The baby boomers are going to kill us... Budget Deficit is temporary??

[Mr J]

I certainly don't agree with kids living at home until they are 28

Many of us will probably see our baby boomer parents move in with us.

I certainly understand the Aussie culture on their criticism for home bludging

It's not an "aussie" culture thing, it's the perspective of generations that had more independence and responsibility earlier in life.

yet people still whinge about BB who have worked hard all their life to help set this country up to its present standard

The present standard of debt levels that will be paid off by future generations? I think it's pretty understandable to whinge about that :.

Seems many gen X & Y'ers are obsessed with the age pension that BB's like me are eventually entitled to if we fall through the self-retirement cracks.

We're paying for it, so why shouldn't we be? It's going to significantly impact our lives. You're entitled to it? Why should you be entitled to it? You're just lucky it's there and that you may have it to fall back on. It's similar to a gen Y'er suggesting that they're entitled to sponge off their parents.

They might spend just a little time considering how the hell THEY will survive when THEIR turn to retire comes, given that THEY will not be eligible and will have NO age pension to fall back on if their compulsory super, self-funding, yada-yada... fails for whatever reason.

We'll be responsible for ourselves, unlike the baby boomers. It's interesting that so many baby boomers are complaining about younger generations being irresponsible sponges when many baby boomers will become just that when they retire.

you would have to be Blind Freddie to not see how the financial assets of many self funded BB's have been destroyed with this financial crisis mess.

Which they are responsible for. And then the amount of people on pensions will increase, becoming an even greater burden on my generation.

Indeed, what happens if more massive financial tsunamis hit in the coming years and essentially wipe out whatever investments or savings these new gens have amassed for THEIR retirement

Why worry about my generation?

I know it sounds harsh, but those aged 65-75 could still work

I don't think it's harsh. 65 isn't what it used to be.

 

[Struzball]

But what happens when the baby boomers (god forbid) kick the bucket?

Suddenly a whole generation of people who bought houses before the boom etc, giving their houses away to their children who did nothing for it. Or maybe it will just be in a sense giving back to the generation who paid for their pension.

My parents own 4 houses, and me and my brother and sister to share with. Considering I have no need for 4 houses, I'd probably end up selling my share and being cashed up.

Suddenly there will be massive inheritances around the country and everybody will be rich (maybe ). Most likely whoever is in government at that time will jack up the inheritance taxes like in the USA. I can only wonder what life will be like.

Should we be so petty about spending our tax dollars on pension for the baby boomers??

 

[tech/a]

But what happens when the baby boomers (god forbid) kick the bucket?

Suddenly a whole generation of people who bought houses before the boom etc, giving their houses away to their children who did nothing for it. Or maybe it will just be in a sense giving back to the generation who paid for their pension.

My parents own 4 houses, and me and my brother and sister to share with. Considering I have no need for 4 houses, I'd probably end up selling my share and being cashed up.

Suddenly there will be massive inheritances around the country and everybody will be rich (maybe ). Most likely whoever is in government at that time will jack up the inheritance taxes like in the USA. I can only wonder what life will be like.

Should we be so petty about spending our tax dollars on pension for the baby boomers??

It is likely that this will be the ONLY way most will ever own a home.
With 3 of you you will have around a house each if Freehold.

In the UK most never own a decient home until they inherit one if they are that lucky.
Your "Needs" and attitudes towards your needs will change dramatically every 10 yrs.

 

[Mr J]

But what happens when the baby boomers (god forbid) kick the bucket?

Suddenly a whole generation of people who bought houses before the boom etc, giving their houses away to their children who did nothing for it. Or maybe it will just be in a sense giving back to the generation who paid for their pension.

They may have spent a lot of the inheritence to pay for their retirement. I wouldn't say we do nothing for it, as we're paying much of their mortages by renting their properties. It could be considered just the we inherit them.

 

[bunyip]

Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...

What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.

Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???

Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?

Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?

The post above must surely rate as one of the dumbest posts ever to appear on this forum.
It contains so much mis-information that it's clear the person who wrote it doesn't have a bloody clue.

 

[bunyip]

When I see people talking of leaving this great country and moving overseas, it makes me wonder what they want out of life.
Australia offers lots of space, freedom of choice and abundant opportunities to get ahead.
Our living standards are pretty damned good and our climate and lifestyle are second to none.
It looks like we'll weather this recession better than most countries.

I have friends and/or relatives in a number of different countries. All of them have visited Australia and all of them would like to move here.

Anyone who can't see opportunities in this country, isn't looking in the right places.
Anyone who can't make a decent life for themselves here, isn't trying hard enough.

The grass always looks greener on the other side of the fence.
I'll make an educated guess that most Australians who move overseas for a 'better' life will end up returning sooner or later to the land down under.

 

[Mr J]

When I see people talking of leaving this great country

It's great for some, but for many of those people it would be great anywhere.

Australia offers freedom of choice and abundant opportunities to get ahead.

Freedom of choice to an extent, and opportunities for those that are able to take advantage of them. I will concede that the majority that are confined to "average" have it better here than most other places.

Our climate and lifestyle are second to none.

Tell that to the people who are stuck in a hot, sweaty, cramped train that is running 10 minutes late, going to a job that requires 50 hours a week. They're a slave for most of the week. It can be argued that this is their choice, but these are roles that need to be filled.

Anyone who can't make a decent life for themselves here, isn't trying hard enough.

Most people will not get ahead in life. There are opportunities out there, but only for a minority of people. Most people are not able to get a job they would enjoy, or one that would bring them success to live quite comfortably, assuming they want to live a typical lifestyle (i.e. not move somewhere remote and live on the cheap).

 

[nunthewiser]

please excuse the following

i saw this on a tshirt regarding those that didnt embrace this bewtiful nation for what it is

"if you dont like it pizzorf"

no offence intended

 

[Temjin]

When is anyone going to realise that the world is not fair and will never be.

It's much better to look out for yourself and create opportunities that would otherwise give you far more options than you would if you were to stuck at a ever-grinding 8to5, 5of7 jobs.

As one of the 7 Habits of Effective People book say, stop worrying about things you cannot control, and start worrying about things you can!

Having said that, some people may say I am not grateful of the contributions the baby boomers have made to this planet. And that they are fully deserved of the pensions they will receive when they retire at the full expenses of the future generations.

But here is that I have to say. I don't care what contributions they have made. I only care about myself and my immediate family. If I could find any legal means to get myself out of the system (i.e. paying tax and staying in the rat race), then I will do so by any means necessary. If the world is playing this game of being unfair, then I will take things in my own hands to "hoard" even more wealth either through creating value (starting a business) or at the expense of others. (i.e. zero sum trading!) At least I will make sure my family and my parents would not suffer from the lack of "options" that the average person is facing.

 

[Awesomandy]

It's much better to look out for yourself and create opportunities that would otherwise give you far more options than you would if you were to stuck at a ever-grinding 8to5, 5of7 jobs.

In that sense, it would actually be better if they receive as much pension as possible - they more money they spend, the more opportunities there are for the younger generation (who are in-tune to world happenings) to exploit this cash flow and make money.

 

[bunyip]

It's great for some, but for many of those people it would be great anywhere.

Wrong. Competely wrong. I could name you many countries where you'd be down-trodden no matter who you were.



Freedom of choice to an extent, and opportunities for those that are able to take advantage of them. I will concede that the majority that are confined to "average" have it better here than most other places.



Tell that to the people who are stuck in a hot, sweaty, cramped train that is running 10 minutes late, going to a job that requires 50 hours a week. They're a slave for most of the week. It can be argued that this is their choice, but these are roles that need to be filled.

Yes, those roles need to be filled. But anyone who is dissatisfied with their situation has the ability to work towards changing it if they choose to.
Many people allow themselves to get stuck in situations that are not to their liking, simply because they lack the get up and go to change their circumstances.
Example....The average person spends enough money on fast food every week to fund a healthy savings plan. A healthy savings plan can put you in a position to purchase an investment property. The weekly commitments on a property frequently amount to a similar figure to what people waste on fast food.
It bemuses me when people say they can't afford to get into real estate, yet they can afford to waste an equivelent amount of money on expenditure that's completely unnecessary.
My 18 year old daughter opened two bank accounts when she started working....one for investment saving, one for day to day living.
Without fail she sinks a set percentage of every pay into her investment account, and lives on what's left over.
At a young age she'll be investing in real estate and creating personal wealth.
The further she gets ahead financially, the more she'll have choices and control over her personal circumstances.
The people who say she's 'lucky' will fail to realise that her 'luck' is simply a case of her taking advantage of the very same opportunites that are available to them.



Most people will not get ahead in life. There are opportunities out there, but only for a minority of people. Most people are not able to get a job they would enjoy, or one that would bring them success to live quite comfortably, assuming they want to live a typical lifestyle (i.e. not move somewhere remote and live on the cheap).

Opportunites are available to everyone, not just the minority. Only a minority ever use their opportunites to full advantage by planning and setting goals.
The majority fail to do so, then complain that they have no decent opportunities.

....

 

[Calliope]

If the world is playing this game of being unfair, then I will take things in my own hands to "hoard" even more wealth either through creating value (starting a business) or at the expense of others.

.

You sound a bit paranoid but at least you are on the right track. Self-interest is the best motivator. The best way for you to amass "more wealth" as I think you have already worked out is to take advantage of the the cupidity of others. Thern are many suckers who want to ge rich quick and will pay good money for hare-brained get rich schemes.

Just remember the two adages;

There's a fool born every day. and

A fool and his money are soon parted

 

[Mr J]

Wrong. Competely wrong. I could name you many countries where you'd be down-trodden no matter who you were.

I can name them myself. The point was that being in a great position is not unique to Australia.

Yes, those roles need to be filled. But anyone who is dissatisfied with their situation has the ability to work towards changing it if they choose to.

My points about roles needing to be filled is that not everyone can have their dream job or a job they enjoy. There just aren't enough of those kind of jobs out there. There's choice at an individual level, but not at a communal level.

It bemuses me when people say they can't afford to get into real estate, yet they can afford to waste an equivelent amount of money on expenditure that's completely unnecessary.

Perhaps for quality of life.

Opportunites are available to everyone, not just the minority. Only a minority ever use their opportunites to full advantage by planning and setting goals.
The majority fail to do so, then complain that they have no decent opportunities.

This is just not true. There just aren't enough opportunities to go around, so they're snapped up by the most motivated, the sharpest, and the luckiest. Again, there's opportunity at an individual level, but look at a much larger picture and the opportunities are limited.

 

[Temjin]

You sound a bit paranoid but at least you are on the right track. Self-interest is the best motivator. The best way for you to amass "more wealth" as I think you have already worked out is to take advantage of the the cupidity of others. Thern are many suckers who want to ge rich quick and will pay good money for hare-brained get rich schemes.

Just remember the two adages;

There's a fool born every day. and

A fool and his money are soon parted

Haha, but no, I don't intent to hoard wealth by scamming other people into get rich schemes like Aussie Robbery...I mean Rob's Lifestyle Trader. It's against my moral values.

I'm motivated not just for personal self-interest, but in the interest of my immediate family. That is far more motivating than anything at this point of time. It's all about protecting our property rights at the end of the day.

In that sense, it would actually be better if they receive as much pension as possible - they more money they spend, the more opportunities there are for the younger generation (who are in-tune to world happenings) to exploit this cash flow and make money.

That is only true if this "younger generation" person is exploiting this cash flow at the expense of his peers who are paying heavy tax to keep the pension going.

A simple transfer of wealth.

This is just not true. There just aren't enough opportunities to go around, so they're snapped up by the most motivated, the sharpest, and the luckiest. Again, there's opportunity at an individual level, but look at a much larger picture and the opportunities are limited.

This may be true from a statistical sense in that not everybody will be as successful as the self-made-highly-motivated-millionare next door. (if u actually consider being wealthy as successful in the first place!)

But I would not instill this type of mindset to anyone because it would simply reinforce their behaviour toward being lazy and not taking advantage of any opportunities that they be given.

So no, I think there are opportunities for everyone. As long as you think there are always ENOUGH out there for everyone to grab, then you will be in a better position from a mindset perspective.

This is one of the Dr Van Tharp's psychological mindset teachings. (and I think his teaching applies outside of trading alone)

 

[insider]

$200.000,000,000.00 That's not much... We'll put it on our Credit Card...

 

[insider]

When is anyone going to realise that the world is not fair and will never be.

Isn't that a good thing! I think it is

 

[Mr J]

if u actually consider being wealthy as successful in the first place!

I don't, but when most talk of "success" it generally refers to financial status. I also think that almost everyone consideres financial status as part of success. Not necessarily being rich, but being comfortable, something I don't think the majority could achieve.

But I would not instill this type of mindset to anyone because it would simply reinforce their behaviour toward being lazy and not taking advantage of any opportunities that they be given.

So no, I think there are opportunities for everyone. As long as you think there are always ENOUGH out there for everyone to grab, then you will be in a better position from a mindset perspective.

I partially agree with you. My view was personal, and one that I applied to the majority and not myself. I can see how it may be harmful for many to believe that they have little to no opportunity. I wasn't contesting the importance of believing in one's self.

However, I think believing there are opportunities for everyone is harmful. We should recognise the world for what it is, and balance dictates that most won't get ahead. This does not necessarily reflect their quality of life though.

There are opportunities for many at an individual level, but when one takes advantage of an opportunity, that is one less opportunity for many others. There are a limited number of occupations, ideas, businesses, roles etc, so most cannot have what they want, whether it's a person, a job, a house or a lifestyle. For most, life is full of compromise, and many are lost because of this.

 

[Julia]

However, I think believing there are opportunities for everyone is harmful. We should recognise the world for what it is, and balance dictates that most won't get ahead. This does not necessarily reflect their quality of life though.

That's right. Many people have no ambition to be other than ordinary and "quality of life" is very subjective.

. For most, life is full of compromise,

 

[bunyip]

I can name them myself. The point was that being in a great position is not unique to Australia.



My points about roles needing to be filled is that not everyone can have their dream job or a job they enjoy. There just aren't enough of those kind of jobs out there. There's choice at an individual level, but not at a communal level.



Perhaps for quality of life.



This is just not true. There just aren't enough opportunities to go around, so they're snapped up by the most motivated, the sharpest, and the luckiest. Again, there's opportunity at an individual level, but look at a much larger picture and the opportunities are limited.

I take your point that being in a great position is not unique to Australia. Just as you should take my point that going overseas in search of a better life is unlikely to offer any improvement on the lifestyle here in this country.
If you disagree with me then by all means go overseas and see if you can improve on what's available to you right here. I'll stick with my view that most of you who try it will end up returning to Australia.

It's clear that you and I think very differently on the subject of opportunity. You think in terms of the opportunities available in the workforce. I think in terms of the opportunities to get ahead financially irrespective of your job or your level of income.
I suggest you broaden your thinking to include the concept of making money work for you, as opposed to you working for money.
What you do with the money you earn is far more important than the amount you earn.
Most people would say that an apprentice on $10 an hour has no chance of saving any money for investment. Yet I know an apprentice who saved $100 a week from the time he first joined the workforce. Now he earns $14 and hour as a fourth year apprentice and he saves well over $100 every week.
How does he do it? By taking a cut lunch to work with him, rather than wasting money on three purchases of fast food every day like most people do.

I have no doubt that he'll achieve his aim of saving enough money for a deposit on an investment unit by the time he finishes his apprenticeship.
He's grasped a concept that most people never grasp....the concept of making money work for him, rather than just him working for money.
Granted, this young feller is an exception, but only because of his thinking. We can all think the same way if we choose to. The opportunities he's taking advantage of are available to anyone who takes the trouble to save and plan.

You seem to make an association between wasting money and having quality of life.
I believe you need to renovate your thinking.
Since when is quality of life improved by wasting $80 to $100 a week on junk food? This stupid practice lessens your quality of life by destroying your health while it chews up money that could be better spent on something worthwhile.
I'm all for spending enough money to give yourself a balanced lifestyle. But I'm dead against the kind of reckless spending that keeps you poor, all in the name of some foolish notion that says irresponsible spending is the only way to achieve quality of life.

My 18 year old daughter has quality of life, while at the same time being careful with money and saving for investment in her future. She goes out with friends, she flew from Brisbane to Melbourne recently to visit her sister for a week and see the sights of Melbourne. She does pretty much all the things that normal 18 year olds do. But the big difference between her and most young people is that she saves money while she's enjoying her social life.

I get heartily sick of people moaning about lack of opportunities in Australia, just as I get heartily sick of the tunnel vision that convinces people that a particular generation is responsible for the woes of the world.

 

[dalek]

I get heartily sick of people moaning about lack of opportunities in Australia, just as I get heartily sick of the tunnel vision that convinces people that a particular generation is responsible for the woes of the world.

There is probably not much more to add to this, other than if you are unhappy with your lot, DO something about it, and I cannot think of any country that offers the avenues to do that than OZ.
I for one am heartily sick of this divisive Gen X,Y, B/B, bulls-it.