trimatty471
Established Member
Joined: Dec 21, 2010 3:59:02 GMT -5
Posts: 490
|
Post by trimatty471 on Aug 17, 2015 10:50:32 GMT -5
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Aug 17, 2015 11:33:18 GMT -5
I would agree that Gen X was the first entire generation hit by the decline in pensions and the "college degree required to do anything more than flip burgers" mindset.
Some of the numbers thrown about in the article seem a little sketchy, though. Gen Xers are in their late 30s - early 50s now, right? If they were steadily investing during the flat decade in the early 2000s (and they were all old enough to have "real" jobs during that time), they should have made out like bandits over the last few years. I feel much sorrier for those who had planned to retire around 2010 and essentially had no market gains for the 10 years prior.
Then again, it is refreshing to see a "woe is me" article that's not about Boomers or Millenials!
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 11:33:42 GMT -5
The article defines gen x as 1965 thru 1980. I'm technically a boomer (born in '64) - but I tend to identify with this group of people more well atleast the one's born until the mid 70's - since I more or less grew up with them - I went to school with them and I've worked with them. By the time I was 30 - there were plenty of them in the work place AND I got to mix with the younger ones on the JR College campus (where I picked up a couple of classes at night school) and then at the University night courses I took. I think this is their problem with wealth (if they have it): I hang with bunch of 40 year olds (gen X) and while they are earning good money (IT people) they sure do spend a lot of money - they have nice cars, really nice homes, their kids do endless activities (that require equipment), they seem to be constantly going on some sort of 'vacation'... I often ponder how much $$ they are making... I know as a single income I can't compete with them. I wonder about this... I know college costs sky rocketed. I went back to night school in 1992 and got my degree in 1995. When I started a 'class' cost $500 - by the time I got to my last quarter the price of a "class" had crept up to $2000. I can see where the youngest of the Gen Xs were paying big bucks for 4 year schools... My salary before and during those years jumped up in leaps and bounds - just because wages were rising. (with books and tuition the total cost to me was 20K - my employer reimbursed me the other 6K - I paid it out of pocket - no loans) But, back to the Gen Xers - the oldest ones still got their education at a manageable cost. They were graduating AND if they could get a job in their field --odds are their income would slowly but surely climb. Are student loans set up in such a way that if you only make the minimum you NEVER pay them off? Like Credit Cards use to be? I've never had to take a SL and I don't have kids... I always assumed they were amortized over a fixed period of time. Would someone who graduated say 13 years ago (2002) still have decades to go on their loan? Would their old loan still have an astronomical balance (if it started out at say 60K?) I know 35 and 40 year olds with cars that cost 60K and up... (hence my joke about how I drive a inexpensive car - because my 'other' luxury vehicle is a "Slum in the Sun")
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Aug 17, 2015 11:37:35 GMT -5
They're usually 10 years, but federal (and some private) loans have a number of alternative plans. If your income relative to your loan balance is below a certain threshold, you can qualify for income-based repayment, which may not be enough to even pay the accrued interest.
The maximum repayment term on federal loans is 25 years (I think), after which the remaining balance is forgiven, but unless you qualify for one of the public service loan forgiveness programs, you're taxed on the forgiven amount as imputed income.
|
|
yogiii
Junior Associate
Joined: Dec 20, 2010 19:38:00 GMT -5
Posts: 5,377
|
Post by yogiii on Aug 17, 2015 11:40:06 GMT -5
The article defines gen x as 1965 thru 1980. I'm technically a boomer (born in '64) - but I tend to identify with this group of people more well atleast the one's born until the mid 70's - since I more or less grew up with them - I went to school with them and I've worked with them. By the time I was 30 - there were plenty of them in the work place AND I got to mix with the younger ones on the JR College campus (where I picked up a couple of classes at night school) and then at the University night courses I took. I think this is their problem with wealth (if they have it): I hang with bunch of 40 year olds (gen X) and while they are earning good money (IT people) they sure do spend a lot of money - they have nice cars, really nice homes, their kids do endless activities (that require equipment), they seem to be constantly going on some sort of 'vacation'... I often ponder how much $$ they are making... I know as a single income I can't compete with them. I wonder about this... I know college costs sky rocketed. I went back to night school in 1992 and got my degree in 1995. When I started a 'class' cost $500 - by the time I got to my last quarter the price of a "class" had crept up to $2000. I can see where the youngest of the Gen Xs were paying big bucks for 4 year schools... My salary before and during those years jumped up in leaps and bounds - just because wages were rising. (with books and tuition the total cost to me was 20K - my employer reimbursed me the other 6K - I paid it out of pocket - no loans) But, back to the Gen Xers - the oldest ones still got their education at a manageable cost. They were graduating AND if they could get a job in their field --odds are their income would slowly but surely climb. Are student loans set up in such a way that if you only make the minimum you NEVER pay them off? Like Credit Cards use to be? I've never had to take a SL and I don't have kids... I always assumed they were amortized over a fixed period of time. Would someone who graduated say 13 years ago (2002) still have decades to go on their loan? Would their old loan still have an astronomical balance (if it started out at say 60K?) I know 35 and 40 year olds with cars that cost 60K and up... (hence my joke about how I drive a inexpensive car - because my 'other' luxury vehicle is a "Slum in the Sun") I graduated in 2002 and took 10 year student loans. I remember that being the norm at the time.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Aug 17, 2015 11:44:03 GMT -5
I'm a Gen X'r and I don't think so at all. I am doing quite well, even with losing have my net worth and about 40% of my household income in the last year. Then again, I've never been a huge spender (I have an 11 year old SUV) and went to CC for 2 years and then went to a local university so I lived at home. I graduated with $15K in student loan debt. And that was good debt because I chose wisely when selecting my major.
If people want to succeed they can. If people want to play "keeping up with the Joneses" they will have great toys but will always be one misstep away from financial disaster.
|
|
|
Post by The Walk of the Penguin Mich on Aug 17, 2015 11:46:05 GMT -5
I graduated in 2002 and took 10 year student loans. I remember that being the norm at the time.
It was the norm even earlier. My sister graduated in 1983 with student loans. She doubled and tripled her payments and paid them off in 4 years. Had she paid as agreed, it would have been 10 years.
|
|
nutty
Well-Known Member
Joined: Mar 31, 2014 5:37:19 GMT -5
Posts: 1,166
|
Post by nutty on Aug 17, 2015 11:46:23 GMT -5
Yes, we sure do spend a lot of money. I wonder where that mindset comes from.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 11:53:09 GMT -5
I would agree that Gen X was the first entire generation hit by the decline in pensions and the "college degree required to do anything more than flip burgers" mindset. Some of the numbers thrown about in the article seem a little sketchy, though. Gen Xers are in their late 30s - early 50s now, right? If they were steadily investing during the flat decade in the early 2000s (and they were all old enough to have "real" jobs during that time), they should have made out like bandits over the last few years. I feel much sorrier for those who had planned to retire around 2010 and essentially had no market gains for the 10 years prior. Then again, it is refreshing to see a "woe is me" article that's not about Boomers or Millenials! Tecnically the Gen Xers are 35 to 50 yo. I would agree with your statement about "making out like a bandit" - if they got money into some sort of investment - be it a 401K/IRA or any of those other employer sponsored plans - or got employed by a company that offered a pension that they mananged to get vested in (even if they eventually quit). I'd say the current 45yo - 50yos aren't doing too bad IF they managed to invest back then. The bottom 35 to 44yos may have it a bit tougher - but if they were investing even alittle and if they have survived the Great Recession without touching the invested money - they should not be hurting investment wise too badly.
I really think it's more a matter of 'consumption' - the world changed dramatically with cell phones, internet, and entertainment costs.... Paying for one's electronic distractions and services is often a large fixed amount each month. FWIW: I ate, drank, and wore a lot of my pay back in the day. I think today's spenders are having to choose between their electronic needs and their discretionary 'eating, drinking, and wearing' spending.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 11:54:41 GMT -5
The article defines gen x as 1965 thru 1980. Are student loans set up in such a way that if you only make the minimum you NEVER pay them off? Like Credit Cards use to be? I've never had to take a SL and I don't have kids... I always assumed they were amortized over a fixed period of time. I graduated in 2002 and took 10 year student loans. I remember that being the norm at the time. Thanks!
I'm not sure how my older siblings paid for school... they are a lot older than me.. we never did anything at the same time - not even gradeschool.
|
|
souldoubt
Senior Member
Joined: Jan 4, 2011 11:57:14 GMT -5
Posts: 2,754
|
Post by souldoubt on Aug 17, 2015 11:57:06 GMT -5
Every generation has it harder in some ways and easier in others whether we're talking finances, health and so on.
|
|
Deleted
Joined: Sept 30, 2024 4:30:26 GMT -5
Posts: 0
|
Post by Deleted on Aug 17, 2015 11:59:35 GMT -5
McMansions, luxury cars, Internet, smartphones, tablets, increased student loans, all things that have contributed to the lower savings rate of Gen X. I also think some of the smartest people now work in marketing laying temptation everywhere.
Do not buy too much house or car and a person can make a lot of other small mistakes.
I owed 17k after college and had it paid off within a year, the too much house and car of my 20's at least came after that.
|
|
NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,656
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
|
Post by NancysSummerSip on Aug 17, 2015 12:02:02 GMT -5
I think some of the increased spending comes from a few places:
1. Greater cost of living. Yup, stuff is more expensive now than it used to be. I'll grant you that.
2. The notion that there is always time in the future to save and that now is the time to spend and enjoy; that retirement is a long way off and will somehow take care of itself on its own. Or that you will find that good, long-term job and the pension will be there, and the Social Security safety net will be there.
3. Huge amounts of debt. Counter intuitive, but also sort of makes sense. GenX is in such huge college debt anyway, that many feel there is no hope of every paying it off, so why not spend anyway?
4. Increased temptation via bigger, better and fancier consumer goods. OK, we Boomers had cool toys, too. But there was not the constant push to replace them every year, to "model up" every time a better version came out.
5. GenXers living back home after college, or never leaving to begin with. More disposable income, if Mom and Dad don't ask you to fork over some money for food and rent.
|
|
emma1420
Senior Member
Joined: Jan 28, 2011 15:35:45 GMT -5
Posts: 2,430
|
Post by emma1420 on Aug 17, 2015 12:08:49 GMT -5
I'm a gen X. I think there are a couple of things that have hurt generation X probably more than the boomers. The first is the increased cost of college, and it really becoming a requirement (or at least some additional training) in order to obtain a decent paying job. And even more than that I think it's not just the first degree, but I think more of gen X felt the pressure to go back to graduate school for things like MBA's, etc., than the previous generation. So they've taken out more student loans than boomers. I still have student loans I'm paying off, but with a 2% interest rate I'm not in any rush to pay them off.
I think the other is housing. I'm at the tail end of generation X, but most of my friends bought their first home during the run up between 2002-2006. I know they weren't the only ones and that there have been other market down swings before, but, I have several friends who are still upside down in their homes and won't be able to sell for several more years. I think the boomers did better in terms of being lucky in making money through their homes.
But, in the end not saving is not saving. No matter the reason.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 12:10:03 GMT -5
From the article: YEah, slacking off wouldn't have worked... you wouldn't have the premium cable package (with the sports channel) the room filled with chairs/couches and a wall of big flat screen tvs linked together along with the flat screen TV in every other so you don't miss a moment of 'sports', you wouldn't have the BMW in the driveway, and you wouldn't be vacationing every Christmas in Aruba - along with the Ski trip and then a summer vacation to somewhere else. You also might not be going on "brewery" tours and sampling beers every weekend either (spending several hundred$$)... if you aren't that into sports. Cause if you don't have the income you don't have money to spend on discretionary stuff...
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 12:22:37 GMT -5
The youngest Gen Xer is 35... if college loans have a 10 year duration - they shouldn't have too many more years of payments - they've theoretically been 'graduated' for 10 years....
I can see the one's who go back to school to finish a degree or to get their Masters taking on fresh debt...
I can see some of the older Gen Xers taking on SL debt FOR THERE KIDS... and not themselves... maybe that's what the article is whining talking about? I can see parents doing that - but you'd think if they were paying for their kid's college 'experience' they might have some say in where the kid goes/studies OR has made 'peace' with how their kid(s) is spending their money and so wouldn't whine talk about it so much.
|
|
yogiii
Junior Associate
Joined: Dec 20, 2010 19:38:00 GMT -5
Posts: 5,377
|
Post by yogiii on Aug 17, 2015 12:23:45 GMT -5
hey some people born in '80 haven't turned 35 yet!
|
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Aug 17, 2015 12:33:38 GMT -5
I consider myself a gen-Xr. No student loads. Good income. Good savings. I'm lucky/smart/talented/whatever, I guess.
The one thing I notice compared to perhaps the boomers is the loss of pension. Many people who are around 10 years ahead of me in the workforce are grandfathered into the pension plans. Most of these have been done away with, at least in the medical field. Plus our social security is "questionable." By the time I ER (and subsequently claim SS), I should theoretically get around $2000-2600 a month (maximum output, basically) that may or may not be available. That's a HUGE difference in my calculations - if I want 100k per year in retirement, and extra $25k per year is about 25% less savings I have to do. So I do think there's some unknowns out there that perhaps previous generations didn't have.
|
|
The Captain
Junior Associate
Hugs are good...
Joined: Jan 4, 2011 16:21:23 GMT -5
Posts: 8,717
Location: State of confusion
Favorite Drink: Whinnnne
|
Post by The Captain on Aug 17, 2015 12:38:55 GMT -5
I'm on the leading edge of Generation X and have been through two stock market crashes in one decade that wiped out significant savings. Yes, I've recovered but that is something that the previous generations have not experienced since the early 70's. stockcharts.com/freecharts/historical/marketindexes.html Like another posted stated, that wiped out the equivalent of 10 years worth of savings. Now imagine the lost compounding on that as well. DH and I ramped up retirement savings even more so we could hit our targets. It means we live nowhere near the lifestyle our parents did even though we make more than they did. Still, I think we're doing ok.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,483
|
Post by Tiny on Aug 17, 2015 13:14:58 GMT -5
What's interesting is that the 35yo thru 50yo should be moving into some of the jobs that Boomers should be leaving... I suspect that there will be adjustments in the 'amount' of jobs - cause some jobs will go away when the person retires, but there should be some jobs that the Gen Xers can move into or that will be created as the "established Ranks" start being vacated.
Yeah, a lot of boomers have low paying jobs or are 'retiring' even though they haven't worked in years <-- some tongue in cheek there since not EVERY boomer is a CEO or Director.
But, still the work world needs people to step into the jobs that boomers are leaving. And those people are most likely to be the Gen Xers (versus the Millinials) since the Xers have work experience...
|
|
emma1420
Senior Member
Joined: Jan 28, 2011 15:35:45 GMT -5
Posts: 2,430
|
Post by emma1420 on Aug 17, 2015 13:30:55 GMT -5
What's interesting is that the 35yo thru 50yo should be moving into some of the jobs that Boomers should be leaving... I suspect that there will be adjustments in the 'amount' of jobs - cause some jobs will go away when the person retires, but there should be some jobs that the Gen Xers can move into or that will be created as the "established Ranks" start being vacated. Yeah, a lot of boomers have low paying jobs or are 'retiring' even though they haven't worked in years <-- some tongue in cheek there since not EVERY boomer is a CEO or Director. But, still the work world needs people to step into the jobs that boomers are leaving. And those people are most likely to be the Gen Xers (versus the Millinials) since the Xers have work experience... I am also curious to see those boomers who are in professional jobs actually leave. I've seen a lot of places where boomers who normally would retire stay on a few more years, and so the generation X and Y staff that would take over those positions have had to wait. I've also seen a hesitancy of at least the boomers within my own organization hire non-baby boomers for senior roles within the organization.
|
|
movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,384
|
Post by movingforward on Aug 17, 2015 13:40:56 GMT -5
What's interesting is that the 35yo thru 50yo should be moving into some of the jobs that Boomers should be leaving... I suspect that there will be adjustments in the 'amount' of jobs - cause some jobs will go away when the person retires, but there should be some jobs that the Gen Xers can move into or that will be created as the "established Ranks" start being vacated. Yeah, a lot of boomers have low paying jobs or are 'retiring' even though they haven't worked in years <-- some tongue in cheek there since not EVERY boomer is a CEO or Director. But, still the work world needs people to step into the jobs that boomers are leaving. And those people are most likely to be the Gen Xers (versus the Millinials) since the Xers have work experience... I thought the generational seminar I attended a couple of weeks ago was interesting in that the speaker believes that boomers will choose the Y generation over X to replace them because they get along better with millinials. I don't think he is correct but I found it interesting that he thinks that. Apparently gen X questions authority more and that pisses the boomers off (according to this guy). I am gen X. I do question authority sometimes but authority usually wins
|
|
garion2003
Familiar Member
Joined: Feb 20, 2011 15:48:25 GMT -5
Posts: 758
|
Post by garion2003 on Aug 17, 2015 13:43:51 GMT -5
Federal student loans can have the repayment period extended during consolidation - max was 20 years I believe.
|
|
emma1420
Senior Member
Joined: Jan 28, 2011 15:35:45 GMT -5
Posts: 2,430
|
Post by emma1420 on Aug 17, 2015 14:43:27 GMT -5
Federal student loans can have the repayment period extended during consolidation - max was 20 years I believe. Mine are over 20 years. My first job only paid $11 an hour. After rent, food, and gas I couldn't swing the 10 year payment. It sucks now, as I'm still paying for the damn things, but I didn't feel I had much choice, and my loans are luckily only at 2%.
|
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 42,233
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
|
Post by Opti on Aug 18, 2015 8:44:51 GMT -5
I think the tail end of the Boomers, 1960 - 1964, went through much of what they are discussing. I find these generational spans too big to be that meaningful as some things might affect all, but much depends on when or if they encounter a "generational issue". Most people buy more than one home over their lifetime so when it was purchased, when it was sold will have an impact. I found a link, the timeframes are longer than I expected but I also noted in 2005 when values were in a bubble the average time dropped(lots of sales?) and it has gone back up perhaps due to it being less worth it to sell.
eyeonhousing.org/2013/01/latest-study-shows-average-buyer-expected-to-stay-in-a-home-13-years/
The data only goes through 2011, but the graph is interesting. 2005 is low at 10 years and 2009 is high at 20 years.
Job longevity is not what it once was either. For those who are compelled to get new jobs not by choice frequently they are going to be impacted more financially than those who are in more stable companies.
|
|
brdsl
Familiar Member
Joined: Dec 28, 2010 11:56:10 GMT -5
Posts: 863
|
Post by brdsl on Aug 18, 2015 9:25:14 GMT -5
I am a very late Gen-X. Economically, I am better off than The Greatest Generation and the Baby Boomers.
I think it is all in your personal decisions...not the time period.
College. Most take the traditional route. Go to a 4 year school, graduate 40-50k in debt. Go out and get a job. Why not go to a community college 2 years, transfer into a 4 yr? cuts the cost by quite a bit.
My route was a bit different, but the outcome was the same. I worked through high school to save for my first year in trade school. I gained a skill. I worked and paid for my second year, during my first year, and summer. The jobs were horrible, but I could see the light at the end of the tunnel. After getting into my skill job, I took night classes for 3 years at a CC to get my gen ed's done, transferred to a state university and finished. I paid for it as I went. If I couldn't afford a class, I waited until I could. I finished with no college debt.
Savings. I saved a bit along the way. I didn't have time to spend anything, except for the basics, I saved the rest. Investing came after I started reading Your Money on MSN in 03? maybe?
Marriage/Children/Housing - I waited to get married until my early 30's. We bought a house with 20% down, and about 1/4 of what we could actually afford. It is a mansion, no. We bought what we need. 3/2 about 1100 sq. ft. Children, we had them after we bought the house, and we were financially ready to have them.
Job longevity - I chose an area that will have a constant need, and employment. I didn't take the high paying, risky job out of trade school. I took the constant paycheck, with good benefits. It was quite a bit lower than my fellow students, but many of them have seen long periods of layoffs. I am very lucky in this regard.
Many of my co-workers, and friends/school buddies, etc. always seem to struggle, but they have large fixed bills that take up most of their income. They are constantly complaining on social media on how they can't afford this or that, the cost of X..., but are not willing to cut back, or take a non-traditional route to get something.
Interesting thing. My grandfather (Greatest Gen) told me the other day, that he never made (when working) as much money (in a year) as he does now. He is on a very small pension, and small amount of SSI. I joked and told him he should have retired first... I think he gets less than 20k per year.
My parents (Baby Boomers), raised 3 kids....never cracked 40k per year.
Economically, I am doing better than they ever did. I think it took some hard work, and some thinking outside the box. I have them (my parents and grandparents), a grumpy old gas station owner, the old money boards, and a lot of you good folks to thank for it.
|
|
teen persuasion
Senior Member
Joined: Dec 20, 2010 21:58:49 GMT -5
Posts: 4,160
|
Post by teen persuasion on Aug 18, 2015 11:41:15 GMT -5
DH and I are at the early end of Gen X. Our student loans were not terribly large, but the rate was 8%. When we bought our house, the mortgage rate was 9.75%. We chose to focus on the guaranteed return of paying them down aggressively, rather than investing at that time.
I also remember that the job market was pretty bad when we left college; many of our friends opted to go to grad school if they couldn't find a job.
DH went back for a grad degree in the early 2000's, and his student loan rates were ~2% then. That's also around the time we got a computer, internet, so had more info access, began researching investing, taxes, etc. We started slow, small amounts, didn't know about index investing yet, so our early results were small. Our net worth growth is mostly recent. I really don't know what my parents' net worth at the same age was like.
|
|
trimatty471
Established Member
Joined: Dec 21, 2010 3:59:02 GMT -5
Posts: 490
|
Post by trimatty471 on Aug 18, 2015 14:17:11 GMT -5
What's interesting is that the 35yo thru 50yo should be moving into some of the jobs that Boomers should be leaving... I suspect that there will be adjustments in the 'amount' of jobs - cause some jobs will go away when the person retires, but there should be some jobs that the Gen Xers can move into or that will be created as the "established Ranks" start being vacated. Yeah, a lot of boomers have low paying jobs or are 'retiring' even though they haven't worked in years <-- some tongue in cheek there since not EVERY boomer is a CEO or Director. But, still the work world needs people to step into the jobs that boomers are leaving. And those people are most likely to be the Gen Xers (versus the Millinials) since the Xers have work experience... I thought the generational seminar I attended a couple of weeks ago was interesting in that the speaker believes that boomers will choose the Y generation over X to replace them because they get along better with millinials. I don't think he is correct but I found it interesting that he thinks that. Apparently gen X questions authority more and that pisses the boomers off (according to this guy). I am gen X. I do question authority sometimes but authority usually wins Funny you mention this. For the past 5 years, that is the way it is working at my job. The baby boomers are staying on longer 65+. Then management seems to be hiring a lot of 20 year olds and paying them well as their replacement.
|
|
trimatty471
Established Member
Joined: Dec 21, 2010 3:59:02 GMT -5
Posts: 490
|
Post by trimatty471 on Aug 18, 2015 14:19:58 GMT -5
My parents (Baby Boomers), raised 3 kids....never cracked 40k per year. Economically, I am doing better than they ever did. I think it took some hard work, and some thinking outside the box. I have them (my parents and grandparents), a grumpy old gas station owner, the old money boards, and a lot of you good folks to thank for it. Somewhat similar background. I agree it takes some sacrifice.
|
|
movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,384
|
Post by movingforward on Aug 18, 2015 14:48:46 GMT -5
I thought the generational seminar I attended a couple of weeks ago was interesting in that the speaker believes that boomers will choose the Y generation over X to replace them because they get along better with millinials. I don't think he is correct but I found it interesting that he thinks that. Apparently gen X questions authority more and that pisses the boomers off (according to this guy). I am gen X. I do question authority sometimes but authority usually wins Funny you mention this. For the past 5 years, that is the way it is working at my job. The baby boomers are staying on longer 65+. Then management seems to be hiring a lot of 20 year olds and paying them well as their replacement.The speaker's reasoning for this actually made some sense to me. He stated that boomers and millenials connect better than gen X does to either group. In general, boomers typically grew up with a mother, or at least one parent, at home. Millenials grew up in the helicopter generation so even though they may have had both parents working they sort of grew up with a parent(s) hoovering around them and paying attention to every little detail. Gen X is considered the latch key kid generation. They grew up with both parents working. They were given a lot of freedom to stay by themselves and make decisions for themselves. Essentially making them the most independent generation. Also, gen X is considered to have very little loyalty to corporations and more loyalty to their own happiness. If they are unhappy at a job then they leave. Gen x also doesn't believe anyone is "special." He stated that boomers and millenials both grew up thinking they were special snowflakes (for different reasons but still both gens think they are special). Just about everything he used to describe gen X fit me in that I am extremely independent, have more loyalty to myself than I do to a company (e.g. my health and happiness comes first. If I am unhappy I will look elsewhere), and don't think of myself as as a special snowflake. I don't know how right he is about boomers replacing themselves with millenials as opposed to gen X but I guess time will tell. I didn't buy into everything he was saying but I did find it interesting. Please note that I am not referring to any generation thinking they are special, just relaying what the speaker said. ETA: I also have a feeling that millenials also have more loyalty to themselves than they do to a company they just haven't been in the workplace long enough to show that data. A lot also entered the workforce during a recession giving them less choices. Given opportunities though I believe they will show they have just as much loyalty to themselves at gen X has shown.
|
|