Hi Guys and gals I have a question I would like to try and ask to get feed back as per some of the responses in this topic.
How the different generations, view other generations;
The current retirees believe that the young people (baby boomers) never had it so good, because they never went through the hard ships that they endured.
The baby boomers can’t work out why their parents didn’t buy more properties, shit I mean they were only 25 pounds in those days, they could have bought the whole street.
The baby boomers believe their kids are spoilt lazy brats not prepared to work and save, but rather spend today because its there to be had.
Generation x expect their parents (baby boomers)to give part of their wealth to them for nothing because they have too much and don’t deserve it any how.
So how does Gen y see gen x and the baby boomers.
Is it just a matter of how and what period we were born in, or do you think the whole market will crash and level everthing out to start again.
I can’t wait for these replys … regards Phil
Phil,
I think you can guess my take on this by my posts already but I’ll answer more precisely anyway.
I’m a GenX (born 1970) and don’t really have an opinion of the GenYs yet. But of the Baby Boomers (BBs) I think:
1. They’ve done exceptionally well for themselves due mainly to macro economic factors arising from the end of WWII.
2. They seem to see this as a right that they have earned and that they owe nothing to anybody.
3. Whats more, since they paid their taxes all their life they expect the next generation to also do so. This is something they’re entitled to and why should they fund their own retirement?
4. They love their assets and goodies and want to milk them for everything they’re worth to fund a “huge” lifestyle right to the end and who cares what happens after that as its all over eh?
As George W said “Who cares how history judges me as I’ll be dead by then”. If that ain’t the perfect snapshot of the BB mentality what is?
But hey, I don’t hold it against them. I just need to factor them in to my equation to maximise my opportunities. Life just deals you your cards and you gotta make the most of the hand your dealt.
Good luck to em,
Michael.phil – i agree. its all cyclical and you know what im not sure the baby boomers (the big winners) are any happier.
im a gen xer and i think that if the baby boomers spend everything and we all have to live with less then this could be good.
rgds
the confused hippy capitalist…All,
Thought I should clarify that I have nothing at all against the BBs and that in fact a lot of my good friends are BBs. Just commenting on my perception of the collective mentality as I see it…
Also, don’t get how the GenXers are the lazy layabouts that expect handouts? Being a GenXer who’s now 3/4 through his Masters and works 8am-7pm most days in a pretty hard job, does this make me the exception to the rule. And as also posted earlier, I think good on em of the BBs. I don’t expect any handouts. I’ll just take the hand I’m dealt and turn it to my advantage. They got to where they are by their own hard work and I’ll do likewise.
Aussierogue, I’m also a bit of a confused hippy capitalist. I vote green every election and donate regularly to multiple charities. I just figure that I need to look after my own retirement and not rely on the government, so am into REI as my means to that end.
I’d be interested to hear what the GenYs out there think of the Xers and BBs. I hope my posts don’t come across as negative of BBs, just trying to express a “perception” as I see it.
Cheers,
Michael.I dunno about the whole thing. I am apparently a generation Y, as generation x finished in 1976? Is that correct? THe funny thing is, that I sense people around my age and a little bit younger are going back to old fashioned values. More and more people from 23-29 are getting married and I really sense that these people are committing themselves wholeheartedly.
I really feel that this will have an effect beyond the Baby boomers and the Macdonald’s generation as these people are working hard now so they can spend time with their kids when they come along.
It is a big cycle and one genration might be screwed, but we can learn from those mistakes and move on to bigger and brighter things.
Oh yeah, I am not sure about this whole superannuation garble. I don’t put any extra in my super. Me doing the REI thing as well mainly as my super fund. Don’t intend on being a sponge when I’m old and grey, but we just don’t know what hand we will be dealt in life…
Steph.Success is 1% inspiration and 99% perspiration.
does anyone know what the defining difference between a gen x and gen y is? I can’t think why 1976 would be chosen as a cut off year. I am a gen x and my girlfriend a gen y and we don’t have any major differences in outlook.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Originally posted by marsden:What are your ideas on property investing in this atmosphere?
Since nobody picked up and answered this question for Marsden, I thought I’d throw my two cents in:
Buy nursing homes.Age doesn’t negate effort – you can never be too young or too old.
http://www.brw.com.au/freearticle.aspx?relId=11252
“Each of the eight imperatives in this special report ranks high on effect and urgency. They are the areas that company strategists cannot afford to ignore. They are also exigencies that do not necessarily fall inside the time horizons of company strategies, which are now conducted only over three years, with an annual update. The effect of ageing, for example, will occur over decades; it will not just have an effect in the short term.”
Ageing will happen, but you could die of old age waiting for it
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
O.K i’m back (from the whitsundays)and here I go again.
This topic is a passion of mine, though i’m not a complete expert. Oh by the way Mike I know you don’t have anything against BB’s (the marfias on the way mate, he he)
I am a BB from a large family and I am the youngest of 6 (45) my father was a mechanic, my 2 oldest bros builders and I started out as a sparky. Being born into a trades family and not a well to do family then changing occupations (elect. engineer/finance analaysis) was an interesting experience.
I know lots of BB’s and they are not well off, contary to the belief of many gen.x’s. When I was 25 a 45 year old was an old man and well off, funny thing isn’t it, nothing has changed.
I think gen.y’s will say the same thing about gen.x’s in a few years, when they do remember resiwealth ha ha. I have 8 gen.x’s working for me and we have some great discussions believe me, I love it.
In essence I believe the major swing between the BB’s and gen.x is that the BB’s were encouraged to save where as gen.x’s are spenders eg; credit card, car leases, store accounts (my brother inlaw is far in debt u would not believe). As proof two weeks ago in the telegraph an article said our personal debt has increased in the last 5 years (gen.x) from 433 billion to 720 billion ????? why ????? gen.x ????
Now SCREMIN has made an interesting comment in that he believes that gen.y’s are going back to old fashioned values (isn’t that interesting) watch out gen.x these guys will be after you.
As for SPANKY (nursing homes) i think he has hit the nail on the head, you’ve got my money!!
AUSSIEROGUE, i’m as confused as you, but I can’t wait for Mike/Lifex/gmh454 to respond, cause this is getting better.
Question is how do we fix it, xmas is here and the news papers in Jan/Feb 2005 will be “credit card debt beaks new levels. But what does Howard/Costello say – give love not gifts, oh give me a break.
Regards Phil (love a good discussion)
hello, hello.
It is a very overall perspective taken when you attempt to comprehend the effect of one generation on the next (or previous) in our country or even on the world scale….humbling as you consider that you are but drop in the ocean as to the continuance of mankind.Personally I view other generations as acting as a matter of circumstance and environment.
. I personally have always looked at the older generation and asked them how their lives have panned out and what critical decisions formed their end result. I always ask what they would have done differently with hindsight.I think that the same rules generally still apply to all gens.
I think that the effect one gen has on the next is largely guided by the governments and medias influence on the country. Which is sort of guided by that particular countries needs.
Currently I see an population with the demographics consisting of mainly older people. To regain balance, we need more younger people as it is the 20 – 65 year olds that contribute the most tax into the system which is what our country is built on.
Breed more, immigrate workers, become an american state, start more wars, build robot workers are a few of the easy ways our government could steer our country to ensure they have lots of money to wisely spend on the development of our country…….
…….as the majority of aussies would never dare risk their new car and plasma TV to attempt to change (destabilise) our current political system for the better, little johnny H. will be in charge.
I think that on a personal level, that within every generation individuals currently have the opportunity to be whatever they wan’t to be, Irrespective of inter-gen issues……we are lucky in that regard.
Whenever I look at the bigger picture, I always notice that there seems to be a stark contrast between how good we have it here compared to a lot of other countries that are suffering from civil war, famine, disease, over-population……
I wonder if the people in such countries are able to consider the direct effect of generation decisions on their lives…….hmmm
Live, Learn and GrowLifexperience
Originally posted by AusProp:and obviously as the population growth continues and inflation marches on and we experience growth it would be more surprising if gross debt actually reduced. They could have that article printed up and ready to run on a regular annual basis! actually is the billion they talk of 100 million or 1000 million? at 1000 million it is still only $38000 per head of population which sounds very low – do these numbers exclude mortgages or something?
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Sorry missed this first time but it is relevant, as they are talking about debt as a % of average personal income.
In 20 yrs it has gone from around 45% to 120+&. This is easy to measure as it is apples to apples.
Hey resiwealth! I am a SHE not a HE!!!
Someone said something about why 1976 is the cut off for generation x, well I don’t know why. I was born in 1978 and was always under teh belief that Generation X went throught to 1980.
I’m actually not sure I even believe in Generation Y… The generation after me (My brothers age group, 18) should be called the Mcdonalds Generation coz they are all fat, greedy and have no idea about how to look after themselves.
My opinion remember… Oh an interesting thing I thought I would also add, is why do the generation Xers not want anything to do with their children? I know so many people in that age group who blatantly hand their child over to anyone and everyone who would look after them. They look to anyone as a baby sitter and skive out of real responsibility.
Could this be related to the amount of litigation that is around in Australia today? Are generation Xers really living up to their responsibilities. I know many are, but I wonder what proportion of people are not…I certainly know of some of my own extended family who gets Nanna to look after kids a lot while she goes back to work. She doesn’t really need to but…
Hee hee, Just some of my own observations…
Oh and after really thinking about it, Generation Y only really applies to people born in 1977-1982. Then I reckon they are the mcdonalds generation….
Bye,
Steph.[blink][evil4][jerry][jerry][jerry]ahem steph.
My wife and I were born in 1974, so while I am a bittered and twisted generation X type (thanks Kurt Cobain and Sonic Youth), we aren’t planning to hand over our child to anyone when we have a bubba next year. Wife will stay at home for 12 months (I offered to), then look at gonig back to work for a couple of days. If she doesn’t want to, she doesn’t have to, but she’s a paramedic so she needs to keep her skills up to date.
My brother’s wife on the other hand is giving birth in Feb, and plans to be back at work full time within 6 weeks. The difference? We have been good with our money and managed to invest wisely and pay off our PPOR… they have been big spenders and have a massive mortgage while trying to do the trendy inner city thing arising from buying an overpriced dump at the peak of the boom, with plans to renovate and sell for a big profit. I asked them what their renovation budget was the other day, they said “we don’t know, maybe 200k”… bought for 350k over 2 years ago, renovate for 200k, and they’re hoping to get 600k in a suburb where that price has only rarely reached the mark, and their place has little going for it, even thoguh it will look nice when done (it’d want to for 200k)… they haven’t even taken into account their non deductible interest payments!! Anyway, I’m getting sidetracked. Not very well planned and trouble will be coming for them IMHO. Anyway, they have no choice but to work, and, IMHO, sacrifice the needs of the child.
I’ve been labelled greedy (believe it or not marc1) etc by my family in the past, but now that my own family is taking shape, I’m glad I focussed on investing, because it’s giving us choices in life, which is the aim of the whole thing isn’t it? Of course they and a few others think we’re lucky that mrs richmond doesn’t have to work… you can guess my reaction to that, but I keep it to myself.
cheers
rsteph – pretty close to home for me your post…hehe….
Scremin, sorry for the gender mix up. I will get the dates for you re the generation groups and ages, I have these some where in my notes.
Steph, you also raise some interesting points and questions for the gen.x’s (the tide has turned, pressure) and I am hopeing my good buddy MichaelWhyte is going to respond to your points, Mike where are you??? the shoes on the other foot, he he.
Richmond, I too have this situation in my family/inlaws. My wife has made me promise i keep my mouth shut, they say that comon sence is not so common and I tend to agree … time well tell
Regards Phil[lmao]
I like this discussion and really like some of the replies. I agree with so much of what has been said (including macca’s and denile), but still have to add my 2c worth.
I don’t think any generation is really that different . We all like to say someone has it easier than us. All things change, but the basics are the same. We have different tools, different means to an end, different types of work, different values, etc. And different problems. (I remember trying for a $20k loan when I was in my late 20’s and getting knocked back because I was female, and did not have a partner to co-sign. It was cash for everything. And what on earth was a credit card? Yes, I am a BB.) There are different issues each generation. Currently we have high debt. This will change as people adjust to having all this credit. It wasn’t there 20 years ago. There are more people. Education is different. We have wonderful multiculturalism. And as for technology; well…. But are people any worse off or better off than the last three generations, or will the next generation be worse off? My opinion only, but I don’t think so. It will just be different. People grow and change as they learn. The current gen’s are learning differently to what we learnt – but we can still learn what they are learning. You will still have the rich, the poor, the struggling, those in a comfort zone, those in debt, those fighting to make something of themselves, those who have had wealth passed on to them from prior generations, etc.
Probably off the thread here, so I’ll go back a bit. I think debt is currently a problem, but I also think that we can over come it, and will in time. We always do. The ‘she’ll be right mate’ attitude will not go away, but education and experience generally win out in the end and we will all learn how to manage it. How many people when they got their first pay packet did not go and blow it? Some still do, but do we all? I think credit/debt, is a bit like that. Anyway, many of the people here are using debt wisely – I hope – to create an income. It’s not all doom and gloom, for any generation.
Cheers
CalderRichmond, I’m not digging at you mate, I’m just saying that there definitely is a characteristical laziness within certain generations. I’m just shit stirring really to see what reactions I get!!! Hee hee….
I don’t doubt that there are people out there dedicated to their children and wanting to stay home and have budgeted accordingly. I take my hat off to them. I want to be one of those people. I am extremely atamate that that is one condition of having a child. One of us (Cremin or myself) MUST stay home. I do not want my child to have someone else looking after them. Mind you, I am toying witht he idea of family daycare so I will be the carer of those dumped children, but hey, if I get to stay home and get paid a little. Why the hell not!!!
Good on those people who have thought it all through and are trying hard.
Steph.
Success is 1% inspiration and 99% perspiration.
Phil / Steph,
Can I plead no response on the grounds that I may incriminate myself? [biggrin]
Sorry I’ve been off the net for a while, that’s one of the problems with getting paid a big salary, sometimes you have to earn it! Its been a big cuppla days.
Steph, I think you’re on to something with the GenXers being more work focussed and the GenYers returning to family values. GenY seem to be getting married earlier and focussing on family over all else. Being a GenX I can bear this out. I wasn’t married until I was 34, and had been dating my wife for 10 years, living together for about 3. So, a GenX afraid of commitment, that’s me for sure. Now I’m married I wouldn’t have it any other way.
My wife and I have talked about kids and I told her that we were financially secure if she wanted to take time off work to look after our firstborn then that was OK. She said that she doesn’t have a maternal bone in her body and wouldn’t let her career stagnate at the stage its at right now. (I’m the one that would really like to start a family…) So, if we were to have a kid, the plan is to hire a full time live-in nanny to look after the kiddie so we can both continue to develop our careers for now. Sounds a bit whacky I guess. Does this make us bad people? Hope not…
I guess we also break the mold on GenXers being spend big debt accumulators. We’re almost debt free on our PPOR and both my wife and I are professionals on bigh salaries. We’re not into conspicuous consumption, but invest wisely for the future. Debt is absolutely not an issue for us, its what gives us leverage.
Cheers,
Michael.Hi Michael,
Can I start with a disclaimer?
My following remarks are in no way intended to be any sort of attack or insult, so please don’t take them the wrong way.
Good, glad I got that out of the way.
A few people at work hire full time live-in nannies, and it works for them. I’m sure it will work for you too.
HOWEVER, my own personal view is that having a child is the biggest responsibility that a person can take on, and is far more important than any career (obviously you need to provide for said child however). I think if a couple has a child, it is that couple’s responsibility to raise it, and not depend on a nanny et al to do the hard slog. I think continued contact with a child, especially in the young, formative years, is crucial to the child’s development. Research has shown that “absent” parents try and over compensate with material goods later on (not saying that’s what you’ll do though [biggrin]) and that while some kids in those situations have “issues” later on, all they really wanted was more quality time with their parents.
As someone else one said, very few people go to their death bed wishing they’d spent more time at work.
Anyhoo, as I said, it’s just my view and I don’t want to force it on anyone, so I hope respondents take it as such.
ps I don’t think you’re bad people, horses for courses all that stuff…
Cheers
rMichael,
It is so funny that your wife reckons she hasn’t got a maternal bone in her body! Every woman has the maternal instinct, some a little more developed than others. My point is, she needs to change her opinion of herself before she has a child. If she continually thinks she’s not maternal, than she will not act maternal. But if she is open to whatever happens, then she may discover something about herself that she may come to really enjoy.My girlfriend fell pregnant rather unexpectedly to a fella she had only been with for 6 months. Thankfully they had been planning to get married before they found out anyway, but she was so not the typical “Mother” type. She has turned out to be the most fantastic mother I know of. I think she even shocked herself at how she took to motherhood.
She returned to work after a year of being at home, not for necessity, but because she didn’t want to lose touch with her career. She is planning to take a year or two off again soon to stay home and maybe have another baby. Kudos to her as she was open to the motherhood idea.
I don’t wanna sound like a lecturer or anything and it isn’t like I have children or anything, but I have been a nanny for rich people who value their careers and sometimes I actually wondered if they even remember they had children at all… No criticism on careers or anything, but some people shouldn’t even have children coz they don’t pay attention to them.
What about you giving up your job to stay home with little on Michael? Would that be a possibility for you? Even for a year?
Steph.
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