DISASTER Matt Bracken: Baby Boomers Better Beware

[KFhunter]

My DW would not be amused. Yes, Vietnam is quite beautiful. I have been to Nepal, Thailand and Korea(Stop-over)
Thailand is flat-out hot.

I did not mean it to be amusing, there’s a ton of people doing it and yes you can buy one.

I know someone who bought a woman and her house, it was voluntary - I’m not saying involuntary slavery although that too is likely possible.

You did well.
My son will be wealthier than I, also.
But, unlike the previous generation, I will give him a bunch before I pass. Oh and a lot of paid-for adventure travel to boot!

Some boomers did raise their kids right.

 

[West]

Because of the nanny state, government education and fed fiat, I would argue is why the younger generations hate "The Man"

The man is anyone with private assets. Because they stole them. Many think the deductions taking out of their pay, low wages, and less good jobs is all the faults of the greedy man. Especially capitalist.

 

[Southside]

Yep, but I raised my millennial kids to be hard workers and not basement dwelling complainers. That's why both of them have good jobs, and both bought their 1st homes in their mid 20's. It's amazing what can be accomplished when you aren't whining and complaining.

Yea, same here. My kid was self employed at 14.

 

[WildDaisy]

One of the other problems, at least in my area, I noticed is that they are not building starter homes. All the homes being built start at a half a million here for a 2 BR and go up to almost $2 million. There are other parts of the country where there are more affordable starter homes, but they also arent where the big jobs are either. Affordable homes in the US can be found in the South, and Midwest outside of major cities, but on the coasts, not so much, but those coasts are where the non-mfg jobs are that they have college degrees for, for the most part.

Most of us and our parents bought homes during the left side of this chart, but the Gen Zers are buying at the right side now, where the disparity between income and home prices is very large. They cant afford the mortgages.

My parents paid $49,000 for their home in 1970 where their household income was about $20,000/yr (two incomes which was unusual). I bought the home next door 10 years ago for $426,000 with a household income of a little less than $100,000 with a substantial down payment. Both houses are 3 BR, and both built in the same year.

 

[King Samson]

But I can see where some of the hostility comes from. The No Kings protests are populated mostly by Boomers. And I see in some of my fellow Boomers this smugness due to a supposed moral superiority.

I think it's from the fact that a large percentage of Boomers don't know how they will afford and survive retirement years, because, as a whole, many hadn't saved what they needed. Heck, 25% of Boomers have nothing saved for retirement, and the next 25% have less than $100k saved, for a potential 20 year retirement. So, they need to be angry at something/someone... and "Orange Man Bad" is their current target.

 

[Firebird]

You know, as a boomer, I'm sure glad to find out that everything was handed to me on a silver platter. Otherwise, I sure would have thought I had worked my ass off all those years working 2 or more jobs for nothing.

Yes, dripping sarcasm.

Dumb ass kids, everything has been a participation trophy in their lives. I wonder how many of them went to work 6 days a week, 10 hours a day at 15 yo, so that they could have clothes to wear? I've worked twice as long as most of them have been alive.

 

[King Samson]

All the homes being built start at a half a million here for a 2 BR and go up to almost $2 million. There are other parts of the country where there are more affordable starter homes, but they also arent where the big jobs are either.

If you dig deeper into the stats, you'll find out one big reason why home prices are more now, is because of the size of the houses. The square footage has doubled in the typical "starter house" now. The "starter" house now is like 2200 sq ft., versus 1000 sq ft in the left side of the chart.

And that's before you add in all the financing tricks today, versus decades ago. Remember, people buy "payments", not 'houses".

 

[Bubble Head]

I have never seen a hearse with a cargo rack. You won’t be taking anything with you. I don care what generation you identify with. Life is tough and then you die. Some sooner than others. Prepare accordingly.

 

[WildDaisy]

If you dig deeper into the stats, you'll find out one big reason why home prices are more now, is because of the size of the houses. The square footage has doubled in the typical "starter house" now. The "starter" house now is like 2200 sq ft., versus 1000 sq ft in the left side of the chart.

And that's before you add in all the financing tricks today, versus decades ago. Remember, people buy "payments", not 'houses".

Yes, that's what I said in the post. They aren't making starter homes anymore (i.e. the sq footage is too much). I guess in my mind, a "starter home" is a small sq ft home with just enough space for a beginning family. But yes, just like you said, they are making monstrosities now, and calling them "starter homes" that no one starting out can afford.

 

[Millwright]

Or does the entitled generation think they should start their first job as "the boss" and immediately be able to buy a McMansion?

"Starter homes" aren't normally "built".

It's something small that has been around for awhile.

How many of them spend several hundred dollars a month on $10 coffees, $100/mo on the latest phone upgrade, drive a beemer or trashla, because they deserve it, we could go on and on...and on.

 

[naegling62]

I’m a “Boomer” born in 1962. Married to a Gen-X with Gen-Z kids. Maybe it just the social respect our region generally has for our elders, but I’m not seeing, hearing or have been disrespected in manner.

 

[naegling62]

Or does the entitled generation think they should start their first job as "the boss" and immediately be able to buy a McMansion?

"Starter homes" aren't normally "built".

It's something small that has been around for awhile.

How many of them spend several hundred dollars a month on $10 coffees, $100/mo on the latest phone upgrade, drive a beemer or trashla, because they deserve it, we could go on and on...and on.

Starter homes should have carpet, linoleum and formica. Inexpensive cabinets and so on. Just can’t find new neighborhoods being built like that. Even the apartments are too nice.

 

[Millwright]

Starter homes should have carpet, linoleum and formica. Inexpensive cabinets and so on. Just can’t find new neighborhoods being built like that. Even the apartments are too nice.

Why does it have to be in a "new neighborhood"?

 

[Greatgrandad]

Blaming an entire generation for your current state, reality or falsely believed, always seems immature and intellectually dishonest. There are millions of "Boomers" who struggle to live paycheck to paycheck, on Social Security or some small pension. Many of them are in far worse financial and physical shape than many youngsters, and many of them still live in small homes, apartments, trailers, etc.

However, we have and are seeing more and more people who just do not want to work hard, educate themselves, begin with things small and more affordable and have the patience to slowly build upon their lives and financial status. Its the "instant gratification" world we have become and allowed. Many just can't wait or want to "work" to have those nice toys, homes, jobs, salaries, etc. "I want it NOW!" And then, there are always those who just do not have the capacity to go beyond their current state - educationally, financially, emotionally and mentally.

When my wife and I got married, we moved into a 12'x56' trailer home, owned one old truck with my wife riding a bicycle, during good weather, a couple of miles to her job, and then we saved enough for me to purchase a 250cc motorcycle and gave her the truck daily. I rode that motorcycle in sun, rain, subfreezing temps, etc, and getting 75mpg, it saved me some money.

Like so many millions before, we worked, saved, took various educational opportunities, received promotions, slowly increased our net worth, lived in base housing, small apartments, etc, and finally purchased a small brick home. After leaving the mil, I began anew with changing careers, a few more years of night and day classes, and then spent 25+ years expanding that career and what it allowed us to do.

Now in my twilight years, some people think we were simply born with silver spoons and everything was easy? Some people think we are the cause of "their" problems in life? I will admit rabid inflation is related to a "few" Boomers who ended the relationship of our "dollar" to the gold standard, allowed 25-30+ million illegal aliens to flood the country driving up demand on housing, food, energy, etc, etc, and those "few" have caused taxes and other costs to explode. Since my birth, we have watched the overall population of the US more than double from 150 million to today's nearly 340 million. Demand for everything has increased, and many of those item demands with their costs, never existed in our day. So, we had no need to spend the money for them. No internet, no cell phones, no sat TV, no home computers, no video games, etc, etc. We just lived and made the best of what we had.

 

[GB Appling]

It took a lifetime to build their wealth. I really don't care what some snotty nosed wet behind the ears youth have to say. Work your ass off for 30+ years then you can give your opinions.
They are ultimately suffering from covetousness.
They want the stuff just they are just not willing to sacrifice to have it.
I'm not a boomer but I respect The Greatest Generation.

 

[Coco82919]

The one thing Bracken has not considered is, most "Boomers" have an arsenal and know how to use it. I have a nephew who thought he should just be able to get a starting job of 100,000 or more. He thought he should be the boss because he knew more then his bosses. He was a high school drop out, 18, and clueless. He is now in his 40's and still struggles with reality. Yes, his is a complete liberal along with his mother and father. I have a hard time finding g anything I can talk to them about.

 

[Hognutz]

Starter homes around here has traditionally been a mobile home.


But a new singlewide is pushing$100,000. And remember they depreciate.

 

[Millwright]

The one thing Bracken has not considered is, most "Boomers" have an arsenal and know how to use it.

Considering that he was a SEAL, I bet he has a better clue than most.

 

[TFergeson]

The one thing Bracken has not considered is, most "Boomers" have an arsenal and know how to use it.

Bracken of all people certainly has. The point he makes is you will need to sleep sometime. No man is an island. Your water and power can be turned off from outside your house. Kill to many of the mob, and theyll burn your house down, with you and your arsenal inside.

I second his recommendation to read his article, "When the music stops".

 

[Blacknarwhal]

Beware of looking to Spanish-speaking countries to find safety and salvation. I have friends who've done that and have read reports by others who've done it and their reports are similar: They'll tolerate you and even be friendly as long as you have money and are spending it locally. If and when your money is restricted, so is their treatment of you.

Understand that the above is in good times, with no wars or shortages. In dangerous times, I would expect that dislike of the Gringos would manifest itself almost immediately and possibly fatally. You might have better luck much farther south in Argentina or other countries where the populations are generally European (White).

Wherever you go, the greatest insurance policy you can possibly have is to learn the local language and establish relationships with the local residents. This will take months to years before you are (mostly) accepted. IMHO the idea of buying a place in Latin America and hiring a caretaker to look after the place, just so you can use it as a bolt hole when the TSHTF is extremely wrong-headed.

Best
Doc

"What money, gringo?"

I said this on some other thread and was told I was kissing the fedgov's tukhus. THEY want you to believe everywhere else is worse than here, apparently.

 

[West]

The cost of new modest homes is about 50% higher than it should be, due to government mandated liabilities, regulations and taxes.

Tiny homes are a great example. Them alone is easily low end $50k. I could build them using my own monies for around $20k but if I was going to contract the labor out, easily a additional $20k in labor liabilities, not including their take home pay.

Inflation by mandate. And capitalism is getting blamed for it.

 

[Countrymouse]

One of the other problems, at least in my area, I noticed is that they are not building starter homes. All the homes being built start at a half a million here for a 2 BR and go up to almost $2 million. There are other parts of the country where there are more affordable starter homes, but they also arent where the big jobs are either. Affordable homes in the US can be found in the South, and Midwest outside of major cities, but on the coasts, not so much, but those coasts are where the non-mfg jobs are that they have college degrees for, for the most part.

Most of us and our parents bought homes during the left side of this chart, but the Gen Zers are buying at the right side now, where the disparity between income and home prices is very large. They cant afford the mortgages.

My parents paid $49,000 for their home in 1970 where their household income was about $20,000/yr (two incomes which was unusual). I bought the home next door 10 years ago for $426,000 with a household income of a little less than $100,000 with a substantial down payment. Both houses are 3 BR, and both built in the same year.

View attachment 596167

Very true! And even apartment rentals are nearly the same--or in Atlanta, more--than monthly mortgage-payments.

I've heard it's because of the Chinese and other foreign-actors buying up American housing (the former "starter homes") and turning them into mass-rental properties. I know that's happening where I live.

 

[Countrymouse]

If you dig deeper into the stats, you'll find out one big reason why home prices are more now, is because of the size of the houses. The square footage has doubled in the typical "starter house" now. The "starter" house now is like 2200 sq ft., versus 1000 sq ft in the left side of the chart.

And that's before you add in all the financing tricks today, versus decades ago. Remember, people buy "payments", not 'houses".

You know what I find interesting?

Remember when the "norm" for American families was 4 children? Even farther back, 7 or more?

Not just in the farming areas, either.

But teeny tiny little houses (look at houses from the 30's to the 60's) for such large families--often with all the boys in one bedroom and all the girls in another--but (even in the areas just outside the city) with HUGE yards.

Now we have HUGE houses--multiple bedrooms/ "play"rooms/video-movie rooms, enormous kitchens and several "sitting" areas (what we used to call dens/living rooms/dining rooms)--but postage-stamp YARDS, or houses only 10 feet apart from one another. No room for kids to "roam" and play outdoors--so it's like we've tried to move the square-footage of what was outside, IN.

And both husband and wife have to work to keep up the mortgage on such a home--so they're never in it--and hire maids to clean it (for the same reason--never home in it).

So as our society has come to value children less, and material comforts more--the homes have become so expensive they can't afford one to raise any children IN.

Ironic, isn't it?

 

[Countrymouse]

Interesting, coming from Bracken, who's a Boomer himself.

The part he's missing is that the Millennial generation (the Boomer's kids), are the MOST entitled generation going. They don't want to lift a finger, or put in hardly any effort, but want to be paid 6 figures for an entry level job. They also expect or feel entitled, that their FIRST home be 2500 sq. ft, with 4 bedrooms, just like mom and dad have NOW... starter home of 1000 sq ft..... nope.... then they cry that they can't afford a 2500 sq ft home.

I've read multiple business articles, and when they ask Millennials what their savings plan is for retirement... they have none... Their retirement plan is to inherit mom and dad's wealth and house, that mom and dad worked hard for, for 45 years.

Sorry Millennials, here's OUR plan... good luck!

View attachment 596162

I thought the generation after the Boomers was GEN X? Not the "millennials", who were born in the 90's - 2000's.

 

[Countrymouse]

R/T 50 sec.

https://twitter.com/i/web/status/2040203089840378341

View: https://twitter.com/nicksortor/status/2040203089840378341?s=61



Fenway Park, home of the Boston Red Sox, turned off their replies because they accidentally put out an ad for MASS DEPORTATIONS

THIS is the America we’re fighting to get back.

America before the third world invasion was the GOLDEN AGE of human civilization.

BRING IT BACK!

yes---don't just count the Boomer's supposed wasting of their wealth.

Look at the amount of the wealth of this country given to welfare you-know-whats, Somalis, other immigrants.

I'd say THAT is the lion's share of America's wealth drain.

 

[TFergeson]

I thought the generation after the Boomers was GEN X? Not the "millennials", who were born in the 90's - 2000's.

That distinction is what is confusing, as boomer's had both Gen-X and Millenial kids depending on how late in life they had them. My parents waited until later in life to have me and I am a Millenial. My neighbors on the other hand have parents the same as age mine, but they are Gen-X because their parents had them early.

Then there are the millenials with Gen-X parents.

 

[Greatgrandad]

You know what I find interesting?

Remember when the "norm" for American families was 4 children? Even farther back, 7 or more?

Not just in the farming areas, either.

But teeny tiny little houses (look at houses from the 30's to the 60's) for such large families--often with all the boys in one bedroom and all the girls in another--but (even in the areas just outside the city) with HUGE yards.

Now we have HUGE houses--multiple bedrooms/ "play"rooms/video-movie rooms, enormous kitchens and several "sitting" areas (what we used to call dens/living rooms/dining rooms)--but postage-stamp YARDS, or houses only 10 feet apart from one another. No room for kids to "roam" and play outdoors--so it's like we've tried to move the square-footage of what was outside, IN.

And both husband and wife have to work to keep up the mortgage on such a home--so they're never in it--and hire maids to clean it (for the same reason--never home in it).

So as our society has come to value children less, and material comforts more--the homes have become so expensive they can't afford one to raise any children IN.

Ironic, isn't it?

That hit home. I grew up on a rural, small farm/ranch of 80 acres with only about 40 of those under cultivation, about 15 or so in yearly pasture with the rest in woods, gardens and a small pond. Our front and back yards were huge, and there were other farms around ours and various fields, forest land, creeks, ponds and a small river about 1 1/2 miles away.

Unless the weather was nasty, staying indoors just wasn't a thing for us 5 boys (no girls). We hated to be indoors anyway. We were all very active, creative, exploring, hiking, hunting, fishing, etc, etc. Our little farm house was from the turn of the 20th century, and it only had 2 small bedrooms, one small living room and a tiny kitchen/dining room combo. No bathroom, for we used an outhouse, bathed in a wash tub or the homemade shower my brother and I made by punching small nail holes in an old paint bucket, hanging it from a tree limb and running a garden hose to it from the well pump.

 

[Millwright]

That hit home. I grew up on a rural, small farm/ranch of 80 acres with only about 40 of those under cultivation, about 15 or so in yearly pasture with the rest in woods, gardens and a small pond. Our front and back yards were huge, and there were other farms around ours and various fields, forest land, creeks, ponds and a small river about 1 1/2 miles away.

Unless the weather was nasty, staying indoors just wasn't a thing for us 5 boys (no girls). We hated to be indoors anyway. We were all very active, creative, exploring, hiking, hunting, fishing, etc, etc. Our little farm house was from the turn of the 20th century, and it only had 2 small bedrooms, one small living room and a tiny kitchen/dining room combo. No bathroom, for we used an outhouse, bathed in a wash tub or the homemade shower my brother and I made by punching small nail holes in an old paint bucket, hanging it from a tree limb and running a garden hose to it from the well pump.

To school...barefoot...in the snow...uphill...both ways.

 

[West]

They're idiots who can't see the great OZ.

Behind the curtains. OZ says kill whitey and capitalism is bad! Government is here to make it right. Here is your income tax return to help make up for all those monies your evil private capitalist has stolen from your wages.

 

[Greatgrandad]

To school...barefoot...in the snow...uphill...both ways.

No, we rode the bus about 5 miles to the nearby town of 800 people. In those days in the South, there were plenty of money poor, farm people. Today and even then to many in cities, we were a cliche', but it was just life for some.

 

[desert_fox]

Many boomers wonder why the hate but they forget one key thing: Boomers in the government.

Younger generations see what is going on in the world, the economy, the fraud, the lining of pockets, the two-tiered just-us system. They have to look no further than the .gov to blame their woes (and hence boomers).

Many have been there since the 1980's and have no motivation to leave until the grim reaper appears.

 

[King Samson]

The cost of new modest homes is about 50% higher than it should be, due to government mandated liabilities, regulations and taxes.

It has nothing to do with government mandates. Prices went up because buyers wanted BIGGER houses. Then add in lower down payment requirements or FHA low down payment loans, lower qualifying ratios, along with lower mortgage rates, adjustable rate loans, etc.... this all pushed up prices. People buy payments, not houses.

Tiny homes are a great example. Them alone is easily low end $50k. I could build them using my own monies for around $20k but if I was going to contract the labor out, easily a additional $20k in labor.

Inflation by mandate.

Bad example. Tiny houses cost more per square feet, because they don't have all the open air space like a house (living rooms, family rooms, extra bedrooms), but they all have the same mechanical system requirements as a standard house. This makes them more expensive to build. Plus, working in a tighter space is more labor intensive. You like getting paid for your labor, right?

 

[King Samson]

To school...barefoot...in the snow...uphill...both ways.

I really hated doing my homework on the back of a shovel, using coal to write.

 

[Millwright]

I really hated doing my homework on the back of a shovel, using coal to write.

No tv, had to walk three miles to see Hee-Haw at the neighbors, watching from the front porch.

 

[subnet]

"but it also makes you the easiest of pickings in the event of social disorder. An older couple or single person cannot possibly defend a home in the suburbs, even if they are armed to the teeth. It just can’t be done, not against an armed mob willing to turn your home into bullet-ridden Swiss cheese, a mob who are ready to fire-bomb your home if they can’t capture it intact."

"Voluntarily downsizing your personal living space in your own home by sharing it with some of your own kin now, will be preferable to having it taken from you forcibly, and in the ugliest ways imaginable. "

Other than more eyes watching it wont stop the mob he describes in the first quote up top.

 

[subnet]

If you dig deeper into the stats, you'll find out one big reason why home prices are more now, is because of the size of the houses. The square footage has doubled in the typical "starter house" now. The "starter" house now is like 2200 sq ft., versus 1000 sq ft in the left side of the chart.

And that's before you add in all the financing tricks today, versus decades ago. Remember, people buy "payments", not 'houses".

Devaluation of the dollar is a major part as well.

 

[West]

It has nothing to do with government mandates. Prices went up because buyers wanted BIGGER houses. Then add in lower down payment requirements or FHA low down payment loans, lower qualifying ratios, along with lower mortgage rates, adjustable rate loans, etc.... this all pushed up prices. People buy payments, not houses.


Bad example. Tiny houses cost more per square feet, because they don't have all the open air space like a house (living rooms, family rooms, extra bedrooms), but they all have the same mechanical system requirements as a standard house. This makes them more expensive to build. Plus, working in a tighter space is more labor intensive. You like getting paid for your labor, right?

As a contractor now in two states and being a second generation in two trades including general contracting, you have no idea.

 

[Greatgrandad]

No tv, had to walk three miles to see Hee-Haw at the neighbors, watching from the front porch.

Yea, yea, yea.......I put up with the same crap from people when I joined the military, and even my future wife didn't believe it until I took her to see mom on the homestead and drove her around those dirt roads and farms.

And BTW, we never had a TV growing up, for dad bought his first 19" B&W in 1969. As an old Navy man from WW II and Korea, he wanted to watch the moon launch and landing.

Pic of dad (Left) at 12 in front of the old farm home in the 1930's. After being in the Navy during WW II and discharged in 1946, he married and took over the home and farm that all 5 of us boys grew up and worked on. The house burned down in 1979.

 

[Millwright]

Yea, yea, yea.......I put up with the same crap from people when I joined the military,

Being from south Louisiana, them cornfed boys from up nawth thought everybody had a pirogue and pet alligator...lived in the swamps, etc.

 

[TFergeson]

Other than more eyes watching it wont stop the mob he describes in the first quote up top.

True, hence the need for neighborhood unity. In addition to his WHen the music stops, I recommend "The Killer Caravans" by Kurt Saxon for dealing with the mobs

http://www.textfiles.com/survival/caravans