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Old 12-28-2010, 01:23 PM   #41
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One response was "Baby Boomers are the Selfish Generation".
And what do you refer to when you are talking about the BB's childern
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Old 12-28-2010, 01:42 PM   #42
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As more threats of means tests have reared their ugly voice, I have been thinking a lot about my wage cohorts. You see, I don't mind sharing with those who have had less opportunity to save (but would rather not) but I get red faced when I share with my wage cohort who sent his children to private schools, indulged in a stay-at-home wife after the child care was not an issue, bought a new truck every couple of years, bought a bass boat, and never got around to that savings bit.
I think the common sense response when facing griping from the latter type of individual is "Look, you enjoyed the luxuries over the years, now it is my turn to enjoy the luxuries I have earned such as freedom from the need to work".

I just turned 30 and on the rare occasions when I mention something to someone my age about savings or maxing 401k's and IRA's I am usually met with responses indicating that is impossible. But at the same time, these people enjoy plenty of luxuries now (luxury cars, big houses, boats, frequent expensive vacations, electronic gadgets, maid service, lawn service, stay at home spouse, etc). We all make choices. Just don't begrudge me in 5-10 years for making choices right now that maximize my own net worth.
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Old 12-28-2010, 01:46 PM   #43
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What's the price of gas in Spain, $9 a gallon? That's why..........
1.20 euros per liter. That amounts to .....1$ per liter?. Anyway, these are rough times in Spain.
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Old 12-28-2010, 01:52 PM   #44
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1.20 euros per liter. That amounts to .....1$ per liter?. Anyway, these are rough times in Spain.
That's about double the price at the pump in the US. You are paying $6/gallon and it is around $3/gallon stateside. Or 0.58euro/litro
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Old 12-28-2010, 02:29 PM   #45
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And what do you refer to when you are talking about the BB's childern
I'll mention that there's no evidence that they are any different.

Sooner or later I'll point out that the typical Gen-X kid got more stuff from Mom and Dad than the typical Boomer, but that will generate disbelief.

To be fair, I've also seen posts (though fewer) saying the younger generation is clueless, more interested in video games than producing something, etc.

But I expect the overwhelming majority will believe they had nothing to do with the debt, or their difficulty competing with foreign workers, it must all be "somebody else's fault". That's pretty much human nature.
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Old 12-28-2010, 02:38 PM   #46
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Hey, I know that I/DW are truly fortunate in our current financial situation, but it was built over many years by significant sacrifices along the way. I have no desire to share with those that acted like "grasshoppers" in their earlier life...
Hey I resemble that remark

Be kind to grasshoppers, or we will eat your fields
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Old 12-28-2010, 03:22 PM   #47
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Be kind to grasshoppers, or we will eat your fields
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Old 12-28-2010, 03:36 PM   #48
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Old 12-28-2010, 03:52 PM   #49
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Well, being 30; I wrote a really long post. Then I decided it behooves me not to make enemies here.

Can we at least generalize less and accept this is way more complicated than stupid spenders vs. smart savers?
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Old 12-28-2010, 05:55 PM   #50
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Well, being 30;Can we at least generalize less and accept this is way more complicated than stupid spenders vs. smart savers?
The question should be...

What do we as (smart) savers owe the (stupid) spenders.

Or what do gen-Xers, and gen-Yers owe the (stupid) boomer spenders. Even if it is somehow moral to not let them starve/live in poverty, What exactly are the Xers, and Yers actually prepared or willing to pay for ? Especially since what they will probably get when their time comes is much less.

The topic of generational accounting attempts to discuss some of the fairness/moral questions with this issue.

below is one link to this topic.

http://www.taxpolicycenter.org/brief...accounting.cfm
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Old 12-28-2010, 06:35 PM   #51
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along those lines:

The Eastern Echo
Well screw them, I just responded to the article. It's the most hostile piece I have read on the subject. Here we are saving and being careful with investments and credit card debt (having none) and so on - and we are blamed for the situation we're in!

I tried for years to convince my well-paid co-workers to max out their 401Ks or at least save a lot in it and they looked at me like I was nuts. But they all went out for lunch daily, and bought $5 coffees (when it was free at work, freshly ground, too...) all the time.

Aarrrggghhhh. I'll try to remember to go back and see what kind of response my response got!
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Old 12-28-2010, 06:55 PM   #52
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I'm flying under the radar as well, but it helps that I work part-time so the questions are minimal. Once I do ER, if someone asks, I'd respond that I worked very hard for many years, made good money, lived modestly (but not miserly), saved prodigiously and invested prudently.
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Old 12-28-2010, 07:04 PM   #53
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Once I do ER, if someone asks, I'd respond that I worked very hard for many years, made good money, lived modestly (but not miserly), saved prodigiously and invested prudently.
TMI. The old standby is to tell anyone who asks that you retied for medical reasons. Just don't mention it was because you were sick of working...
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Old 12-28-2010, 07:42 PM   #54
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For most people I know, I won't have this problem. The only adverse reaction from the few people who I have discussed this with so far is a near universal belief that I will be bored. For the few who do have a problem - that's their problem.

I'm more concerned with being asked to pay for the unfunded or underfunded entitlements and never ending political promises either through higher taxation or higher inflation than anything else. My retirement budget (hopefully) reflects these concerns.
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Old 12-28-2010, 07:48 PM   #55
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along those lines:

The Eastern Echo

Quote:
Call them, “The Selfish Generation.” The Boomers grew up in a world that never asked them to sacrifice. Their parents fought a war for civilization that claimed the lives of half a million in less than four years. Their parents had to ration at home.
BS, the war was from 1939 -1945, better part of 6 years. Oh, you yanks waited until the end of 1941 to join in. Do the math. The Japanese invited you and you accepted (many of us are glad you did). The war in Europe was over, thank the British Colonies.

Ah, tire and gas rationing, bummer. Pretty tough on the boomer`s parents.

The boomers were asked by Uncle Sam to take a vacation near what is now a tropical destination of choice (Thailand). Note the `near`. The rest of America wasn`t all that good to them when they returned (IIRC).


Yah, right, selfish as hell.


All this from a northern border rat.
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Old 12-28-2010, 07:53 PM   #56
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TMI. The old standby is to tell anyone who asks that you retied for medical reasons. Just don't mention it was because you were sick of working...
I agree with Brewer's flying under the radar, and I like the medical answer. My personal approach is to live a lifestyle (and dress the part to match) that makes people afraid I'm going to ask them to lend me money...
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Old 12-28-2010, 08:28 PM   #57
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I am not worried about jealousy from anyone. How could they be envious of a guy who is still doing maintenance on his cars? I have a bit of money, but I am not filthy rich. What is there for them to be envious about? I do not have to pretend; my frugality works well enough.

What I don't like is if they are going to say that because I have saved that amount of money, I do not need the SS as much as other spendthrifts, and I need to give that up. That would put me in a dilemma. Should I join the spendthrifts and spend all my savings now, so that I will be poor like them and will be taken care of?
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Old 12-28-2010, 08:30 PM   #58
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Flying under the radar here as well, although sometimes I wish I could take the Wild Weasel approach with the spendthrift whiners of my own generation.
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Old 12-28-2010, 08:48 PM   #59
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Well, being 30; I wrote a really long post. Then I decided it behooves me not to make enemies here.

Can we at least generalize less and accept this is way more complicated than stupid spenders vs. smart savers?
Not these folks.

I do think that today's young people have no where near the gravy train that boomers had, particularly the 50s cohorts. If you could get out of college, or even if you just found your way down to the nearest government office or GM plant you had a good job that was easy to keep and allowed plenty of saving and free time.

Some boomers had to deal with Viet Nam which was truly a big deal, but the rest of us hid out in various ways


I see a lot of young people. Of course they party, they should. But they also work very, very hard with not much security other than their skills.

Ha

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Old 12-28-2010, 11:10 PM   #60
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X2 for the medical explanation. I recite my Dad's poor health and early death, my night in the cardiac ward and get some nods of understanding. I liked work and could have stayed but retirement is better. Except for travel we live a simple life so not much economic visibility.
I don't think this is a hijack but a development of the thread, if the way to neutralize the savers is inflation then what is the best way for savers to address inflation? Clearly equities, real estate and possibly commodities will help but one of the most effective (tho not psychologically the best for me) is to have debt. So maybe the boomers with a lot of debt have unknowingly found a good anti inflation strategy.
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