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.

In the Matrix, the machines liquified the old and fed them to the young.

In the real world, Boomers lobby against getting liquified and starve the young. Then Boomers call them lazy and entitled when Millenials complain about being hungry.

The most selfish, arrogant generation there ever was, boomers were handed the keys to the largest, most robust economy the world has ever seen. Boomer's parents beat back facism, then beat back communism just cause they could. They put a man in space, on the moon, and built a national highway system. On their way out, they founded environmentalism and identified climate change.

Boomers lowered taxes on themselves when in their peak earning years, put porn on the internet, and invented boner pills when that didn't work anymore. They lowered the inheritance tax when their parents started dying so they can strip out that savings too.

They forced their kids to be the most educated generation ever, then feel threatened by how smart they are. Suddenly "experience" is what trumps all. Have a PHD in Applied Finance? Sorry, we are giving the job to Joe, he has 30 years experience in business, although his brightest "big idea" is to move the workforce to China. Real brilliant there, Joe. How did ya think of that one?

He's never really done anything that smart or remarkable, except hang around for 30 years. He can barely send an email but he has a 25 year old secretary we pay $25k so she can handle that. He can't set up his own meetings, Outlook baffles him, so you'd better talk to Kristi if you want to meet with him.

I live very frugally and drive our cars until they have over 200k miles on them. My commute is virtually zero as I work out of my home office.

I lived in what could best pretty much be described as a dive in Crockett, CA, $500 a month rent for a flat in the mid to late '90's, and invested every last dime in the stock market. Look at the average indexed fund under the reign of Clinton. Anyone could have made 20% a year plus.

I received an MBA from UC Berzerkeley and took out the absolute bare minimum of student loans, and only as a last resort. I worked as much as I could when I was in school. I lived in dives, sharing housing with other poor folks.

I am a boomer and doing OK financially - i.e., millionaire+. I am from a relatively poor but hard working family. My dad did not even attend high school, as he had to work to support his numerous siblings. In spite of my disadvantaged background, the US government's policies conspired to deny me admission to graduate schools, while enabling much less qualified and much wealtheir minoroity students to gain admission to the same graduate schools.

So I say fuck you US government. And fuck you complainers.

It's OK, I also had sick, twisted, misdirected responsibility absolving hatred toward the older generation when I was young.

It's normal for nestlings to wish to murder their parents to seize their resources so that they can engage in riotous clubbing, drinking, drugging, tattoos, crazed sex, and spending on bling, toys, cars and boats.

It's not because millenials are selfish, it is merely that nature guides them to consume their elders in fits of thuggish, absurdly justified rages.

When you have your own children, and they look at you with blazing red, rabid, hateful eyes just waiting to club you down into bloody messes like baby seals for your stuff, you will smile inwardly and nod, saying to yourself, "My job here is done!"

Blurtman says

n spite of my disadvantaged background, the US government's policies conspired to deny me admission to graduate schools, while enabling much less qualified and much wealtheir minoroity students to gain admission to the same graduate schools.

Did you go to Haas, or did you not? Dude, you have a MBA from one of the ten best business schools in the country, maybe the world. What the fuck are you complaining about? When factoring in cost, it might be the BEST business school...

You'd have rather paid twice as much down the road at Stanford? I'm sorry to say to you, your life wouldn't have been different.