Mainecat Posted February 5 Share Posted February 5 They can just walk to the basement and hand their 30 year old kids their inheritance. Dont worry the boomer spending runs the economy. 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted February 5 Share Posted February 5 Send all boomers to Ukraine! Quote Link to comment Share on other sites More sharing options...
Voodoo Posted February 5 Share Posted February 5 1 hour ago, NaturallyAspirated said: Gonna be far too late for many. Hoarded is no better than squandered. Neal But it's not very liquid for the most part. A home is a prime example for many. My mother in law gave each of her 5 children $100,000 as a Christmas present a number of years ago. I like to say she bought me my tractor and gave me the gift of sipping coffee in a t-shirt while clearing snow. Our accountant showed how it would be beneficial to do it then, while she was still alive. Well, she's lived longer, had far more health issues and inflation has driven up her costs in the place she's at. $10,000 a month. There is a possibility of the money running out. Some of the kids couldn't afford to give her the money back if needed. That's the danger many face, if they pass down the wealth to soon and or live longer than anticipated. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted February 5 Share Posted February 5 1 hour ago, Highmark said: Its natural in any form of democracy to have every next generation be the biggest sponges on society. They have it better than the previous generation so they simply expect even demand more. Add it the cost of medical technology and it only increases the burden. Its no question with each new generation they become more selfish...just look at the number of children being born. Today's generations are the me generations. I’ll be expecting you to dig your own grave during your first need of medical care past 65. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 5 Platinum Contributing Member Share Posted February 5 4 minutes ago, ActionfigureJoe said: I’ll be expecting you to dig your own grave during your first need of medical care past 65. Oh I'm not making it to 65. Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted February 5 Share Posted February 5 1 hour ago, Doug said: Most of the younger generation live on credit and minimum monthly payments. Bad way to start. Thank some boomers. Neal Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted February 5 Share Posted February 5 1 hour ago, Voodoo said: But it's not very liquid for the most part. A home is a prime example for many. My mother in law gave each of her 5 children $100,000 as a Christmas present a number of years ago. I like to say she bought me my tractor and gave me the gift of sipping coffee in a t-shirt while clearing snow. Our accountant showed how it would be beneficial to do it then, while she was still alive. Well, she's lived longer, had far more health issues and inflation has driven up her costs in the place she's at. $10,000 a month. There is a possibility of the money running out. Some of the kids couldn't afford to give her the money back if needed. That's the danger many face, if they pass down the wealth to soon and or live longer than anticipated. 5 kids and none would move her in to save her $10k a month?!?! Wow. Neal Quote Link to comment Share on other sites More sharing options...
Doug Posted February 5 Share Posted February 5 17 minutes ago, NaturallyAspirated said: Thank some boomers. Neal Oh I know some and they still make and have made really dumb financial decisions. Retire because your 65 and get a part time job because you can't afford your payments. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted February 5 Share Posted February 5 Quote Link to comment Share on other sites More sharing options...
J. Jackson Posted February 6 Share Posted February 6 Thankfully have 2 millenial sons who have made good decisions. Both own homes with better than 50% equity with one would appraise for near a million, credit cards that are paid off every month, decent retirement funds and at least 2 yrs of cash on hand to live on. Most of their friends who have decent jobs have squat as they need to spend what they make. A huge factor that no one talks about much is divorce rates in young couples. Quick way to destroy a nest egg. 1 Quote Link to comment Share on other sites More sharing options...
Voodoo Posted February 6 Share Posted February 6 49 minutes ago, NaturallyAspirated said: 5 kids and none would move her in to save her $10k a month?!?! Wow. Neal Not so. My wife and I did. Mom likes where she is and it’s her money so she went back after the initial Covid nonsense. If it came down to it she can come here, we would build or buy her, her own place on my property. Ive been actively looking into it. For my parents as well, but they want to live where they are until the end. I’m not going to force something on them. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted February 6 Share Posted February 6 35 minutes ago, J. Jackson said: Thankfully have 2 millenial sons who have made good decisions. Both own homes with better than 50% equity with one would appraise for near a million, credit cards that are paid off every month, decent retirement funds and at least 2 yrs of cash on hand to live on. Most of their friends who have decent jobs have squat as they need to spend what they make. A huge factor that no one talks about much is divorce rates in young couples. Quick way to destroy a nest egg. Daughter is GenX. Her and my sil bought a McMansion in “13. Affluent neighborhood in Minneapolis. They sold it at the height of the market for a killer profit. Bought a small place to the north. She home schools the kids. Starting a new business designed for homeschooling parents. She’ll be teaching parents lesson planning and also providing a country based site for them to socialize. Pretty unique idea. 1 Quote Link to comment Share on other sites More sharing options...
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