Order our bestselling book, Financial Joy: geni.us/financialjoy. As a MASSIVE THANK YOU for pre-ordering BEFORE 28 March 2024, we've created a Special 2-hour BONUS Investing Workshop to help you learn to master your money and invest 📈wisely in today's economy 😀. To join the bonus workshop, simply send your pre-order receipt to Support@thehumblepenny.com and we'll reply with the details to join the workshop 🙌🏽 Enjoy today's video!
My parents have all their ducks in order, will, trust fund, power of attorneys, paid funerals, life insurance and all financial information stored away for when it's needed. I am 43 and am in the process of sorting my will for my own children.
@@TheHumblePenny my dad's parents barely had a penny to their name and my mum's mum did have things in order. They just said to me and my siblings that it's stressful enough grieving without added sorting finances out after a death so they sorted it out in their 60's, me and my husband plan to sort this even earlier then them.
This list should be circulated. Family conferences where we get all of the family together and set up with all of these should be mandatory wherever anyone gets any sort of assets.
Cool, I will get no inheritance from either side, neither from my grandparents to their's or my parent's to me. It's really cool so many people are getting wealth creating paydays. Not me though, I'm born poor, and nobody cares. I will die alone and poor. Really cool though that some people are killing jt
Alot of wealth can go on end of life care from what i've heard, which is substantial in the UK. Definitely cannot rely on inheritance these days. It's a bonus if you end up with anything.
As someone with Ghanaian & Nigerian heritage, these questions are not easy at all! Particularly with other factors such as superstition and cultural aspects. However, thanks for this video, it needs to be said.
Totally hear you, Sarah! Sadly people of our culture, it takes something life threatening for our parents to wake up and take action. It took my dad being hospitalised to decide to write his will. It shouldn't be this difficult 😅
I’m not surprised that millennials are the richest in history. I’m completely different from my mother (baby boomer) I have life insurance, a Will, savings and ISA accounts for my 3 children. I take them on vacations every year I do this because i want my kids to have what I never did and I want them to have a good life. I know money isn’t everything but more security and good memories is Everything for me and if I Go tomorrow they won’t have to worry. Sadly when my mum passes I will have to pay towards her funeral with my sisters. Great video🙏🏾🧡
Thanks for a great video. I am a millennial and will be having the difficult conversation following this video. We have a general idea but I think getting the finer details down to make the process easier is a good idea. I am inspired to also prep this for myself to ensure that things are easy to access and find should they be required. Very much looking forward to reading your book to have all of the wonderful information Mary and yourself share in a consolidated volume 😊
I don't agree with this headline. Baby boomers in my experience have enjoyed some extremely favourable financial conditions (final salary pensions, free university, incredible house price increases) but in my experience are not financially astute. These conversations i would love to have but they wouldnt be well received. The majority of baby boomer wealth will go on care (at least £2k per week!!!). The government also will probably try to clamp down on inheritance tax loopholes as this transfer of wealth occurs. On the flipside millenials are saddled with debt with high house prices, university fees etc. I think baby boomers are going to be the richest generation when we look back.
The wealth transfer is already happening (for those that have wealth). Yes, definitely, care costs will remain. But to think that the majority of wealth will go on care is a bit much. Care costs will be an issue for some but not for others. Re inheritance tax - gifting assets has always been a thing, and people can even have zero inheritance tax to pay in a short period of time if they got the right advice. Again, nothing new, and it has been going on for many years and many people are passing on their assets whilst still alive. I do think, though, that Millennials are more savvy as you say than the BabyBoomers and, as you say, more saddled with debt and higher costs. That savvyness coupled with making wise choices with our finances and anything that comes our way from parents is what will help millennials thrive.
@@TheHumblePenny excellent points as always. I think though that the cost of care is a huge consideration that is underestimated. It seems unfair that someone could for example gift their wealth, live another 7 years and then need to move into a care home for a few years. Who would pay in that situation - probably the government? Reform for inheritance tax I think is going to happen. My husband's grandad was in a care home for less than a year and that cost pretty much wiped out his inheritance (it was £2k per week).
@@TheHumblePenny I think you're seriously underestimating the cost of care especially those that have wealth. The government will expect you to liquidate your assets before coughing up for care and you'll subside those who have nothing.
Interesting video and a challenging topic. Where would someone start if they were a beneficiary, but unfortunately hadn’t had these discussions, or hasn’t got any information regarding assets to hand?
Hello. What do you think about income protection? Especially if you are temping and finding it hard to look for a job. I sometimes think falling ill while temping is hard because you won't get paid. Can income protection help with this?
It will be interesting to see this play out... I know I've been working hard to make sure I am as prepped as possible for my retirement, and as a result have been telling my parents that they should spend my part of whatever inheritance on themselves... They earned it... That said, they weren't spending like crazy in retirement. They just spent so much living tight, they couldn't really flip the switch as they got older. Not that that's a bad thing. They've been happy and really want to have something to hand down... The other thing that I wonder about is how much of this will actually happen. I thought I heard somewhere that recently, the largest shift in wealth was the top of the top getting richer (not the 1%, but the 0.1%). If that continues, will that affect this? Are things like long term care going to take that money that would normally go to the millennials end up not going to them?
Great points 👍🏾. Interesting point about your parents. It's important to enjoy your money guilty free at every stage but with priority given to the earlier years to build momentum. This is a key aspect of our book. Making sure that we experience that joy along the way with extreme frugality or FOMO.
very good video, I am a parent in my early 60s and from indian background as you know we love educating and learning about how to make wealth and pass it on. It is a minefield inherence tax planning, but I have decided we going learn as a family and implement any plans ie trusts wills, life insurance etc so my children are totally in the picture of our wishes.
Order our bestselling book, Financial Joy: geni.us/financialjoy. As a MASSIVE THANK YOU for pre-ordering BEFORE 28 March 2024, we've created a Special 2-hour BONUS Investing Workshop to help you learn to master your money and invest 📈wisely in today's economy 😀. To join the bonus workshop, simply send your pre-order receipt to Support@thehumblepenny.com and we'll reply with the details to join the workshop 🙌🏽
Enjoy today's video!
I just ordered your book. I can't wait
Amazing! 🙌🏾🙌🏾@@bihrachealtangoh6379
My parents have all their ducks in order, will, trust fund, power of attorneys, paid funerals, life insurance and all financial information stored away for when it's needed. I am 43 and am in the process of sorting my will for my own children.
Excellent! Did they do it because they learned to do so from their parents?
@@TheHumblePenny my dad's parents barely had a penny to their name and my mum's mum did have things in order. They just said to me and my siblings that it's stressful enough grieving without added sorting finances out after a death so they sorted it out in their 60's, me and my husband plan to sort this even earlier then them.
This list should be circulated. Family conferences where we get all of the family together and set up with all of these should be mandatory wherever anyone gets any sort of assets.
Cool, I will get no inheritance from either side, neither from my grandparents to their's or my parent's to me. It's really cool so many people are getting wealth creating paydays. Not me though, I'm born poor, and nobody cares. I will die alone and poor. Really cool though that some people are killing jt
Alot of wealth can go on end of life care from what i've heard, which is substantial in the UK. Definitely cannot rely on inheritance these days. It's a bonus if you end up with anything.
Yes, you're absolutely right, a lot will be spent on care.
As someone with Ghanaian & Nigerian heritage, these questions are not easy at all! Particularly with other factors such as superstition and cultural aspects. However, thanks for this video, it needs to be said.
Totally hear you, Sarah! Sadly people of our culture, it takes something life threatening for our parents to wake up and take action. It took my dad being hospitalised to decide to write his will. It shouldn't be this difficult 😅
Another Ken in the Kab special - looking forward to reading this book
You'll love it :)
I’m not surprised that millennials are the richest in history. I’m completely different from my mother (baby boomer) I have life insurance, a Will, savings and ISA accounts for my 3 children. I take them on vacations every year I do this because i want my kids to have what I never did and I want them to have a good life. I know money isn’t everything but more security and good memories is Everything for me and if I Go tomorrow they won’t have to worry. Sadly when my mum passes I will have to pay towards her funeral with my sisters. Great video🙏🏾🧡
You're absolutely welcome 😊. Thank you for sharing your progress 👏🏾
Very useful, sensible and sensitive topic. Thanks for this ❤
Fyi, LPA's take ages to take effect (ive done mine via a hmrc web link - i think its 20 weeks so dont delay)
Great point. Thanks for adding this.
Thank you.This is such an important and concise video.
Thanks so much. Please share with others
Thanks for a great video. I am a millennial and will be having the difficult conversation following this video. We have a general idea but I think getting the finer details down to make the process easier is a good idea. I am inspired to also prep this for myself to ensure that things are easy to access and find should they be required.
Very much looking forward to reading your book to have all of the wonderful information Mary and yourself share in a consolidated volume 😊
Much appreciated comment 😊. We literally can't wait for you to hand our book in your hands.
I don't agree with this headline. Baby boomers in my experience have enjoyed some extremely favourable financial conditions (final salary pensions, free university, incredible house price increases) but in my experience are not financially astute. These conversations i would love to have but they wouldnt be well received. The majority of baby boomer wealth will go on care (at least £2k per week!!!). The government also will probably try to clamp down on inheritance tax loopholes as this transfer of wealth occurs. On the flipside millenials are saddled with debt with high house prices, university fees etc. I think baby boomers are going to be the richest generation when we look back.
The wealth transfer is already happening (for those that have wealth). Yes, definitely, care costs will remain. But to think that the majority of wealth will go on care is a bit much. Care costs will be an issue for some but not for others. Re inheritance tax - gifting assets has always been a thing, and people can even have zero inheritance tax to pay in a short period of time if they got the right advice. Again, nothing new, and it has been going on for many years and many people are passing on their assets whilst still alive. I do think, though, that Millennials are more savvy as you say than the BabyBoomers and, as you say, more saddled with debt and higher costs. That savvyness coupled with making wise choices with our finances and anything that comes our way from parents is what will help millennials thrive.
@@TheHumblePenny excellent points as always. I think though that the cost of care is a huge consideration that is underestimated. It seems unfair that someone could for example gift their wealth, live another 7 years and then need to move into a care home for a few years. Who would pay in that situation - probably the government? Reform for inheritance tax I think is going to happen. My husband's grandad was in a care home for less than a year and that cost pretty much wiped out his inheritance (it was £2k per week).
@@TheHumblePenny I think you're seriously underestimating the cost of care especially those that have wealth. The government will expect you to liquidate your assets before coughing up for care and you'll subside those who have nothing.
Interesting video and a challenging topic.
Where would someone start if they were a beneficiary, but unfortunately hadn’t had these discussions, or hasn’t got any information regarding assets to hand?
Are parents still alive?
Assuming they passed last week (just for example).
Hello. What do you think about income protection? Especially if you are temping and finding it hard to look for a job. I sometimes think falling ill while temping is hard because you won't get paid. Can income protection help with this?
It will be interesting to see this play out...
I know I've been working hard to make sure I am as prepped as possible for my retirement, and as a result have been telling my parents that they should spend my part of whatever inheritance on themselves...
They earned it... That said, they weren't spending like crazy in retirement. They just spent so much living tight, they couldn't really flip the switch as they got older. Not that that's a bad thing. They've been happy and really want to have something to hand down...
The other thing that I wonder about is how much of this will actually happen. I thought I heard somewhere that recently, the largest shift in wealth was the top of the top getting richer (not the 1%, but the 0.1%). If that continues, will that affect this?
Are things like long term care going to take that money that would normally go to the millennials end up not going to them?
Great points 👍🏾. Interesting point about your parents. It's important to enjoy your money guilty free at every stage but with priority given to the earlier years to build momentum. This is a key aspect of our book. Making sure that we experience that joy along the way with extreme frugality or FOMO.
Pre-ordered your book.
Yay! 🙌🏾🙌🏾. Thank you 😊
Keep going with all the good work.
If their parents or grand parents had money if not they'll have to save and invest their own money
very good video, I am a parent in my early 60s and from indian background as you know we love educating and learning about how to make wealth and pass it on. It is a minefield inherence tax planning, but I have decided we going learn as a family and implement any plans ie trusts wills, life insurance etc so my children are totally in the picture of our wishes.
Hi Kalpna, brilliant! You're approaching this exactly the right way.
My friends parents joke that when they retire they are going to live life to the max, travel and 'SKI' (Spending their Kids' Inheritance)
😂🤣🤣
whats wrong with that its their wealth!
I hope they've put money aside for end of life care and don't expect their kids to do it for free then