28 *GENIUS* Boomer Habits Gen-X NEEDS To Know
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- Are you feeling the pinch of the rising cost of living, inflation, and ever-increasing expenses? It's no secret that Generation X is facing some serious financial challenges. But fear not! Our friends, the Baby Boomers, have a wealth of wisdom to share when it comes to navigating these tough times. In this video, we're diving into the essential habits that every Gen Xer should know about to thrive during a cost of living crisis.
We'll explore tried-and-true frugal living tips that Baby Boomers have perfected over the years. From frugal living to save money on everyday expenses to clever frugal living hacks that make a big difference, you'll discover practical strategies to stretch your dollars further. Whether you're planning for retirement or just trying to manage rising living expenses, these tips are pure gold.
Learn how frugal living in retirement can help you maintain your quality of life without breaking the bank. We'll cover everything from frugal living for seniors to frugal living tips to save money on healthcare and leisure activities.
Plus, if you're working towards paying off debt, we've got you covered. Discover frugal living hacks that will accelerate your journey to financial freedom. Our Baby Boomer friends have mastered the art of frugal living to pay off debt, and now you can too!
Join us as we uncover the timeless habits from Baby Boomers that every Generation Xer should embrace to conquer the cost of living crisis and secure a brighter financial future. Don't miss out on these invaluable frugal living tips and tricks!
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About Sara:
Sara is a wife, mother, and creator of Frozen Pennies. With a degree in English, a former teacher, and a Certified Financial Coach, there is no better place to learn about debt freedom, budgeting, and overall frugal living.
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Im a baby boomer, and the lessons I learnt about money came from the silent generation. They knew how to be frugal. Everything had a dual purpose the bone from roasted meat, went into the pot for a soup base. Ends of bars of soap were put into a jar and made into a new bar which was grated into the laundry tub for washing clothes. Old towels were hemmed and used as bath maths and face washers. Clothes were dried in the sun or by the heater in winter and repaired. Hot water bottles warmed the bed at night no electric blankets. Clothes were brushed and aired and not washed as regularly. Eating out never happened, it was always a 'picnic' with food bought from home. Shoes were cleaned every week with leather polish to keep them water tight and taken to the bootmaker for re-heeling.
Old towels to bath rugs & face towels- thank you! ❤
High school boomers in late 60s - 70s knew how to be frugal. Department store clothing wasn't "cool"; we thrift shopped or sewed our own. We baby sat / mowed lawns to save money for records & an occasional movie.
Life was much simpler. Very little fast food, no video games, cell phones, tv was limited, restaurant meals were a special treat.
For fun we went to school events, hung out at friends homes, went to the beach.
I never shopped at a thrift store, never had a job until I was 26 nor did I go to school events, never sewed clothing, we were not all the same
@@virginialangford6257 Yes, we're definitely not all the same. This was my experience and my peers experience in our community.
Army navy surplus clothes and Buffalo sandles
Yes, my Mom took me clothes shopping at thrift store when i was going into 6th grade. There were those in my class that had witnessed me exiting that thrift store and made fun of the clothes i wore because they were not popular! I didnt care too much about popular clothing at that time and still don't. I do care about comfortable clothing for me. At the time i did not understand why they made fun of my clothes. I think they were just "mean girls" even back in the late 70's!
I had my first job at 17 and I went to the local college and lived at home. Since I had a job I was expected to buy my own clothes. I took the bus to school ( didn’t drive until I was 30). Since my mom was a divorced/single working mom I was also expected to help her clean and to cook some of the dinners.
I’m a boomer. Pensions and Christmas bonuses were lessening when I was in my late 20s. The prime rate was 18% in the early 80s and layoffs were rampant. Some people were frugal and many were not. I think the most frugal people were those that lived through the Depression
When I see someone complaining about mortgage interest rates, I want to laugh. We paid 13% interest on our first home right before my first child was born. Yes, we boomers had our hard times - waiting in line at the gas station for over an hour - we did that🤑!
I started by investing in certificates of deposit when they paid 10%, then used them to buy US treasury notes. Both are extremely safe investments. Got the down payment for my house and equal amount for repairs.
A lot of baby boomers are struggling now!
As happens in every generation. But those who practiced these tips are likely ahead of those who didn't.
Part of the reason for that was investing wasn’t for the average man, and certainly not for women, so we didn’t have immediate access to investing like today. If someone wanted to invest it was a cumbersome process, you had to go to the office of a broker, no on line investing like today, and brokers only wanted clients that had lots of money already. There was also no 401k, no IRAs, no Index funds.
I'm a boomer but had parents who struggled and never taught me anything about saving or retirement. They both died before the age of retirement but I'm not sure they would have talked about it. I never even knew there will bills to pay until I got out on my own. The only way I fit in is that I am and always have been frugal.
Health and financial information is a must
Amazon temu avoiding temptation was too easy.
Always live like you still have your first real job no raises or promotions. We are SO frugal cut a lot turn off unplug. Walk around in the dark and PGE rates seem like they doubled! also check out other states. Example Pennsylvania very senior friendly many programs and benefits to living there. South Dakota many affordable homes and hard to find lakeside homes. Take weekend trips, look around for yourself
Great video
Baby Boomers are definitely NOT the frugal generation. I am the end of the Silent Generation, my parents were the greatest generation, and my brother and sister are boomers. My kids are generation X and my sisters kids are millennials. My grandkids are generation z and alpha. My nieces are very careful with their money as are my kids. The boomers grew up at a time when the economy was doing great and there were manufacturing union jobs that paid well. They thought it would never end. They spent on everything they wanted, instant gratification. They wanted everything that their parents had but did not want to wait and save for it. Credit cards and debt became the way to pay for everything. Today those age 55-74 only have 185,000 - 200,000 for retirement. Gen X are the most financially insecure, millennials have the most in retirement accounts, and Gen z while they struggle are the most frugal, use cash the most, and have the least credit debt.
6:19 I would say, even if your employer offers a 401k with no match, enroll in it. Money comes out pre-tax and pre-paycheck.
Social security will probably always be there but how much will it buy? We donate to a local food pantry and volunteer at the same pantry.
Yes don’t know where she got her info? my mom and dad struggled all their life! I lost my husband at 54 My parents never invested they never had extra for that!
I have 2kids in college and another will start after next year. My ex pays nothing towards their college. There is no extra in our budget. It goes to car repairs or food.
Can you teach me how to budget?
I am so tired of Boomers taking the blame for everything wrong from other generations! This is a refreshing change.
No one generation is perfect. Mils and Gen Zs are NOT all lazy brats who don't want to work- far from it. Gen Xers are NOT all former latchkey kids who were given participation trophies for every little thing. And the vaunted Greatest Generation had its villians and cowards.
And Boomers are NOT all old hippies who were once spoiled children.
"Still going strong" Sarah? Boomers, particularly younger Boomers, aren't that old. And with the improvements in Medicine over the decades, people are living longer.
The stereotypical “trophy generation” is millennials - not gen x.
How about retitleing this to something like "28 Habits that the Few Ingenious Baby Boomers Used and the Next Generations Should Adopt"?
I am 56 this year mortgage debt free adult children fully funded emergency fund m frugual I have all I need I try living beneath my means I prefer experience over things I don't follow lifestyle creep or consumerisim
Could you at least punctuate, instead of having everything as one run-on sentence? Geez 🙄
Sorry, but this seems more like a list of what more Baby Boomers should have done to avoid their current poor outlook during retirement.
Sorry, your boomer parents won't leave you much. Guess you'll have to do better, woncha?
@@thatsmaam2U You misunderstood my comment. I AGREE with you.
I think we can always look to the responsible folks in older generations to learn best practices. Weren't pensions common in the Boomer's working years? Younger generatons will not have that added cushion. I agree, despite all the chatter, ss is here to stay (and not enough for a reasonable retiement for most).
The pension system was leaving the work place before a good deal of boomers got settled into a good paying place of employment....so yes, some benefited from pensions but by far not all.
Pensions are a silent gen thing. Don't understand how people keep getting this WRONG.
You think Baby Boomers lived within their means? 😂😂
I know right? My sister wasted so much money.
My Mom did. She went years with an empty dining room because she didn't have the money saved up yet for a dining room table and chairs. When she had it saved, she went out and bought it with cash.
@@LaundryFaerie Smart lady, what a wonderful example for others.
Agree. My silent generation/boomer mother lives above & beyond. Her thinking is that my brother & I should just sale our home when she dies & pay off all her debt. She seems to forget that I currently live in that house with her only grandchildren & her soon to be great grandchild. To say it's stressful is putting it mildly.
Her debt is not your debt. You have no legal obligation to pay off her debts - as long as your name isn't on it somewhere. An no moral obligation either, as long as you haven't contributed to her debts in some way. Don't do it.
I'm not feeling this one... 🤔
Stay frugal = spend, spend, spend? 🤑