Comments on: Some People Still Don’t Get It http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/ Wise Choices. Improved Finances. A Better Life. Thu, 11 Mar 2010 19:36:31 -0600 http://wordpress.org/?v=2.9.2 hourly 1 By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1387 Ron Mon, 07 Apr 2008 12:34:59 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1387 Wow, Holly, that is a very interesting observation. I haven't thought of the "group" being so segmented like that but you've raised a very good point. I would venture to say that ALL generations could be characterized this way early in their lives, but tend to come around to right thinking as the wrinkles and gray hair set in. I haven't thought about the "throw in the towel--we will figure out a way to pay for it later" factor. Thanks for your very interesting comment. You've really got my mind to thinking! Wow, Holly, that is a very interesting observation. I haven’t thought of the “group” being so segmented like that but you’ve raised a very good point. I would venture to say that ALL generations could be characterized this way early in their lives, but tend to come around to right thinking as the wrinkles and gray hair set in. I haven’t thought about the “throw in the towel–we will figure out a way to pay for it later” factor. Thanks for your very interesting comment. You’ve really got my mind to thinking!

]]> By: Holly http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1382 Holly Mon, 07 Apr 2008 06:12:25 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1382 This Gen Yer is 23 and has 50K for a house deposit from many years of careful saving. I'm not saying that your story isn't indicative of a generation, but I think that Gen Y more than any other gen is quite polarised. Of my peers, I can classify all into one of two distinct categories: the spenders with their credit cards, iPhones, expensive vacations, and the savers with their growing home deposits. I think the unaffordable housing market (which is luckily going down in America but for us Australians it is still record high) has scared my generation into thinking they need to either save every dollar possible to have any chance of eventual home ownership, or just throwing in the towel and deciding they will never have financial stability so why not just have the toys? This Gen Yer is 23 and has 50K for a house deposit from many years of careful saving.
I’m not saying that your story isn’t indicative of a generation, but I think that Gen Y more than any other gen is quite polarised. Of my peers, I can classify all into one of two distinct categories: the spenders with their credit cards, iPhones, expensive vacations, and the savers with their growing home deposits. I think the unaffordable housing market (which is luckily going down in America but for us Australians it is still record high) has scared my generation into thinking they need to either save every dollar possible to have any chance of eventual home ownership, or just throwing in the towel and deciding they will never have financial stability so why not just have the toys?

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1349 Ron Sun, 06 Apr 2008 00:32:17 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1349 LOL! Sounds like you've been watching "Property Virgins" on TLC again! Or is it "Flip This/That House" ??? :grin: LOL!

Sounds like you’ve been watching “Property Virgins” on TLC again!

Or is it “Flip This/That House” ???

:grin:

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1348 Ron Sun, 06 Apr 2008 00:30:32 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1348 No, I would never write off Gen Y as a group! It's just that I used to think the same way when I was his age. I DO think that Gen Y will probably come around as a group much faster than Gen X or the Baby Boomers ever did. In another 15 years there will be a Gen Y blog talking about how Millennials just don't understand [fill in the blank] ! Hopefully, and I believe it's true, Gen Y is made up of high caliber people like yourself who can help get this world going in the right direction. :grin: One thing's for sure: there is a lot more information available to Gen Y to help them make good decisions. No, I would never write off Gen Y as a group! It’s just that I used to think the same way when I was his age. I DO think that Gen Y will probably come around as a group much faster than Gen X or the Baby Boomers ever did.

In another 15 years there will be a Gen Y blog talking about how Millennials just don’t understand [fill in the blank] !

Hopefully, and I believe it’s true, Gen Y is made up of high caliber people like yourself who can help get this world going in the right direction. :grin: One thing’s for sure: there is a lot more information available to Gen Y to help them make good decisions.

]]> By: Shama Hyder http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1331 Shama Hyder Fri, 04 Apr 2008 18:18:32 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1331 Hi Ron, I hope you won't write off all of us Gen Y'ers that way. = ) I was lucky because my parents paid for my college and graduate school. I came out without any debt. It enabled me to start my own marketing company without loans or VC funding. I REALIZE how important it is to keep debt low and invest smart. I often invest in myself and the company (books, seminars, courses, consulting, etc). I know that pays off 10-fold. Aside from the occasional cool eBook reader tech toy, I keep other expenses to a minimum. I love your stuff. Keep writing! Hi Ron,

I hope you won’t write off all of us Gen Y’ers that way.
= )

I was lucky because my parents paid for my college and graduate school. I came out without any debt. It enabled me to start my own marketing company without loans or VC funding.

I REALIZE how important it is to keep debt low and invest smart. I often invest in myself and the company (books, seminars, courses, consulting, etc). I know that pays off 10-fold.

Aside from the occasional cool eBook reader tech toy, I keep other expenses to a minimum.

I love your stuff. Keep writing!

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1300 Ron Fri, 04 Apr 2008 01:27:19 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1300 @Ellen: That's an interesting viewpoint. Kind of like getting mildly injured in a car accident to get you to realize that you need to pay better attention to your driving. One thing I WILL generalize on is that I personally think the average age that Gen Y will see the light will be far younger than the average Gen X'ers or Baby Boomers did. There's just so much more information available to help them make good decisions earlier in life. @Ellen:
That’s an interesting viewpoint. Kind of like getting mildly injured in a car accident to get you to realize that you need to pay better attention to your driving.

One thing I WILL generalize on is that I personally think the average age that Gen Y will see the light will be far younger than the average Gen X’ers or Baby Boomers did. There’s just so much more information available to help them make good decisions earlier in life.

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1295 Ron Fri, 04 Apr 2008 01:10:44 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1295 @Frugal Dad: That's how many things are sold today, based ONLY on the payment. There are banks that are financing homes for 35 and 40 years, cars for 7 or 8. You can buy furniture in almost any town and have "No payments for FIVE years." It IS sad... @Frugal Dad:
That’s how many things are sold today, based ONLY on the payment. There are banks that are financing homes for 35 and 40 years, cars for 7 or 8. You can buy furniture in almost any town and have “No payments for FIVE years.”

It IS sad…

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1294 Ron Fri, 04 Apr 2008 01:08:45 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1294 @Jeff@My Super-Charged Life: Well, I've already been scolded for generalizing! I'll just keep it at some! :D Yes, I told him about your article, but I'd be very surprised if he read it. (Of course, I don't mind the link) ;) @Jeff@My Super-Charged Life:
Well, I’ve already been scolded for generalizing! I’ll just keep it at some! :D

Yes, I told him about your article, but I’d be very surprised if he read it.

(Of course, I don’t mind the link) ;)

]]> By: Ron http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1293 Ron Fri, 04 Apr 2008 01:06:52 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1293 @Kacie: You're right, I wasn't trying to generalize, and there ARE financial idiots at every age. My experience is that the younger you are, the less you know and that is the point I was trying to get across. Granted, there are some brilliant people who are very young and "get it." But there are some that are old and experienced and DON'T. @Kacie:
You’re right, I wasn’t trying to generalize, and there ARE financial idiots at every age. My experience is that the younger you are, the less you know and that is the point I was trying to get across.

Granted, there are some brilliant people who are very young and “get it.” But there are some that are old and experienced and DON’T.

]]> By: Nora Dunn http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/comment-page-1/#comment-1303 Nora Dunn Fri, 04 Apr 2008 00:55:24 +0000 http://www.thewisdomjournal.com/Blog/some-people-still-dont-get-it/#comment-1303 The short-sightedness of people who buy buy buy based on monthly payments always floors me. I can't tell you how many people I saw buy houses based solely on what the bank told them they could afford for a mortgage, completely forgetting about property tax, insurance, repairs, not to mention the intangible "money pit factor" that eats up all the rest of the already non-existent disposable cash flow! These people are now the house-rich cash-poor, if they can even afford to keep their house at all. So the question is....how do we help people from making these mistakes? Or can we? The short-sightedness of people who buy buy buy based on monthly payments always floors me. I can’t tell you how many people I saw buy houses based solely on what the bank told them they could afford for a mortgage, completely forgetting about property tax, insurance, repairs, not to mention the intangible “money pit factor” that eats up all the rest of the already non-existent disposable cash flow! These people are now the house-rich cash-poor, if they can even afford to keep their house at all.

So the question is….how do we help people from making these mistakes? Or can we?

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