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Boomers Greed. 72% would rather spend their money than leave an inheritance.
Topic Started: 19 Sep 2014, 05:55 PM (7,147 Views)
ThePauk
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"In Australia, a 2011 Apia study of 2000 Australians aged over 50 found 72 per cent would rather spend their money to enjoy retirement than leave it for their kids."
http://thenewdaily.com.au/money/2014/04/24/ok-spend-kids-inheritance/

http://www.businessinsider.com.au/heres-why-wealthy-parents-are-refusing-to-leave-their-children-an-inheritance-2012-6

http://m.apia.com.au/aussie-baby-boomers-kill-inheritance
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peter fraser
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ThePauk
19 Sep 2014, 05:55 PM
"In Australia, a 2011 Apia study of 2000 Australians aged over 50 found 72 per cent would rather spend their money to enjoy retirement than leave it for their kids."
http://thenewdaily.com.au/money/2014/04/24/ok-spend-kids-inheritance/

http://www.businessinsider.com.au/heres-why-wealthy-parents-are-refusing-to-leave-their-children-an-inheritance-2012-6

http://m.apia.com.au/aussie-baby-boomers-kill-inheritance
Paul you have been reading that anti boomer crap over at macrobusiness for far too long - now you are starting to believe it.

It's just posted to keep the disenfranchised angry and paying annual subscriptions.

It's clickbait, and you got hooked.



Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
19 Sep 2014, 06:00 PM
Paul you have been reading that anti boomer crap over at macrobusiness for far too long - now you are starting to believe it.

It's just posted to keep the disenfranchised angry and paying annual subscriptions.

It's clickbait, and you got hooked.


Peter, as you know full well, I was talking about equity issues regarding the boomers long before MB was even around.

You on the other hand has just labeled it 'granny bashing' and sided with the trolls in attacks on me for raising such issues.

Have you forgotten you are supposed to play the 'good cop'?
Edited by ThePauk, 19 Sep 2014, 06:26 PM.
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peter fraser
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ThePauk
19 Sep 2014, 06:25 PM
Peter, as you know full well, I was talking about equity issues regarding the boomers long before MB was even around.

You on the other hand has just labeled it 'granny bashing' and sided with the trolls in attacks on me for raising such issues.

Have you forgotten you are supposed to play the 'good cop'?
Actually Paul I pointed it out to you as a future issue at Talk Finance a long time ago. Had I known that you would become obsessed with it I probably wouldn't have.

You have made this issue your life's work, and you intend to personally punish every boomer that you can.

It's just sad.


You do know that APIA are just trying to sell their service don't you?
Edited by peter fraser, 19 Sep 2014, 06:33 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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Frank Castle
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Business As Usual

ThePauk
19 Sep 2014, 05:55 PM
"In Australia, a 2011 Apia study of 2000 Australians aged over 50 found 72 per cent would rather spend their money to enjoy retirement than leave it for their kids."
So the boomers are actually spending their money and keeping the economy ticking over - good to hear.
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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ThePauk
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Peter
I am a boomer..... as for punishing every boomer, well that is once again you projecting. Never said that and never will.
I do not recall you every raising an equity issue at TFA.

I did lobby hard both online and offline in 2011 for the regulation to change re the negative equity guarantee and in 2012, it changed.
Frank Castle
19 Sep 2014, 06:34 PM
So the boomers are actually spending their money and keeping the economy ticking over - good to hear.
Frank
Yes, you are correct about that. If we can provide them with more disposable income in retirment then it is a good thing for our economy at large.


For those that are interested...

http://www.talkfinance.net/forums/72-Demographics?sort=views&order=desc

http://www.talkfinance.net/threads/9297-Grey-Nomads-and-SKIN?highlight=SKIN
Edited by ThePauk, 19 Sep 2014, 06:43 PM.
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peter fraser
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ThePauk
19 Sep 2014, 06:37 PM
Peter
I am a boomer..... as for punishing every boomer, well that is once again you projecting. Never said that and never will.
I do not recall you every raising an equity issue at TFA.

I did lobby hard both online and offline in 2011 for the regulation to change re the negative equity guarantee and in 2012, it changed.
No I didn't raise an alarm over negative equity, I made you aware of the coming boomer mass retirement issue. I thought that it would be an issue, and I still believe it will be a loss to take that many people out of the workforce, but I wasn't as worried as you have become about it. Things tend to get sorted out as the need arises.

Well done on the negative equity issue. I almost never arrange a reverse mortgage, it's not my market, but the better lenders always had a clause in their mortgage that preserved a percentage of equity, but I will assume that some didn't - so you did a good job there. I know it was an issue in the USA, but if course houses crashed in many areas there. Climbing back up again though.

Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
19 Sep 2014, 07:08 PM
No I didn't raise an alarm over negative equity, I made you aware of the coming boomer mass retirement issue. I thought that it would be an issue, and I still believe it will be a loss to take that many people out of the workforce, but I wasn't as worried as you have become about it. Things tend to get sorted out as the need arises.

Well done on the negative equity issue. I almost never arrange a reverse mortgage, it's not my market, but the better lenders always had a clause in their mortgage that preserved a percentage of equity, but I will assume that some didn't - so you did a good job there. I know it was an issue in the USA, but if course houses crashed in many areas there. Climbing back up again though.
Peter
Having read AgeQuake in 2001, I was well aware of the demographics and boomers retirements. That is why I posted as 'Agequake' many times and still do.

It was not hard to get to the right people to make them fully aware of the growing RM's and the lack of a negative equity guarantee.

Good to see you are back to 'good cop'...
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doubleview
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Quick question - which is the bigger problem; the boomers refusing to retire or the boomers leaving the workforce?
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ThePauk
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doubleview
19 Sep 2014, 07:16 PM
Quick question - which is the bigger problem; the boomers refusing to retire or the boomers leaving the workforce?
Interesting...
I feel that boomers refusing to retire is partly contributing to our high youth unemployment levels.
On boomer retirement, some of our public services are a very high percentage of boomers, so we defiantly have a major issue to deal with soon. It will not be that there will not be enough young to replace them, but more the experience drain.

http://www.apsc.gov.au/publications-and-media/archive/publications-archive/managing-and-sustaining/introduction

http://www.macrobusiness.com.au/2011/02/the-baby-boomer-bust/

http://www.ssa.vic.gov.au/products/workforce-html-only/retirement-intentions.html
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