Quote:
Originally Posted by Luv2Bretired
Most folks start out with little as young adults. It takes time and the power of compound interest to build net worth. Whether the number is twenty or two hundred times does not matter. Too, many Baby Boomers inherited a lot and their children should inherit more as the economy has grown since WWII.
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What exactly do you mean by "too many baby boomers inherited a lot"? I didn't inherit anything, nor did my wife. Although I do know boomers that had inheritances, most of the people I know got very little if anything. We bought our first house when I was 22, not an expensive house, and paid it off when I was 26 with no help from my family or friends. I worked a mediocre job full time back then, I also had a part time job and did farm hand work on Saturdays, my wife had a part time job and took care of our daughter. I can still remember when I was very young my parents celebrating that they paid off their mortgage and they did it the same way we did. My parents savings went to nursing homes and there was nothing left at the end. My father struggled with Alzheimers for more than a decade and would not take financial advice from anyone regarding protecting his assets. Unfortunate but that was his way, his way or no way.