A lot of boomers have been YOLOing by being over invested in stocks. I mean i get it, why buy bonds when they've got wrecked during last 4 years. So logic was for them lets pile into growth that seemingly just goes up no matter what. Instead of being like 30% in stocks in your 60s, it's the inverse with many being overly aggressive and exposed to stocks.
Boomers should have saved their money and put it into a 1% bank account, (requires 500k).
But they are the generation of "give me things" who taught their children gen x and millenials to act the same way they do.
The big banks always win, stock markets are legalized gambing and can fail.
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If a person makes 60,000 a year.
They put 20% of that into a bank account
in ~42 years (avg retirement) they'll have the 500k
Every month they can get $5,000 (before taxes),
And have a 500k safety net.
But noooo let's put our money into the casino stock market.
BRILLIANT! fast money give me now I want now!
This post was edited by Mondain on Apr 3 2025 10:57am