Beating Broke

6 Reasons Baby Boomers Were Never Broke and How You Can Follow Their Lead

April 17, 2025 By Teri Monroe Leave a Comment

6 Reasons Why Boomers Are Not Broke — Image Source: 123rf.com

Does it seem like your Boomer parents were never broke? For many Millennials and Gen Zs, it may seem impossible to get out of debt and grow your wealth. So, what financial secrets do Boomers live by? Here are 6 reasons Baby Boomers were never broke and how you can follow in their footsteps.

1. They Budgeted and Lived Within Their Means

Today, many younger generations give in to impulse spending and FOMO. Baby Boomers are well aware of their finances. In most cases, they don’t exceed their budgets or buy things they can’t afford. For example, if Boomers decide to take a vacation, they are very price-conscience and look for the best deals. When it comes to other purchases, they usually focus on needs over wants.

2. They Prioritized Big Purchases

Baby Boomers meticulously saved for larger purchases like homes and cars. They worked hard to pay off their mortgages and debts. Just because they tend to have a higher disposable income, they are still very value-driven in their spending and are more likely to make big purchases if they get a good deal. In contrast, many younger generations are quick to pay full price for bigger purchases, especially as the housing market has become more competitive.

3. They Stretched Every Dollar

Boomers are experts when it comes to money-saving hacks and cutting costs. They understand that you may need to buy things that are quality over quantity. For example, they don’t buy fast fashion the way younger generations do. They are more likely to cook at home than young people, and they often carry cash for purchases instead of using credit cards.

4. They Valued Their Money

Baby Boomers value things like how much money they have saved, and their self-sufficiency. They can be very prideful and don’t accept help or handouts. By having this mindset, they make sure that every dollar they earn is working for them by investing or growing their savings. For example, Baby Boomers have the largest percentage of their wealth in stocks and mutual funds. According to Federal Reserve data, about 28% of their wealth is in this category.

5. They Stayed in Their Jobs

Boomers are known for staying in their jobs. According to Fortune, a new poll says more than 40% of America’s baby boomers stayed with their employer for more than 20 years. This loyalty has paid off for many Boomers. Unsurprisingly, the driving factors are often tenures and traditional pensions. While many younger generations aren’t offered this opportunity for their retirement, Millennials and Gen Z can take a page out of Boomer’s book when it comes to job loyalty.

6. They Didn’t Spend More as Their Income Increased

Lifestyle creep is often a huge problem for younger generations. As their income increases over time, they usually continue to spend more and increase their budgets. One of the many reasons that Boomers are not broke is because they are traditionally more conservative with their money and frugal.

What financial tips will you adopt from Boomers? Let us know your thoughts in the comments.

The Emotional Bankruptcy of Hoarding: When Sentiment Costs You Everything

Stolen Money: 8 Things Do Immediately After Finding a Bag of Money

April 15, 2025 By Teri Monroe Leave a Comment

It may seem unrealistic, but what if you found a bag of money? What would you do? There are instances where people have stumbled on hundreds of dollars in parking lots. According to HG.org, a 75-year-old woman once found and returned $100,000 she found in the parking lot of a restaurant in Tennessee. For many, that amount of money could be life-changing. Of course, the right thing is to let the authorities handle it and hand over the money. But what are your legal obligations if you find a sum of money? How would you handle it? Here’s what you need to do immediately if you are lucky enough to find a bag of money.

1. Try and Find The Owner

If you’ve found a bag of money, the first thing you should do is try to find the owner. If you can’t find its owner, turn it in to the police. Or if you found it in a parking lot, get the store involved.

2. Look for Identification

If you found a wallet, try to find an ID. You can then try and get in contact with its owner.

3. Don’t Touch It

You might not want to touch the money as it could be tied to a crime. You don’t want to tamper with evidence if the money was involved in a robbery. While this might seem like a scene out of a movie, your best bet may be to call the authorities and let them handle it.

4. Assess The Area

Take stock of your surroundings. Are there cameras around at a local business? You could ask them for help. Are there other people around who saw what happened? Make sure that you are all safe first before taking further action.

5. Document Your Findings

You might want to document what you found. Take pictures so that you can turn it over to the police. However, don’t post any photos on social media.

6. Wait for The Police

Once you call the police, you’ll want to wait for them to arrive. They probably will also want to question you. You’ll seem suspicious if you leave the scene.

7. Tell Your Story

Make sure you tell the truth when talking to the police. Let them know everything you saw and how you found the money. If the money is tied to a crime you may become a witness. You may even have to appear in court.

8. Know Your Rights

If you found the money, in some cases you may be entitled to it. This is usually after a holding period. Know your rights and be patient. But understand that just because you found the money doesn’t mean that it’s yours. If you found a large sum of money, you may want to enlist the help of an attorney.

Have you ever found money? What did you do with it? Let us know in the comments.

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The Emotional Bankruptcy of Hoarding: When Sentiment Costs You Everything

April 10, 2025 By Teri Monroe Leave a Comment

the emotional toll of hoarding — Image Source: 123rf.com

Hoarding is defined by the American Psychiatric Association as a mental health condition where “people with hoarding disorder have persistent difficulty getting rid of or parting with possessions due to a perceived need to save the items. Attempts to part with possessions create considerable distress and lead to decisions to save them. The resulting clutter disrupts the ability to use living spaces.” According to the National Institute of Mental Health, the prevalence of hoarding disorder in adults is estimated to be around 2%-6%. Hoarding is different from collecting, which is usually more organized. While both usually have emotional ties, hoarding is more haphazard and impacts an individual’s ability to live comfortably in their home in most cases.

Hoarding is not an isolated issue. The disorder comes with emotional, financial, and even legal hardship. Here we’ll break down the many costs of hoarding.

The Emotional Toll of Hoarding Disorder

Each item for hoarders holds emotional value and individuals with the disorder have a hard time parting with items, which can get worse over time. Usually, the disorder is accompanied by guilt, anxiety, and shame. Most hoarders hold on to the nostalgia of the past as well as grief or fear of loss. Many are left clinging to the past instead of creating new memories in the present day.

Often, hoarding puts a strain on relationships as hoarders tend to isolate themselves and not want others to see their home. This usually makes the situation worse and intervention is needed. If unable to care for themselves, family members may need to step in and seek guardianship to manage the hoarder’s affairs.

Financial Toll of Hoarding

Hoarding doesn’t just impact living spaces and relationships, it can also take a financial toll. Individuals may have a hard time with impulse control and may feel the need to continuously buy more stuff. Shopping is now easier than ever with one-click buying possible on sites like Amazon, which may be a huge temptation for hoarders.

Additionally, hoarding may decrease the value of an individual’s home due to a lack of upkeep. This can especially put a strain on heirs when it becomes time to sell a loved one’s home. If an individual rents, hoarding may also lead to eviction. While hoarding is a disability and protected, if hoarding poses a direct threat to the property or to others, it may warrant eviction. Hazards include issues such as fire hazards, pest infestations, or blocked emergency exits. Landlords are required to provide accommodations, but they may take legal action if unresolved.

Hoarding disorder brings a host of emotional, legal, and financial challenges for hoarders and their loved ones. Often, the only solution is to hire a professional cleanup service and seek support from national and local resources, including support groups.

How has hoarding disorder impacted your life? Let us know your thoughts in the comments.

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