[quote=AN]Talking about the Boomer generation having more debt than assets. What about the Boomer 1st gen immigrants who worked really hard and saved like the “Greatest Generation”? I know a few who falls into this category. They came to this country with nothing more than the clothes on their back and the drive to succeed. They will out save almost anyone, including the “Greatest Generation”. Even when they have hundreds of thousands to millions, they’re still spending like they have nothing or will having nothing. Food that people eat during the depression are the food that some eat today, although they’re more than capable of affording much better.
These are the people who instill education is the key for success to their children as well. Many of their children are doing decently for themselves, with profession ranging from engineers, to optometrists, to pharmacists, to doctors, to lawyers. These 1st gen immigrants will have no problem assisting their children with the $ for down payment either, and many do give their children the $ for a down payment. Many of their children won’t have student loans, especially ones that get $ for down payment. Although it takes time (generations) to build up family wealth, a lot of these 1st gen immigrants are putting down the foundation for their future generations to build upon.
This is just a small group of people, I’m sure. But like sdrealtor said, it’s another drop in the bucket. With enough drops and the bucket will be full.[/quote]
AN, I don’t think this group is so small. I see this among Filipino immigrants. Everyone over age 16 in a family is working in some businesses I frequent. The family business has built up from one tiny business with one immigrant 35 years ago into a much bigger business sometimes with two or more locations. It is not uncommon for the parents to help their children buy property on the same street or neighborhood as they live, even if one of them has to go on title with them to qualify to buy it.
I just got back from 11 days in “America’s heartland.” Several of my cousins in my age group have paid-for homes and some have paid-for lakefront homes as well, which sit empty and furnished waiting for them to use it. For the most part, their primary homes are large and made of brick or rock, some with matching brick mailboxes at the curb. A “smallish” lot there is 7000-10,000 sf. Most have 1/2 to 5 acres, even in the city. All have central A/C and several of their homes are professionally decorated. I have an aunt and uncle only seven years older than me that have been married 40 years and a have a gorgeous newer brick home on 5 acres with horses and more land behind leased to cattle, very close to a major city. They take their son and his family on fabulous vacations every year and their home is paid for. This is their 14th home and last one. They built it and the home “next-door” about ten years ago and subdivided the land themselves. I can’t give away their occupations but one has a bachelor’s degree and the other is a HS graduate. My aunt is still working but will retire in 1-2 years and is already eligible for a 100% pension. My uncle is semi-retired. We stayed with them a few nights and they were only about five minutes drive to all the businesses we know and love such as Starbucks, Albertsons, Petco, Office Depot, 20 theatres (with 3-D), etc. Many of my relatives also have expensive (paid-for) speed boats, jet skis and other “toys” and plenty of land to park them on.
The reason I am saying all this here is that NOT ALL BOOMERS are deeply in debt. I think the excessive boomer debt talked about on this thread may be a function of three things: 1) most importantly, too much housing debt undertaken; 2) the constant compulsion to upgrade vehicles when they run fine; 3) and, the feeling that it is a parent’s duty to PAY ALL associated college expenses and/or allow their children to attend an unsubsidized college when they cannot really afford it (issue brought up by UCGal).
Overspending on nonessentials also probably plays a big part in EVERYONE’s debt
Older generations have had to do much harder physical work and work longer hours for lower pay than the generations after them and very much deserve to retire or at least slow down to part-time. Far fewer of them are college-educated. I feel it is unfair to expect them to completely subsidize a young, able-bodied adult through college when fees are rising substantially every semester. There are all kinds of ways to go to college cheaper, if you and your student are innovative and industrious.
My own kids have been on school trips by plane to tour several US cities, some twice, that I myself have never been to.
