave, being OK eating leftovers, etc. -- that mark the major difference between my generation and others. I've never considered myself a GQ kind of guy and don't even care about "fashions." I have shirts in my closet that I've worn for years and they are immaculate. The last suit I bought was in 1987 or thereabouts. And so it goes.....
Do you seriously think that every millennial goes out and buys the newest phone? For every millennial that does that I'll show you a boomer who does that too. And for people like you, there are similar millennials who use their phones for years before getting a new one. Millennials aren't some idiots who just don't know how to save money. Look at where the points on the graph start. The beginning point for boomers was already miles higher than the millennials could have ever started out with. That's the point of this graph and post, not to shit on millennials for supposed behavior to explain away the boomer's inherent benefits they were all born with vs the world the millennials have been given.
Not entirely true now. You can get stablecoin rewards at 8-10% at Celsius, nexo, crypto.com, etc.
If you get into DeFi liquidity provider, you can get 30%-over 100%. There's a reason media partnered with banking is telling everyone "crypto bad". Crypto threatens the very existence of the predatory banking system.
True... we like to keep more of what we earn than giving it away to a wasteful government. So selfish! My God, how can I live with myself? HOW CAN I SLEEP AT NIGHT??!!! Oh, actually I sleep quite well and live with myself even easier.
Is it because GenX and Millennials are slackers? Or some other reason? Hmmm, maybe it's because Boomers are older, have spent more time in the work force, and accumulated more money?
They earned their money when we had REAL "interest rates" through the 70s, 80s & 90s. Remember when a 5-year CD paid 10,11,12%? Even 6-month CDs approached 10% at their peak. How about fixed income securities, even T-Bills paying out 10%+ short term yields?
That's beyond EZ money that GenX'ers and Millennials never got access to..
And it all happened when we dropped the gold standard peg. That's how Volker et al kept the masses docile and asleep as they printed to infinity.
Perhaps those are factors, but don't discount one major thing that I and all my fellow boomers seem to have but that is lacking today: Frugality (i.e., discipline) to not spend on frivolous geegaws and doodads. I don't have to be the first on my block to have some new electronics toy, or hot car, or whatever. My personal finances are that I live within my means, have very few "luxury" indulgences, and keep things I have well cared for. Example: I just bought a new Samsung S22 FE in 5G, but my old phone was a Samsung 7 Edge....it still looked brand new but I traded up after SEVERAL years with the Edge. The S22 FE was on a special sale at COSTCO, so I went for it.
I don't see that kind of discipline (or frugality) being practiced today.
I completely agree. Boomers were also fortunate to be raised shortly after the "Great Depression". They were taught well by their parents/families.
The "Consumer economy" was foisted upon the masses to enable the fraudulent fiat fedbux to spread like wildfire around the world following WWII. The GenX'ers got a small taste of this propaganda, the Millennials got a fuller dose, while the Zoomers have had nothing but the "consumer-bug" indoctrinated into their consciousness.
There are many factors. But I'd be a lot richer if my checking/savings/MMF accounts were paying me 5-7% for doing nothing like the boomer-generation benefited from.
And to be clear, I'm not assigning any blame toward your generation, or any other for that matter. It is what it is. The bottom line is, the masses have been educated into an astonishing state of ignorance that isn't going to be simple to unwind. We're right at the beginning of it now - the "Great Awakening" has begun.
Not only that, but we are also nearing the end of "The Fourth Turning." I highly recommend that book, but because it IS rather technical with lots of charts and tables, there is a summary available. The authors' 1997 book predicted that we would be in a "fourth turning" (a time of CRISIS) from about 2005 to 2025. They were right, and we are nearing the end of this Crisis period. What awaits us is a new beginning within the next couple of years. It's exciting to watch!!
That is a great point that should not be discounted. Or the simple brown bag lunch. The latte factor is a real thing. Don’t get me started on all these subscription boxes for little nik nacks. The devil tapped into humanity’s vanity and won big
I brown bagged it for years. Even going out to lunch with coworkers could run $12 to $15 dollars a pop, and leftovers cost practically nothing. It was always a sense of "delayed gratification" with me. Eat and live humbly now and enjoy a better life later. Fortunately it worked out just that way.
I believe you bought the S21 FE as the S22 just came out and the FE isn't one of the models lol. But your point is taken and I agree that has benefited you generation but Morpheus is also correct. Its a combination of both.
Hey you may be right about the Samsung.... don't know and really don't care, I'll have it for years to come though. My 2017 Subaru Outback will probably last me another 10 or 15 years, the careful way I drive it. These are a multitude of little habits -- turning the light off when I leave the room, turning down the heat when I leave, being OK eating leftovers, etc. -- that mark the major difference between my generation and others. I've never considered myself a GQ kind of guy and don't even care about "fashions." I have shirts in my closet that I've worn for years and they are immaculate. The last suit I bought was in 1987 or thereabouts. And so it goes.....
Do you seriously think that every millennial goes out and buys the newest phone? For every millennial that does that I'll show you a boomer who does that too. And for people like you, there are similar millennials who use their phones for years before getting a new one. Millennials aren't some idiots who just don't know how to save money. Look at where the points on the graph start. The beginning point for boomers was already miles higher than the millennials could have ever started out with. That's the point of this graph and post, not to shit on millennials for supposed behavior to explain away the boomer's inherent benefits they were all born with vs the world the millennials have been given.
Not entirely true now. You can get stablecoin rewards at 8-10% at Celsius, nexo, crypto.com, etc.
If you get into DeFi liquidity provider, you can get 30%-over 100%. There's a reason media partnered with banking is telling everyone "crypto bad". Crypto threatens the very existence of the predatory banking system.
Yep, right up until it all collapses. Crypto is 100% gambling. The "crypt" is where money goes to die.
I hope you cash out before it's too late. Caveat emptor
Words of the ignorant. Keep supporting that central bank.
Boomers are unethical greedy bastards!!
True... we like to keep more of what we earn than giving it away to a wasteful government. So selfish! My God, how can I live with myself? HOW CAN I SLEEP AT NIGHT??!!! Oh, actually I sleep quite well and live with myself even easier.