Millennials

[DC_Vol]

$2M is a magical number that seems to keep popping up anytime I run any simulations. Especially if you want to retire pre Social Security

I better get to work and cut off my wife then.

 

[NorthDallas40]

I better get to work and cut off my wife then.

And I think that’s about the minimum for any enjoyable quality of life in retirement. If we want to continue our quality of life pre retirement and retire at 60 I think our combined savings and savings equivalent of the wife’s pension annuity required is in the mid $3M range. Us saving that amount doesn’t happen by accident and doesn’t happen over night.

 

[DC_Vol]

I agree, but within the confines of his rant, it clearly shows that Boomers have a better grasp on retirement finances. Also, if you look at the chart, Gen X and Z are equally clueless but they are farther down the road than the Millennials. Ras has a lot of vision clouding vitriol wrt to boomers.

Not necessary with the retirement aspect here, but I think Ras has some valid points on the boomers.

They get a lot more adulation than they deserve.

 

[NorthDallas40]

Not necessary with the retirement aspect here, but I think Ras has some valid points on the boomers.

They get a lot more adulation than they deserve.

Oh I know my generation has its problems trust me. A major one being the entitled worthless pieces of we unleashed on the world via our offspring

 

[DC_Vol]

Oh I know my generation has its problems trust me. A major one being the entitled worthless pieces of we unleashed on the world via our offspring

I’m not engaging in a debate to point fingers. I just understand where he is coming from. Somehow the boomer generation gets really good PR despite a lot of the issues we deal with today were brought about in large part by the boomer generation.

 

[SpaceCoastVol]

Not necessary with the retirement aspect here, but I think Ras has some valid points on the boomers.

They get a lot more adulation than they deserve.

meh. As a boomer, I couldn't care less about adulation. I've worked hard to get where I am and paid my own way and well more than my 'fair share'. All I ask is that X,Y,Z and millenials do the same.

 

[NorthDallas40]

I’m not engaging in a debate to point fingers. I just understand where he is coming from. Somehow the boomer generation gets really good PR despite a lot of the issues we deal with today were brought about in large part by the boomer generation.

I don’t take issue with what your saying and agree on many points. Due to the largely Charmin soft life we were given by our parents we somehow came up with some pretty idiotic ideals and largely have no idea how to manage money even if we can see how much money we need. And to the point of Ras’s current griping we passed on neither, how to estimate money required or how to manage it.

Boomers had a largely sheltered and prosperous upbringing. And it appears to have really screwed up our parenting and money management skills. Those are my own two glaring deficiencies of my generation

 

[DC_Vol]

meh. As a boomer, I couldn't care less about adulation. I've worked hard to get where I am and paid my own way and well more than my 'fair share'. All I ask is that X,Y,Z and millenials do the same.

You sound like my dad. That’s what he taught me.

 

[NorthDallas40]

meh. As a boomer, I couldn't care less about adulation. I've worked hard to get where I am and paid my own way and well more than my 'fair share'. All I ask is that X,Y,Z and millenials do the same.

As did I. But I also see so many in my age group whom are useless leeches which I credit to a soft upbringing.

 

[hog88]

I better get to work and cut off my wife then.

Yep, I’m screwed

 

[NorthDallas40]

As an example of why my age group should be called out on finance look at Congress. The current senior leadership asshats whom keep selling our country down the road by compounding debt are from my boomer generation. Trust me I clearly see the failings of my generation.

 

[SpaceCoastVol]

As did I. But I also see so many in my age group whom are useless leeches which I credit to a soft upbringing.

"Think of how stupid the average person is, then realize that half of them are stupider than that" - George Carlin

That quote also applies to laziness. Of course it is socialism that caters to the lazy, so that is probably why I am not a leftist. And when the Millennials grow up and have to start paying taxes and funding welfare for those that sit on ass cashing government checks, they will realize that nothing is 'free'.

 

[MurphyVol]

I don’t take issue with what your saying and agree on many points. Due to the largely Charmin soft life we were given by our parents we somehow came up with some pretty idiotic ideals and largely have no idea how to manage money even if we can see how much money we need. And to the point of Ras’s current griping we passed on neither, how to estimate money required or how to manage it.

Boomers had a largely sheltered and prosperous upbringing. And it appears to have really screwed up our parenting and money management skills. Those are my own two glaring deficiencies of my generation

I work with a lot of boomers and they have been pretty bad (not all of course) with finances and saving. I've wondered if it's because they are the last "pension" generation. Most people 50 and under have no concept of a lifetime benefit plan.

May have nothing to do with it but I've always wondered if relying on that was why they were so frivolous.

 

[SpaceCoastVol]

As an example of why my age group should be called out on finance look at Congress. The current senior leadership asshats whom keep selling our country down the road by compounding debt are from my boomer generation. Trust me I clearly see the failings of my generation.

That's more of a chink in the armor of our Constitution. The founding fathers never envisioned career politicians, and THAT is the problem.

 

[DC_Vol]

"Think of how stupid the average person is, then realize that half of them are stupider than that" - George Carlin

That quote also applies to laziness. Of course it is socialism that caters to the lazy, so that is probably why I am not a leftist. And when the Millennials grow up and have to start paying taxes and funding welfare for those that sit on ass cashing government checks, they will realize that nothing is 'free'.

One of my favorite quotations.

 

[Rasputin_Vol]

I agree, but within the confines of his rant, it clearly shows that Boomers have a better grasp on retirement finances. Also, if you look at the chart, Gen X and Z are equally clueless but they are farther down the road than the Millennials. Ras has a lot of vision clouding vitriol wrt to boomers.

Just because they have a better grasp, it shows clearly that in practice, they don't actually meet that number. Too many McMansions, frivolous spending to keep up with the Jones, blah blah blah... and it is clear that they passed on these same poor financial habits to the generations behind them.

 

[Rasputin_Vol]

I don't follow your rant.

Its clear from what I'm saying that Boomers are in no better financial position than anyone else. Spare me the argument that they have an understanding of what they need far more than Millennials... they are older and should be wiser. So of course they should have a better understanding. But in practice, you see where they are at.

 

[SpaceCoastVol]

Just because they have a better grasp, it shows clearly that in practice, they don't actually meet that number. Too many McMansions, frivolous spending to keep up with the Jones, blah blah blah... and it is clear that they passed on these same poor financial habits to the generations behind them.

Ahhhh so the generations with literally the Library of Congress at their fingertips and the ability to research anything from their mom's basement that required the boomers get up and go to a library get to use the prior generation as an excuse? Gotcha. When you look at information available to X,Y,Z and M... they are all failing at an epic level by comparison. My generation might be stupid, but yours is lazy. And sloth is far more dangerous.

 

[Rasputin_Vol]

meh. As a boomer, I couldn't care less about adulation. I've worked hard to get where I am and paid my own way and well more than my 'fair share'. All I ask is that X,Y,Z and millenials do the same.

You can speak for yourself and your situation. But if you were honest (and the data I posted proves this), you do not represent the majority of Boomers. So don't try to suggest that all Boomers have their s^^t together. Quite the contrary. But yet, Boomers sit in their rocking chairs and talk all kinds of s^^t on the generations behind them and how disastrous, lazy, etc they are. Well again... who raised these people? Who helped to set in motion the environment that we have right now?

 

[Rasputin_Vol]

I work with a lot of boomers and they have been pretty bad (not all of course) with finances and saving. I've wondered if it's because they are the last "pension" generation. Most people 50 and under have no concept of a lifetime benefit plan.

May have nothing to do with it but I've always wondered if relying on that was why they were so frivolous.

And with that in mind, also consider that the Millennials are running head first into an economy right now that has no manufacturing or industrial base (only service economy and financialization), higher cost of living compared to Boomers for most of their lives, wages haven't kept up with inflation and at the mercy of a stock market to drive their savings rather than pensions or banks paying decent interest rates on savings. These guys have more s^^t going against them than any of these Boomers realize (or care about). And you see these guys pontificating. Also, Boomers have helped in promoting this superficial, "keeping up with the Joneses", decadent environment that we have, so is it any wonder that these kids are now out of touch with reality?

 

[Rasputin_Vol]

Ahhhh so the generations with literally the Library of Congress at their fingertips and the ability to research anything from their mom's basement that required the boomers get up and go to a library get to use the prior generation as an excuse? Gotcha.

There is a lot of propaganda and distortion out here. I wouldn't doubt that there are a significant number of people in these generations that are making genuine efforts to find information and to figure things out. That comment is really weak sauce because you know good and damn well that we are living in a sea of lies in this day and time.

When you look at information available to X,Y,Z and M... they are all failing at an epic level by comparison. My generation might be stupid, but yours is lazy. And sloth is far more dangerous.

Boomers had the luxury of having the Silent Generation, teaching them good values. Unfortunately, Boomers passed down a narcissistic, superficial, irresponsible/no accountability way of living that crept into my generation first (Gen-X), and then has gradually been passed down by us to the generations behind, so my generation also plays a part in this. But unlike you boomers, we are s^^ting on these generations as much as boomers and not understanding how we got to this situation.

The boomers basically were born and thrived at the apex of American project, and everyone else is coming along during the decline.

 

[AM64]

Yeah I thought it was a pretty ignorant hot take too and typical of his whole butt hurt angst going on right now.

If anything it shows literally how ignorant millenials are on finance and the time value of money.

And that time value of money has a lot to do with where it's stashed, too - as a lot of people are going to find out the hard way ... again. I don't keep up with it, but I saw some articles recently that the sure thing crypto market has been taking a big dump. Seems like millennials were one of the big groups who believe in money for nothing schemes - people with accumulated wisdom tend to see things like that a bit differently.

 

[WoodsmanVol]

Boomers rocked out on LSD, marijuana, peyote, LSD, and rock and roll. Now they run all three branches of the government. Guess what their kids got?

 

[NorthDallas40]

Boomers rocked out on LSD, marijuana, peyote, LSD, and rock and roll. Now they run all three branches of the government. Guess what their kids got?

Another stupid hot take by you this time a grossly oversimplified generalization. I knew you had it in you!

 

[WoodsmanVol]

Another stupid hot take by you this time a grossly oversimplified generalization. I knew you had it in you!

I love you too sweetie. No, no, no hugging, I didn't mean that much love, nor that kind. Shoo, now.

WOOO, I just love my VN toys!!!!