Why the fuck are Baby Boomers so bad with money?

>I gave someone $1000 for a TV, why are they so bad with money?
Even baby boomers aren't this stupid

>Helping family out financially

Its like you want to be poor.

Help them find a better job or a cheaper place to live if you really love them

That's embarrassing.

What my mom always taught me was "people spend money on what they want to spend it on, not what they need."

The same people who are complaining to you about money usually go out to eat every day or have an iPhone. When I used to work in the restaurant biz, every cook and dishwasher had an iPhone but would complain about their paychecks constantly.

>They're in their late 50s and still have £100k left on their mortgage. Her dad recently got a pension payout, and it all went on a new car and trip to Rome.

This makes me grind my teeth.

This. My brother is the exact same way but worse. He complains about the stupid things OTHER people do with money, while being totally oblivious to the stupid shit he does with his own money.

>"Apple products are such a ripoff"
>"All these idiots don't have any money and they're in their 30s/40s+"
>"People are so stupid"

yet

>has an iphone
>drives a lifted Jeep that gets 12 miles to the gallon
>also spent 9 grand on a motorcycle he doesn't use
>goes out to eat almost every day
>goes to bars and drinks multiple times per week
>complained about $8 starbucks every morning
>$8 coffee, 5 days a week, 50 weeks a year
>he was paying nearly 10% of his income JUST BUYING FUCKING COFFEE
>has been employed since he was 16, now 25, but literally lives paycheck to paycheck and has a negative net worth
>almost a decade of work
>and nothing to show for it

It fucking boggles my mind. These people boggle my fucking mind.

You hittin that breh?

He'll be hitting you up for cash in a few years. Let's see how you deal with it.

>state or the art
Its state of the art
Do you also say stuff like lack toast and tolerance?

>lack toast and tolerance
MAXIKEK

Fortunately I think he's going to get his income up in the next couple years so I have a reasonable hope that he'll be able to keep himself afloat. Assuming he can't, though, this is what will happen:

>"user I'm getting behind on rent/mortgage this month, can you help me out? I'll pay you back."
>Sure, but [explain to him what he's doing wrong, try to help him].
>pay the mortgage

Now it can go two ways
>One, borrowing money embarrassed him badly enough that he will never let things get that bad again
>pays me back
>his life turns around

or

>Two, he still makes stupid choices and doesn't/can't pay me back
>forgive the debt, but I will never lend him another dollar in my life

Honestly, only time will tell. We'll see.

It's going to be the second one. You're a fool.

The "he can't be poor he has an iphone" meme is so stupid

You can get one for around $200 or less, and you need a phone. It's legit a necessity. Try sending out some resumes without a phone number on them see how it works out

I think family deserves at least one chance. Besides, a few years from now a one-time loss of a couple grand won't be that big of a deal to me.

I'm guessing you've had family members do this?

With family and no actual written contract or agreement it's legit always the 2nd one

Why do you have 10k in a checking acct...lol

Just lord it over him. Make it abundantly clear that you will never let him forget it if he doesn't.

My one cousin outright refuses to even go to a social gathering where she knows I'll be because the first thing I say to her is "Hey name! How you doing? Got my 200 dollars?" Any question she asks is answered with, "I'll tell you for 200 dollars." Any retort she comes up with gets twisted into, "I need 200 dollars on retainer to do that." or some variant thereof. She'd literally rather skip Christmas dinner with everyone than be within a mile of me because shes such a narcissist that she can't stand being reminded of how much of a parasitic piece of shit she really is. She actually drives an extra 30 miles round trip to not shop where I do because she's so afraid of confronting her own reality.

I'll loan to family, but everyone knows that they pay me back, or I will be the asshole and remind them of it in public every time I see them. Her older sister had an extended medical leave after a drunk t-boned her, and I flipped her 5 grand for an 8 grand car to get back on her feet. She payed me back within the year.

It's not even the money. It's the principle. You don't get to pull the 'b-b-b-b-but faaaaamily' card if you treat your family worse than people you work with. You wouldn't ask your boss for a couple hundred dollars, let alone several thousand. Don't ask your relatives either.

Before you ever loan relatives, or friends money, be prepared to end the relationship.

wow you sound horrible. glad you're not in my family...

you don't make loans to family. if they need help, you give it to them or you don't. you don't bust their balls like that.

This. I've never had a problem loaning to my immediate family because they always pay me back no problem, but we're a pretty tight family.

I could imagine that in a lot of families, relatives will take advantage of the "I'm family" card.

Really a low move, especially if you don't have the decency to hold your word and pay it back.

I mean seriously, $200 dollars? That's not even a week of minimum wage work. What possible excuse could you have for not paying that back?

Yeah, back in the day money went far. If you worked hard u didnt need to worry. And the dumbfucks counting on a stock market for retirement

I probably would take a different approach but you make some good points user. That's exactly why I avoid lending and borrowing from family. You can't really do anything but annoy her to get your money back.

Woah, bud someone's a retard. :^)

Notice how the "r" and "f" letter are right next to each other, thus this was blatantly a typo.

You pseudo-enlightened subhuman peons are a diamond dozen.

>Before you ever loan relatives, or friends money, be prepared to end the relationship.
I wouldn't end the relationship, but I would explicitly tell them "I will never give you another dime because you don't think paying your debts is important." I want to help my family of course, but I get the impression thinks I'm a cuck. I will not be taken advantage of. That's just not who I am.

>I mean seriously, $200 dollars? That's not even a week of minimum wage work. What possible excuse could you have for not paying that back?
This.

Gifts are an entirely separate thing. You give a gift, with the knowledge and intent that you don't want to see it again. I do that all the time. Be it giving them surplus materials from my business, or using my connections to pull favors for them. Those are gifts, and while they are not required, they improve the lives of my family.

Someone asking for money to pay their utilities because their horrible spending habits put them in a rut needs to be called out. They can either change their ways, or they can get out of my life. I have enough money that I could house all of my cousins, aunts/uncles, and siblings. I'm not running a charity, and I will not be involved in breeding that level of entitlement.

It's not even like you have to pay me back. I've thrown 10 grand at another cousin on the opposite side of the family because he had a solid business idea, could follow through, and did. Everything was going wonderfully and then he went bankrupt when the economy tanked. I saw his accounting. It was solid. I'm not exactly pleased, but I have no fundamental problem writing something like that off. That's the difference. He TRIED, and when he couldn't, he was honest and forthcoming.

It comes down to this. Are you having a shitty time because of things beyond your control? Fine. I can and will help with that. Maybe not cover it entirely, but shit happens to good people sometimes. Are you having a shitty time because you put yourself there? Fuck off. If you are able to stand on your own, but refuse to do so, I won't help you. Learn to be a good person instead of a parasite, and maybe we can talk again.

Ms owes me 200 dollars could easily afford to pay me back. She's probably wasted over a thousand on gas/vehicle wear and tear avoiding me. She just refuse to because it would damage her pride.

If you ever wanted to help them, you'd have given them the food and told them to eat it in the dark as a lesson.

Giving poor people money isn't 'helping'.

>you don't make loans to family. if they need help, you give it to them or you don't. you don't bust their balls like that.

Wow, you're a cuck. Family got you over a barrel HARD.
People need to learn to not buy shit they can't afford.

Absolutely fucking insane, they want to go on a joint holiday, but can't understand why we don't want to spend £1000s on a week long cruise.

"But you have all your life to pay your mortgage off!"

kek
>there are those who pay compound interest, and those who earn it

>Are you having a shitty time because of things beyond your control? Fine. I can and will help with that. Maybe not cover it entirely, but shit happens to good people sometimes. Are you having a shitty time because you put yourself there? Fuck off.
This this this this.

I have enough proof that if I really wanted to, I could take her to court over it. Still in the statute of limitations. But getting a judgement and garnishing her wouldn't teach her anything. Nor would it have taught her parents how much of a shithead she truly is.

Her parents actually tried to pay it off for her. I told them she had to be the one to pay it, or I wouldn't accept it. They gave her the money, and specifically said it was to pay me. She kept it and spent it. This happened at least 2 times, possibly 3.

Word of that got around, and wouldn't you know it, she was mooching off the charity of a bunch of people, who have all strangely enough found an excuse to cut her out of their lives. It's always the "something came up" excuse with her kind, which generally translates to "I wanted to buy designer handbags/manicures/cosmetics". The only way they learn is when they hit the bottom, and even then, they have to want to change themselves.

Who's the real winner though? The tight old couple who lead miserable lives and never spend any of their money or the liberal couple who enjoy the finer things in life?

I'm all for financial management but "being stupid with money" also includes those who don't realize that money is just a tool you use to enhance your life. Saving it and being tight fisted as a way of life is retarded.

you can get a burner for $40 (less second hand)

Honestly after my smartphone dies that's what I'm doing. My phone's essentially a gaming device for me at the moment, and I don't really use/need it.

I like you guy I really do

LG has a product specifically for this, it's an android smartphone and is $10 new. LG Sunrise. Only provider is tracfone or net10 and they are not great. Phone is hilariously shit but can get the job done with prepaid service.

>no I'm not an LG shill I just love hilariously bad products made for extremely specific reasons

it only has 64000 colors and will dither everything

You aren't wrong, but I think an addendum is in order.

You don't have to live like a tightwad to put things away. If you have a strong income, and have no desire to put more than an emergency fund away, power to you. Just don't come to me holding your hand out.

I buy lots of plain old stupid shit. I buy lots of stuff that is monstrously overkill for what I need. It's financially stupid, and I know it. For example, I'm never going to be a professional wrench slinger, but I use snap-on tools because they are more comfortable, lighter, and just all around better. I buy them because I can afford to, and I prefer them over alternatives. I will never beg someone for money to buy shit I don't need to live. Anyone who does is a walking pile of trash.

Affording and wanting are the only 2 justifications you need in life. Want alone cannot make you poses something. Too many people don't understand that, and wind up destitute and reliant on the charity of others. Too many people wind up telling themselves lies until they convince themselves that they are actually owed these things.

That sounds like too much work. I follow four simple rules that have worked thus far.

>1) If it's 'just to help out' - I don't expect it back, ever. Nor would I ever hold it over someones head.
>2) If it's a loan it's an on paper, legit loan with terms and conditions 100% of the time. Complete with the agreement and mutual understanding it will be enforced without question regardless of relations as it's treated as business.
>3) Never loan money on top of an already outstanding balance
>4) ONLY loan out an amount you can comfortably afford to never recover

Follow that 100% of the time and you'll never get into that kind of situation.

Honestly, you're the one that ends up looking like the asshole in the end because you don't let it go. The 'b-b-but it's the principle of it' people are usually the worst in my experience. They'll hold a grudge for a lifetime over a $1.

Baby Boomers are the original commie bastards.

Treat them like modern SJWs

Generally I agree. Simple is better. Contracts are better. I have sued extended family members before, but in this case, I did what I did specifically to highlight how and why she was untrustworthy. Practically nobody would believe me, and it gets old hearing about how shitty someone's situation is when you have hard proof that they are just a leech. Someone begging for handouts shouldn't be buying hundreds of dollars in custom fitted clothing every month.

I have no problem with being the asshole to prove that point. 200 dollars is a cheap lesson to give others. I definitely got some flack for my behavior, but after a few years, I could just bluntly lay out how fucking delusional and/or stupid any naysayer was, because by then, it was very obvious what was going on. If they want to blame me for their refusal to see the dregs of society for what they are, that's a shortcoming on their part, not mine. I don't care if they agree with me or not. They have no standing to criticize.

Explain your reasoning...

OP gave away money and then criticised how it was spent. He noted 'hypotheticals' the money could have been spent on, but didn't mention any pre-determined reasoning for giving the money away - he just gave it away. The aunt got a TV

Gets it.

Tfw I use the LG optimus prime 2 I got on sale for cyber Monday.

I don't even have a phone number.

I understand where you're coming from but I just don't get the need to prove a point.

What do you personally gain from that?

Why are millenials so bad with money?

I was telling my nephew about how I was having trouble making ends meet so I might have to cut down on the extravagent trips to whole foods and keep the air conditioning a bit higher and he completely starts sputtering on and says he will be back. He gave me $1000 as a gift and then got indignant when I proceeded to use his gift to get a new TV and shop for my boys.

Me and his mother (my sister) are also shocked he has 10,000 just sitting in a checking account. Doesn't he have any long term savings goals or have anything he wants to do for fun?

I'm delusional enough to believe that one should work to educate and better their family, and those one considers close friends, when one is in a position to do so, particularly when it has no real measurable negative impact on the quality of one's life.

A few thousand dollars, and pissing a few people off is nothing in the grand scheme of things. I'd rather they be mad at me, even if the rage is permanent, and have them learn, than ghost them and leave them in ignorance.

You can make an argument that it is self serving. The argument being that those who don't need my help will fear to cross me. In practice the entitled are ignorant of their own limitations to such an extent that they can convince themselves that they will not get caught, or are so short sighted that they don't see the long term effects of their behavior. Ask any seasoned landlord, and they will give you countless examples. I've personally seen everything from sob stories, and excuses, to identity theft, forged checks, and violent assaults, with the biggest case being a murder through arson. The surprise that their actions have consequences is the one consistent factor between them. The vast majority of them come up with some justification for their behavior, no matter how inane, or logically contradictory it is with anything and everything else they say and do. They don't think they will get caught, and then cannot accept the reality that they were, or did something wrong. Many of them are fundamentally incapable of understanding that anything that they do COULD be wrong, because after all, if it helps them, it must be good, right?. Some are just spoiled, but narcissism is a plague that feasts on the ideals and ignorance of others.

The harsh reality, is that the only protection is education. Education so that more people do not allow themselves to be victims. There will always be those who wish to take the short path and exploit a situation. To that end, protect yourself.

It's not about enjoying your money, it's about living within their means. They're complaining that they won't be able to retire at 65. Entirely their own fault. They're worried about what will happen to the house. Entirely their own fault. They're complaining about state pension being next to nothing, again entirely their own fault for not having other fallbacks.

Inevitably they'll come to me and my girlfriend for help, having squandered away their future, despite living most of their life in easy mode.

Classic boomer.

>lack toast and tolerance
spit out my oatmeal you bastard

Yeah but that's advertised and promoted to a large extent in our culture - or in the US at least.

Narcissism and consumerism go hand in hand often with some degree of being financially irresponsible. Who else is going to keep our economy going by buying what they can't afford on credit? Some of them just happen to be family/friends.

I get your reasoning behind it though. I don't know.. maybe that's an uphill battle that I'm admittedly too lazy to fight. Unless I actually thought it would have an impact, which in my experience, it doesn't.

I do agree on protecting yourself by being educated and avoiding it (them). Most boomers I know included.

im a 90s kid and got like 400k in assets/savings kek

I really liked the point you've made in the above post. I read a couple - only a couple - if you're posts. The one about not letting the 200 dollars go seems more vindictive and childish than anything else. I'm not with you on with that one.

He shouldn't let it go. He lent her money and she knew he expected it to be paid back.

Maybe you guys have shitty families, but if someone in mine fucked over another, however minor, then we would let them know they have to make it right. Either that or don't feel welcome to be a part of it.

This, pretty much. Someone has all but stopped talking to me because at one point I loaned them the last £60 I had for the month to save them from financial disaster. They feel obliged by their personal ethics to repay it 'when they can spare the money', as per the agreement.
Being american and without parental support, they have yet to make ends meet in a satisfactory manner.
However, it was only an issue to me financially at the time. I have a job.

I'd happily tell them to forget about it if they could swallow their pride over it.

Jesus... why don't you instead give the money to someone you know is actually capable of making more money out of it? Yes even our crypto traders on Veeky Forums are better than your average neighbour repolishing his house for the 4th time.

Can you get a prepaid cellphone with cash, no ID, nothing attaching it to you (other than the obvious location tracking)?

>What do you personally gain from that?
Nothing, it pisses him off and he wants to make things worse for people who do stupid shit. I 100% agree with him, and if I'm ever (and most likely will be) in the same position I'll do the same thing.

>10k in a checking account that probably earns no interest

Why don't you just stuff your cash in a mattress you pleb.

Oh, and this:

>I'm delusional enough to believe that one should work to educate and better their family, and those one considers close friends, when one is in a position to do so, particularly when it has no real measurable negative impact on the quality of one's life.
I agree with.

My mom's a hoarder, I'm the only one who still fights her illness and tries to get her to see a psychologist. Everyone else, *everyone* else in the family has just given up. My dad, my siblings, aunts and uncles, grandparents, her friends. Everyone else just said "fuck it, you want to live like this? Fine."

She resents me for it but I will not change until she does or dies. Same thing with my dad and his health. Everyone else has said fuck it, but I will never stop reminding him to eat better, exercise more, etc. It pisses me off to see people WILLFULLY live at a lower standard than what they're capable of. It just pisses me off.

>be boomer
>grow up in most economically prosperous era the world has ever seen
>live like kings
>have every luxury known to man
>throw money at every problem
>get amazing jobs with no experience and a high school diploma
>expect the easy cash to keep rolling in for eternity
>economy busts
>oh hey we forgot to save anything
>now you kids who can barely afford the most garbage food and ghetto housing need to pay for us, and my maid and lawn maintenance guy and our ten thousand media subscriptions and shopping addiction and the rv parking and the timeshare

You're the retard for giving her money. Let boomers starve. It's better than they deserve.

Heh. What a maroon.

>someone on the internet made a typo
>my time to shine!
>t-t-t-t-tell me I'm witty, mommy, I have nothing else but my fedora and three cats

Again, small price to pay to open the yes of others. I don't really expect people to like the behavior, as long as they comprehend the reasoning behind it.

I do not tolerate parasites in my presence. If their removal pisses someone off, I'm better off without that person too. Saps are dangerous, not because they do things, but because parasites can play off their good nature and coerce them into doing things for them. Anyone vulnerable enough to believe in a parasite is a threat to the rest of your friends and family, and possibly a threat to yourself if you aren't an iron clad asshole.

This is a different issue entirely. Your life, your choices.

It's when those choices impact others that intervention is justifiable. 200 dollar cousin wants to drag everyone else down with her. Nothing will ever satisfy her, and because of that, she will never have anything of value, and the only friends she has will be people dumb enough to let her use them. That's her choice. If she wants to change, she needs to be the one to make the first step to seek help. She has no right to intrude upon me and mine.

My father died alone and destitute because despite being over 400 pounds he refused to stop drinking soda with added sugar, and constantly 'forgot' to take his insulin. 20 years of living in squalor, isolated, and being half blind, and not once did he ever contact me for help to change his ways. It was always looking for help to enable his shitty choices.

You cannot help someone who will not help themselves. It's time that you faced that reality and removed your mother from your life. You will feel absolutely miserable, but the truth is that reality is not pleasant. Your sensation of guilt should not define your actions. The right decision is frequently the difficult one.

The most you can do for her is to gain guardianship over her and force her into a home. Until she wants to change, that is the best case scenario.

This sort of. I loan to family, but only the responsible ones I know for damn sure will pay me back. My mom currently owes me 1600. I let her take her time because I know she will eventually. On the other hand I have a niece who bought a brand new car on a pizza delivery salary. I would never loan her money, not even if she were starving on my doorstep. And she knows not to ask (or I hope; her mom will gladly remind her of my standards for loans.) I actually have loaned to her mom before (my sister in law.) Took her a year to pay back 600 but she paid it, and gave me some food as interest.

>drives 30 miles extra

Fun fact, if she didn't waste that much gas she could have saved $200 for you by now.

My Grandpa made $200K a year and has been making at least $100K a year since 1994 and they didn't manage to save shit when they retired. Now they complain about how poor they are with their $60K/year government paychecks. I wish I made $60K.

>asking for money to pay their utilities

>have aunt A, pretends and lives like she is wealthy
>actually has a shitty job and so does her partner, they have crazy spending habits and buy the ritsiest stuff they can get
>find out aunt B has been paying their mortgage for them for around 5 years
>5 fucking years
>aunt B had medical issues as well as her husband having a stroke, they are now broke and forced to work despite the sicknesses
>aunt A hasn't done shit to help B

And that is why you should never be a doormat.

you just get them to sign something and then take them to court when they dont pay up
no need to air things out

You're in the right, m8. I fought my mom for years about her smoking. And guess what, she finally quit. And she says to me, "You were right. I should have quit years ago."

Please never post again.

HIS MIND? BOGGLED!

To be fair repainting the exterior of his room would have been a waste

Get over your memes faggot. What's the savings apr? 0.01%? Yeah, he's missing out

You're right to nip his mistake in the butt.

>who's the real winner though? The guy enjoying himself and living for the moment injecting heroin, or the joyless prude who counts his calories? I mean really, in a cosmological sense and on a geologic timescale, which one is the winner? No, no, not the healthy living guy,
you have to agree with my carefully confectioned premises before you answer, try again but agree with me this time.

Oh, shut up.

Read what was actually happening.

That would accomplish nothing. May as well have refused to even give her the money in the first place and saved myself the effort.

I think his reaction was a bit over the top but then again it is a doggy dog world out there after all.

>May as well have refused to even give her the money in the first place and saved myself the effort.

FINALLY you learned something!

Daddys money huh?

But I wanted to teach my family something.

It's like you haven't even read anything.

Biz meme at its finest. Go eat a dick with your $700 worth of robinhood stocks, faggot.

Family can be an investment (but sounds like OP's family was a bad investment choice)

>watching your money be eaten by inflation is a "meme"

Just throw yourself into traffic user.

0.1% savings apr will overcome that!

Kys, the post.

nice false equivalence faggot

Depends. Some people have the kind of personality where they could never enjoy themselves knowing they are throwing their future away.

lol

You both act like children.

When you have a problem this is what you do:

1. Sit, or lay on a couch
2. Turn off your emotions, use only brain.
2. Start to think about your problem.
3. Find reasonable, logical solution.
4. Act.

What kind of person she is? What would motivate her? Where she work? Why she hasn't money? Why she acts in irrational ways?
Is she trying to get your attention? Does she has problems?

Have you talk about it with her? Maybe you could offer her to give you back 50$ at first?

Biz is about people, the right approach, logical and reasonable decisions. Not emotions.

It's especially frustrating because they're likely going to be the last generation to actually get to dip into their pensions/social security/retirement.

They have no idea that the "good times" have been over since 2008 and aren't coming back.

Because 6 months living expenses as an emergency fund

And the worst part of this is that if we had been boomers then we would have been just as bad as them

Somehow my uncle makes 100k a year and lives paycheck to paycheck. Having a gambling filipina wife probably accounts for it, although he claims she breaks even. His mortgage is only 500/month. I don't understand.