Boomers stop spending. Your kids need it

[Benny Profane]

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

Wow. Cheaper one, HOA:$4,439/month. A '63 co-op. Bells and warning buzzers ringing. Along with owner "must sell".

Hard to buy into a manhattan co-op with debt. I'd like to see the financials.

A block from the F though. Nice.

[St. Jerry]

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

maybe a studio or 1bdr if you’re lucky.

[old goat]

We've been fortunate enough to be able to leave our kids school debt free, which is a pretty good start. And my grandfatther left my mom some money some of which she left to me and I expect to leave to my kids. We[re a lot luckier than most, and I try to keep reminding myself of that. (Also, as my wife today was bemoaning her lost beauty, I reminded her and myself how lucky I am to never have had good looks to lose.)

Anyway, what's there to spend money on? At the moment our expenses are covered by social security. I wish I could spend more.

[iceman]

You could start a crack habit, that would burn up some cash. Or really any connoisseur-type shit will do the trick. Wine, food, single-barrel bourbons, hell you can spend a fortune on coffee. If all else fails you could always buy a boat.

[Benny Profane]

buy a boat.

Bingo. Always works.

[hawkgt]

buy a boat.

hole in the water to throw money into, loved every moment. shit pontoon for a kids swim platform and a harris kayot legend 24 was fun. lake boat but the bravo twin would get any fat fuck on plain, keg fit in the shitter perfect

[skifishbum]

my furkid gots all the loots he needs
and the back of the boat
now overpopulating the earth with special snowflake needies
ya knows 5 hours a day looking at a phone
no wonder they need help
just like bunny

[wooley12]

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.

Your advice is sound for today. And sad. Newlywed with an AAS and the lowest guy in the factory who had to wear a tie, I had new car in 2 years and a house in 4 with a 12% mortgage. I don't recall anyone with multiple single family properties as a business. Small businesses was were the businesses $ went.

[XXX-er]

We've been fortunate enough to be able to leave our kids school debt free, which is a pretty good start

I told em that ma n pa fucked up/ split up/ there is no money ... so you better be real smart and get a scholarship so he did

[Single Track]

my furkid gots all the loots he needs
and the back of the boat
now overpopulating the earth with special snowflake needies
ya knows 5 hours a day looking at a phone
no wonder they need help
just like bunny

Sez the dude averaging two posts a day for over 15 years.

[skifishbum]

well observant jong does math
it takes a while to be a 10ker
yup "what a long strange trip its been"
just not 5 hour a day
nor on a phone
that'd cut into the skiing and fishing or time with the god
and one of those posts probably involves that
you should find the sub 100 post jong thread and answer the questions

[mattig]

Sez the dude averaging two posts a day for over 15 years.

2 posts per day, easily done from the shitter depending on one's fiber intake.

@L2S, agreed.

Best thing I ever did financially was to start buying cheap old cars.

Anyone who thinks "everything will be ok" needs to consider the ever-increasing concentration of wealth--one of the greatest problems and probably the most difficult to reverse (aside from politics). It's part of human nature to retrench one's own interests before helping others.

There's a waterline always moving higher. Very easy for boomers to get above it. The pool was shallower and wider. Very different today, and coronavirus unfortunately accelerated it. Tax bill accelerated it before that.

It's not that those below the waterline can't have a life. It just won't be the one they want, or that their parents wanted for them.

[powdrhound]

Boomers stop spending. Your kids need it

Too late.

Isn’t this why the kids are so ok with C-19?
A whole lot of inheritance happening right now.

[Benny Profane]

Yeah, they just opened up Italy, and the young people are out and about enjoying cocktails. Same in Paris. Bring on the old house and assets.

[SkiCougar]

not sure if this really belongs in this thread but given how much the boomers are given credit for the growth of the usa, i figured i would put it up; shows growth by us generation:

[liv2ski]

We've been fortunate enough to be able to leave our kids school debt free, which is a pretty good start. And my grandfatther left my mom some money some of which she left to me and I expect to leave to my kids. We[re a lot luckier than most, and I try to keep reminding myself of that. (Also, as my wife today was bemoaning her lost beauty, I reminded her and myself how lucky I am to never have had good looks to lose.)

Anyway, what's there to spend money on? At the moment our expenses are covered by social security. I wish I could spend more.

Pretty much the same boat OG, but funny to hear you say the last sentence. Now I just need to stop spending money.

[XXX-er]

I used to paddle with a girl who was taking 6 years to do a 4 year program and she basicly said " mummy is paying for it so why would I bust my ass If I don't have to ? "

I would ask why should your parents bust their ass so you don't have to ?

what exactly are kids being taught ?


BTW She did turn out OK and married a dentist

[rideit]

“Back to the land”

https://www.washingtonpost.com/techn...cate-pandemic/