Boomers stop spending. Your kids need it

[schindlerpiste]

Have you read this Wash. Post article which paints a very bleak economic picture for millennials? It is eye opening.

https://www.washingtonpost.com/busin...cession-covid/

[Benny Profane]

This is why skiing is pretty much doomed. For anybody but the rich.

[iceman]

meh. Let's revisit it in 6 months. A sharp temporary drop due to a pandemic at the end of 10 years of job growth hardly means the world is over. If it doesn't bounce back, okay we can talk.

[wooley12]

Boomers stop spending. Your kids need it

Too late.

[XXX-er]

mine are already doing fine,

I just finished doing taxes and the will which I have been putting off for years

its not time start throwing money at them yet

[Benny Profane]

meh. Let's revisit it in 6 months. A sharp temporary drop due to a pandemic at the end of 10 years of job growth hardly means the world is over. If it doesn't bounce back, okay we can talk.

I wouldn't want to be 24. Well, I would, in some ways, but at least now a schmuck like me at my age can retire and live fairly well off a pension and savings. The economy sort of sucked when I got out of college in the 70s, but it soon took off nicely, in sort of a self perpetuating cycle that was fueled by so many boomers reaching peak consumer age. We were a big generation that bought a ton of houses and cars and skis and shit. We still had pensions, too, and nobody in their right mind was trying to cut SS. Now that biggest generation is at a stage when they stop spending, if they even have any money after owning, like, 56 skis over the years. We sent all the jobs off to other countries in the process , and took away all the benefits. Fuck, we never came out of college a hundred grand in debt. Maybe law school, but certainly not undergrad.

Now these kids are getting nailed by the third recession in their adult lives (for the oldest), and this one looks like a doozie. Houses are still stupid expensive (I could have bought a two bedroom on the UES in a decent building for 185000 in 1979, and fixer uppers were dirt cheap. We invented This Old House), and so is medical insurance. I have no idea how anybody saves. Now Trump wants to fuck with China and make washing machines and TVs expensive.

Nah, we had it great. And sex wasn't rolling the dice with the reaper, too.

[ncskier]

Most will be fine. Sure in aggregate the past 20 years has been a shit sandwich of peaks and troughs, but I’m optimistic the leveling of technology will ease the pain somewhat.
I think if all the cool companies that didn’t exist in 1999 or even 2009 that are around now and they were all propelled by the young.
At some point you old farts truly will die off and your overpriced shitty houses in Connecticut and ny metro areas will sit vacant and a new generation of this old house kids will clean out your decrepit bones and the cycle will begin anew. Probably with use of drywall robots and self driving dump trucks. Most young people have there heads screwed on straight.
You old farts just need to get out of their way.


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[Peruvian]

$185k in 1979 is about $700k today. You can still buy a decent 2bdrm on the UES for that.

[Benny Profane]

Most will be fine. Sure in aggregate the past 20 years has been a shit sandwich of peaks and troughs, but I’m optimistic the leveling of technology will ease the pain somewhat.
I think if all the cool companies that didn’t exist in 1999 or even 2009 that are around now and they were all propelled by the young.
At some point you old farts truly will die off and your overpriced shitty houses in Connecticut and ny metro areas will sit vacant and a new generation of this old house kids will clean out your decrepit bones and the cycle will begin anew. Probably with use of drywall robots and self driving dump trucks. Most young people have there heads screwed on straight.
You old farts just need to get out of their way.


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Oh, sure, that's inevitable, but the Millennials will be 50 before that happens, on the downslope. They won't have any money for retirement. Their old age is not going to be nice.

[Benny Profane]

$185k in 1979 is about $700k today. You can still buy a decent 2bdrm on the UES for that.

Wtf?

[liv2ski]

I do loans for people all day long and see their financial situations. Advise your kids to get into a solid profession via that college degree or they are fucked. Live below your means and buy a duplex in an up and coming hood for as little down as possible so tenant pays most of the PITI. Live below your means and fund the 401k to get the employer match. 10 years down the road, you are married, move to a nicer hood and have the duplex to help fund retirement. If the RE market tanks, buy another rental.
People that do that plan will retire in a solid position. I have done so many loans for couples with 4+ properties with solid positive cash flow and $500k+ saved it is kooky. Teach your kids how to be successful. No one else will. If they blow it, o well.

[BCMtnHound]

What's that saying? You can't fix tomorrow's problems with yesterday's solutions? Or something like that. Asking the older upper middle class to change their lifestyle while not addressing dozens of other societal issues at the same time will achieve very little IMO.

[Benny Profane]

I do loans for people all day long and see their financial situations. Advise your kids to get into a solid profession via that college degree or they are fucked. Live below your means and buy a duplex in an up and coming hood for as little down as possible so tenant pays most of the PITI. Live below your means and fund the 401k to get the employer match. 10 years down the road, you are married, move to a nicer hood and have the duplex to help fund retirement. If the RE market tanks, buy another rental.
People that do that plan will retire in a solid position. I have done so many loans for couples with 4+ properties with solid positive cash flow and $500k+ saved it is kooky. Teach your kids how to be successful. No one else will. If they blow it, o well.

Right. Every little knucklehead should be told to put the fucking phone down, or game controller, and sat down for an in his or her face (especially the girls) and told that mission #1 starting now is to figure out how to acquire capital in their lives, in whatever form, probably equities to start. Chances are probably 5-1 that daddy and mommy are tapped and won't be leaving much except for maybe half a house, even though everyone has been leading the life in the Dentist household. DO NOT BANK ON BEING A WAGE SLAVE at any level, because, totally unreliable. Own yourself.

[skaredshtles]

Most will be fine. Sure in aggregate the past 20 years has been a shit sandwich of peaks and troughs, but I’m optimistic the leveling of technology will ease the pain somewhat.
I think if all the cool companies that didn’t exist in 1999 or even 2009 that are around now and they were all propelled by the young.
At some point you old farts truly will die off and your overpriced shitty houses in Connecticut and ny metro areas will sit vacant and a new generation of this old house kids will clean out your decrepit bones and the cycle will begin anew. Probably with use of drywall robots and self driving dump trucks. Most young people have there heads screwed on straight.
You old farts just need to get out of their way.

You *gotta* be Gen-X, no?

[rideit]

$185k in 1979 is about $700k today. You can still buy a decent 2bdrm on the UES for that.

Uh, yeah, and you can get a single family home on 2 acres in Wilson for $200K.

[schindlerpiste]

I wonder where this will leave the zoomers?
Generally, many boomers have lived way too large without thinking of, or any concern for, the future. I wonder whether boomers, like their parents, really make the effort to ensure that their children have "better" lives than they had. Of course, that would be tough, as boomers have had it relatively easy.
At least millennials seem to be more frugal, mostly out of necessity.

[Core Shot]

Uh, yeah, and you can get a single family home on 2 acres in Wilson for $200K.

My time machine is in for repairs. Can you go back to 1981 and buy that for me?

[Peruvian]

Uh, yeah, and you can get a single family home on 2 acres in Wilson for $200K.

Over my head.

As for NYC, yeah there are plenty of $2mil UES apts but that doesn’t mean you can’t find a decent one for $700k.

[rideit]

I would like to see a listing. Are you calling Pelham Bay part of the UES?

[iceman]

There's 4 2-bedroom 2-bath condos under $700K on the UES for sale this minute: https://www.zillow.com/upper-east-si...false%7D%7D%7D

[schuss]

Most will be fine. Sure in aggregate the past 20 years has been a shit sandwich of peaks and troughs, but I’m optimistic the leveling of technology will ease the pain somewhat.
I think if all the cool companies that didn’t exist in 1999 or even 2009 that are around now and they were all propelled by the young.
At some point you old farts truly will die off and your overpriced shitty houses in Connecticut and ny metro areas will sit vacant and a new generation of this old house kids will clean out your decrepit bones and the cycle will begin anew. Probably with use of drywall robots and self driving dump trucks. Most young people have there heads screwed on straight.
You old farts just need to get out of their way.


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Nah,most are pretty fucked compared to our parents (who didn't plan correctly and we'll likely end up supporting), but we've accepted and moved on.
Now if only you boomers could stop voting for people with only short term gains in mind and get out of the way we'll let the rest slide.

[rideit]

There's 4 2-bedroom 2-bath condos under $700K on the UES for sale this minute: https://www.zillow.com/upper-east-si...false%7D%7D%7D

Well I’ll be damned.
I’ll take 2.
Murder scenes, perhaps?

[gravitylover]

Nah people scared to live in the city anymore... There's quite the flight out happening right now.

[old goat]

Nah people scared to live in the city anymore... There's quite the flight out happening right now.

The country looks pretty good right now. People will get bored and the city will look good again, until the next pandemic. People's taste changes with the wind--price a gas goes down 50 cents they buy Escalades, goes up 50 cents they buy mini coopers.

[schindlerpiste]

$700k may sound reasonably cheap for 2bd/2ba Manhattan, but it is those $5k+/mo. HOA fees and $2k/mo. property tax that kill you.

I used to rent a small 1bdrm on 14th Street right across from Nell's and 1/2 block from the Old Homestead for $400/mo. rent controlled