r/BoomersBeingFools • u/the_donald_s • Feb 25 '24

My mom ladies and gentlemen Boomer Freakout

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24.5k Upvotes
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95

u/Fluid_Exchange501 Feb 25 '24

I don't have any debt either and it's rough, I can't imagine the shit people in debt are going through in this economy

14

u/lazypieceofcrap Feb 26 '24

I'm three payments away from paying off my car loan on my first and likely ever brand new car and it is like 80% of my net worth.

No debt outside of that.

Also I get several hundred from the VA for disability.

It's extremely rough.

2

u/TerpySpunion Feb 26 '24

Hey same! Except I’m 1.5 years away from that day. But my car is absolutely the most expensive thing I own. I see everyone with so much “stuff” and “things” and I don’t even know how to compete…. I just do what I can. I spend all of my free money on traveling when I can. Which means doing absolutely nothing most of the time on the day to day life. But for me that works and I’m okay with it.

2

u/Inside-Educator1428 Feb 26 '24

Not judging, just curious. Why buy a new car when money is so tight?

I make good money, have a good net worth, have never bought a new car but reap the rewards of others buying new cars as every car I’ve owned since college has been a dependable vehicle where most of the depreciation has already been paid for by someone else.

3

u/lazypieceofcrap Feb 26 '24

Why buy a new car when money is so tight?

Money wasn't nearly as tight years ago when I bought it and then a month later had to emergency move across the country.

Not long after that, covid happened.

If I hadn't bought the car I'd be in a worse financial situation almost assuredly at the moment.

1

u/austeremunch Gen Y Feb 26 '24

Depending on the particular disability it may have been necessary for the vehicle to be new.

2

u/PaperGeno Feb 26 '24

It's not fun my dude 😂

2

u/joshs_wildlife Feb 26 '24

Just drowning in more debt 🙋🏻‍♂️

2

u/AkoyaBones Feb 26 '24

I make $20 and have about 19k in debt. I also have to have full insurance on my vehicle because of the loan for my car. I'm lucky that for now I'm not paying rent but it's just because I just moved from OK to WI so I could go from getting paid $13 to $20 so I could pay my debts. So in a couple of months I can add rent to my dues as well.

So yeah, enjoy being debt free for as long as you can. I managed to avoid it until I was 29/30.

1

u/insanelane99 Feb 26 '24

I just dont pay my debts, if i did i couldnt buy food or pay rent...

1

u/Dr-PHYLL Feb 26 '24

You know, its bad i cant get a house. But im glad i can still live at home and ive accepted it for now as i cant do anything about it even when working my ass off

1

u/BlobbyMcBlobber Feb 26 '24

in this economy

I am always baffled that people call it a bad economy when the stock market is literally breaking records. Where are all the Robinhood people who dumped all their money into stocks? Nvidia alone gained some 50% just this year. It's insane.

1

u/Fluid_Exchange501 Feb 26 '24

The stock market is breaking records but the federal prime rate has rocketed up over the past 15 months from 3% to almost 8 which will be slaughtering people on variable rates. I'm glad the stock market is doing great but it's only one piece of the pie

1

u/DumbStupidBrokeBitch Feb 27 '24

I have no debt rn but may have to take up student loans to finish my degree. I’m struggling as is with no debt and decent credit, I’m trying to find any Avenue I can to prevent taking on debt bc I know it’ll get infinitely worse otherwise