Young Boomers Going Broke!?

Ha, this appears to be a highjack but I have a crotchety old fella at $8 bucks a pop living in 10x the median home for the area and a younger lady at $12 that are both completely focusd on lbym and personal finance is not an uncommon part of my barber experience. Both these folks get paid by the clip and are totally tuned in, there is no company match or pension and they are both going to win by paying attention.
 
haha said:
I've been getting my hair cut for 60+ years, and I can't remember any barber male or female discussing consumer finance. More like, "Do you want me to do your eyebrows?"
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The young boomer who cut my hair at Supercuts last time talked a lot about high fuel and food costs, and various discounts and deals she had found. She seemed to regard the rising cost of living as a challenge, and was meeting it head on.

That was great, and I got some really good tips. (On the other hand, she gave me the worst haircut I ever got at Supercuts!)
 
ziggy29 said:
Does that mean *you* were the only one who got "good tips" in this exchange?
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:2funny: I tried to reciprocate, but she had a lot more tips than I did! My main technique for LBYM has been to just not buy things in the first place, rather than to look for deep discounts (though I appreciate one when I find it!)
 
Texas Proud said:
Nobody asks 'what did you spend all that money on?'.... or 'how stupid can you be?'.... you know, the real questions that should be asked...

But no, it is the horrible greedy CC companies that came out and FORCED the guy to spend all that money because of their teaser rates...

as John Stossel would say... 'give me a break'....
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HAHAHA. That's so true. Credit card companies provide a service, and sure, they can be shady and charge a ridiculous amount of interest, but people can avoid that interest. So sometimes I want to slap my friends that max out their credit cards, too, but instead I listen to them gripe about being "robbed". Sigh...
 
My current hairdresser and my former one always discussed travel . They both travelled constantly and owned expensive paid off real estate . I'm either way over paying or these women are smart investors and they both gave me great hair cuts and color .
 
I just mentally went through my list of close friends and they nearly all either clearly LBYM or at least live modestly with no obvious major debt. Guess that's why we're close friends.

Of course there are many passing acquaintances in financial trouble: several houses in our upscale neighborhood have been sold at auction in the last year, an executive has to borrow money to send kids to college, family driving a late-model minivan has a sign out on the road asking for gas money.....
 
CitricAcid said:
These stories don't make me angry, they amuse me at the incredible financial intelligence of the masses of America regarding credit, debt and speding too much damn money.
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I assume you mean "lack of" intelligence?:p
 
This thread is sure interesting. I am wondering, does anyone know the stats on the percentage of the population that does not save anything for retirement?

I'm a young boomer and, like many, fell into the trap of thinking everything would be ok and that I don't have to worry about things (even though I do, and I'm not broke), but I sure could have been more fiscally responsible in my life. However, I am happy to report that I've found a way to save $100 a month and this is just since I discovered this board last night! ;)
 
Next thing you know based off of these wealthy barbers and such, Quentin Tarantino's movies will be about how Steve Buscemi doesn't tip hairdressers, even though they are the number one job for single women trying to start a career...
 
Moemg said:
My current hairdresser and my former one always discussed travel . They both travelled constantly and owned expensive paid off real estate . I'm either way over paying or these women are smart investors and they both gave me great hair cuts and color .
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They weren't paying the kind of taxes you were paying. My old barber told me that he had to open a new safety deposit box because the two he already had were filled with cash.
 
Oh man, thank God there are more out there than just me who feel this way. I typically get hit with "You dont understand." "Easy for you to say you're rich" "Some people just arent in your situation".

Like things were just issued to me. As if I were never a dopey teen or never overspent. Newsflash, I have no trust fund and I dont even make 6 figures a year. I paid for 90% of my own schooling after high school. I simply live beneath my means and save 15% off the top. That makes me "rich"? Everyone can do that, so you can be rich too. Geez.

Then there are the excuses:

"But but but... the price of oil!" "healthcare" "taxes!" Yeah I pay over 30% how about you? I'm even getting the price of healthy food is too expensive and it's the governments fault and I have to eat bad food and it's not my fault.

This is all in the US. The wealthiest nation in history. If you think it's unfair here you need to look around the world. Nothing is perfect and good luck if you're counting on it being up to your standards.
 
RDamien said:
Oh man, thank God there are more out there than just me who feel this way. I typically get hit with "You dont understand." "Easy for you to say you're rich" "Some people just arent in your situation".

Like things were just issued to me. As if I were never a dopey teen or never overspent. Newsflash, I have no trust fund and I dont even make 6 figures a year. I paid for 90% of my own schooling after high school. I simply live beneath my means and save 15% off the top. That makes me "rich"? Everyone can do that, so you can be rich too. Geez.

Then there are the excuses:

"But but but... the price of oil!" "healthcare" "taxes!" Yeah I pay over 30% how about you? I'm even getting the price of healthy food is too expensive and it's the governments fault and I have to eat bad food and it's not my fault.

This is all in the US. The wealthiest nation in history. If you think it's unfair here you need to look around the world. Nothing is perfect and good luck if you're counting on it being up to your standards.
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I just think it is human nature for most to want to point fingers say "Woe is me!" and lay the blame on something outside of their control, rather than take responsibility. I am sure it happens in other countries, but it is often the hardest for people to lay responsibility for their problems on themselves... especially when we live in a democracy and they can vote someone in to take the onus of their financial problems off of them by putting it on the taxpayers.
 
Milton said:
Here's a somewhat-related AARP study that may be more helpful: http://assets.aarp.org/rgcenter/econ/2008_07_boomers.pdf.
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I had a roommate in college who always said 'My Mom taught me to always check their teeth.' No matter how fine the figure, pretty the face, or warm the personality you always wanted a girl with good teeth.

As for the article - co-resident income, co-resident income! how's that for:

make sure she arrives with her 401k intact! er or ?? :D.

heh heh heh - sometimes you just can't take the cheap out of the guy trying to play high class frugal. :rolleyes: :cool:
 
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