Old money

By Jennifer John

June 30, 2025

I have been trying not to write about frivolous subjects. In my scattershot approach to composing a blog post worthy of your time, I’ve considered a boatload of throwaway topics: lavish summer weddings in places you’re not welcome, potty-mouthed presidents, and the God’s-honest truth that I thoroughly enjoyed watching Brad Pitt in “F1: The Movie” when my past regard for his acting was a notch above the wooden Tom Cruise. Speaking of inanimate objects, just how do you pronounce “gif,” those goofy images on social media that serve as emotional shorthand in texts. Not static, smiley-faced emojis. Think of rolling eyeballs or cats waving goodbye. Is it “gif” as in gif(t) with a hard G, or “jif,” well, like the peanut butter?

OK, I’ll stop. Instead, I’ve decided to focus on two things I know something about: money and aging.

This morning, Rebecca and I had our quarterly call with our financial planner. We try to do this every three months to affirm that what’s printed on our monthly statements is indeed as complicated as it appears. From what we’re told, despite the confusion and chaos of tariffs, taxes and tacos, our finances are doing fine for now, and we’re on track to exist comfortably, at least until the leaves begin to change colors this fall.

Luckily, we’re both pretty good with money and have managed to save enough over our combined working lives of 125 years.

It wasn’t always so. Early on, trying to save while earning entry-level base salaries in our chosen fields, elementary education and print journalism, was tough. You don’t choose these careers to make big bucks. We both knew that. It wasn’t about the money. It was more of a calling because we both loved our professions, and I failed math and science.

Seriously, the most I ever earned as a reporter at a newspaper was always less than my age at the time. Honestly, though, there were years when I wished I was the age I was making.

It took us both a long time to earn a decent living, enough to be comfortable and not constantly stressed about making ends meet.

I will never forget the feeling of going to the dentist in my early 20s and finding out I needed a crown. It was going to cost $400. This was the mid-1980s, my first real job out of college, and I was living in a cheap, one-bedroom apartment in Miami making $300 a week.

Tears ran down my cheeks after the dentist left the room. His assistant calmed me down and explained how I could pay the bill in installments, a little bit at a time. A layaway dental plan. Thank you, Jesus.

It’s true what they say about aging: You forget what people said, but you never forget how they made you feel. Kindness goes a long way.

Which leads us to the topic of money. Not so much about having too much money, but more like not having enough. I read something recently that stopped me in my tracks. It takes a lot to do that these days.

Are you aware that a significant portion of Americans (nearly two in five, or about 37%) would struggle to cover an unexpected expense of $400? This is according to research by Empower, a financial planning group, from 2024.

They reported the median amount of emergency savings among Americans is around $600. Nearly a quarter of people have none at all. As in, money set aside for unexpected financial events. Job loss, home and car repairs, medical bills. Imagine the stress of that scenario.

For some reason, Gen Z (those born between 1997 and 2012) and Millennials (born between 1981 and 1996) are more likely to have no emergency savings compared to older generations. That means Baby Boomers like me (born 1946-1964) and Gen Xers (born 1965-1980) are better savers.

It’s hard to put money away when regular monthly expenses are so high. Most folks are just getting by. Saving money is a pipe dream.

Remember what financial guru Suze Orman advised about building a solid emergency fund? “Keep at least three to 12 months’ worth of living expenses in it.” Right. Bite me, Suze.

I’ve been working since I was 16. OK, 15. When you look back at your work history during your adulthood, you wonder how you made it with so little coming in and so much going out.

Now I understand why my parents and grandparents looked forward to the first of every month. Checks!

Sadly, America’s not getting any younger. And by that, I don’t just mean me, I mean all of us. Our older population is growing, while the younger block is shrinking.

Recent U.S. Census data says so, and I’m not going to argue with that. More older workers will mean more care workers as the 65 and up population grew by 13% between 2020 and 2024. The number of those under age 18 fell nearly 2%.

Here’s an eye-opener: There are now 11 states with more older adults than children, up from only three in 2020. My home state of Michigan is not among them. But Maine, Vermont, Florida, Delaware, Hawaii, Montana, New Hampshire, Oregon, Pennsylvania, Rhode Island and West Virginia are.

No wonder the once-fringe/now mainstream “pro-natalist” movement (think “Elmo” and his brood of at least 14 biological Musks with several different women) believe having more babies is the only way to save civilization. Power to the procreators! It’s patriotic and your civic duty. Parental leave be damned!

As I said earlier, I wasn’t going to write about drivel, such as lavish summer weddings, but sometimes I just can’t help myself. After all, I’m the one who hits the send button on this stellar prose, right?

You may have heard that buff billionaire Jeff Bezos and his new bride, former TV anchor/helicopter pilot Lauren Sanchez, spent more than $45 million on their nuptials last weekend. Wonder if they’re registered at theknot.com?

“We could really use a four-slice toaster, babe,” said no billionaire ever.

And if, like Bezos’ first marriage to MacKenzie Scott, this one doesn’t last, multi-millionaire Sanchez (no money slouch herself) can cash in her 30-carat, cushion cut pink diamond wedding ring. It’s worth an estimated $5 million.

Not as much as the roughly $38 billion Scott received in Amazon shares from her 2019 divorce settlement. Seems only fair after 25 years of marriage and being a key contributor to a little startup called Amazon.

Turning traditional philanthropy on its head, Scott has pledged to give away most of her wealth to charity. So far, she’s donated billions to hundreds of nonprofit organizations, with a focus on racial and gender equality, democracy and climate change. She’s known to do things quickly and without much hoopla.

After all, it’s only money.

(YouTube video: In 2023, the British rock band Pink Floyd released a deluxe box set to celebrate 50 years since the 1973 release of one of the best-selling albums of all time, “The Dark Side of the Moon.” Here is the album’s sixth track, “Money,” the band’s first U.S. hit, written by Roger Waters to explore greed and the power of money. And with one of the most memorable bass guitar riffs ever recorded. Shoutout to my great-niece, Elia, who loves vinyl, Pink Floyd and money in a pizza box: You’re welcome!)