Beating Broke

Personal Finance from the Broke Perspective

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

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6 Reasons Why Boomers Are Not Broke
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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.

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The Emotional Bankruptcy of Hoarding: When Sentiment Costs You Everything

The Emotional Bankruptcy of Hoarding: When Sentiment Costs You Everything

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the emotional toll of hoarding
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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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The Hustle Is Real: What No One Tells You About Working a Second Job to Get Out of Debt

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The Hustle Is Real: What No One Tells You About Working a Second Job to Get Out of Debt

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things you need to know about having a second job
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Working a second job to pay off your debt is no easy feat. For many, this is the only way to comfortably pay off their debt, especially since wages haven’t increased with inflation. NBC News reported that inflation outpaced wage growth for most workers in late 2021 and early 2022. According to the Bureau of Labor Statistics, in February 2025, 9 million Americans, or 5.5% of the civilian workforce, were working multiple jobs, marking the highest level since 2009.

The rising cost of household essentials has taken a toll on many families, pushing them further into debt. If this sounds similar to your situation, you may be considering working a second job. Before you start your search for an additional job, here are things that people won’t tell you about working a second job to get out of debt.

You Might Get Burnt Out

No one will tell you how fast you will get burnt out managing more than one job. Demanding schedules may leave you with less sleep and more stress daily. Make sure that you have an outlet to unwind and relax when you have downtime, or you may find yourself stressed and irritable more often. Self-care becomes even more important when you have a second job.

You Won’t Have Balance

You may struggle to find any work-life balance. You also might miss out on many important events with your friends and family because you don’t have adequate time off. This may also strain your relationships over time. At some point, this might not be sustainable for you.

You Still May Struggle to Pay Off Debt

You’ll have to be cognizant of lifestyle creep if you’re earning more. Managing your expenses and budgeting is very important when trying to pay down debt. Make sure that you have a plan as to how you’ll pay down your debt with your additional income, otherwise, you may not spend that additional money wisely.

Decline in Performance

If you’re stretched too thin, your work performance may decline. This could put both of your jobs at risk. Make sure that you are able to devote enough time to both of your jobs before taking on additional commitments. You’ll also have to consider if having a second job is a conflict of interest. Make sure to contact your HR Department if you are unsure, especially if you have a non-compete clause in your employment contract.

Opportunity Cost

The time that you spend on a second job could be used to increase your knowledge and skills, helping you grow in your primary job. You may be limiting your long-term career growth if you choose to have more than one job.

You’ll Pay More in Taxes

If you enter a different tax bracket because of your increased income, you’ll probably pay more in taxes. Make sure that you are filing your taxes appropriately if you have more than one job.

What are some reasons that you feel like you need a second job? How do you handle more than one job? Let us know your experience in the comments.

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