Comments on: Eight Baby Boomer Money Mistakes You Should Avoid

By: dwhite2762

dwhite2762 — Fri, 18 Dec 2009 18:15:29 +0000

I’m an old boomer and I would add this to the list. Be what we were in the 60’s. We lived in a school bus and had a great life without a TV, an Ipod, a fancy phone and the internet. We actually met with people and discussed philosophy and what war meant to us. We made our own music and we listened to poetry. We always had enough to share with people that didn’t have what we had. We cared about the earth even then and we used our weekends to clean up our enviornment. We used public transportation. We shopped for used clothes and made our own hippie style. My husband of 40 years and I are now (slowly) in the process of returning to the 60’s to the great enjoyment of our children and grandchildren.

By: John

John — Fri, 20 Mar 2009 22:35:12 +0000

Hello

Here is a couple to consider. (which I have done)

1. Thinking of Credit Card Available Credit as how I have to spend.

2. Living paycheck to paycheck, i.e no Cash Reverse – Issue is not doing whatever it takes to make it happen.

By: Tom

Tom — Sat, 07 Feb 2009 23:59:54 +0000

#7 is so true – we young folks should learn this lesson before it’s too late.
#5 – my mom sacrificed a lot to raise 6 kids. She even neglected her own health and financial situation sometimes to help a few of us as adults (except me, of course). Now, she’s retired and no one comes to see her … parents don’t owe their kids anything!

By: tom

tom — Sat, 07 Feb 2009 22:30:01 +0000

These are excellent points and very much true.
I would say the biggest change will come from working for money. Look around, so many young entrepreneurs.

By: MasterPo

MasterPo — Thu, 05 Feb 2009 01:04:26 +0000

I disagree about #5.

My kids are my future. They will be here long after me and my wife are gone.

If it comes to a choice bewteen retirement and my kids schooling the latter wins all the time.

Imagine your kid gets into Harvard or MIT. Would you face your child and tell them “Great that you got in but we have no money to send you. Communitty college is just as good.”?

By: MoneyGrubbingLawyer

MoneyGrubbingLawyer — Wed, 04 Feb 2009 14:47:49 +0000

Great list. Here are my additions:

9. Ignore government debt and fund today’s needs with your grandkids’ taxes.

10. Make debt a social norm and desensitize yourself to the impact it can have. Accept debt as an unavoidable part of life and pass those values along to your children.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 03 Feb 2009 14:17:35 +0000

Danny: Thanks for visiting. And I agree that making sure that you do not become a financial burden on your own children ranks near the top of the list of financial planning goals.