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.
