Gen X will work longer than any generation before

Yep - I just looked into it and I definitely identify with all the gen X markers

 

My parents were born in 1950 and 1952. Smack bang Boomers. I was 1970. Smack bang X. My child had to wait a whole gen gap, almost 2 generations later, being born in 2011. Tail end of Z. Bit of a gap. Aren't post 2012 kids called Gen Alpha or something?

 

Mark and I are born 1956 and 1960, we are boomers. Yet we are quite different from those we know who are ten, even five years older than us. Their lives were quite different from ours, possibly pre or post Vietnam war? Pre or post contraceptive pill? Massive social change in the early 1970s.

 

Where do they come up with this names?!
My parents is just slightly younger then yours, my sisters are at the beginning on Gen Y, I'd say they resemble Gen X more. I'm unexpected and smack bang middle Gen Y

 

What Gen am I 1982???

Some research suggest X other Y and some even Millenial.

I have always thought it was officially Y but that I more closely related to X stereotype.

 

I would say you're an early Y but I may be out of date ?
Originally, the baby boomers started approx 1945 or '46 (post-war baby boom!) and the rest of us fit in around there in 15 year increments. Gen X was originally the 5-10 years behind the first 10 to 12 years of the boomers. Now they're saying baby boomers start in 1950? It's all changed and it's starting to lose any resemblance to anything meaningful.
You probably are like a young X because of your age/stage i.e. a little more conservative due to tough economic conditions when you left school / uni, envisioning years of work ahead (hope you like your job ) and embracing of other cultures, etc (Benneton)?
A true X was there (or nearby) when the Berlin wall came down and Communist Russia broke up and saw Tianamen Square in China and People Power in the Philippines.
We were referred to as The White Shoe Brigade at uni and were considered boring. Y's are starting to look good now that the Millenials are coming onto the scene.

 

To be honest getting a job has always been easy for me. Maybe it's because I studied the right course or maybe because I present well am articulate, honest and have a strong work ethic. In any case I obtained paid employment part time in my final year of Uni. After I completed 16 weeks I asked my manager to sign my pre filled work diary and he happily did. I continued to work their for 5 years full time post Uni. Some of my friends worked for free or very low pay to complete their work experience, my attitude was get a job on your merits and then once you've proven yourself ask your manager to sign the diary.

 

One of reasons to be in this forum.

It is very interesting how govt are pushing this rubbish out of working till 70. It suits them...as they don't want to pay the pensions.

But people can help themselves too.....I have worked out by investing in growth assets (property & shares) most people can easily build a $1m nest egg outside of super. Sure it takes a but of discipline but all this is possible by 55 yrs of age.

The real issue is most people have lifestyles which are seriously out of control. On $1m net you will have about $50k per annum net...and that is without super kicking in past 60. Even by picking up some part time work...you should be able to supplement another 20k this is certainly enough for most people for a comfortable lifestyle.

I plan to exit the rat race in the next 4-6 years (53-55 yrs of age)....my income post tax is expected to be 90-110% of my existing after tax income. This was done over a 17 year period...most people can do this in 8-10 yrs if they are diligent and disciplined enought.

 

You're not Gen X. The unemployed were mostly made up of those fitting your description of yourself 15 years before your time. You definitely sound Gen Y.

 

Yet I graduated with people that are gen X...

 

That's because you're so fantastic. You're Gen Y.

 

Bahahaha no I meant I am at the start of gen y years by most date sources so I graduated with uni with several X's.

My point is there is so much overlap I think the fixed year generation generalisations are a bit BS. I find I more closely correlate with X.

For example I lack the technology skills that true Ys have. Computers were still pretty fresh for me going through school. We had a computer room, but I was never taught touch typing etc. My younger brother was taught programming basics etc.

I still remember going to the library to do assignments reading something called an encyclopedia. My brother a Y would only know of Wikipedia.

 

I agree. I think it is doable for many.

 

Yes mate....it is but it requires discipline and focus,..and the ability to ride across a couple of cycles and not get caught up in one market.

 

I'm Gen X. Not intending to work anywhere close to 60 let alone 70!

Gen X should have done fairly well out of the property boom. I studied during the recession years - high interest rates and unemployment. Doom and gloom everywhere - people said we'd never get jobs.

Things improved greatly not long after I graduated. Was lucky enough to buy into the housing market just before the boom and leveraged into IP's along the way.

Of all the generations, X began their working years at an opportune time for wealth creation. Plenty of jobs, mining boom, easy credit, low interest rates, rising property and share markets, the internet filled with information regarding investing.

Its still possible that circumstances may have prevented some from taking up these opportunities.

 

The grubberment can afford to fund pensions and provide retirees with a decent quality of life, however, they choose instead to spend/waste our tax dollars with gleeful abandon. They will keep raising the retirement age to 70 and beyond. That is clearly happening already in most western countries. Go to school, get a job, go to work for 50 years, pay your bills, diligently pay your taxes, obey the law, (now repeat after me, "I am free"), and please do your very best to die before you can collect your pension, otherwise we shall have to raise the retirement age (again) as you're are becoming too much of a drain on society. That is our current system.

Fortunately, we came to the realization early enough that no reasonable thinking citizen should trust our politicians to provide the means to maintain our current standard of living in retirement. They have no intention of doing so, nor have they ever promised it. Yet it is astounding how many taxpayers do not give their retirement income, or lack thereof, a second thought.

The dominant reason for us beginning our investment journey was to achieve a a position of financial security completely independent of the government, its welfare and its tax system. We shall fully fund our own retirement thank you very much. The less the government is involved in our lives, the better.

As always, your mileage may vary

 

Imagine the reverse of current system. Do not:

• Go to school.
• Work.
• Pay your bills
• Pay your taxes.
• Obey the law.

That's anarchy and good luck with the freedom.

 

How about just minus the go to school? (Well, go to school enough that you can read).

Teach me please

 

That is not the only 'reverse' or alternative to the current system, which at no point did I suggest anyway. It seems I've failed to clearly explain my issues with the current system, or maybe you've simply just missed the point.

There are alternatives to 'traditional' schools and government education, which, for the most part under the current system, produces generations of sheeple. Our system indoctrinates young people to believe there is no viable alternative, because the our politicians are quite content with poorly educated, uninformed, disinterested voters/taxpayers, and our corporations want obedient workers. What a pleasant coincidence! It is a rare and wonderful thing to find a school or professional educator that encourages and supports working for oneself, as opposed to 'getting a job'.

A wise man once said, "our system produces workers who are just smart enough to run the machines and do the paperwork, and just dumb enough to continually and passively accept the slow but sure erosion of their personal freedoms and an increasingly bad deal regarding their retirement age and pension benefits, or lack thereof."

The desire for a better education system, more prudent use of tax revenue and a more equitable deal for citizens over 65 years of age is hardly what any reasonable thinking person would call "anarchy".

Then again, and as always, "your mileage may vary"

 

So in this post the goalpost has been shifted.
Unlike the previous post, now you appear happy to work, pay the bills and taxes and obey the law.
If I understand correctly, the gripe is now with the politicians and corporations and their evil indoctrination (schools). That is just about everybody. Looks like you are brave enough to use the (unschooled and self employed) services of doctors, engineers, tradesmen, firemen, policemen, lawyers, defence forces etc.
Your interpretation of system change appears to be that the whole of society should continue to provide the same level of support and services to an individual, wherein the individual does not share his responsibility because school, taxes, bills, work impinges on the individual's freedom. Maybe you want to be the corporation (that you detest) and exploit the society that supports you.

Did this wise man (Kiyosaki ?) sell you freedom or its variant (property investment, MLM scheme etc) after the erudite quote ?

Edit: Apologies for deviating from the topic of thread.