GenX in recession

What is a recent Washington Post article (which I was hipped to by The Gen X Files blog) saying about GenXer attitudes in light of the current recession?

They’re antsy and edgy, tired of waiting for promotion opportunities at work as their elders put off retirement.

Huh. Doesn’t sound all that different than before the recession or during the last recession or before that one too. But there is something that’s different compared to when GenX workers were the age that Millennials are now. And that is this:

A good number of them are just waiting for the economy to pick up so they can hop to the next job, find something more fulfilling and get what they think they deserve. Oh, and they want work-life balance, too.

That’s right. Screw loyalty! To any company anyway. Because we’ve learned the hard way that such loyalty will get you nothing in the end.

I learned it long before I entered the work force, when I was witness to General Motors attempts to force my father out of his job as an engineer before he was ready. He worked for GM for 35 years but that mattered little because it was cheaper to higher a younger person who would work for less.  I say attempts because my old man is stubborn as hell and he wouldn’t budge until he got a good retirement package, even when they demoted him to a basically a data entry clerk. Of course, years later GM reneged on their deal to provide health coverage to my father and mother for the rest of their lives.

I learned it again when, in my first foray into the corporate world, I (along with others) was booted in order to balance a budget. Of course, it wasn’t put that way but it didn’t need to be said.

More recently, I learned that there is no loyalty in the economic world when CitiCard arbitrarily hiked my APR from 12.24% to 17.99%. No real reason was given for this increase, although later I was reminded of the bill that goes into effect in Feb. 2010 that cracks down on the credit card companies; they’re all uping their rates before that law goes into effect. Fuckers! And it didn’t matter that I’d had a CitiCard for 17 years, that I’ve always paid my bill on time, that my wife also has a CitiCard, that our mortgage is through CitiBank or Citigroup or whatever the fuck they call themselves. And this is a company that was given government bailout funds.

But enough ranting. Because this whole situation has me wondering. What will come of GenXers being put out of work and not being afford the oppor5tunity to return to the same level again. Perhaps a resurgence in creative endeavors, not just technology-driven but in terms of  art and Literature, music and movies, poetry etc. Certainly family cohesiveness will become stronger. Which is to say, as the article notes, Generation X is tought, resiliant, creative, and we’ve been here before. So bring it!

I want to know how can I get the same sweet deal as McCain with American Express? Don’t you?

John McCain and his wife, Cindy, and their daughter, Megan, carry some pretty heft credit card debt.

As The Hill reported this morning, based on disclosure reports released today, Sen. John McCain and his wife Cindy owe at least $100,000 to American Express, with a “dependent child” also holding a card with a balance between $15,000 and $50,000.

Yikes! That’s just nuts, right? Wrong. Not if you’ve got a 0% interest rate.

According to the May 15, 2008 disclosure form, though, during 2007 Cindy McCain originated an individual debt of between $250,000 and $500,000 with a zero-percent interest AmEx that was still not paid off by the time of the time of that filing.

I mean, 0% IR is like free money when you think about, right. So does that mean AMX is giving money to McCain? Is it like a corporate endorsement? A campaign contribution? Well, well, well. Looks like Mr. Maverick might just be a corporate shill after all. Nice.

Shit, I didn’t even know such an interest rate existed. I mean, I know theoretically 0% exisits — 0 was a tricky concept for me in math, I admit, but I finally got it down, I think… Anyhoo… my point is that I’d be willing to drop my Master Card in a second for an AMX card with 0%. Who the hell wouldn’t? I must have missed the special offer when it came in the mail. I wonder if it is still not too late to take advantage. Maybe I’ll call up AMX and ask for the McCain special.

Here are the AMX phone numbers if anyone else would like to as well:

Apply for a Card
1-800-223-2670

GenX retirement prospects looks bleak

An article in USA Today paints an not very rosey picture for GenX’s retirement prospects. It specfically, points out that GenX, as per usual, we have an even tougher time of it than the Boomers. And, as GenXer, I can only imagine that Millennials will have it easier. Such is our lot in life.

I suppose that it makese sense that people are just starting to talk about this issue now, but I’ve had it on my radar, more or less, since I was young. Of course, that may have something to do with having very frugal Silent Generation parents who both grew up in small coal mine town in West Virginia during The Depression. My father raised me to believe that you should not count on the government to take care of you. Social Security is not going to cut it.

Of course, I can’t help wondering how many of my cohort have troubles living within their means. I realize that many people have massive student loan debt but it has always been my impression that many GenXers are not good at saving their money or thinking about their personal finances in general. I no that I don’t like to think about, but I certainly try to, especially now that I am a parent. It is unavoidable.

 My main approach is to save as much a possible in any way that you can, even if all that means is saving change in a coffee can until it is full enough to make a desposit in the bank or whatever. Additionally, do not let debt, especially credit card debt build up. Pay it off as quickly as you can. And if it does build up STOP USING YOUR FUCKING CREDIT CARD!!!! Do whatever you  have to to make this happen. I know someone who actually froze their credit cards in ice so that they would be forced to think about any purchase that they were considering. It seemed to work.

One credit card is enough for anyone. And really you should only use it in emergencies. My parents got me a credit card in my early twenties. It had about a $300 limit and I was responsible for paying it off. That’s how I learned to use it only when necessary.

All you really need is food, shelter and clothing. Anytime you find youself thinking that you need to see a movie or need to have a brand new car or you need to go on vactaion. Rememeber: all you need is food shelter and clothing. Everything else is just gravy.

Okay. So maybe there’s more to my approach than I first thought. But I suppose that is because it seems like common sense. So either I am wrong or there are lot of people out there unable, though more likely unwilling to exercise common sense.

Anyhoo… nevermind my ranting. Check the article. It’s worthwhile. And that’s saying some for a rag like USA Today.