patrick.net

Last year, Dave Rodham bought two Ford Mustangs -- a red one because it looked cool and then a white one with a big V-8 engine because it sounded cool. For Rodham, 63 and retired, those were his 50th and 51st cars.
“I have to have a new car every year-and-a-half to two years,” said Rodham, of Virginia Beach, Virginia, who said he pays cash for his cars. “After I retired 10 years ago, I didn’t have anything else to do, so I went out and bought new cars.”

I can't believe what I'm reading.

The millenials could also save up for a new car if they weren't going out to eat 5-10 times a week, club every weekend and ball at the mall twice a month

dublin hillz says

The millenials could also save up for a new car if they weren't going out to eat 5-10 times a week, club every weekend and ball at the mall twice a month

Even if they curbed all that, the massive amount of student loans hanging over their heads would still make a brand new car purchase a lofty goal.

Heraclitusstudent says

Boomers most likely to buy a new car

No shit, they have all the money, all the stocks, and all the real estate. The Millennials have all the debt.

That's why I think it's OK to cut Social Security for the boomers. They have been the most financially advantageous generation in American history simply from accident of birth. They don't need other generations to sacrifice to support them.

Last year, Dave Rodham bought two Ford Mustangs -- a red one because it looked cool and then a white one with a big V-8 engine because it sounded cool. For Rodham, 63 and retired, those were his 50th and 51st cars.

“I have to have a new car every year-and-a-half to two years,” said Rodham, of Virginia Beach, Virginia, who said he pays cash for his cars. “After I retired 10 years ago, I didn’t have anything else to do, so I went out and bought new cars.”

This guy doesn't need Social Security.

Goran_K says

Last year, Dave Rodham bought two Ford Mustangs -- a red one because it looked cool and then a white one with a big V-8 engine because it sounded cool. For Rodham, 63 and retired, those were his 50th and 51st cars.

“I have to have a new car every year-and-a-half to two years,” said Rodham, of Virginia Beach, Virginia, who said he pays cash for his cars. “After I retired 10 years ago, I didn’t have anything else to do, so I went out and bought new cars.”

I can't believe what I'm reading.

And he's probably a republican who thinks private spending is always better invested than government spending.

Goran_K says

dublin hillz says

The millenials could also save up for a new car if they weren't going out to eat 5-10 times a week, club every weekend and ball at the mall twice a month

Even if they curbed all that, the massive amount of student loans hanging over their heads would still make a brand new car purchase a lofty goal.

Assuming a relatively modest $20 per meal average going out with tax and tip included, it would equal to $800 per month. Clubbing with cover and drinks could easily be $250 per month. Lets say balling at the mall is another $500 per month. There is a number if millenials living this lifestyle. Combined these expenses are $1550 per month. Assume a new car costs $30,000. They could save money for a new car with a little over 1.5 years of saving. But then, they would not be "patriots" by not stimulating the economy on a consistent basis with their spending lol...

dublin hillz says

The millenials could also save up for a new car if they weren't going out to eat 5-10 times a week, club every weekend and ball at the mall twice a month

Or maybe some of them are smart enough to know the depreciation interest collision coverage and annual car tax ("registration") associated with purchasing and owning a new car are very high fixed costs that are incurred even if the car sits in the driveway/carpark without even being used.
Whereas, a well-maintained old beater has minimal fixed cost; mainly just variable cost. Which means, don't drive it; don't costing at all. So in that case the millennial are smarter than those boomers.

APOCALYPSEFUCK is Shostakovich says

And then we interviewed Lance Loeb who complained he maxed out his credit cards going to human sacrifices and buying endangered species on the black market to barbeque and eat. "Fuck, I ask for nothing from this life, and the fucking bank won't extend my credit so I can fucking survive?" said the typically self-involved masturbating baby boomer twit.

Fuck Lance. I hope he dies of indian made knock off blood pressure pills.

Dan8267 says

That's why I think it's OK to cut Social Security for the boomers. They have been the most financially advantageous generation in American history simply from accident of birth. They don't need other generations to sacrifice to support them.

Not just SS, I'd also favor defaulting on all of their union bargained pensions that are bankrupting municipalities.

Buy two Mustangs will you? Now you have to live inside of them.

and on top of all the money the youth don't have, us oldies get tall the senior citizen discounts. i guess cause were on a fixed income. nowadays fixed income is a good thing, cause nowadays incomes only go down, so fixed must be better, hehe !

Call it Crazy says

Just because the Boomers made smarter decisions on their finances

Yeah... Remind us what's the median retirement savings of boomers above 55?
Remind us how much gov debt was accumulated during boomers life time (so far)?
Remind us how much more SS and medicare they feel entitled to compared to what they paid into these programs?

I think we can safely say that 'average boomer' and 'smart with finance' shouldn't be used in the same sentence.

But boomers did indeed profit (so far) from the inflation of a giant credit bubble since the 80's.

That had to be in place so boomers could continue living in a nice illusion of wealth instead of getting the punishment they had coming.

Call it Crazy says

Wow... a little bitter, are we????

Whether or not I'm "bitter" is irrelevant. What I said is true. The messenger is irrelevant.

Call it Crazy says

Just because the Boomers made smarter decisions on their finances compared to the Millennials doesn't make them evil!!!

The "smarter decisions" that the Boomer made were to be born in mass after WWII and to sell America's infrastructure piecemeal to China.

Call it Crazy says

Maybe the Millennials have all the debt because they are shitty in their financial planning and love using their plastic???

No. The Millennials are in massive debt because they were forced to pay a massive workforce entry tax called "college" and then were fucked out of the professional workforce by the Boomers -- who ironically are their parents -- who outsourced all jobs to slave labor in third world countries forcing the Millennials with college degrees to flip burgers to make by.

I'll grant you that there are some problems the Millennials have -- probably mostly due to be young -- but the bottom line is that they were screwed over before they were even born. I can't blame them for that.

And no, I'm not a Millennial, nor do I have Millennial family members. So when I say it's not the Millennials' fault, it's not me saying it's not my fault.

The problem with youth is that it is wasted on the young. And the problem with experience is that it is wasted on the old.