Boomers vs Kids these days

[FR0GGY]

My parents had nothing to pass on to us...one Could argue that our child(ren) will be at a distinct advantage because they won’t be in debt in their vulnerable years, and then the next generation will benefit earlier. Our parents weren’t so lucky.

I don’t think it’s a case of one size fits all.

 

[jenny61_99]

I don’t think it’s a case of one size fits all.

No, you are probably right. The thing is, EVERY generation will have its advantages and drawbacks. Most have it easier in many respects than the ones that came before (in terms of technology) but more complicated when it comes to money and capitalism. Swings and roundabouts.

 

[BRL121]

No, you are probably right. The thing is, EVERY generation will have its advantages and drawbacks. Most have it easier in many respects than the ones that came before (in terms of technology) but more complicated when it comes to money and capitalism. Swings and roundabouts.

I've got a problem with all this "generational" crap. Age is a continuum. One can understand associating certain characteristics with certain age groups, but not between "generations".

 

[Coopers]

Millennials are more likely to get healthy estates from their boomer parents, setting themselves up. Whereas their boomer parents had to make the wealth.

That's pretty boomerish of you Jenny.

A few lucky millenials might get some of the boomer's money when they die, so no problem!

 

[Mego Red]

Millennials are more likely to get healthy estates from their boomer parents, setting themselves up. Whereas their boomer parents had to make the wealth.

So, when you pass at 90 Jenny, does that mean your son inherits your estate at 65?

 

[jenny61_99]

So, when you pass at 90 Jenny, does that mean your son inherits your estate at 65?

My father died at 63. My mother at 72. They had nothing. I had my son at age 40. apart from the assistance he’ll get from us while we are alive, he’ll be perfectly fine.

 

[jenny61_99]

That's pretty boomerish of you Jenny.

A few lucky millenials might get some of the boomer's money when they die, so no problem!

I would say it’ll be more than a few Cooper. Superannuation changes the game somewhat.

 

[Jbudds]

If you let markets have unfettered free reign, even more people would get screwed. Money (too much) and greed is a motivating factor for some. If they didn’t they would have joined the Hare Krishna for spiritual reasons.

Basically my view is that Socialism has some really good points - because we live in a society and not an economy. Also Capitalism has shown that it is a great system to drive innovation and wealth.

But absolute Socialism means no one has any incentive to actually do anything, and absolute Capitatim is like survival of the fittest and drives the wealth gap to the point of revolution.

You need a balance of both and check and reset settings if one is getting out of balance.

 

[Vhaluus]

I would say it’ll be more than a few Cooper. Superannuation changes the game somewhat.

Or we could have a non rigged economy that lets younger generations earn wealth just like previous generations got to. Crazy idea I know.

Nah you're right much better to have kids waiting for the death of their grandparents or parents before they can take important financial steps in their life.

 

[radiojake]

Or we could have a non rigged economy that lets younger generations earn wealth just like previous generations got to. Crazy idea I know.

in all honesty, though - the 40 to 50 years after WWII is probably the only time in human history when property was relatively easy to attain for those with little capital to begin with

Will probably be an outlier and we are back to 'normal service', so to speak

boomers got lucky

 

[Mego Red]

My father died at 63. My mother at 72. They had nothing. I had my son at age 40. apart from the assistance he’ll get from us while we are alive, he’ll be perfectly fine.

Sure.

My comment was more targeted at the idea that millennials will be fine because of inherited wealth.

They may have to wait a LONG time to see that.

 

[Klug]

boomers got lucky

Don't say that too loud near the average boomer. They believe they are investment geniuses, who would still be able to generate similar real estate appreciation even if they were in their early 20s today.

 

[Dudersaurus]

Don't say that too loud near the average boomer. They believe they are investment geniuses, who would still be able to generate similar real estate appreciation even if they were in their early 20s today.

That's the crux of it. If millennials had a better head for investment they would have been born in 50 years ago. They bummed around in the ether wasting productive years before grabbing some smashed Avo then getting born.

 

[Vhaluus]

in all honesty, though - the 40 to 50 years after WWII is probably the only time in human history when property was relatively easy to attain for those with little capital to begin with

Will probably be an outlier and we are back to 'normal service', so to speak

boomers got lucky

But there has never been a time where the older generation has had so much hoarded wealth in comparison to younger generations.

It's not just property.

Boomers took advantage of all the social investment the WW2 generation put into place then have spent the rest of their lives trying to pull the ladder back up behind themselves so they don't have to share.

 

[Sanders]

Or we could have a non rigged economy that lets younger generations earn wealth just like previous generations got to. Crazy idea I know.

Nah you're right much better to have kids waiting for the death of their grandparents or parents before they can take important financial steps in their life.

younger generations have never had more opportunity and never been richer

sometimes it’s not the systems fault

 

[Jbudds]

But there has never been a time where the older generation has had so much hoarded wealth in comparison to younger generations.

It's not just property.

Boomers took advantage of all the social investment the WW2 generation put into place then have spent the rest of their lives trying to pull the ladder back up behind themselves so they don't have to share.

Plus high inflation increased asset prices while paying off actual debt. Then killed inflation to lock in asset prices and price the younger generation out.

 

[Sanders]

Plus high inflation increased asset prices while paying off actual debt. Then killed inflation to lock in asset prices and price the younger generation out.

you’re not seriously saying high inflation was a good thing???!???

* me. High inflation means very ******* high interest rates.

the younger generation just wants to live in the best areas now, in the best houses, not work they way up.

and if their means don’t match the ambitions then the system is at fault

we’ve reached peak shark jump when high inflation is a benefit

 

[Jbudds]

you’re not seriously saying high inflation was a good thing???!???

**** me. High inflation means very ******* high interest rates.

the younger generation just wants to live in the best areas now, in the best houses, not work they way up.

and if their means don’t match the ambitions then the system is at fault

we’ve reached peak shark jump when high inflation is a benefit

 

[Sanders]

FFS.

 

[MarcusP2]

you’re not seriously saying high inflation was a good thing???!???

**** me. High inflation means very ******* high interest rates.

the younger generation just wants to live in the best areas now, in the best houses, not work they way up.

and if their means don’t match the ambitions then the system is at fault

we’ve reached peak shark jump when high inflation is a benefit

Any evidence of that?

 

[jenny61_99]

Sure.

My comment was more targeted at the idea that millennials will be fine because of inherited wealth.

They may have to wait a LONG time to see that.

Look, I’m not saying all...and perhaps I’m referring to the next generation (my sons age)? where There’s been two generations of super and inheritance.

 

[Sanders]

Any evidence of that?

yes, the entire history of economics within the known world

high interest rates are the classical response to reduce inflation

and as for locations, they the ones with the high price tags. You can always go unfashionable locale. Even now

 

[Coopers]

Look, I’m not saying all...and perhaps I’m referring to the next generation (my sons age)? where There’s been two generations of super and inheritance.

There's got to be a large number of people out there that don't have anything to pass down when they die. There's lots of pensioners living on very little income. Some might get lucky I guess. I'm not personally expecting any help.

 

[Mr_Moogle]

and as for locations, they the ones with the high price tags. You can always go unfashionable locale. Even now

In Adelaide you can still pick up a property for 300-350K that isn't too far from the city. Not as true for the other states though where you can pay through the nose and still end up living in the middle of nowhere.

 

[MarcusP2]

In Adelaide you can still pick up a property for 300-350K that isn't too far from the city. Not as true for the other states though where you can pay through the nose and still end up living in the middle of nowhere.

Adelaide property market is achievable (I bought a 2 bed unit within 10 k of the CBD as a grad). Somewhere like Melbourne, you are paying $450K for a 2 bed unit in Frankston 50km away.

This wouldn't be so bad if jobs moved with them. Sanders is right in that houses in inner city suburbs aren't necessary (they weren't always inner city)...but that requires investment in public transport, jobs etc so you aren't on an island or spending hours commuting every day. Affordable houses still exist, they're just in locations that can have a significant impact on your quality of life, and even at the low end I would suspect they are more expensive than affordable homes from the 80s and 90s.