Nobody likes to be called a dummy by a dummy.

You are just in the wrong generation

http://www.usatoday.com/printedition/news/20070521/1a_cover21.art.htm - Generation gap? About $200,000 The median net worth of people 55 to 64 has climbed to nearly $250,000, while it has dropped to about $50,000 for those in their late 30s

<quote>
Ages 55-59: Median net worth — the middle point for all households — rose 97% over 15 years to $249,700 in 2004, the most recent year for which data is available. Median income rose 52%.

•Ages 35-39: Median household net worth fell 28% to $48,940. Median income fell 10%.
</quote>

Adds new twist to soilent "green".
Permalink son of parnas 
July 8th, 2007 4:34pm
This is net worth. For far less spin, let's see the numbers for income.

Net worth includes real estate. Someone 55-60 has their house PAID FOR. Someone 30 just bought a house and has no equity in it.

All that idiotic study shows is that by paying off your mortgage, you gain equity.
Permalink Practical Economist 
July 8th, 2007 5:33pm
Median income fell 10%.
Permalink son of parnas 
July 8th, 2007 5:35pm
Yes, that's a much more impressive statistic. The age think is just not a big deal.

But inflation adjusted income is down across the board for the whole population, except for the ultra privileged, whose income has risen dramatically.
Permalink Practical Economist 
July 8th, 2007 5:50pm
Are you kidding.

"Median household net worth fell 28%"

That is far bigger than what happens to income, once you include all equity.
Permalink Send private email LinuxOrBust 
July 8th, 2007 11:15pm
It didn't fall. They aren't investing in real estate like they used to, and those that do are getting second mortgages so they can buy corn cob blasters and xbox360s.
Permalink Practical Economist 
July 8th, 2007 11:37pm
What are you guys, commies? No one gives a crap about the median. It's all about ME.
Permalink anoneemouse 
July 8th, 2007 11:59pm
> It's all about ME.

You put the ME in MEdian.
Permalink son of parnas 
July 9th, 2007 12:10am
"They aren't investing in real estate like they used to"

Fudge, it just goes to show how much they were profiting by in RE.  Also, CA would be much more than a national avg.
Permalink Send private email LinuxOrBust 
July 9th, 2007 1:49am
More insufferable property owners.
Permalink Michael B 
July 9th, 2007 2:36am
something off in the supply/demand curve. normally low supply means higher price, so those of the Baby Bust generation should be thriving

some numbers (rest of article is irrelevant but it has the numbers) ...

http://www.time.com/time/magazine/article/0,9171,1640395,00.html

"With 85 million baby boomers and 50 million Gen Xers, . .... Now along come the 76 million members of Generation Y."

The 50 million Gen Xers should be in low supply and thus in high demand/price. Maybe we got all job burnout/PTSD.

Maybe we're all slackers still pining for the innocent Winona Ryder, or Beetlejuice/Heathers era.
Permalink Send private email strawdog 
July 9th, 2007 2:52am
Strawdog, you are creeping me out, you described me almost exactly.
Permalink anoneemouse 
July 9th, 2007 4:39am

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