Blondie "Any parents who are genuinely caring for their kids will try their hardest especially if they have the means to afford it try to help their children financially. No one should stop that Paul."
Totally agree! Never said I want that to stop, just that boomers feel different about leaving an inheritance than the generation before or after them.
Blondie "Any parents who are genuinely caring for their kids will try their hardest especially if they have the means to afford it try to help their children financially. No one should stop that Paul."
Totally agree! Never said I want that to stop, just that boomers feel different about leaving an inheritance than the generation before or after them.
Prove it
Any expressed market opinion is my own and is not to be taken as financial advice
"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."
the same thread where you use Leiths, from Macrobusiness graphs....lol
"There is evidence of a drop in the amounts that older people are leaving. This trend has been observed in several countries. It especially raises the question of what older people are doing with their comparative wealth, and whether what could be left is being left, or is being spent. There is a distinct possibility that older people are spending money on themselves that they might otherwise have left to their children (e.g., Finch & Mason, 2000, for England; Kelly & Harding, 2006, for Australia). Another possibility is that older people, by dint of living longer, may be spending the money on medical and care expenses for the extra years. We probably need to distinguish between their discretionary and non-discretionary spending, but in either case it adds up to having less to pass on." http://www.aifs.gov.au/institute/pubs/fm2011/fm88/fm88a.html
"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."
the same thread where you use Leiths, from Macrobusiness graphs....lol
"There is evidence of a drop in the amounts that older people are leaving. This trend has been observed in several countries. It especially raises the question of what older people are doing with their comparative wealth, and whether what could be left is being left, or is being spent. There is a distinct possibility that older people are spending money on themselves that they might otherwise have left to their children (e.g., Finch & Mason, 2000, for England; Kelly & Harding, 2006, for Australia). Another possibility is that older people, by dint of living longer, may be spending the money on medical and care expenses for the extra years. We probably need to distinguish between their discretionary and non-discretionary spending, but in either case it adds up to having less to pass on." http://www.aifs.gov.au/institute/pubs/fm2011/fm88/fm88a.html
Boils down to value systems in whats important really.
My own parents (they re not BB) could of have more effort to enjoy their wealth coz they left each of my siblings & I more than enough financially. But they believed in working hard but so promoted the importance of close family bonds.
This it really, it's about family unity & bonds.
If its weak, there won't be financial rewards, if it's strong there's gains.
Married to a boomer he believes strongly in helping the kids out but not spoon feeding. My own 3 Boomer bro have some variances. 1 is quite religious & adamant that his kids make their own way... yet he is quite happy to invest & get the good stuff from mum & dad. He is also happy to reduce the rental rate to some tenants who work in a charity.
The thing is he's happy to help others but not his own kids?
I don't agree with that, but I do not wish to interfere.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Older baby boomers intend to spend up big on themselves rather than leave their money to the kids, a new study has found.
And they're splurging on anti-wrinkle creams, botox and plastic surgery as they seek to delay the ageing process.
The report by research company Heartbeat combines four years of studies into attitudes and aspirations of Australians in their 50s.
"Whereas previous generations accepted the decline into old age, grey boomers refuse to fade away quietly," said researcher Neer Korn.
"They're determined to smash old-age stereotypes and certainly have no intention of retiring to the garden wearing a cardigan."
Once the children have reached independence and the mortgage is paid off, grey boomers are intent on spoiling themselves, taking adventure holidays and lapping up beauty and anti-ageing treatments.
They are looking to spend money with their kids rather than leave the cash to them, Mr Korn found.
Leaving money to children is the old approach and often seen as the done thing by families of non-English speaking backgrounds, he said.
But these days, they prefer to help their children put a deposit on a home, then splurge on themselves.
"They feel they've earned it, they deserve it and they're having experiences you don't normally associate with that age group," Mr Korn said.
"They're going backpacking, doing adventure tours ... it may not be at the most rigorous of paces, but they're certainly not lying on the deck of a boat."
Cheeks pumped with botox and lips full of collagen had become acceptable and palatable with the grey boomers determined to beat the ageing process and maintain the illusion of youth.
"They are frustrated by their ageing bodies in contrast to their youthful minds," Mr Korn said.
"They have grown accustomed to society developing products and services that meet their needs - and as they have always done, seek easy solutions, short cuts and quick fixes."
- AAP
Top of Page Page Tools
You might not be able to take it with you when you go, but many baby boomers aren't about to leave anything behind, either. Just 49% of millionaire boomers say it's important to leave money to their children when they die, reports the LA Times. The study by a US investment firm shows that many boomers are more interested in living a plush life in their golden years than leaving scads of cash behind for their loved ones. "We were like 'wow,'" said the president of the company behind the study.
Many baby boomers don't plan to leave their children an inheritance Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves. September 05, 2011|By Walter Hamilton, Los Angeles Times Email Share
Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.
Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.
"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive....
Older baby boomers intend to spend up big on themselves rather than leave their money to the kids, a new study has found.
And they're splurging on anti-wrinkle creams, botox and plastic surgery as they seek to delay the ageing process.
The report by research company Heartbeat combines four years of studies into attitudes and aspirations of Australians in their 50s.
"Whereas previous generations accepted the decline into old age, grey boomers refuse to fade away quietly," said researcher Neer Korn.
"They're determined to smash old-age stereotypes and certainly have no intention of retiring to the garden wearing a cardigan."
Once the children have reached independence and the mortgage is paid off, grey boomers are intent on spoiling themselves, taking adventure holidays and lapping up beauty and anti-ageing treatments.
They are looking to spend money with their kids rather than leave the cash to them, Mr Korn found.
Leaving money to children is the old approach and often seen as the done thing by families of non-English speaking backgrounds, he said.
But these days, they prefer to help their children put a deposit on a home, then splurge on themselves.
"They feel they've earned it, they deserve it and they're having experiences you don't normally associate with that age group," Mr Korn said.
"They're going backpacking, doing adventure tours ... it may not be at the most rigorous of paces, but they're certainly not lying on the deck of a boat."
Cheeks pumped with botox and lips full of collagen had become acceptable and palatable with the grey boomers determined to beat the ageing process and maintain the illusion of youth.
"They are frustrated by their ageing bodies in contrast to their youthful minds," Mr Korn said.
"They have grown accustomed to society developing products and services that meet their needs - and as they have always done, seek easy solutions, short cuts and quick fixes."
- AAP
Top of Page Page Tools
You might not be able to take it with you when you go, but many baby boomers aren't about to leave anything behind, either. Just 49% of millionaire boomers say it's important to leave money to their children when they die, reports the LA Times. The study by a US investment firm shows that many boomers are more interested in living a plush life in their golden years than leaving scads of cash behind for their loved ones. "We were like 'wow,'" said the president of the company behind the study.
Many baby boomers don't plan to leave their children an inheritance Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves. September 05, 2011|By Walter Hamilton, Los Angeles Times Email Share
Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.
Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.
"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive....
Studies are proof, now stop trolling and accept the data, even if you feel differently. "In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die"
You prove to me they( the majority) intend to leave a financial legacy....
Studies are proof, now stop trolling and accept the data, even if you feel differently. "In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die" 1 million compared to yopur possible 1000, of which you have zero proof they were actually boomers....
You prove to me they( the majority) intend to leave a financial legacy....
How many millionaires did they survey?
And do you think that the mega wealthy are representative of everyone? The reason that the mega wealthy are concerned about leaving their fortune to their children is because their children have never developed a work ethic - perhaps those are legitimate concerns, but that is a quite different predicament to the rest of a generation.
You are the one asserting that the boomers don't intend to leave an inheritance but the previous generation did (which I accept) and you then say that the generations after the boomers also intend to leave a generous inheritance, so prove that the boomers intend to not leave an inheritance and then prove that GenX and GenY intend to leave a greater inheritance than the boomers.
It's your theory - prove it. Show us a chart from a respected survey or study, not just some journalists or demographers opinion.
Any expressed market opinion is my own and is not to be taken as financial advice
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