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Why Baby Boomers are richer than Gen X...

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Comments

  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Compound interest is only an advantage if you are a net saver though.

    Very true.

    Overall, people are net savers as businesses and Governments are net borrowers.

    Savings must always be > debts in a fractional reserve banking system.
  • custardy
    custardy Posts: 38,365 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Exactly.....
    It does also appear that much of Gen X don't actually start work until their mid twenties.

    Mind, they will have till their 70s to make up for that.
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ILW wrote: »
    Compound interest is only an advantage if you are a net saver though.

    True but but having paid off all or the majority of your mortgage certainly helps your net worth.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Generali wrote: »
    It remains the case that Baby Boomers are richer because they have compound interest on their side.

    It has nothing to do with iPhones, it's just maths.

    Indeed.

    There would be something very badly wrong if the older groups in society had not managed to amass more wealth than the younger groups, given the extra few decades they've had to do it.

    But unless we manage to abolish this little thing called "death", then 100% of that wealth will eventually be transferred to the younger generations.

    If the wealth gap between the oldest and youngest has increased, it's probably got as much to do with the increase in life expectancy as anything else.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • ash28
    ash28 Posts: 1,789 Forumite
    Mortgage-free Glee! Debt-free and Proud!
    ukcarper wrote: »
    No that just sums up the boomers you know (probably your parents judging by the chip on your shoulder).

    You don't get it do you I can't speak for other boomers but I realised a long time ago that money doesn't by happiness and you don't need all the latest gadgets to be happy.

    You obviously need enough to live on but that is a lot less than some people on here would have you believe.

    Hadn't you realised that boomers are a collective a bit like the Borg.
  • FTBFun
    FTBFun Posts: 4,273 Forumite
    ukcarper wrote: »
    It's alright rugged when we peg it you hard done by Xers will get your hands on our money.

    My father (a boomer, born late 50s) asked me what was the best way to help mitigiate his and my mum's inheritance tax bill - I think he was expecting a slightly more interesting response than "give me and my brother some money!"
  • The yoof have no clue and need some hard Graft put on them
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    edited 30 July 2012 at 10:21AM
    These days, it seems like there is no escape from boomers.

    If you made this remark about any other group in society - i.e. Muslims, Jews, Afro-Caribeans, Asians - whoever - you would likely be banned from MSE or at least very heavily criticised.

    Remarks like this are simply crass.

    It is a testament to the remarkable forbearance, patience and good grace of many of the contributors to threads like these that you are not.

    I think most of us are simply putting your comments down to that enormous chip you carry on your shoulder.

    You demean yourself with these silly, childish, petulant, toddler tantrums.
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    edited 30 July 2012 at 10:19AM
    Money money money. Just sums up the boomer attitude.

    Now you are simply being disingenious.

    You cannot show contempt with what you perceive as a "Boomer obsession with money" whilst at the same time complaining that it is because Boomers have all the money that you have none.

    If you genuinely felt contempt for money then you wouldn't be so bitter, twisted and eaten up with jealousy. You would be content.

    The solution to all this lies in your own hands.

    Work, work, work, save, save, save and then work and save some more.

    Unless you were either born with a silver spoon in your mouth, inherit a trust fund, win the lottery - there is really no other way to accumulate wealth and assets.

    Moaning and whinging will get you nowhere.

    Of course some boomers have more wealth than some generation X'ers. They've been around longer and have had more time to accumulate money.

    It's not rocket science.
  • There is a lot of bitterness in this thread - lemons any one?
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