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Thread: Pros and cons of the generation you were born into

  1. #31
    TJ TeresaJ's Avatar
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    I might inherit a little something but it depends entirely on how expensive my parents' health care needs are in their last years.

    And I'm sure at some point I'll get to choose between moving back into my parents' house to care for my parent(s) while minimizing expenses and staying somewhere with a good high school for my kid.

    I'm glad that I'll even have a choice.

    For my son, I don't think I'll give him much material wealth but hopefully a solid enough emotional and intellectual foundation to adapt to major changes and make the most of whatever situation he's in, because that's my best bet of what he'll face in the future.

  2. #32
    Senior Member Tetris Champion notdavidlynch's Avatar
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    Waiting for inheritance will probably be a lot like Waiting for Godot. Same goes for waiting on anything in this global economy. Reminds me of a conversation I had on the phone with an employment lawyer who described how his profession rarely paid (he was actively litigating against rideshare and trucking companies), but that when it paid it paid a lot ... I wonder how he feels about prop 22 ... Just when you think you’ve won, the parasitic capitalists gang together to outright change the laws by deceiving the public with a 9 figure ballot measure campaign. There will be progressively less justice and more wanton criminality going forward.

  3. #33
    Zombie Jesus Bloody School Daze's Avatar
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    Quote Originally Posted by ACow View Post
    I don't know if it's a millenial thing, but because of the divide between the parents generation and ours, combined with their social institutions and tech/economic illiteracy, a lot of their perspectives and advice are just bad. Like fundamentally and factually wrong.

    But if i want their advice on how smart it would have been for me to purchase a real-estate empire during the 90's, I'll be sure to get their detailed opinions...
    I haven't really asked my parents for direct financial advice, though my Dad's in finance kinda so I imagine his would be better than average. Probably class-influenced also.

    I do get wrong advice on how to make friends and what to spend money on online, so that's still there in another way though. XD
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  4. #34
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    Quote Originally Posted by notdavidlynch View Post
    Waiting for inheritance will probably be a lot like Waiting for Godot.
    Leaving an inheritance seems irrationally important to my mom. But since nobody knows when she'll die, how much she'll have left, or when I'll die, I can't use it in any of my financial planning so it doesn't really help me as much as she seems to think it will.

  5. #35
    Now we know... Asteroids Champion ACow's Avatar
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    Quote Originally Posted by Mxx View Post
    Wouldn't be surprised if a lot of GenXers and Millenials discover that their parents took out second/third mortgages or equity release mortgages, leaving them with little to no property inheritance.
    Indeed. I've generally assumed no inheritance from any of our parents: it's just too uncertain due to end of life costs/plans (or lack thereof from the baby boomer cohort). Hell, some of us are going to be faced with the reality of mom and dad coming to us looking for handouts to try to maintain their living standards in their later years

    On the other hand, I'm at least a "little" more comfortable with my own parent's financial situation compared to 10 years ago. Since my mother passed relatively quickly, and my dad is now in his 70's, still working, and re-married, I can at least be thankful that even though I'm making no claims to inheritance, at least it's not looking like they'll be on the bread-lines yet.

    Hell, with covid, it might be my generation that's on the bread-lines first...

  6. #36
    A Transient Configuration Sistamatic's Avatar
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    Yeah, I'm not waiting on an inheritance, but on the other hand, I have benefited from having parents and in-laws with boomer wealth in ways that make me far more financially solvent than I otherwise would be. For example our wedding gift from my in laws increased the down payment on our house very considerably. And they've given us other monetary gifts here and there. Back when we needed them, they were always willing to give us zero interest loans for critical needs, but with contracts and all the payment checks written out and post dated and signed and handed over to them prior to the loan.

    My parents bought me a used car once when I was about 17. Oh, and had I not failed out the first time, they would have paid for college. Had to get loans when I went back ... totally my fault, but my in-laws paid those off last year. Like they say, it's better to be lucky than good.

    When I was 18 my parents paid for the financial penalties of my only arrest, which is how I managed to get past that. If not for their help, I'd have been unable to pay and would have had warrants and shit on my head, and that would have affected my ability to work, get student loans, get an apartment, etc. That could have really snowballed. And I was arrested for jaywalking and drinking underage...not exactly supervillain stuff. With the arrest and the court costs it was a fuckton of money. I was working at a pizza place at the time. I'm sure having white upper middle class grown ups vouching for me helped me get youthful offender status...but they said I was on my own after that and they stuck by it. After I left my first husband (age 22 I think) I was living out of a car. They gave me 50 bucks and said it was my birthday money early and drove away, even though I was back in school making straight A's. I could have chosen to live with them in a town I'd never lived in, way out in the country where I'd be dependent on them for transportation, 100 percent under their rules, and they'd have fed me, but "rules" included going to their church, say so in what I wore, and veto over who I associated with (they never put such rules on my brothers when they needed to move home). Fuck that. I had a job and lived in a college town with tons of cheap subleases. But even if I hadn't, I'd have starved first. Grandma bought my books for me every semester though. And again, if they hadn't dealt with all my fines and court costs, I'd have been lucky to pull off climbing out of the whole I'd dug for myself.

    Pretty sure mom was waiting for me to crawl back, but I became a firefighter instead and put myself through school. Pbbbbllllltttt. I guess I was good rather than lucky on that one. I mean hard work does have an effect. But it isn't always enough in this world.

    I think our biggest worry is that one of us will get sick in a way that bleeds all our retirement away year after year. I mean we have insurance, but it's high deductible, that resets every year, and being sick is expensive in other ways too.
    Last edited by Sistamatic; 09-16-2020 at 02:46 AM.
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  7. #37
    Senior Member jyng1's Avatar
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    Quote Originally Posted by ACow View Post
    But if i want their advice on how smart it would have been for me to purchase a real-estate empire during the 90's, I'll be sure to get their detailed opinions...
    20/20 hindsight; the richest people at work get paid the least. One woman has ten rentals which she probably bought for less than $17,000 each now worth around $300,000 making her ~$300 a week.

  8. #38
    Now we know... Asteroids Champion ACow's Avatar
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    Quote Originally Posted by jyng1 View Post
    20/20 hindsight; the richest people at work get paid the least. One woman has ten rentals which she probably bought for less than $17,000 each now worth around $300,000 making her ~$300 a week.
    I should have been a little go-getter and offered to buy my parent's house from them when they lost their jobs during the 90's recession. That was the problem with primary school in those days, they didn't give children deposits to buy houses, no wonder we're all so financially irresponsible!

  9. #39
    Senior Member jyng1's Avatar
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    Quote Originally Posted by ACow View Post
    I should have been a little go-getter and offered to buy my parent's house from them when they lost their jobs during the 90's recession. That was the problem with primary school in those days, they didn't give children deposits to buy houses, no wonder we're all so financially irresponsible!
    Oh yeah, the 90s recession. About the time I lost my job, my partner left and the local housing market tanked 28%. But yeah, buying property in primary school would probably have had you retired by 30 with the way the property market went. Plenty of time after school to make mortgage repayments.

    I should've bought the brand new, 3 bedroom, double garage rental I moved in to that sold for $265k while I was there and is now valued at $460k

  10. #40
    Senior Member Starjots's Avatar
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    Hindsight is certainly 20/20. I'm guessing the longer you live, the more opportunities you realized you missed. I think there are a lot of opportunities out there, even know, in the age of wtf.

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