I had trouble getting my wife fully committed to saving for retirement until I put it in that context. "If we don't save, our son can have a little more now. If we do save, he'll never have to pay for us later." Neither of us thinks it's fair for parents to expect their kids to pay for them in their old age. Kids don't owe anything to their parents. The child didn't ask to be here- it was their parents' choice to accept the responsibility and cost of having a baby and raising a kid
@@rayzerot nice job. I had a similar conversation with my wife 18 years ago. She thought she was okay if she could pay the minimum on her credit card balance. Now that we are comfortably retired she thanks me for my “crazy” financial mutant planning.
Go kart math is hilarious because, for me as a kid, it was Nintendo DS math. My mother barely made enough to scrape by, but when she told me that it would take her a weeks salary to buy the DS, I was incredulous. We couldve been buying so many of these things!
Working early is key. The most impactful job I had was selling office supplies business-to-business in college. It was such a slog but, man, what I learned during that experience was priceless and lessons I’ve taken throughout my career 20 years later.
Hoard away! I’m thankful money only flows downhill in my family (and not until death). The struggle has been a boon for my wife and family long term and I’m glad our parents are self sufficient.
Unfortunately not all families work that way. My parents had a lot of financial help but never passed any of that down to us kids. Now they use my grandma's trust to fund their second home rather than helping save for the grandkids college or do anything financially responsible.
@@cheyenne7982 My parents haven’t passed down any of my grandparents’ or their trusts either and I’m even helping them manage it for free to save them some on advisor fees. They aren’t saving for my kids college and they didn’t pay for mine either (or anything else for that matter from 12yo and on). My wife and I are all set on our own and I even retired a few years ago at 36. I don’t want/need/make any claim to my parent’s nest egg and I actually encourage them to enjoy/spend more of it. Whatever I inherit when they die (if any) will get the same treatment. I’ll build it up some more, add my own to it, and enjoy the dividends only, then leave it to my kids when I die.
My money goes up and downhill. It is tough to follow the FOO when your mom is borderline homeless. Bad enough, she already lost her own home and lives in a rented basement.
I really liked his video. I wish you would do more videos like this specifically focusing people with kids ages like 14 to 24 that are trying to help them next step in life.
I suppose if you are sure you have plenty of money... Then yeah... But long before I was fairly confidant that I was doing well on my path for retirement, I was telling my parents to spend whatever they were thinking of leaving to me on themselves... If they leave me something, that's great. And I know they want to do that... But I didn't want them to not do things they wanted to do as a result... There is that balance... The best gift they gave me is that they raised me to be the person I am who is able provide for myself; not money... Also, now I have an image of myself talking to Brian in an office setting, asking him to help me set up a 401K, and him replying "And do you want fries with that." ;-)
My mother offered to pay for things and even though I was broke I refused. I wanted to figure things out on my own. Things like replacing a hot water heater, fixing broken car windows. I think I learned valuable things by refusing the help. I still refuse to ask my mom for help, but I’m more willing to negotiate acceptance of help. This does not mean a handout, she assisted with down payment on our second house, the second my first house sold she was paid in full. She helped me buy property for our retirement dream home some day. She is refusing payment and her name is also on the deed but I make payments into a joint account with her every month anyway. She has paid for family vacations, which I love but I still refuse to let her pay for our plane tickets.
I use to enforce the give-save-spend split with my kids but have recently switched. We now no longer force the give and leave that to their choice. We started an utma for each of them and anytime they want to buy something woth their allowance or savings, we require a 1-1 dollar deposit into their utma. I match their deposit 50%.
Two years ago, We had some Boomer friends receive an inheritance. They were already retired and doing well in a Big home in a great community. The community had 3 nice pools, clubhouse, fitness center, and playground for kids. The first year, they bought 3 luxury cars! They were shopping so much that my buddy who was the next door neighbor, would stash purchase the husband made and run them in the home when the wife was in the shower. The second after receiving the inheritance, they decided to sell the large home and buy an even larger home in Florida. The home in Florida is Spanish style and beautiful with a private in ground pool with a water feature and hot tub. They never mentioned their kids or grandkids. I could see buying one car. If I was going to move, I would buy a smaller home. Maybe even a condo but I wouldn't want a pool to care for at their age. My point is people can be stupid with money at any age.
@@jaunt3603 Florida real estate is crashing. I tried to warn them about the insurance. I just saw a video yesterday talking about Blackstone selling for a loss. Homes are priced below what they paid 2 years ago and sitting on the market.
@@jaunt3603 Empty nesters tend to downsize.....not buy an even larger home once the kids are grown. A pool sounds great but I wouldn't want the work/cost of maintaining a pool at almost 70 years old. I'm 52. The only reason I'm holding on to my big home is because my kids don't want me to sell. It's a lot of work to clean rooms that I rarely ever go in. It cost a lot to heat and cool bedrooms that nobody sleeps in. I have a family room and formal living room. I have a eat in Kitchen and dining room.
Our parents sacrificed to put all six of us through Catholic school and have a Nest Egg for a state college if we worked our way through college, we would still have the nest egg. Five of the six of us did that we are all fine and have planned for solid retirements. We have told our parents just spend it all because the governments gonna take a whole bunch of it and we are all fine. We also told them to give away all their stuff Because we don’t need to inherit any of it. They gave us the greatest gifts of frugality sacrifice and hard work. We have worked hard to instill this into our own children. Our family does not raise waiters. Waiters are children waiting for their parents to die so they can blow the inheritance.
False, you can gift far more than that, it just needs to be reported to the IRS. Gifts of any amount still count towards the lifetime tax-free cap, whether reported or not
@@ethanmurray9417 this is what I was referring to. You are correct but I don't think my comment was false, just not full of specific details. How the gift tax "exclusion" works Currently, you can give any number of people up to $18,000 each in a single year without incurring a taxable gift ($36,000 for spouses "splitting" gifts)-up from $17,000 for 2023. The recipient typically owes no taxes and doesn't have to report the gift unless it comes from a foreign source. However, if your gift exceeds $18,000 to any person during the year, you have to report it on a gift tax return (IRS Form 709). Spouses splitting gifts must always file Form 709, even when no taxable gift is incurred. Once you give more than the annual gift tax exclusion, you begin to eat into your lifetime gift and estate tax exemption.
I'm the Millennial child of retired Boomer parents. They have a few million in retirement and can't spend their investments fast enough because that's just not who they are. There's a couple of 10s of thousands that have ear marked for me for when I need it. But I need to have a plan and would probably be used as a down payment on a second house or a wedding. They have already expressed how money now would be much more useful to me than waiting for them to pass away.
It is “Their” wealth. They earned it and it belongs to them, you can’t hoard what is not owed. Only a ghoul counts on or covets the money of others. Make your own way. I hope my mom (my dad passed last year) spends it all. I don’t want any of it.
I had the exact opposite gut reaction to the headline; the notion that someone else is 'hoarding' the wealth is honestly offensive to me. You are not entitled to anybody else's wealth, and parents especially have the right to enjoy the fruits of their labors in their golden years.
Hoarding wealth does not just include a lack of acts of charity. It also includes voting for politicians who focus on protecting social security over higher education funding, real estate tax deductions instead of rental tax deductions, favorable tax status for investment income vs income from labor, etc. Add to that the NIMBY behavior that significantly reduces the available of affordable housing. Most people aren't asking for handouts, they are asking for a more level playing field.
@@kyleolson9636THIS! The demographic that has most control over politics are older folks and the policies that get enacted support them far more than anyone else.
I would hope enjoying said fruits involve seeing our kids and grandkids have fun and be safe, or even more so if they already are. Nothing is more important to me personally.
@@jaunt3603 I really don’t understand why anyone doesn’t vote. It’s certainly frustrating. I’ve voted in every election I’ve been of age to vote in and have encouraged those around me to do the same. You’re right though that if young people did vote more then maybe they’d be able to change who’s in office
People forget that back in the day before the 1900s family helped each other, parents helped their kids get land and so on and then the kids took care of parents when they got older. Today we have this do it yourself mentality that is just wrong
Everyone wants someone to blame or be jealous of. I'm gen Z and take full responsibility for my own actions and choose to make decisions that puts me on the path to my goals.
When my grandparents passed my father received money. When he passed me and my sisters had to pay for his funeral. Boomer Economics is simply to go into debt while living large, and then dying without paying it off.
@@Marinealver Luckily not all Boomers are in that position. I'm GenX, but have a lot of Boomer friends. They all have saved and money is not a problem. Although a lot of them had to help pay for THEIR parents care. People seem to forget that Boomers had parents that they had to help care for as well. Every generation deals with this. My husband and I had to care for and put money out for my husbands Father (Silent Generation) before he passed last year I don't personally know any Boomer that is "living large". Also, most of them give some sort of support to their kids. I always cringe when I hear that they are paying for their adult kids phone bill/car insurance/rent etc. We encourage our Mother to spend her money on herself as we have saved our own money and do not expect an inheritance unless she wants to give it. It could be gone to pay for her own care anyway.
@@bunacat1 yes but the vast majority of them are in that position on a national level. It doesn't matter what your 10 boomer friends have done when 100 million boomers around the world have screwed everyone just so they can have a good life and live forever
It's very good to take full responsibility for your actions and decisions, but remember those actions also include advocacy for how you feel society should be run. Advocacy of the boomer generation has led to many policies which help them retain wealth at the expense of those who are building wealth. They are responsible for that advocacy, just like you are responsible for the impact you will make in either keeping or changing those policies in the future.
Hoard suggests one is saving much more than appropriate, greedy accumulation of unneeded things. Older people should have more wealth than younger people, and it’s their discretion whether to share it. While an individual can be hoarding, the term is not applicable to an entire generation.
This was a really good one. I’ve been trying to advise my parents not to just indiscriminately help their children because they can afford it, but to weigh what the benefit is against what life lessons they learn. You want it to be a win win. Not a subsidy.
My observations of the baby boomer generation is that most are asset rich and cash poor. This puts a significant stress on, that they have to decide to liquidate assets now and get hit with taxes/penalties or maintain their current standard and pass those assets down after death. This is a problem that younger generations can't relate to, and probably won't until they're in that position down the road.
Interesting topic. Here's a thought. Consider a couple that inherits some money right at their retirement, roughly doubling their net worth. Now, they live off a pension and the interest/dividends of the inherited wealth. They are living a good life, the one they want to live, yet 10 years in, their net worth continues to go up. While it is all their money, they didn't earn all of it. How obligated should they feel to share this generational wealth with their children? It definitely is a fine line between giving your kids a step up through life, versus offering economic outpatient care. My idea would be to let the wealth grow by 3% per year for inflation (so the same purchasing power will be inherited by the next generation), then take any extra and give to kids, charities, or spend frivolously, assuming their lives won't get anymore expensive as they get older. Hard decisions when there are so many variables.
I was so blessed by my grandparents - they paid for my Dance classes, and my brother's soccer as well. My parents blessed me when I was 20 and got myself into too much debt, as well. And now my main Why is to make sure I can do the same for my kids, as was done for me, and my parents before. I want that to be the legacy that our money can provide.
This is a hard one for me. I'm in my mid twenties and my parent is in their mid fifties. They keep sending me money that I know they should be saving. I'm not asking, I have tried sending it back, saying no, etc.. If I don't take the cash they just buy me stuff (that I don't need, want, or ask for). I've given up and accept the money. I've just started saving it and investing it because I know they'll need it later.
Great solution and you can then use it to help your parent later when they need it. Or treat them by paying for something they want but never planned enough for ❤️
I find this discussion about boomers “hoarding” wealth very distasteful. My mom died last year. I’d rather have her back than any wealth. My parents worked hard and I wish they could have enjoyed their money more.
A lot of people believe "Well, they get what they get when I die! I earned this money so I decide what happens with it now!" *proceeds to forget what THEIR parents and grand-parents did for them throughout their 20s to 40s* Also, if you expect your family to take care of you ~ they need to be freed up from labor to give that to you. Your adult child cannot afford to be a full time caretaker if both spouses need to work 40h+/week ontop of childcare and housework. A lot of grandparents didn't help with the grand-kids (childcare, housecare, financials, advice, emotional support) first home, marriage expenses, or even just buying some groceries or giving a ride when their family needed it. Relationships are 2 way streets; if you are constantly rebuffing & neglecting your family, don't be surprised when they've written you off. Your millions of dollars aren't gonna mean sh*t eating alone on Christmas, severely disabled from old age, thinking about how your family members will rejoice when you die even though they KNOW they aren't receiving inheritance.
@@TehkNinja That’s sad too. Perhaps you should say ‘No’ to them. In your case, give them financial advice instead of money. Give them some books, podcasts, websites on budgeting and saving money. You should not have to be their ‘go to’ bank. It’s unfair to you, and also unfair to them……especially since they make so much more money than you do.
The best financial help you can give your adult kids is advice and financial direction. Give them money and they’ll spend it on a vacation or overly fancy car instead of investing it. Also, give them money and they’ll still ignore you. In other words it won’t improve your relationship with them to give them money. But, if you give them good financial advice when they need it, then they will respect you and it might keep your relationship with them healthier.
You should have done that years before they became adults. How about paying off a chunk of their student loans or part of their mortgage to help make their lives better?
When interest rates are high like now it makes sense to “hoard” wealth. It does not make sense to spend it. Thats the whole purpose of interest rates going up.
I enjoy this video and definitely recommend it to friends who are struggling to manage their finances since it is refreshing to hear facts without extra drama, and so forth
At any age, you can broaden your investment portfolio. I was looking for fresh investment opportunities because I am 40 years old. I was able to increase my assets from 250,000 to 1 million in the first two months of last year with the help of a reputable broker recommended by significant stock market experts
I was curious to know who you were referring to when you stated Lois Jean Frueh. Since we began working together in 2022, Lois has managed my investments, which began with a mere 600k. Today, my stock portfolio has grown to about 2m.
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
So, when you asked your father for the $300 for your credit card debt did you eventually pay him back? Even if he didn’t ask you for the money, did you eventually pay him back?
@@MoneyGuyShow Had a similar experience... Senior year college, I ran out of money JUST before summer and my summer job pay hadn't come through yet.... paid it back quick. Then my dad co-signed my car loan and put half down for me. He joked at one point that I was paying down the bank loan but not him, and I joked back that's because he didn't charge me interest on the down payment, and he taught me too well how to manage my money - I'm paying off the interest debt first. He laughed, and would many years later admit he never actually expected to see that money again, but I paid him back in $500 installments the moment my bank loan was paid off. :)
You missed the point. Boomers also have pensions that aren’t available to us. They retired way earlier than we will be able to. We will be working longer paying for their medicare and social security. Notice they never even think about decreasing social security, they simply increase the age at which we are able to get it. Boomers aren’t spending all this money helping their families they spend it on comfort and luxuries. Sorry but it’s not just the fact that they have the money, they piss it away.
Brian has mention the dollar-for-dollar match for his child (I believe in a custodial Roth IRA). How does that work? Isn't the IRA contribution still limited to the earned income for that year?
yeah I think the assumption is the kid isn't going to Roth IRA 100% of their income.. I mean we're supposedly aiming for 25% so most kids probably aren't doing more than 50%. :)
Hoarding wealth implies nothing is happening with it. That is rarely the case. The money is usually being invested into business who are creating goods and services and jobs. That’s not really hoarding.
Hoarding has so many definitions it can mean almost anything you want. In economics, hoarding is buying and storing assets to benefit from future price increases and/or to maintain your consumption rate in the case of reduced income in the future. Saving for retirement is the most common form of economic hoarding.
@@kyleolson9636 that’s not really true. Hoarding comes with the idea that someone is keeping something they don’t need. Retirement is something necessary for old age and investment is necessary for the people being invested in. You’re really stretching words to mean anything you want while still associating it with the actual meaning
If you need to get money from mom to take a vacation, you can’t afford to take a vacation. There are plenty of ways to have a fun vacation on the cheap.
17:05 horrible suggestion according to the millionaire next door. Taking the children and grandchildren of the financially well off on vacations causes them to adopt that lifestyle as their own before they had a chance to save up and grow their wealth to achieve that lifestyle. I see it with my family.
I’m certainly hoarding mine for now. I only place 30k in yearly income value per million saved so I’d have to be worth 10s of millions in order to start gifting money early. So in reality can’t be that many out there that can do this.
@@justthebrttrk I was saying I would FIRST have to have 10s of millions before gifting would even be a thought. Because……. A million dollars today’s isn’t very much in terms of generating income. Luckily I don’t need much to live on.
There is a finite amount of wealth in the world at any given time. You are probably trying to say they feel the economy is a zero-sum game, which would be incorrect. But wealth is not infinite. The distribution of wealth is a zero-sum game. Economic activity tends to create more wealth than is destroyed, but once that wealth is created its distribution is zero-sum. Every dollar given to an older person with investments in a company is a dollar not given to the employees of that company or a dollar not saved by customers of that company.
Land is a zero sum game since you can't create land. And access to land in major cities is very expensive, which is a major burden on younger people who are trying to build wealth while the older, richer people who own that scarce land get rich just because they happen to own a location that is economically productive.
Why is any kids’ business how their parents do with their money? If you are adult, you should strive for self sufficient. You might be able to borrow some money from your parent instead from Banks. And make sure to have a timeline to pay it back.
Boomer parents sit on property that they will never spend because they have soo much money. I will just get a huge tax bill instead. I’d rather they enjoyed it but they won’t
57 years old... 40 years ago, I COULD NOT WAIT TO GET AWAY FROM MY PARENTS. I had my first job as a Wireless Communications Technician at 24. I had already given up a Football Scholarship, returning home to help my Family. I paid for 100% of everything obtaining my Degree in Electronics Engineering Technology. It gets better.. I'm big and black, all of the other guys on the job are 5'6" 150 pounds; let's just say Tom Metzger was also a Wireless Tech. Can't afford College? Join the Military and make something of yourself, one of my brothers got his Bachelor's that way; he's 48 and retired, he has his own house $75,000 truck etc etc. Stop crying and start making something of yourself, by yourself with God's Help.
If Boomers are hoarding wealth, it really isn't our business what they do with money that they earned, saved, invested or inherited. People that are worrying about what Boomers are doing with their money should instead be focused on their own personal finances.
By and large, their wealth isn’t from saving. Most boomer wealth is in their homes. They own all the four bedroom houses, and vote down new construction (which protects their home value). Then they wonder why they don’t have grandkids 😅
@kevintheshane New construction in my area drives up the prices of existing homes in the same town. A new home in my area with two bedrooms and a two car attached garage and 1600 square feet of finished space is going for $560, 000. If you have an existing home near by that is 2,800 square feet with a 3-car garage and 4 bedrooms, is far more in comparison. That 4 bedroom home increases in value due to the new homes being priced higher and offerring less.
Shouldn’t tax implications be part of the equation here? Gifting, say 50k, to a child today is going to be taxed at a higher rate than if they were to inherit it later, right?
Taxes should be part of the equation, but that part could be zero depending on the source of the money. If a person gifts or cashes out an asset that would receive a stepped up basis upon death, then yes, it’ll be taxed higher now than at death of the giver. If a person simply gives cash, then there won’t be any taxes either way (as long as below the lifetime gift exemption). Although I suppose that giving cash could be cheaper now vs giving it as an inheritance if the place the giver lives charges probate fees as a percentage of estate value.
Boomers can do whatever they want with their money but, if you're well off, how hard is it to put away a little money each month over 18 years for your kids college and/or first home purchase? If you're not going to do that at least have the decency not to justify it by saying "it builds character".
They don’t have Scrooge mcduck money bins. Almost all of that is invested. Something like a biotech startup the ultra wealthy may throw a $100M investment and pay the salaries at that company for 10 years before it may or may not be successful. It’s not just sitting in a vault.
Come on, being a millionaire is not what it used to mean in the 80s. On paper one can be a millionaire with equity in the house but still needing to work full-time and continue saving for retirement. Billionaires - a different story. Notice how even Bernie dropped the "millionaires" from his spiel once he became one from book sales. Even HE realized that "millionaire" is not the special status that a lot of people think it is
Seriously, Brian is definitely in the 1% and I don’t consider him to be the problem that you’re painting. He’s worked his ass off and been disciplined to get where he is.
This topic isn't that complicated Once you have a kid who gets married and has kids of their own you should be generous with your own time and money, as you have available, for your grandchildren. Grandchildren are expensive and you can cover up to the full cost of them from birth through college without risking any damage to then or your own children. Keep to these rules and none of the other items matter at all.
I take the exact opposite view. Once you are married and have a kid, it's entirely your own responsibility to care for them to the best of your ability. Your parents already did their job in raising you, and have a right to enjoy their remaining years in peace. Whether they want to help financially or not is entirely up to them, and they are under no obligation to do anything besides love their grandkids.
@@ghjong001 a grandparent loves their grandchild with their time and money. What you are proposing is that they have no obligation to love their grandchildren.
@@chemquests that's a choice. You can choose as a parent to live where your kids will be able to get jobs and as a kid you can choose to pursue those local jobs.
@@Zorlig In my journey, I got an advanced degree and interviewed across the country and moved to the best offer. If I ever decided to leave my employer, I would have to move to wherever I got my next job, if I wanted to stay in my industry. I expect my kids to go wherever their career takes them & not be constrained by what’s just around where we happen to live now..
The previous generation elected the officials, invested in the companies, supported the decisions- that formed the current economy. Some responsibility really needs to be laid at their feet for not fighting more against the greed that stole a healthy financial future from their children. Your personal problems don’t come from the previous generation - but a lot of the policies, missing consumer protections, market conditions - can into effect when the previous generation had the biggest voice in society and let’s just say some really bad decisions were ignored and allowed.
Oh I can, see it works like this. When my Grandparents passed my father inherited a lot of money. When he passed my sisters and I had to pay for his funeral, and his "estate" won't even touch his debts.
Can't stand when people blame previous generations for anything whether its politics or climate change or finances. Grow up, start taking responsibility and stop pointing the finger. That's how children behave.
@@mattbrown4631 two things can be true at the same time. Baby boomers are perhaps the luckiest generation of all time in human history. Doesn't mean they are the root of all problems.
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Ms Susan Jane Christy ❤️
I think more of the disgust of boomers comes not from the fact that they have a large nest egg, but that it's a rotten egg that will go to cruises and trips on themselves instead of spending time with their grandkids.
@@bunacat1It's closing doors behind them. (Keep in mind we are talking averages, not everyone) They started their work life in a rip roaring economy, many still have pensions, bought houses cheap with near minimum wage costs, cost for their skill and education was (relatively) much cheaper compared to today, they got free child care assistance from their family. Millennials got/get none of that. It feels like we got left a country that has been pillaged by the choices made by those before us. Meanwhile told to stop whining about it.
@@BenJamin-jl1km What do you mean "closing doors behind them". Do you mean them not sharing money that they themselves earned? Quite a few of my Boomer friends support their adult children. Should they be expected to do that when their children aren't interested in covering their own bills because they have it so good at home? No Boomer that I know had a family member take care of their children, let alone for free. Several of my Boomer friends take care of their Grandchildren several days a week and I do see quite a few obvious Grandparents walking babies in strollers in my area though, so I guess there are some Grandparents of Millennial children that do contribute. I, myself, am GenX and was not able to buy a home until my 30's and had to scrimp and save for it while living with 3 roommates. We had it hard too with recessions etc., but you don't hear that about us. All generations have to deal with choices that the generations that came before them made. We just need to deal with it, change what can be changed, and move forward. Pillaged...really? Folks need to forge ahead and stop blaming.
@@BenJamin-jl1km Yup everything was easy. Crushing recessions, global staglfation, line ups for hours at gas stations, our parents losing their jobs to the first waves of downsizing and outsourcing, wage and price controls, the great real estate crashes of 1990 and 2007, purchasing a first home at 15% mortgage interest rates, double digit unemployment, the Dot Com crash and loss of millions of jobs and trillions of assets....
One of the best gifts you can get your children is not to be a financial burden when you are older.
Too late, my Sisters and I had to pay for my father's funeral.
When his parents passed he was given an inherentce.
I had trouble getting my wife fully committed to saving for retirement until I put it in that context. "If we don't save, our son can have a little more now. If we do save, he'll never have to pay for us later."
Neither of us thinks it's fair for parents to expect their kids to pay for them in their old age. Kids don't owe anything to their parents. The child didn't ask to be here- it was their parents' choice to accept the responsibility and cost of having a baby and raising a kid
I agree. This should also include passing on selected items and decluttering the rest.
My parents are going to be so I have to be the responsible one and save extra
@@rayzerot nice job. I had a similar conversation with my wife 18 years ago. She thought she was okay if she could pay the minimum on her credit card balance.
Now that we are comfortably retired she thanks me for my “crazy” financial mutant planning.
Can you do a show for the opposite situation where the adult child is a financial mutant who is on track but the parents are not?
I want my family to be happy to see me coming, and not waiting for me to be gone. 😊
Go kart math is hilarious because, for me as a kid, it was Nintendo DS math. My mother barely made enough to scrape by, but when she told me that it would take her a weeks salary to buy the DS, I was incredulous. We couldve been buying so many of these things!
Working early is key. The most impactful job I had was selling office supplies business-to-business in college. It was such a slog but, man, what I learned during that experience was priceless and lessons I’ve taken throughout my career 20 years later.
Hoard away! I’m thankful money only flows downhill in my family (and not until death). The struggle has been a boon for my wife and family long term and I’m glad our parents are self sufficient.
Unfortunately not all families work that way. My parents had a lot of financial help but never passed any of that down to us kids. Now they use my grandma's trust to fund their second home rather than helping save for the grandkids college or do anything financially responsible.
@@cheyenne7982 My parents haven’t passed down any of my grandparents’ or their trusts either and I’m even helping them manage it for free to save them some on advisor fees. They aren’t saving for my kids college and they didn’t pay for mine either (or anything else for that matter from 12yo and on). My wife and I are all set on our own and I even retired a few years ago at 36. I don’t want/need/make any claim to my parent’s nest egg and I actually encourage them to enjoy/spend more of it. Whatever I inherit when they die (if any) will get the same treatment. I’ll build it up some more, add my own to it, and enjoy the dividends only, then leave it to my kids when I die.
My money goes up and downhill. It is tough to follow the FOO when your mom is borderline homeless. Bad enough, she already lost her own home and lives in a rented basement.
This reminds me of the book “die with zero” very cool book
Loved this topic. More of this type of content would be great. Older, long time subscriber.
I really liked his video. I wish you would do more videos like this specifically focusing people with kids ages like 14 to 24 that are trying to help them next step in life.
I suppose if you are sure you have plenty of money... Then yeah...
But long before I was fairly confidant that I was doing well on my path for retirement, I was telling my parents to spend whatever they were thinking of leaving to me on themselves...
If they leave me something, that's great. And I know they want to do that...
But I didn't want them to not do things they wanted to do as a result... There is that balance...
The best gift they gave me is that they raised me to be the person I am who is able provide for myself; not money...
Also, now I have an image of myself talking to Brian in an office setting, asking him to help me set up a 401K, and him replying "And do you want fries with that." ;-)
😂
My mother offered to pay for things and even though I was broke I refused. I wanted to figure things out on my own. Things like replacing a hot water heater, fixing broken car windows. I think I learned valuable things by refusing the help. I still refuse to ask my mom for help, but I’m more willing to negotiate acceptance of help. This does not mean a handout, she assisted with down payment on our second house, the second my first house sold she was paid in full. She helped me buy property for our retirement dream home some day. She is refusing payment and her name is also on the deed but I make payments into a joint account with her every month anyway. She has paid for family vacations, which I love but I still refuse to let her pay for our plane tickets.
Good for you wanting to be an adult & taking responsibility of your own life.
I use to enforce the give-save-spend split with my kids but have recently switched. We now no longer force the give and leave that to their choice.
We started an utma for each of them and anytime they want to buy something woth their allowance or savings, we require a 1-1 dollar deposit into their utma. I match their deposit 50%.
Two years ago, We had some Boomer friends receive an inheritance. They were already retired and doing well in a Big home in a great community. The community had 3 nice pools, clubhouse, fitness center, and playground for kids. The first year, they bought 3 luxury cars! They were shopping so much that my buddy who was the next door neighbor, would stash purchase the husband made and run them in the home when the wife was in the shower.
The second after receiving the inheritance, they decided to sell the large home and buy an even larger home in Florida. The home in Florida is Spanish style and beautiful with a private in ground pool with a water feature and hot tub.
They never mentioned their kids or grandkids. I could see buying one car. If I was going to move, I would buy a smaller home. Maybe even a condo but I wouldn't want a pool to care for at their age.
My point is people can be stupid with money at any age.
How do you know it was stupid if you don't know the details of their finances?
@@jaunt3603 Florida real estate is crashing. I tried to warn them about the insurance. I just saw a video yesterday talking about Blackstone selling for a loss. Homes are priced below what they paid 2 years ago and sitting on the market.
@@jaunt3603 They are in their late 60s. I can see buying 1 luxury car but 3 is overkill.... especially in a matter of a few months.
@@jaunt3603 Empty nesters tend to downsize.....not buy an even larger home once the kids are grown. A pool sounds great but I wouldn't want the work/cost of maintaining a pool at almost 70 years old. I'm 52. The only reason I'm holding on to my big home is because my kids don't want me to sell. It's a lot of work to clean rooms that I rarely ever go in. It cost a lot to heat and cool bedrooms that nobody sleeps in. I have a family room and formal living room. I have a eat in Kitchen and dining room.
@@anniealexander9616 still do you know their finances? Maybe they can afford it.
Our parents sacrificed to put all six of us through Catholic school and have a Nest Egg for a state college if we worked our way through college, we would still have the nest egg. Five of the six of us did that we are all fine and have planned for solid retirements. We have told our parents just spend it all because the governments gonna take a whole bunch of it and we are all fine. We also told them to give away all their stuff Because we don’t need to inherit any of it. They gave us the greatest gifts of frugality sacrifice and hard work. We have worked hard to instill this into our own children. Our family does not raise waiters. Waiters are children waiting for their parents to die so they can blow the inheritance.
Im surprised TMGs did not mention gifting. The max you can gift your children in 2024 is $18,000 per spouse. This is what we have started to do.
False, you can gift far more than that, it just needs to be reported to the IRS. Gifts of any amount still count towards the lifetime tax-free cap, whether reported or not
@@ethanmurray9417 this is what I was referring to. You are correct but I don't think my comment was false, just not full of specific details.
How the gift tax "exclusion" works
Currently, you can give any number of people up to $18,000 each in a single year without incurring a taxable gift ($36,000 for spouses "splitting" gifts)-up from $17,000 for 2023. The recipient typically owes no taxes and doesn't have to report the gift unless it comes from a foreign source.
However, if your gift exceeds $18,000 to any person during the year, you have to report it on a gift tax return (IRS Form 709). Spouses splitting gifts must always file Form 709, even when no taxable gift is incurred. Once you give more than the annual gift tax exclusion, you begin to eat into your lifetime gift and estate tax exemption.
I'm the Millennial child of retired Boomer parents. They have a few million in retirement and can't spend their investments fast enough because that's just not who they are. There's a couple of 10s of thousands that have ear marked for me for when I need it. But I need to have a plan and would probably be used as a down payment on a second house or a wedding. They have already expressed how money now would be much more useful to me than waiting for them to pass away.
Teach your children to work. They will never go hungry.
A work ethic is so important.
It is “Their” wealth. They earned it and it belongs to them, you can’t hoard what is not owed. Only a ghoul counts on or covets the money of others. Make your own way. I hope my mom (my dad passed last year) spends it all. I don’t want any of it.
I had the exact opposite gut reaction to the headline; the notion that someone else is 'hoarding' the wealth is honestly offensive to me. You are not entitled to anybody else's wealth, and parents especially have the right to enjoy the fruits of their labors in their golden years.
Hoarding wealth does not just include a lack of acts of charity. It also includes voting for politicians who focus on protecting social security over higher education funding, real estate tax deductions instead of rental tax deductions, favorable tax status for investment income vs income from labor, etc. Add to that the NIMBY behavior that significantly reduces the available of affordable housing.
Most people aren't asking for handouts, they are asking for a more level playing field.
@@kyleolson9636THIS! The demographic that has most control over politics are older folks and the policies that get enacted support them far more than anyone else.
I would hope enjoying said fruits involve seeing our kids and grandkids have fun and be safe, or even more so if they already are. Nothing is more important to me personally.
@@Natej04 Those who complain the most don't vote. Nothing stops younger generations from voting.
@@jaunt3603 I really don’t understand why anyone doesn’t vote. It’s certainly frustrating. I’ve voted in every election I’ve been of age to vote in and have encouraged those around me to do the same. You’re right though that if young people did vote more then maybe they’d be able to change who’s in office
People forget that back in the day before the 1900s family helped each other, parents helped their kids get land and so on and then the kids took care of parents when they got older. Today we have this do it yourself mentality that is just wrong
Everyone wants someone to blame or be jealous of. I'm gen Z and take full responsibility for my own actions and choose to make decisions that puts me on the path to my goals.
When my grandparents passed my father received money.
When he passed me and my sisters had to pay for his funeral.
Boomer Economics is simply to go into debt while living large, and then dying without paying it off.
Good for you! We need more like you. Stay strong fellow human
@@Marinealver Luckily not all Boomers are in that position. I'm GenX, but have a lot of Boomer friends. They all have saved and money is not a problem. Although a lot of them had to help pay for THEIR parents care. People seem to forget that Boomers had parents that they had to help care for as well. Every generation deals with this. My husband and I had to care for and put money out for my husbands Father (Silent Generation) before he passed last year I don't personally know any Boomer that is "living large". Also, most of them give some sort of support to their kids. I always cringe when I hear that they are paying for their adult kids phone bill/car insurance/rent etc. We encourage our Mother to spend her money on herself as we have saved our own money and do not expect an inheritance unless she wants to give it. It could be gone to pay for her own care anyway.
@@bunacat1 yes but the vast majority of them are in that position on a national level. It doesn't matter what your 10 boomer friends have done when 100 million boomers around the world have screwed everyone just so they can have a good life and live forever
It's very good to take full responsibility for your actions and decisions, but remember those actions also include advocacy for how you feel society should be run. Advocacy of the boomer generation has led to many policies which help them retain wealth at the expense of those who are building wealth. They are responsible for that advocacy, just like you are responsible for the impact you will make in either keeping or changing those policies in the future.
Hoard suggests one is saving much more than appropriate, greedy accumulation of unneeded things. Older people should have more wealth than younger people, and it’s their discretion whether to share it. While an individual can be hoarding, the term is not applicable to an entire generation.
This was a really good one. I’ve been trying to advise my parents not to just indiscriminately help their children because they can afford it, but to weigh what the benefit is against what life lessons they learn. You want it to be a win win. Not a subsidy.
I hope this lesson sinks in.
My observations of the baby boomer generation is that most are asset rich and cash poor. This puts a significant stress on, that they have to decide to liquidate assets now and get hit with taxes/penalties or maintain their current standard and pass those assets down after death. This is a problem that younger generations can't relate to, and probably won't until they're in that position down the road.
Interesting topic. Here's a thought. Consider a couple that inherits some money right at their retirement, roughly doubling their net worth. Now, they live off a pension and the interest/dividends of the inherited wealth. They are living a good life, the one they want to live, yet 10 years in, their net worth continues to go up. While it is all their money, they didn't earn all of it. How obligated should they feel to share this generational wealth with their children? It definitely is a fine line between giving your kids a step up through life, versus offering economic outpatient care.
My idea would be to let the wealth grow by 3% per year for inflation (so the same purchasing power will be inherited by the next generation), then take any extra and give to kids, charities, or spend frivolously, assuming their lives won't get anymore expensive as they get older. Hard decisions when there are so many variables.
I was so blessed by my grandparents - they paid for my Dance classes, and my brother's soccer as well.
My parents blessed me when I was 20 and got myself into too much debt, as well.
And now my main Why is to make sure I can do the same for my kids, as was done for me, and my parents before. I want that to be the legacy that our money can provide.
This is a hard one for me. I'm in my mid twenties and my parent is in their mid fifties. They keep sending me money that I know they should be saving. I'm not asking, I have tried sending it back, saying no, etc.. If I don't take the cash they just buy me stuff (that I don't need, want, or ask for).
I've given up and accept the money. I've just started saving it and investing it because I know they'll need it later.
Great solution and you can then use it to help your parent later when they need it. Or treat them by paying for something they want but never planned enough for ❤️
The wealth of knowledge is more valuable than just money!!
I find this discussion about boomers “hoarding” wealth very distasteful. My mom died last year. I’d rather have her back than any wealth. My parents worked hard and I wish they could have enjoyed their money more.
The truth!!!
A lot of people believe "Well, they get what they get when I die! I earned this money so I decide what happens with it now!" *proceeds to forget what THEIR parents and grand-parents did for them throughout their 20s to 40s*
Also, if you expect your family to take care of you ~ they need to be freed up from labor to give that to you. Your adult child cannot afford to be a full time caretaker if both spouses need to work 40h+/week ontop of childcare and housework. A lot of grandparents didn't help with the grand-kids (childcare, housecare, financials, advice, emotional support) first home, marriage expenses, or even just buying some groceries or giving a ride when their family needed it. Relationships are 2 way streets; if you are constantly rebuffing & neglecting your family, don't be surprised when they've written you off.
Your millions of dollars aren't gonna mean sh*t eating alone on Christmas, severely disabled from old age, thinking about how your family members will rejoice when you die even though they KNOW they aren't receiving inheritance.
Try not to become “The Bank of Mom” or “The Bank of Dad”.
I'm the bank for my parents. Combined they make like 4x what I do lol. They are just horrible at not spending money.
@@TehkNinja That’s sad too. Perhaps you should say ‘No’ to them. In your case, give them financial advice instead of money. Give them some books, podcasts, websites on budgeting and saving money. You should not have to be their ‘go to’ bank. It’s unfair to you, and also unfair to them……especially since they make so much more money than you do.
Great episode. Extremely helpful for our stage of life
The best financial help you can give your adult kids is advice and financial direction. Give them money and they’ll spend it on a vacation or overly fancy car instead of investing it. Also, give them money and they’ll still ignore you. In other words it won’t improve your relationship with them to give them money. But, if you give them good financial advice when they need it, then they will respect you and it might keep your relationship with them healthier.
You should have done that years before they became adults. How about paying off a chunk of their student loans or part of their mortgage to help make their lives better?
When interest rates are high like now it makes sense to “hoard” wealth.
It does not make sense to spend it.
Thats the whole purpose of interest rates going up.
I enjoy this video and definitely recommend it to friends who are struggling to manage their finances since it is refreshing to hear facts without extra drama, and so forth
At any age, you can broaden your investment portfolio. I was looking for fresh investment opportunities because I am 40 years old. I was able to increase my assets from 250,000 to 1 million in the first two months of last year with the help of a reputable broker recommended by significant stock market experts
Tell us who your broker is, please. I am ready to invest my $50k that I have saved, but I need assistance increasing my income
Lois Jean Frueh.
Thank you, her profile appears online, and I emailed her a well written email. I'm hoping she gets back to me soon.
I was curious to know who you were referring to when you stated Lois Jean Frueh. Since we began working together in 2022, Lois has managed my investments, which began with a mere 600k. Today, my stock portfolio has grown to about 2m.
Definitely ok to enable your kids to “carry their own water”. Then the option to offer support is a “want” for you and not a “need”.
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Her name is. 'RACHEL SARAH PARRISH’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing
When is Bo going to have a podcast of " barbells and bills" or "weightlifting and your wallet"
Bo is always excited.
So, when you asked your father for the $300 for your credit card debt did you eventually pay him back? Even if he didn’t ask you for the money, did you eventually pay him back?
@@sallyprzybil2404 I’d bet Brian did, with appropriate interest rate at the time. 😃
Yes- he told me not to worry about it, but I insisted that I pay them back. It was a principled moment to show that my life and behavior had changed 👍
@@MoneyGuyShow Had a similar experience... Senior year college, I ran out of money JUST before summer and my summer job pay hadn't come through yet.... paid it back quick. Then my dad co-signed my car loan and put half down for me. He joked at one point that I was paying down the bank loan but not him, and I joked back that's because he didn't charge me interest on the down payment, and he taught me too well how to manage my money - I'm paying off the interest debt first. He laughed, and would many years later admit he never actually expected to see that money again, but I paid him back in $500 installments the moment my bank loan was paid off. :)
Find it funny how this is even a question. Obviously the old people have all the wealth they've been working longer
You missed the point. Boomers also have pensions that aren’t available to us. They retired way earlier than we will be able to. We will be working longer paying for their medicare and social security. Notice they never even think about decreasing social security, they simply increase the age at which we are able to get it. Boomers aren’t spending all this money helping their families they spend it on comfort and luxuries. Sorry but it’s not just the fact that they have the money, they piss it away.
Brian has mention the dollar-for-dollar match for his child (I believe in a custodial Roth IRA). How does that work? Isn't the IRA contribution still limited to the earned income for that year?
Kid earns $5000, they contribute $2500, you contribute $2500 as a gift to the kid.
yeah I think the assumption is the kid isn't going to Roth IRA 100% of their income.. I mean we're supposedly aiming for 25% so most kids probably aren't doing more than 50%. :)
This was a good episode format
In general the $3 to $3.5 million referenced in this post, I assume that applies per individual (not couple) in a very general sense. Is that correct?
Hoarding wealth implies nothing is happening with it. That is rarely the case. The money is usually being invested into business who are creating goods and services and jobs. That’s not really hoarding.
Hoarding has so many definitions it can mean almost anything you want. In economics, hoarding is buying and storing assets to benefit from future price increases and/or to maintain your consumption rate in the case of reduced income in the future. Saving for retirement is the most common form of economic hoarding.
@@kyleolson9636 that’s not really true. Hoarding comes with the idea that someone is keeping something they don’t need. Retirement is something necessary for old age and investment is necessary for the people being invested in. You’re really stretching words to mean anything you want while still associating it with the actual meaning
I consider myself a socialist, and my first response was, "its none of your business how much money your parents have-suffering builds character".
I practice save-give. I figure spending is giving, all the same
Interesting philosophy. All spending is giving?
So should I just share this video with the relatives that said we would inherit a large amount from them?
If you need to get money from mom to take a vacation, you can’t afford to take a vacation. There are plenty of ways to have a fun vacation on the cheap.
17:05 horrible suggestion according to the millionaire next door. Taking the children and grandchildren of the financially well off on vacations causes them to adopt that lifestyle as their own before they had a chance to save up and grow their wealth to achieve that lifestyle. I see it with my family.
I’m certainly hoarding mine for now. I only place 30k in yearly income value per million saved so I’d have to be worth 10s of millions in order to start gifting money early. So in reality can’t be that many out there that can do this.
3% withdrawal is imcredibly conservative. Bill Bengan, who developed the 4% SWR, has said that 3.5% will overwhelmingly last forever.
@@arh1234 Well actually I only plan on taking 1.5%. But I hope it makes 3%.
Tens of millions? What kind of ridiculous income do you need in retirement?
@@justthebrttrk I was saying I would FIRST have to have 10s of millions before gifting would even be a thought. Because……. A million dollars today’s isn’t very much in terms of generating income. Luckily I don’t need much to live on.
@@52CA you're disconnected from reality 👍
Hoarding is an interesting word. It sounds like the questioner thinks there is a finite amount of wealth.
There is a finite amount of wealth in the world at any given time. You are probably trying to say they feel the economy is a zero-sum game, which would be incorrect. But wealth is not infinite.
The distribution of wealth is a zero-sum game. Economic activity tends to create more wealth than is destroyed, but once that wealth is created its distribution is zero-sum. Every dollar given to an older person with investments in a company is a dollar not given to the employees of that company or a dollar not saved by customers of that company.
Land is a zero sum game since you can't create land. And access to land in major cities is very expensive, which is a major burden on younger people who are trying to build wealth while the older, richer people who own that scarce land get rich just because they happen to own a location that is economically productive.
Why is any kids’ business how their parents do with their money? If you are adult, you should strive for self sufficient. You might be able to borrow some money from your parent instead from Banks. And make sure to have a timeline to pay it back.
Boomer parents sit on property that they will never spend because they have soo much money. I will just get a huge tax bill instead. I’d rather they enjoyed it but they won’t
57 years old... 40 years ago, I COULD NOT WAIT TO GET AWAY FROM MY PARENTS. I had my first job as a Wireless Communications Technician at 24. I had already given up a Football Scholarship, returning home to help my Family. I paid for 100% of everything obtaining my Degree in Electronics Engineering Technology. It gets better.. I'm big and black, all of the other guys on the job are 5'6" 150 pounds; let's just say Tom Metzger was also a Wireless Tech. Can't afford College? Join the Military and make something of yourself, one of my brothers got his Bachelor's that way; he's 48 and retired, he has his own house $75,000 truck etc etc. Stop crying and start making something of yourself, by yourself with God's Help.
Money guys, do you pay for your kids tuition, and match them for their investing?
If Boomers are hoarding wealth, it really isn't our business what they do with money that they earned, saved, invested or inherited. People that are worrying about what Boomers are doing with their money should instead be focused on their own personal finances.
By and large, their wealth isn’t from saving. Most boomer wealth is in their homes. They own all the four bedroom houses, and vote down new construction (which protects their home value). Then they wonder why they don’t have grandkids 😅
@kevintheshane New construction in my area drives up the prices of existing homes in the same town. A new home in my area with two bedrooms and a two car attached garage and 1600 square feet of finished space is going for $560, 000. If you have an existing home near by that is 2,800 square feet with a 3-car garage and 4 bedrooms, is far more in comparison. That 4 bedroom home increases in value due to the new homes being priced higher and offerring less.
If boomers are hoarding wealth I shouldn't have to cut them a welfare check with my social security taxes
I don't blame boomers for anything they've ever done after seeing how evil this world can be.
@@alexpietsch7997it’s not a welfare check, it’s a SS check that they earned. It will be the same for when you start collecting.
Shouldn’t tax implications be part of the equation here? Gifting, say 50k, to a child today is going to be taxed at a higher rate than if they were to inherit it later, right?
Taxes should be part of the equation, but that part could be zero depending on the source of the money.
If a person gifts or cashes out an asset that would receive a stepped up basis upon death, then yes, it’ll be taxed higher now than at death of the giver.
If a person simply gives cash, then there won’t be any taxes either way (as long as below the lifetime gift exemption).
Although I suppose that giving cash could be cheaper now vs giving it as an inheritance if the place the giver lives charges probate fees as a percentage of estate value.
Yes they are hoarding wealth. Money in the stock market is hoarding wealth. Owning multiple houses is hoarding. I love definitions.
"Give it now, or wait to inherit..." or do what my parents did and give it all to the church...
Some of each would be best.
oof
Boomers can do whatever they want with their money but, if you're well off, how hard is it to put away a little money each month over 18 years for your kids college and/or first home purchase?
If you're not going to do that at least have the decency not to justify it by saying "it builds character".
…not compared to how much the multi-millionaires & Billionaires are hoarding wealth.
yeah fr. i think i read something the other day that said the top 1% owns 40 percent of american wealth.. which sounds like hoarding to me..
Apple is literally hoarding cash for no reason. Not investing it, not doing research
They don’t have Scrooge mcduck money bins. Almost all of that is invested. Something like a biotech startup the ultra wealthy may throw a $100M investment and pay the salaries at that company for 10 years before it may or may not be successful. It’s not just sitting in a vault.
Come on, being a millionaire is not what it used to mean in the 80s. On paper one can be a millionaire with equity in the house but still needing to work full-time and continue saving for retirement.
Billionaires - a different story. Notice how even Bernie dropped the "millionaires" from his spiel once he became one from book sales. Even HE realized that "millionaire" is not the special status that a lot of people think it is
Seriously, Brian is definitely in the 1% and I don’t consider him to be the problem that you’re painting. He’s worked his ass off and been disciplined to get where he is.
Here’s an answer to the question… since when is other peoples’ wealth our business?
You know what's even cheaper...having their own insurance and phone plan!
That's just... wrong. Family plans are typically much cheaper than individual plans
@@rayzerot ...but it's a plan I don't have to pay for!
Better hope your kids don’t get to choose your nursing home.
@@jonasking3670 I'm guessing for them for all their youth, paying for college, and setting retirement accounts for them won't factor in.
This topic isn't that complicated
Once you have a kid who gets married and has kids of their own you should be generous with your own time and money, as you have available, for your grandchildren. Grandchildren are expensive and you can cover up to the full cost of them from birth through college without risking any damage to then or your own children. Keep to these rules and none of the other items matter at all.
I take the exact opposite view. Once you are married and have a kid, it's entirely your own responsibility to care for them to the best of your ability. Your parents already did their job in raising you, and have a right to enjoy their remaining years in peace. Whether they want to help financially or not is entirely up to them, and they are under no obligation to do anything besides love their grandkids.
@@ghjong001 a grandparent loves their grandchild with their time and money. What you are proposing is that they have no obligation to love their grandchildren.
This arrangement only works if you’re geographically close. Many working professionals don’t live near family.
@@chemquests that's a choice. You can choose as a parent to live where your kids will be able to get jobs and as a kid you can choose to pursue those local jobs.
@@Zorlig In my journey, I got an advanced degree and interviewed across the country and moved to the best offer. If I ever decided to leave my employer, I would have to move to wherever I got my next job, if I wanted to stay in my industry. I expect my kids to go wherever their career takes them & not be constrained by what’s just around where we happen to live now..
Blaming an entire generational cohort for your personal problems is a bad idea.
The previous generation elected the officials, invested in the companies, supported the decisions- that formed the current economy.
Some responsibility really needs to be laid at their feet for not fighting more against the greed that stole a healthy financial future from their children.
Your personal problems don’t come from the previous generation - but a lot of the policies, missing consumer protections, market conditions - can into effect when the previous generation had the biggest voice in society and let’s just say some really bad decisions were ignored and allowed.
Oh I can, see it works like this.
When my Grandparents passed my father inherited a lot of money.
When he passed my sisters and I had to pay for his funeral, and his "estate" won't even touch his debts.
Can't stand when people blame previous generations for anything whether its politics or climate change or finances. Grow up, start taking responsibility and stop pointing the finger. That's how children behave.
@@mattbrown4631 two things can be true at the same time. Baby boomers are perhaps the luckiest generation of all time in human history. Doesn't mean they are the root of all problems.
@@Marinealver one person being an irresponsible dick doesn't mean an entire generation is bad
Have you thought about doing content for kids?
Heck, no. Work YOUR garden. NO YOU should NOT help your children. Let them stand on their own. Teach a man to fish.
Every man for himself.
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Ms Susan Jane Christy ❤️
Hello how do you make such monthly??
I'm a born Christian and sometimes I feel so down🤦🏼of myself because of low finance but I still believe in God🙏.
I think more of the disgust of boomers comes not from the fact that they have a large nest egg, but that it's a rotten egg that will go to cruises and trips on themselves instead of spending time with their grandkids.
Don't worry, they will leave them all their MAXed out credit cards, unpaid loans, and mortgaged property that will be foreclosed to deal with.
Just curious. Why is spending money that they worked for and then spending on themselves when they retire bad?
@@bunacat1It's closing doors behind them. (Keep in mind we are talking averages, not everyone)
They started their work life in a rip roaring economy, many still have pensions, bought houses cheap with near minimum wage costs, cost for their skill and education was (relatively) much cheaper compared to today, they got free child care assistance from their family.
Millennials got/get none of that. It feels like we got left a country that has been pillaged by the choices made by those before us. Meanwhile told to stop whining about it.
@@BenJamin-jl1km What do you mean "closing doors behind them". Do you mean them not sharing money that they themselves earned? Quite a few of my Boomer friends support their adult children. Should they be expected to do that when their children aren't interested in covering their own bills because they have it so good at home? No Boomer that I know had a family member take care of their children, let alone for free. Several of my Boomer friends take care of their Grandchildren several days a week and I do see quite a few obvious Grandparents walking babies in strollers in my area though, so I guess there are some Grandparents of Millennial children that do contribute. I, myself, am GenX and was not able to buy a home until my 30's and had to scrimp and save for it while living with 3 roommates. We had it hard too with recessions etc., but you don't hear that about us. All generations have to deal with choices that the generations that came before them made. We just need to deal with it, change what can be changed, and move forward. Pillaged...really? Folks need to forge ahead and stop blaming.
@@BenJamin-jl1km Yup everything was easy. Crushing recessions, global staglfation, line ups for hours at gas stations, our parents losing their jobs to the first waves of downsizing and outsourcing, wage and price controls, the great real estate crashes of 1990 and 2007, purchasing a first home at 15% mortgage interest rates, double digit unemployment, the Dot Com crash and loss of millions of jobs and trillions of assets....
: )
Bo needs new opening lines other than "excited", maybe change once a year. He sounds disingenuous.
um, you realize it's just part of the fun, right?
@@feldhdleh Not fun.
Great episode, but you didn’t even begin to address the question. Still; great advice.