[quote=eavesdropper] . . . Many older Americans have “wealth” (in reality, “wealth” = no debt, a paid-off mortgage, and 35 bucks in the bank) because they’ve been much more prudent in their spending habits. Most realized that there was an important distinction between being able to *BUY* something, and being able to *AFFORD* it, and they have the self-discipline to keep from crossing that line. That went away in the mid-90s, when the banks were trying to lend out all that cheap money the Fed was giving them, and sold the idea to the poor and the middle-class that they weren’t poor and middle-class.
And the problem is that they’re still not accepting of the idea that they’re poor and middle-class. They’re in a temporary cash-crunch because the “boomers” stole all their money when they weren’t looking.[/quote]
So true, Eaves! Another excellent post that answers my question …
[quote=bearishgurl]How do you define “rich?”[/quote]
