Boomers With Regrets, Those Sitting Pretty

 " I wish we didn't pay for our daughter's big wedding."

That's what one distraught Boomer lamented during a complimentary consultation for coaching. They, like a growing number of those who need work to pay bills, can't find it. 

The Wall Street Journal describes them as part of the "jobless boom." It looks like this:

" ... total payrolls shrank in July, the fifth time in the past 12 months. Private payroll growth has averaged a little over 50,000 per month for the last year. These sorts of trends are virtually unprecedented outside recessions."

Meanwhile, companies are producing great earning. Predictions from a recent Stripe survey are for economic growth for the next five years.

Very smart people are in this pickle. Perhaps it was the blind faith in their high intelligence which drove the assumption that they can live the good life to the fullest. No need to embrace financial realities.

In contrast, there are the Boomers who have lived below their income and invested regularly. Or maybe their income from working prevented severe financial consequences from hedonism. Both these groups are sitting pretty. If they are working it's to keep busy. Not desperation.

Last week the stock market hit a record. If they have received sound guidance from a financial advisor, the portfolio will hold up through even a crash. In fact, the problem is, after years of saving, taking the risk of starting to spend the war chest.  They refuse to bear witness to the numbers so closely watched going down.

This binary state of living is the horror of the second decade of the 21t century. Along with the inability to find work, inflation has created the perfect storm for some Boomers. Meanwhile they can't redo the past and what they did with their money. Homelessness is not unthinkable. The aging are the fastest group experiencing loss of housing. In the near future Fern from "Nomadland" could become the new usual for seniors. 

In coaching I alert clients that there are fewer safety nets for those who run out of money. 

Careers. Forget all that. It’s about earning a good living, no matter what.

Complimentary consultation with Jane Genova, StreetSmart Coaching (janegenova374@gmail.com)



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