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Any Reckless Spenders Out There Today?
Old 05-13-2010, 03:28 PM   #1
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Any Reckless Spenders Out There Today?

I'm at the front end of the boomers as I was born in 1944, so this article was not written for me, evidently. But, I read it anyway because I'm livin' on the edge!

Seems like LBYM is being referred to at the end of this quote, so there may be hope after all. Being successful financially is a hell of a lot more than being debt-free but at least it's a start.

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Let’s be honest: Fairly or not, boomers have a reputation for being reckless spenders. They have been tagged as the entitled generation that didn’t live through the Great Depression like their parents, so never learned the value of a dollar. The truth is that this bad reputation is not completely unjustified. Securian released a survey last year that looked at the financial values and debt across generations. What it found was that even though the overall debt had not risen since its last survey in 2007, the debt among baby boomers had gone up.

“I think boomers very visibly like to spend money,” says Diane Young, director of retirement and goal planning for TD Ameritrade. “They very much live in the here and now.”

But that might be changing. The survey found that 51% of those 65 or older (which would include the oldest boomers) define financial success as being debt-free. By comparison, only 31% of those ages 18-34 reported the same. Even if it may be a case of the chickens coming home to roost, boomers do appear to change their attitudes toward saving as they age.
Silver Tsunami: Those Free-Spending Boomers Might Be Changing Their Ways - Financial Planning
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Old 05-13-2010, 03:33 PM   #2
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Reckless spending? Well I impulse bought a $4 key lime pie today. And while at the grocery store I discovered that I paid about 5x more than I needed to rent a DVD. It seems I could have gotten the same movie at Redbox instead of Block Buster. That's about it for today, but I'm not a boomer so I guess it doesn't apply.
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Old 05-13-2010, 04:05 PM   #3
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I splurged $4.50 on a cherry tomato plant. But that was only because I was depressed that my portfolio was down again.

What is the point of those articles, anyway? To make those of us that have saved feel good about ourselves or to depress those that haven't?
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Old 05-13-2010, 04:10 PM   #4
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I threw care to the wind and bought a (large size) Diet Dr. Pepper.

I told myself - yes you only live once so you have to really grab life by the horns !



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Old 05-13-2010, 04:10 PM   #5
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I am not a boomer either, but I splurged on some radishes while I was at the grocery store... They looked so yummy. One dollar and 39 cents (plus taxes) that could have gone to Vanguard. Somebody stops me...

Among the few boomers I know, some have definitely lived above their means (my in-laws and my mom are good examples). But I wouldn't generalize. Others have done quite well for themselves including my aunts/uncles and my dad.

Of course, when I look at my grand-parents' generation (great depression), I don't know of anyone who went bust as spectacularly as some of the boomers I know. They never lived as spectacularly either.
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Old 05-13-2010, 04:31 PM   #6
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I'm on the crest of the baby boomers having been born in early '47 (nope, dad was disabled and too old as well to go to war - DW was born 11 months after her dad got back from fighting in the south pacific).

We used to aggravate our kids by not allowing them to order soft drinks at restaurants. We tried explaining that we resented paying $2 for $.03 worth of sugar that they would only use to spoil their appetites prior to the arrival of the meal.

Instead, we did things like take the whole family on nice vacations (e.g., Maui). The kids took a long time to "get it" that you can do anything but you can't do everything. So, yes, we splurge. But we do it in a controlled, planned manner.
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Old 05-13-2010, 04:33 PM   #7
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Quote:
Originally Posted by mickeyd View Post

Seems like LBYM is being referred to at the end of this quote, so there may be hope after all. Being successful financially is a hell of a lot more than being debt-free but at least it's a start.
We got similar articles after 9/11, the 1st stock market bubble broke, and probably after 1987's market crash (I don't remember.).

The next article will be "Americans are back to their free spending ways."
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Old 05-13-2010, 04:49 PM   #8
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The survey found that 51% of those 65 or older (which would include the oldest boomers)
If the definition of a Baby Boomer is those born between the years of 1946 and 1964 in the US, then the oldest Boomer won't turn 65 until next year...
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Old 05-13-2010, 05:00 PM   #9
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Born 1950, parents from Depression. Just never got into spending for fun.
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Old 05-13-2010, 05:07 PM   #10
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If the definition of a Baby Boomer is those born between the years of 1946 and 1964 in the US, then the oldest Boomer won't turn 65 until next year...
Yeah, I'm a boomer, and I'm still only 50.

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Old 05-13-2010, 05:51 PM   #11
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Was born Sept. '46, definitely Baby Boomer but I like that "living on the edge" line.

I splurged today on a planned book purchase, $34.44 but passed on an item I don't need. Popped for lunch, about $12.00 but rode the buses instead of cabs. This is the best part, I got a freebie!! They were changing the gigantic laminated bus posters (displayed under plexiglas); I worked up the hutzpah to ask for the old historic one that shows how it was before the recent line changes/shortenings and reduced schedules. Then everyone at the bus stop wanted one, there were plenty on the truck, a bunch of totally different people bonding over a freebie.
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Old 05-13-2010, 05:53 PM   #12
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In my opinion, this kind of glib generalization is right up there with "Gen Y and Millennials are slackers." Whereas my last job, but one, was supervising 60 people who were mostly in their 20's, and nearly all working their young little butts off.


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Old 05-13-2010, 05:56 PM   #13
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The survey found that 51% of those 65 or older (which would include the oldest boomers) define financial success as being debt-free. By comparison, only 31% of those ages 18-34 reported the same.
This has to be one of the most stupid of all the stupid things financial journalists write. Of course >=65 year olds don't want any debt; they are running out of time and energy and income to pay it off or even carry it.

But young people are rightfully going into debt to make a life for themselves. Debt for university, debt for a car, debt for a house and even debt for more attractive clothing and stuff to help them attract a suitable mate.

Ha
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Old 05-13-2010, 05:59 PM   #14
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Originally Posted by Amethyst View Post
In my opinion, this kind of glib generalization is right up there with "Gen Y and Millennials are slackers." Whereas my last job, but one, was supervising 60 people who were mostly in their 20's, and nearly all working their young little butts off.
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I so agree with this! My generation had it easy as we were more or less front-running the Boomers. Today's young people, especially if they are in careers that attract international talent, realize that damn little is going to fall into their laps. Both of my sons and all their friends work like demons.

They do like like stuff, but they are quite willing to work very hard to get it.

Ha
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Old 05-13-2010, 06:56 PM   #15
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I threw care to the wind and bought a (large size) Diet Dr. Pepper.

I told myself - yes you only live once so you have to really grab life by the horns !



Your post reminded me of when I was a teenager, hanging out with my buddies at the local gas station. Favorite treat was to get a cold Dr. Pepper out of the vending machine, take a big swig, buy a bag of Planter's peanuts and pour them into the bottle. There was your fix for the night.
Ever hear of that one?
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Old 05-13-2010, 07:00 PM   #16
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Your post reminded me of when I was a teenager, hanging out with my buddies at the local gas station. Favorite treat was to get a cold Dr. Pepper out of the vending machine, take a big swig, buy a bag of Planter's peanuts and pour them into the bottle. There was your fix for the night.
Ever hear of that one?
I hear that every day. My inner Dr Pepper diet-soda siren calls to me every day in a sexy voice telling me I need some carbonated water with chemicals dissolved in it. There's my fix.

Not big on planters peanuts though.
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Old 05-13-2010, 07:39 PM   #17
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I went to Best Buy today to spend some money and didn't find anything in that whole store that I wanted. Oh well.

Consumerism is based on a desire to be happy. We think, "If I just had a (new car, iPad, new dress, big screen TV, etc), THEN everything would be perfect." And after we buy the object of our latest consumerist lust, we are briefly happy. That sort of happiness is pretty evanescent, though.

But what happens when we really ARE happy? Truly happy, and content, to the bottom of our souls? Then there is no need for a consumerism fix in an attempt to finally find that one purchase that will make us happy. For many of us, retirement provides this kind of honest, deep, sincere happiness. So much for the motivation to spend.
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Old 05-13-2010, 08:18 PM   #18
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Originally Posted by JOHNNIE36 View Post
Your post reminded me of when I was a teenager, hanging out with my buddies at the local gas station. Favorite treat was to get a cold Dr. Pepper out of the vending machine, take a big swig, buy a bag of Planter's peanuts and pour them into the bottle. There was your fix for the night.
Ever hear of that one?
A bunch of guys at the plant where I used to w*rk would put peanuts in their Cokes. I tried it and did sort of like the taste/instersting fizz results. I think it was more of a "rural" thing (as in farming community) in our area. I'd never heard about it in the "urban" area of 100K pop. where I grew up.

Never did like Dr. pepper, with or without peanuts!

Back to the original topic for a moment - I do currently consume mass quantities of Diet Pepsi. I'm sure I could save a bundle by knocking that off. Told DW the other day that a can of DP costs less than a single cigarette - which I don't use. Also, when I leave a half finished DP laying around, there's no potential for a fire. She was not amused.
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Old 05-13-2010, 08:28 PM   #19
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A bunch of guys at the plant where I used to w*rk would put peanuts in their Cokes. I tried it and did sort of like the taste/instersting fizz results. I think it was more of a "rural" thing (as in farming community) in our area. I'd never heard about it in the "urban" area of 100K pop. where I grew up.
Guys used to do that where I grew up. It must be a male thing...I've never seen a woman throw nuts in a soda bottle... (there's got to be a good joke here, but I've got nothin' )
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Old 05-13-2010, 08:59 PM   #20
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I went to Best Buy today to spend some money and didn't find anything in that whole store that I wanted.

...For many of us, retirement provides this kind of honest, deep, sincere happiness.
I remember you have posted a while back - here's my excellent memory again - the same thing about leaving the house with the intention of "buying something", but not knowing what it would be. So, you wanted to exchange that cash for some happiness. Your shopping failed, but shouldn't you be happy just to stay home, off work, and chatting with your forum buddies here?

Not giving you a hard time, but I just want to point out some apparent conflict in your feelings.
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