/biz/ - Business & Finance

>>17709874
This can't be real

>>17709944
https://www.marketwatch.com/story/im-59-and-my-husband-and-i-earn-500000-a-year-but-have-credit-card-debt-and-nothing-saved-for-retirement-what-should-we-do-2020-02-25

>>17709874
As a 30 year old do you want me to remind you of how fucking tragically in debt your generation is.

>>17710083
The Government is in debt not me.

>>17709874
I wouldn't even know how to spend 200k a year, boomers are drone consoomers.

>>17709874
I have no pity for them. That much money and I could retire in 10 years time.

>>17709874
That person should kill themselves immediately. If i made half a mil a year i wouldn't owe a dime to a soul. Fuck I make fuck all now and I don't owe anything.

>>17709874
Tfw she makes more than me ($500000) yet I have more saved up than her. Just how!? How do these people even get into such positions and can't even use their money properly!?

>>17710438
They unironically buy disposable pots and pans over and over again. They spend hundreds of dollars a month for TV subscriptions. They literally find new and inventive ways to piss money away.

>>17710511
Should note I'm a neet.

>>17709993
i only skimmed the article but it sounds like they blew it all on their retarded children one of whom was a drug addict that eventually killed himself

>>17710352
Bernie isn't coming. Those student loans are the only loans on the planet you can't claim bankruptcy from.

>>17710553
Yeah spending money on your kids is fucking retarded. If they can't make it til you die then they don't deserve your inheritance they'll just blow it all up their nose anyways

>>17709944
It's way more common than people realize and this is global mentality with boomers.

>Grandparents make +100k a year, which over here is a brain surgeon tier salary.
>They used to own multiple homes in the 90s.
>Lavish lifestyle ends up costing them their homes.
>Forced to become renters, still earn +100k though.
>Don't buy a home of their own, spend 1500€ a month on renting a way overpriced home that's too big for them
>Spend 800€ a month renting a warehouse where they store their furniture which they think is going to be their retirement savings. "Oh these are expensive, we'll sell these when we retire!"
>I checked their crap is worth max 5k. They've rented this warehouse for decades now costing them insane amount of money.
>Spend hundreds every week feeding birds
>Have saved zero euros.
>Start struggling with their work since they're now in their mid 70s and the income is going down. Soon they can't earn anything.
>Still too shortsighted to save anything.
>Somehow managed to get 30k of debt.

Boomers are fucking insane.
They have been making money all of their lives and haven't ever invested or saved a cent. Not a single fucking cent.
All because my grandmother got a taste of some supposed high class lifestyle and never wanted to let go of it.
She doesn't even know what high class is, but imagines it means buying a lot of useless shit.

Oh yeah and their weekly bird feeding money is more than what I or my bro have gotten from them during our entire lives.
Without a doubt these fuckers are soon going to be banging on our door demanding we take care of them, when their financial situation inevitably fucks them over in few short years.
Boomers are so disconnected with reality it's incomprehensible. Day of the Corona can't come fast enough.

>>17711075
Boomers are so cocky it's unreal. My father in law told be just a week or so ago that he was certain real estate would hold for 20 years. 20 years! How the fuck can anyone be certain of a 20 year trend in anything when the whole economy is volatile and our region is heavily dependent on tech?

>>17709874
I suspect it has to do with the fact they were the first generation that bought the "YOLO, live for today hedonism" lie hook, line, and sinker. I did I worked as a junior financial planner out of college for a year and it was fairly common to have 55-60 year old people come in who had been working their whole life making between $100-200K/year the entire time between the couple and have <$100K saved for retirement and have $5000-10K in credit card debt. A good number still had mortages on their homes amounting to $50-200K. But when going through their assets they would have boats, jet skis, 4 wheelers, dirtbikes, and all manner of various shit that depreciates rapidly. They would travel extensively, buy expensive clothing, only buy new cars, etc. Basically everything that is material or is supposed to signal to others having material wealth they were inundated with. I think (obviously this isn't true for the whole generation) that many just figured they would cross the bridge about having money for retirement when they get there. They are grossly irresponsible financially. The thing that chaps my ass is the economy was astronomically better then and a good number squandered it. Now I'm working to pay for the social security that won't exist when it's my turn to retire, and if it does, it will be greatly reduced and we probably won't be able to draw it until we are 70+.

>>17709874
>Always had plenty. The cup was ever-filling. Just pour more out constantly. Why would you save?
My parents act like this. Have rolling credit card debts in the 10s of thousands. Been paying off a mortgage for like 30 years or something stupid. Lines of credit. Paying money to pay money.
Buy something, use it once, store it in a closet forever.
It's fucking embarrassing. At least they have a pension.

>>17711567
Pretty much just described most of the boomers I know.

>>17709874
it's the coronavirus's fault

>>17709874
>why are boomers so good with money
fixed it

My Ex GF’s dad was a COO of a large paper company making 500k a year at one point. He is 59 or something and still hasn’t paid off his 700k house and has over 10k in CC debt and didn’t even have cash saved up for his kids college. but he has all sorts of signed sports ball nigger memorabilia and remodels a new piece of their house every year with his bonus and has the biggest swimming pool in their town! Some people baffle me.

>>17711860
I saw it first hand, and it really puzzled me at first. An alarming number (based on my sample size of about 300 or so clients) did not save a dime. There were of of course clients who would come in with a few million saved for retirement, but they acted modestly - drove a reasonable vehicle worth $20K, wore average looking clothes, and were down to earth people just looking to get better returns than leaving it in the bank. Then there were uppity, blow hard cunts who came in, looked like their outfits costed 500+, drove ridiculous vehicles, and acted like they were royalty. Then you start going through their finances and their net worth is $450K with like $50K for retirement. It was fucking eye opening. It is very, very concerning when you apply that trend to the whole generation because it begs the obvious question - who the fuck is going to take care of these people? Another first hand example is my grandparents. They lived lavishly their whole life not saving a dime. My grandfather, in his infinite wisdom, thought it was a good idea to retire at 57, his yearly salary being $60K and my grandmother making $29K a year as a teacher's aid. They had around $200K saved upon his retirement at the time. This was 20 years ago and I do not understand how they've made it this far. Now they are expecting my dad, who has worked his fucking dick into the dirt to get to the admittedly prestigious position he has today to take care of them. At first I thought "damn, Dad's being a dick for telling them to fuck off." But I came to find out he did all the projections in the world to show them my grandfather didn't need to retire and that they'd be hurting for money. They told him "no child of mine will control us." They are now reaping what they have sown. Fuck boomers. They wouldn't piss on you if you were on fire. They are the most entitled generation to ever walk the earth. Do not for a second take their shit or listen to how "millennials are worthless and lazy."

>>17709874
>120k in reitrement
>still has credit card debt
Why don't you pay off your credit card debt?

>>17711567
Lead in gasoline caused boomers to lose their ability to think for their future

They are incapable of planning ahead

>>17712154
Yeah I posted
>>17711369
Too and when he said that to me in a matter of fact tone I was totally disoriented and speechless. He's one of those boomers that flipped several houses coming up and did come into some money thanks to his father in law (ironically) but he spends it left and right and they charge EVERYTHING to credit cards and talks about how he's going to sell off his real estate to retire on. But it's almost all commercial property and the people who were investing were foreigners. I'm starting to get a sneaking suspicion that he doesn't have a dime saved up. They've bought 3 new cars and a state of the art speed boat in the last 5 years.

>>17711369
Yes, nothing bad can happen to them.
Worst part is that these fuckers have actually seen market downturns and the amount of time it took to recover from them. They should know better.
It takes like 5 years for the real estate to bottom out after a crash. Then it's couple of years sideways and only then will the growth resume.
That's a 10 year cycle to just start climbing where the homes used to be and there's no guarantee of the prices going back that high.
What if there's no cheap money during the next cycle?
Also so many people will have lost their credit that the amount of people buying homes will be vastly lower in the next bull market, which is who knows how fucking far away.

Throw in the age of these people and we're looking at 55-75 year olds. How long can you really wait with your home in order to be able to pay off the refinancing? Some of them will be pushing 90 when the prices have recovered to any extent.
Then there's the subject of interest rates and repairs that need to be done to the homes etc..
It's no wonder our generations are financially illiterate. Boomers never learned this shit themselves so they could never teach anything about it

>>17711369
I would have been cocky as hell too. Living the boomer life makes you think you are the shit, because that's how the world has worked for you. I know a guy (husband of my grandmother's sister) who has literally only sold 3 houses in his life, in growing citites. Bought the first one for €10.000 (there were no euros then, but that's what it comes down too). Sold it 15 years later for €50.000. Bought a bigger one for €75.000, sold that 15 years later for €200.000. Then he bought a huge house in a large city for €350.000, and when he got too old to live there he sold that right at the peak of the bubble in 2007 for €750.000.

When he was a decrepit old asshole he was still bragging to me about how I would never touch one of his 6k guitars. Fuck you too buddy.

>>17710470
You owe a quarter million dollars to the state and federal government

>>17712591
Exactly. We live in California and most of the state *JUST* now in the last 6 months got back to pre 2008 real estate prices. It's been 12 years. And everything is taking a massive dump again. At least now maybe next year or two I can buy low. He was basically encouraging us to buy at the top of the bubble for the last year and a half.
>>17712775
Yeah it really was a charmed run for them wasn't it?

>>17709874
I have massive student loan debt and so do tens of millions of other 20-30 year old Americans.

Our economy is so fucked when people my age stop buying literally anything to keep our debt below $100k, kek. This country's retarded

>>17713166
Millennials are already proving to be much more frugal as a cohort than previous generations and tend to have an affinity for DIY and experiences over material accrual. Spells bad news bears for supply side consoomer economics.

>>17713166
I graduated in 2015 with $160k student loan debt. Then I paid it all off in 2 years with the help of my 2017 crypto gains. A boomer probably would've spent that money on a brand new Porsche and lavish vacations.

>>17713303
>with $160k student loan debt.
You're retarded regardless of your crypto luck, unless you went to Harvard Law or some shit

>>17713303
Did you go to a private school to rack up that kind of debt? and what kind of degree? I graduated in 2017 with only $17K debt and that's my scholarships ended after Junior year. I went to a pretty reasonable state school, though, and only got a Finance degree. I was able to pay it off after about a year and half. I think student debt is so fucked that it's going to have something done to it on a federal level because it's fucking ridiculous. I'm just unsympathetic to people who went to a private school for 5 years to get shit degrees like political science or music theory.

>>17713356
>>17713441
I went to a private pharmacy school. The degree was worth it since I'm making $150k+ a year now.
Many of my classmates graduated with $250k+ in debt and they're nowhere near finished paying it off.

When my grandfather sold his main home and fucked off to Florida, my very frugal dad bought his cottage right on the edge of our metro area for dirt cheap and then lived out of it for forty years even though it was completely inadequate for raising a family and the commute to his job as a security guard was really fucking long. As soon as suburban development caught up with the area, he was able to flip it for at least 10x profit. Then he refused to cosign my student loans if I went anywhere other than Retard State U, which had given me a full ride, and threatened to kick my ass if I majored in any sort of liberal art, leaving me debt free and well prepared for the job market, despite how hard I bitched about it at the time.

He literally left me a multi-million dollar estate despite never making more than $50k/yr. I refuse to use any of it to consoom because it feels like it would be a betrayal.

>>17713714
Yeah man that's understandable. My sister and her husband both went to private pharmacy schools too. In that instance, I would say it's absolutely worth it considering they're pulling down nearly $300K. I only graduated with 17K in debt but I'm also only making around 72K a year, and I'll have to work my ass off to get up to your level of income. Those kind of degrees, like pharmacy and other medicines, I would have no issue with the government cancelling the debt actually. You guys actually are a net benefit to society. Fucking mongs with hundreds of thousand in debt for a music degree they're making $25K a year teaching music lessons are the people I hate with a passion.

I have no words to describe how much I hate boomers. I hate them even more than I hate roasties, niggers and kikes, and that's quite a lot.

>>17713820
Based dad

>>17710083
Womp womp womp

>>17709874
They probably have businesses with 600k overheads and 500k revenue

>>17714142
Gotta spend money to make money