Matthew Nicks Adelaide's new coach

Are you on board with the AFC's decision to appoint Matthew Nicks?


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BRL121

Premiership Player
Jun 21, 2014
4,443
4,762
AFL Club
Adelaide
No realy Boomers were not gifted their sucess, when you look closer they were the group affected by compulsory national service, They were the Group that was most affected By the intrest rates Highs of the 80's they also went thru a Couple of economic crises.
But Like every other generation they still had to earn there Money.
No Free rides there.

This Boomer vs everyone is a Poor aguement same as poeple mentioning the latest generation is a Problem,
Everything I have seen is there is not differance, Kid are Kids, Adult are Adults and have acted the same way for the last 50 odd years,
Trust me there No Generational requirments for Dificult Poeple and every generation has there Problem childs.
One of your better posts, and I'm not a Boomer. Yes, age is a continuum and "generations" are irrelevant.
Anti-Boomers are just ageists who are jealous of free-love. ;)
 

119others

Premium Platinum
Apr 19, 2018
323
438
AFL Club
Adelaide
No realy Boomers were not gifted their sucess, when you look closer they were the group affected by compulsory national service, They were the Group that was most affected By the intrest rates Highs of the 80's they also went thru a Couple of economic crises.
But Like every other generation they still had to earn there Money.
No Free rides there.

This Boomer vs everyone is a Poor aguement same as poeple mentioning the latest generation is a Problem,
Everything I have seen is there is not differance, Kid are Kids, Adult are Adults and have acted the same way for the last 50 odd years,
Trust me there No Generational requirments for Dificult Poeple and every generation has there Problem childs.
I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)
 
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119others

Premium Platinum
Apr 19, 2018
323
438
AFL Club
Adelaide
One of your better posts, and I'm not a Boomer. Yes, age is a continuum and "generations" are irrelevant.
Anti-Boomers are just ageists who are jealous of free-love. ;)
Sorry buts its absolute crap. Boomers have been structurally gifted in ways no other generation ever has, or ever will.

The first generation that will be richer, and probably live longer, than their own kids.
 

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BRL121

Premiership Player
Jun 21, 2014
4,443
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Sorry buts its absolute crap. Boomers have been structurally gifted in ways no other generation ever has, or ever will.

The first generation that will be richer, and probably live longer, than their own kids.
LOL, you've been duped by the generation-wars media. :)
 

WetCrow1991

Norm Smith Medallist
Jun 23, 2016
9,085
8,345
AFL Club
Adelaide
I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)
One of the most spot on contributions I have ever seen on this forum.
 

hey shorty

TheBrownDog
Jun 15, 2005
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I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)
Your honour, I rest my case.

Bang on.
 

fortunatecrow

Senior List
Oct 17, 2015
281
571
AFL Club
Adelaide
I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)
I don't mean to argue with too much you say - to my son's disappointment I am technically not quite a boomer - but house prices as a multiple of salary is one part of the story. Your Dad wouldn't have borrowed at 2 or 3%. Loan repayments as a % of income is a better comparison.
 

119others

Premium Platinum
Apr 19, 2018
323
438
AFL Club
Adelaide
I don't mean to argue with too much you say - to my son's disappointment I am technically not quite a boomer - but house prices as a multiple of salary is one part of the story. Your Dad wouldn't have borrowed at 2 or 3%. Loan repayments as a % of income is a better comparison.
Mate thats a fair call and not arguing at all :) I am very happy to debate any point in a respectful way as you have done thank you. But all I would ask is would anyone prefer to borrow in the early 90's an average mortgage of around 80k (before property prices exploded) - even if interest rates hit 17% for a year or so, or an average first home owner now borrowing 500k+ in most cities (at lower interest rates - which are here to stay. The 10 year Aussie bond yield is around 0.85% meaning interest rates likely to be under 1% for the next decade now). The more debt thrown on the debt pile, the less ability the RBA has to ever materially increase I/Rates.

The point I am trying to make is the easy (dumb) money in real estate has already been made by the previous generation. House price growth (and mortgage growth) have been running at THREE TIMES the level of earnings growth for over a decade ie property becoming increasingly unaffordable.

Even if younger generations can BUY and AFFORD to buy real estate (which is questionable by itself) the big easy capital gains are gone. Combine that with structurally lower full time jobs and lower wage growth means house prices may well stagnate in real terms for a decade or more. SO yes you are owning an asset paying a similar % of after tax income (compared to the 17% in early 90's) but your asset isn't going up in value.

The amount of clients I have that have retired with 2-4m (and I am not talking high earning surgeons here) just from owning 1-2 properties they bought 20-35 years ago in decent parts of SYD and MLB really highlights this point to me.
 

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Norm Smith Medallist
Jan 2, 2016
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I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)
All I know about the free Uni was it start in 74 and went to 89, But I am sorry for I thought that back then atteding Uni was for the privelge few considing the % of intakes, I was under the impression that most of Australian at that time work for wages getting the hand dirty on a 40-50 hour week.
Also curious I did not know that getting Jobs back then was easy I was under the impression that the unemployment rate from the 70's to the 90's was pretty high, yes in the 60's too 70's it was 2% mainly due to conscription, but over the 70's it rose to 6% and did not decrease until the 2000's
When I broutht my first home it was 3 times my annual wage and I need a deposit of 20% yes deposit were very high back then and That was with an Miltary Loan, I was Luckly, you do understand not that many Poeple own or were buying there own homes, Renting played a bigger part. Also these same Poeple had to survive when the intrest rates Hit 16%. Lot of Boomer lost there Houses.
And Yes a few Boomers took advantage of the pefered pension schemce, but Look closer, we are talking about a small pacentage of Australians, Most of them were not eligable to super until the late 90's when it became compulsory.

Stop looking at the 20 % who were luckly not the 80% who worked until 65 some still working only to end up on the government pension,

And yes I got lucky I invested some money early and made some windfalls, I am no broker but the late 90's and early 2000's were very good for me, those were the years that set me up. but I am part of that 10% who took advatage of Modern tech as an investment.

The was no Luckly generation, there was no favour generation, Just lucky poeple.
And it annoying when Higer educated Poeple asume that all Boomer went to Uni and Brought homes. same as Boomer thinking the Kids of today have it easy.
 

Mego Red

The Artist Formerly Known As Kristof
Oct 3, 2003
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LOL, you've been duped by the generation-wars media. :)
Anyone who doesn't understand how much more difficult it is for people in their 20s today as compared to those in the 70s or 80s isn't paying attention.

I'm in my 40s and I couldn't hope for the level of security if I was starting now. My parents had it exponentially easier again, at least for wealth creation.
 
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119others

Premium Platinum
Apr 19, 2018
323
438
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All I know about the free Uni was it start in 74 and went to 89, But I am sorry for I thought that back then atteding Uni was for the privelge few considing the % of intakes, I was under the impression that most of Australian at that time work for wages getting the hand dirty on a 40-50 hour week.
Also curious I did not know that getting Jobs back then was easy I was under the impression that the unemployment rate from the 70's to the 90's was pretty high, yes in the 60's too 70's it was 2% mainly due to conscription, but over the 70's it rose to 6% and did not decrease until the 2000's
When I broutht my first home it was 3 times my annual wage and I need a deposit of 20% yes deposit were very high back then and That was with an Miltary Loan, I was Luckly, you do understand not that many Poeple own or were buying there own homes, Renting played a bigger part. Also these same Poeple had to survive when the intrest rates Hit 16%. Lot of Boomer lost there Houses.
And Yes a few Boomers took advantage of the pefered pension schemce, but Look closer, we are talking about a small pacentage of Australians, Most of them were not eligable to super until the late 90's when it became compulsory.

Stop looking at the 20 % who were luckly not the 80% who worked until 65 some still working only to end up on the government pension,

And yes I got lucky I invested some money early and made some windfalls, I am no broker but the late 90's and early 2000's were very good for me, those were the years that set me up. but I am part of that 10% who took advatage of Modern tech as an investment.

The was no Luckly generation, there was no favour generation, Just lucky poeple.
And it annoying when Higer educated Poeple asume that all Boomer went to Uni and Brought homes. same as Boomer thinking the Kids of today have it easy.
With all due respects there are so many factual errors here I don't have the time or energy to point them all out now except the absolute obvious:

- There WAS a lucky generation. Listen to leading economists, read more widely or even watch ABC Q&A from a couple of weeks ago putting down any of your attempted defensive arguments here. To argue otherwise is frankly embarrassing.
- Renting DID NOT pay a bigger part in the boomer generation. Its pretty easy to google (declining) home ownership % over recent decades. I cant be bothered finding it for you but its there.
- I am continually confronted by boomers congratulating themselves on how smart they have been to have amassed small fortunes (3-7m). I respect the hard working professionals - surgeons, dentists, builders etc. Howeve on many occasions upon digging deeper and finding that their great source of wealth was simply being old enough to BUY their initial property when properties trades at 2-5x average salaries (compared to 10-14x now in Aussie cities) and/or they were old enough to invest in CBA or CSL shares (CSL up 500X in value over 30 years) when they floated in the early 90's (twice in a generation Govt windfalls provided to boomers) then the truth of the matter comes out pretty fast.
 
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Norm Smith Medallist
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With all due respects there are so many factual errors here I don't have the time or energy to point them all out now except the absolute obvious:

- There WAS a lucky generation. Listen to leading economists, read more widely or even watch ABC Q&A from a couple of weeks ago putting down any of your attempted defensive arguments here. To argue otherwise is frankly embarrassing.
- Renting DID NOT pay a bigger part in the boomer generation. Its pretty easy to google (declining) home ownership % over recent decades. I cant be bothered finding it for you but its there.
- I am continually confronted by boomers congratulating themselves on how smart they have been to have amassed small fortunes (3-7m). I respect the hard working professionals - surgeons, dentists, builders etc. Howeve on many occasions upon digging deeper and finding that their great source of wealth was simply being old enough to BUY their initial property when properties trades at 2-5x average salaries (compared to 10-14x now in Aussie cities) and/or they were old enough to invest in CBA or CSL shares (CSL up 500X in value over 30 years) when they floated in the early 90's (twice in a generation Govt windfalls provided to boomers) then the truth of the matter comes out pretty fast.
Do you fully understand that in 30 to 40 year there will more of the Current generation talking about how lucky they were in gain there fortune,
One thing I found out and it not generational
If you willing to work Hard and take a few Chances, Luck follows.
Again there no lucky generation, yes some of the Boomer are rich but guess what they will be replaced one day by the following generation and we will have to listern to poeple mention how they were gifted, and so on.
You don't get it, it been the same for year every generation.
And One thing I why some Boomer feel luckly and you say gifted, a few lost friends and family in a war they we force to thru conscrtion to fight in.
Don't care how gifted you think anyone was is, to lose family, friends, relatives is not a gift.
 

Vhaluus

Brownlow Medallist
May 13, 2016
12,352
13,578
AFL Club
Adelaide
No realy Boomers were not gifted their sucess, when you look closer they were the group affected by compulsory national service, They were the Group that was most affected By the intrest rates Highs of the 80's they also went thru a Couple of economic crises.
But Like every other generation they still had to earn there Money.
No Free rides there.

This Boomer vs everyone is a Poor aguement same as poeple mentioning the latest generation is a Problem,
Everything I have seen is there is not differance, Kid are Kids, Adult are Adults and have acted the same way for the last 50 odd years,
Trust me there No Generational requirments for Dificult Poeple and every generation has there Problem childs.
Boomers benefited from huge social programs bought in by their parents and have spent most of their lives stripping those benefits away from their children.

No free rides? how much did they pay for university again? how many years at the median wage did it take for them to buy a house? what was minimum wage when adjusted for inflation?
 

Vhaluus

Brownlow Medallist
May 13, 2016
12,352
13,578
AFL Club
Adelaide
Do you fully understand that in 30 to 40 year there will more of the Current generation talking about how lucky they were in gain there fortune,
One thing I found out and it not generational
If you willing to work Hard and take a few Chances, Luck follows.
Again there no lucky generation, yes some of the Boomer are rich but guess what they will be replaced one day by the following generation and we will have to listern to poeple mention how they were gifted, and so on.
You don't get it, it been the same for year every generation.
And One thing I why some Boomer feel luckly and you say gifted, a few lost friends and family in a war they we force to thru conscrtion to fight in.
Don't care how gifted you think anyone was is, to lose family, friends, relatives is not a gift.
in 30 to 40 years millennial will be lamenting that their grandkids have it even worse than they did as the entire nation buckles under the unsustainable bullshit trajectory the Boomers put our economy on through their greed.

Boomers sold the future of generations to fuel their own decadence.

Then they had the gall to claim the failure of Millennials is down to laziness, which is rank hypocrisy.
 

WeedsMullet84

Team Captain
Oct 31, 2018
519
739
AFL Club
Adelaide
I can not disagree any more. The Boomers have been kissed on the **** by a fairy in every possible way. I see it every single day of my life in my occupation working as a Stockbroker/Adviser. Main ways:

- Free education (no HECS debts of 50k + as per our younger generation who often needs 2 degrees or a degree and Masters to get a look in)

- An abundance of PERMANENT and PLENTIFUL job opportunities. Guess where most of the jobs have been in the last decade? Part time and casual? Unemployment rate quoted prior CV at sub 6% one of the great jokes - you need to WORK ONE HOUR PER WEEK to be deemed EMPLOYED in this countrys ridiculous employment definition. Real unemployment, including underemployment, over 20%. Off-shoring (not just call centres but professional tasks of lawyers, accountants etc), increasing AI and automation, huge surplus of graduates chasing too few real jobs. The list goes on.

- VERY CHEAP real estate. My Dad, a factory worker in the 1950's bought an inner city ADL 3 BR house in the 1950's for 2 x his average salary. Surely you understand what 2 x an average salary (lets call it 140k BUYS you these days in any city?). MLB and SYD along with HK and LDN most expensive cities in the world to buy real estate. Quite extraordinarily, going back a few years (5-6 years) and before the AUD depreciation vs the GBP, Adelaide average house prices were higher than Londons. See below for stats on wealth accumulation - its gone from older people 'lucky' enough to be older and buy property in the 1970-1990's to the mortgage strained younger generation (Australia second highest household debt in the western world after Switzerland)

- Defined Pension schemes - absolute scam and has almost caused some countries to go bankrupt. The amount of corrupt behaviours I have seen in wealthy boomer retirees retiring after 20 odd years working for the Govt aged in their 40's and 50' (with inflation adjusted salaries from 50-100k for the rest of their life, 2/3rds which revert to their partners if they were to pass away)

- Not only cheap houses to BUY and pay off quickly, guess what happens next. The negative gearing regime offers the MOST GENEROUS TAX DEDUCTIBILITY of owning an investment property in the whole world. Guess who are the majority owners of investments properties? Yes good guess - Boomers. The amount of scam deductions for investment properties is another appalling loophole. When an 'average' MP owns 4 properties themselves I cant see too many changes to negative gearing after Labors failed policies last election.

- Interest Rates did indeed hit around 17% for 12-18 mths only in the early 1990s (Boomers LOVE talking about this by the way) in the 'recession we had to have' But guess what, 18 mths later they were back to 11-12% AND you know the SCARIEST thing. Mortgage holders 3-4 years ago were still paying the same % of after tax income to service an average mortgage as what people did at the peak of interest rates in the early 1990s. What would you rather have - a tiny debt (on an asset about to go up 4-5x in value) of say 100k paying high interest for ONE YEAR or so, or a MASSIVE DEBT to pay off over 25-30 years that cant conceivably continue to increase in value, at even a fraction of what boomers property gains have been.

Daily I deal with clients who have 500k-20m to invest, Who are the wealthy ones and how? Boomers? How? They were the generation that are old enough to have bought property in the mid 70's (when they were 20-30 years old) before Sydney property prices (and not dis-similar ratios for other cities) BEFORE PROPERTY PRICES IN SYDNEY WENT UP 40 X IN 45 YEARS. Just think about this last statement. That is where the wealth has been created and caused a structural wealth gap between boomers and later generations.

Anyone arguing Boomers havent had the best of everything from a financial point of view, genuinely has no idea and I can provide as many stats and facts as you like and I havent even started with a whole host of other issues (retirees paying no tax but getting 250k+ back in tax refunds from franking credits per year)

Absolutely spot on, and let's not get into the conservative ideologies of Boomers, and them basically being placed in every corner of decision making and power when it comes to determining policies that affect future generations. Extremely selfish generation only worried about wealth accumulation in the 'now', no matter how much damage it does.
 

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