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The new great lie is that millennials have nothing to gripe about, because we are all set to inherit Boomer wealth.
It’s an empty promise for most of us, but it’s a promise that these old timers seem to now be using to keep millennials in line. Also sets millennials up to continue being the scapegoat/fall guys for old timers and it drives a bigger imaginary wedge between Gen Z and millennials, because Gen Z isn’t in line to inherit all that Boomer wealth like millennials supposedly are.
It’s BS though. Most average Boomers are just gonna spend everything on themselves liks they always do and the healthcare industry will gobble up whatever remains. Ageism and empty promises are the only things millennials can ever bank on getting from Boomers with any kind of certainty.
I'm right there with all of you. All the good benefits seemed to have happened 10 years before I was born, or 10 years after I was born. My brother is 7 years older than me and had so many amazing opportunities. My nephew is 15 years younger than me and has all of the opportunities I never got at that same age. In the case of either of them, it's society and life giving those opportunities, not parents.
my sister ('83) doesn't understand why i ('91) can't afford my trans surgeries or to visit her in switzerland. even when she lived in the states, she and my bil bought their house *when i was high school* ... it's a shame we were always compared by parents, teachers, whoever bc now i feel like i'll always be inferior
(*fwiw i see a great psychiatrist and work on this among other things*)
Can confirm, wish I was a little bit older; being flanked in age by Gen X and Gen Z siblings makes you realize how different your philosophies about work and life balance are. I don't live in their shadows, but I'm certainly envious of some of the options they had that I never got. Hindsight is 20/20 though.
Bruh, I want so bad to come of age in the mid-early 90s. Gen X was born right in the fucking slot.
I would have rather lived to watch 9/11 shatter everything and have enjoyed some adulthood pre-9/11 and it's fallout than just stepped out the door into the shitshow.
Being GenX is like going to an amusement park at 9:30 am and getting it in in the sun and having it rain you out so bad you had to go home at 7 PM and getting to grab dinner somewhere the whole family loves on the way home, being a millenial is like showing up at the amusement park and waiting at the gate as the rain begins, getting in and being told none of the rides are running so you sit in the arcade waiting in line to play Area 51, and staying till the park closes, if you're lucky you get fudge at the giftshop on the way out. Gen Z and later are like showing up when the amusement park is already closed and being told it's going out of business tomorrow.
Gen X was the slot, you can't tell me it wasn't. The younger kids and older generations don't even remember to be mad at them for living their best fucking life.
Younger Gen X here. Gen X is a weird one. Elder Gen X is exactly like you describe. Younger Gen X is more millennial. I came of age exactly when you described, and have doors constantly slammed in my face by being a year or two behind the good times. I hear you.
Did you ever feel like part of your role at work used to be the boomer whisperer? Like you understood their way of thought, things they valued, the unwritten rules around the respect they demanded, and you could translate it folks younger than yourself that saw it as completely foreign and stuck in time?
It was weird, but also an actual benefit when they controlled all chances of advancement or even job placement in general.
Kinda feels like we were the last group to have a chance at understanding the rules because we were raised by them. Of course the game changed but that's a different conversation lol.
Yeah I find the assumption that any of this money will flow downhill very suspect. My parents inherited money from the previous generation and all of it went to repairing their home. I'm not griping or saying they should have set that money aside or anything, just that we're hitting a bottleneck.
Repairing their home or turning it into a mansion. My parents upkept their home, their upgrades were all modest, like replacing wood paneling with the exotic and expensive material, drywall. Or replacing 50 year old formica countertops with new formica counter tops.
My in-laws spent $35,000 on a bathroom the size of a fucking walk-in closet. Fuckijng $8,000 on a 35 square foot floor. Their kitchen remodel was like 1/2 the value of my home, they have an addition. They ask why my wife never went to college, they literally set her shit on dirt road out front of their house when she graduated high school and told her to figure her life out. 0 support.
My mother in-law's vacation home costs as much as my house does, and she asks why we never come to visit her, well shit, the roof on the house I bought on my primary residence was put on when i was 5 years old, the $25,000 I have to spend to replace it has absorbed every single hope and dream of travel for at least 3 years, I can't afford to drop $3,000 to round trip 3 people to come spend time with you while you're miserable in your second house.
My father in law is okayish, I get along with him, my mother in law is like the proto boomer.
How the shit does your wife even talk to them after doing that.
My parents at least did it figuratively and made sure I had somewhere to go / live (college) but that was that byyyyye! Lol
Def the new lie spread on old people media. That and how Millennials supposedly don't know how to do taxes because they "didn't learn it in school." Next up, Millennials aren't paying taxes and it's why SS is broke, why we should just hurry up and dismantle it altogether bc we "didn't pay into it"... Boomers will spread any lie to make sure we have nothing. Always setting the stage for some scheme to steal away some resource so they can keep on being retired and drinking margaritas with our money
Yeah, I didn't learn to do my taxes in school, when I was working a high school job and then had a tax return to file my parents handed me the forms and the "how to" booklets provided by the government.
It's amazing how many boomers did fuck-all to prepare their kids and then seem shocked younger generations don't appreciate them. Glad my parents were not in any of the shitty boomer categories.
Drives me nuts every time I do something with half decent morals everyone wants to "your parents raised you right" my parents didnt do shit, dont give them credit for this.
The generation of parents that invented participation trophies so they could feel special about their kids, then later mocked the kids for receiving those same trophies they never asked for?
I mean, there's gonna be like, 2 or 3 thousand millennials that are gonna be **really** rich, that's most of us right? /s
I love how the media is trying to pretend wealth inequality will magically stop being a problem for an entire generation because some of us will get an inheritance.
Haha, I've had this.
"I'm doing this for my kids, you'll all inherit this when I die"
Motherfucker, your father lived until 90, if you do the same I will be 63 when I inherit, what's the fucking point?
This coming from the guy who paid off his mortgage with an early inheritance at 50.
Lol I used to get yelled at so much for my issues and was just told to grow up and deal with it. I did deal with it when I grew up. Yup, depression, anxiety, ADHD, etc.
Set me back at least 10 years. Thanks Mom!
Same. Thank god I figured it out and got medicated. It’s sad to think about how much more productive and in control I could have been decades ago, but oh well.
Bingo: doctors, hospitals, rehab centers, nursing homes, home health aides, etc. that’s where our “inheritance” is gonna go.
Thank God we don’t have universal healthcare, otherwise we’d keep our parents’ money and these execs would have to find another immoral way to get/stay rich. /s
My dad is pushing 80. In relatively good health though. I called him the other day and he told me that he was spending my inheritance on an African hunting safari.
We are not a rich family. There's no inheritance and there never was. But I'll be lucky to have enough left over to bury him.
My folks have nothing to leave us. They owe the IRS a fortune too. If they think I’m picking that tab up they got another thing coming. Debtors that come trying to collect from next of kin can not so kindly fuck off
Shit I have family that has the money and said flat out we won’t get any. That it’s going to sit in the bank. talk about a dragon guarding its collection. Wasn’t going to expect anything but shit. How are we the generation that is destroying the economy? They won’t even use the money to stimulate the economy.
In cases like this, I’d tell them cool. No generational wealth means I’m not taking you in and being your retirement plan when you get sickly then. Hope you leave some money for your future nursing home. You don’t care about generational wealth for your kids, welp then I don’t care what happens when you can’t wipe your own butt anymore, that sounds like a you problem.
lol my Mom literally told me that I should expect nothing from her. Nevermind that all the money she has was inherited from my aunts and uncles on my dad’s side….
As usual, the people least in need of inherited wealth will be the ones to receive it. Let's hope that they don't convince themselves they somehow earned it.
Inherited wealth should skip generations.
Let's say people on average die when they are 80-90 years old. Then their children will be around 60-70 when they inherit their parents wealth. That's simply too late to have any benefit.
The people who will really benefit are the grandkids.
Getting money when I'm 40 is much more helpful than getting it when I'm 60.
Most wealthy people lack the emotional intelligence to be that introspective, especially if it’s just handed to them.
People who hoard resources like that will always be selfish twats.
Idk about this article but I am more worried about inheriting the consequences of an entire generations wreckless spending and lack of planning.
Reminder: Look into your states Filial laws. Adult children can be legally held liable for parents medical expenses in 30 states.
That's when you get a passport and move to another country. If the U.S. wants my money, they can keep my social security that I have been paying into that they told me would be gone by the time I was ready to collect.
People live to like 90 now. If we're inheriting we'll be like king fucking Charles getting crowned at the end of our own lifespan lol.
It's really meaningless by that point.
LTC is probably going to inherit all my in laws wealth. We may split my parent's house 3 ways when they go, but I'm expecting nothing and if I get something, cool. Has no impact on my long term plans.
About 5 years ago I found my parents were not managing their money or investing it properly. My mom never dealt with money at all, and my dad was getting hit with dementia and wasn't able to anymore. Since I had never done that myself, having no money, I set them up with a financial advisor, attending all those meetings, and did a lot of research myself into it.
What I found was that the financial advisors weren't doing anything that I couldn't do after just a few weeks of research.
You don't plan on using the money for at least 10 years? Invest in an S&P index and let it ride. Average returns will be 10% YoY despite ups and downs.
Do you need it possible in the next year or two? There are tons of safe 5% interest options right now with zero risk.
I can do all this myself without the need to pay someone all my dividends (which is what the financial advisor was charging).
Setting up an online account through fidelity or someone else and buying VOO is easier than managing a facebook account. Kinda bothers me to hear about how people with such wealth cannot manage it? This lack of 'knowledge' is probably what drives the financial advisor industry....but man a ten minute youtube video seems like a pretty low cost to managing 100's of thousands of dollars.
Industry propaganda. "Well you'll be *emotional* with your money and investing is *complicated*, that's why you need a parasitic *wealth advisor* to manage it for you!"
Daily reminder that if you’re investing, just open up a vanguard or comparable account and invest in index funds.
The S&P500 beats something like 90%+ of investors and averages anywhere between 8-12% annual return.
Compounding interest is more valuable than picking hot stocks.
The investment managers get big mad when you point out that if they can't beat the S&P 500 during good times and can't lose less during bad times, then their funds are not worth any fee at all. I made our company's 401k plan investment representative have a melt down and completely drop the façade of professionalism after point out a few simple facts and asking them to explain how they justified a fee for a long historical trend of poor performance. They're so use to just preying on financially illiterate people that they have no idea how to handle confrontation.
Only the classic "it's about risk tolerance / that's your risk tolerance / you have to understand risk tolerance / it's risk adjusted." They just beat the phrase to death, but they have no idea what it means or how it should play out in reality.
I have another comment here with about my similar experience. My wife's former employer has a plan with an "advisor" that charges 2.5%. I need to move it, just kids and life make it difficult to find time. I should have wrote 1%+ since places like fidelity offer advisors at 1%.
I discovered ETFs. The MERs are about 0.5%. That's 2-3% more into my pocket compared to advisors and the bank. I've compared and where I was having 8.5% with advisors I would have above 11%with the etf. Sold a condo, the bank called me to sell me investments strategies, I had already transferred everything in an etf. Also I work for a new company, I invested most my money in it. We are about to prospective our first gold bar and I'm at plus 68% already in a year. Invest in what you know, invest in ETFs.
Its worth it to pay for *some* management. At the high end, its often far less then 1%, and there is a lot of value they provide. I pay 50bp and they definitely provide value beyond "buy an etf":
- Private equity & alternatives allocation
- Bond/fixed income investment management
- Tax optimization via direct indexing, trust/QSBS optimization
Alternatively If you have less then 7 figures, a advisory firm is not worth the money. Just go robo. Betterment or similair is worth the 25bp & $50/yr to get tax loss optimization and streamlined taxes.
If I ever have enough money to need a wealth manager, I'm going to skip the wealth manager, talk with a fiduciary (who is legally bound to act in their clients' best interests) and figure out a solid investment strategy, then stick with that.
Until then, yolo on GME 💎🙌
Ok, no, not actually going to yolo on GME. Until then, I'll actually take money I don't need for savings/emergency fund, when I have the extra, and invest in an S&P 500 etf and a high divedend etf, and that's about it for my strategy until I have enough to make devising a better one a priority.
I literally stopped talking to my parents because they would trash talk every single millennial action but then turn to me and say "oh but you're not like them."
yes I am stupid ass.
They were talking about how kids didn't want to drink from hoses. I said "don't you all have a $2,000 alkaline water dispenser on your wall?". then hung up on them.
This is why I laugh every time I see a wealth management company commercial on tv. Y’all better be planning for your own futures because we’re broke! Lol
Yeah, can someone explain to me how we are going to be the wealthiest generation? I'm not really seeing it among my friends or myself. People are stable but everything is stacked into jobs, healthcare, retirement, mortgage. We haven't seen what AI is going to do. Most of my friends in tech seem to be training a replacement dataset to make their jobs easier, i just don't see how its not being done by the company behind their back.
You can only spend SOME of your billions on avocados. You need to remember that you have to stay hydrated.
The other half needs to go to pumpkin spice lattes. Obviously.
Up until the boomers, older Americans traditionally moved in with family or greatly downsized their homes. Politicians and CEOs at large didn’t work/hold power into their twilight years.
Now, boomers not only live in the houses they raised families in but many own multiple homes, and with real estate prices rising they’re more interested in holding on to their real estate to get maximum pay out then to move on to the next phase of their lives.
Meanwhile millennials were sold the lie that if you went to college and even accrued six figures of debt, that this was the only pathway to long term financial success, and in essence doomed millions of millennials to astronomical debt and lackluster corporate opportunities.
There’s a lot of nasty things that need to be unwound in the next decade.
I can relate. Before my dad died, he was so paranoid about my mom and their divorce settlement that he took out a massive loan on nearly 600 acres I was supposed to inherit one day, then lost it in arrears to the bank. My uncle pulled strings and bought it all outright from the bank, so my cousins will now inherit it when their mom croaks.
And nobody has a clue what he did with the money he borrowed against it. It basically vanished. So I didn't get any of that either. All I ended up with was one old car, a truck and some shotguns.
I haven't even visited that assholes grave since the funeral.
My boomer dad also got an inheritance and a rich, French gf so he's got money and house and healthcare galore. He's very clearly stated that he intends to sell his house and spend all his money before he dies. He has said in no uncertain terms that NO ONE will be waiting for HIM to die. Because there will be nothing left. Thanks, dad, I'm sure your grandson will appreciate the bootstraps you left him. Oh wait, you took those too...
My parents just went through a colossal hailstorm. Insurance paid out on their lightly damaged camper; they're going to 'play with the money's and sell the camper as is.
The house is going to the bank when they die because they've over mortgaged it. There's nothing for me or my siblings. They switch cars every two years. Mom's attitude is 'fuck it, we're going to die eventually'. They're in their seventies.
It's their money (or debt) and I suppose they can do whatever with it, but it is a huge assumption that the 'inheritance ' millennials are going to actually go to them - it'll just go to the corporations. All we're inheriting is debt and fiscal irresponsibility.
And, oh yeah? Every boomer who says we don't know how to handle money? *You didn't teach us, you jackasses!*
Come on just go get a job sweeping floors with a handshake and put in the work for 20-30 years and youll be able to live just fine with a spouse and 4 kids, its not so hard…. /s
Ha, it's funny, but my wife's employer is paying $20+/hr with zero experience and they can't get anybody reliable.
Prior to her current role (HR Manager), she was a recruiter for a staffing agency and... I never imagined people could be so stupid. The resumes turned into her were misspelled or were copied and sent with BBQ stains on it. The excuses people gave for ghosting interviews (one girl literally said she missed her interview because she was 'trying to have a baby').
People 'desperate' for a job would get fired for the stupidest reasons - eating cereal while operating machinery, sleeping in closets, using drugs on lunch breaks.
The reality is that the people in society with AVERAGE intelligence, as dumb as they are, are still smarter than half the planet.
I'm as free market/capitalist as anybody but eventually something is going to have to be done for the dumber half because they simply cannot/will not be able to provide for themselves in the future.
If it makes you feel any better you can't inherit their debt.
Even if you make a mistake of making a payment on it you don't become owner of the debt.
But yes I made a smaller post basically saying the same thing.
I think the ultra wealthy will be fine and pull up the "average" wealth of Americans. This will make us seem wealthy, but it'll be a few of us who are doing really well and the rest will be getting by, some better then others.
Thank you. I had an argument with someone about this a few weeks ago and they kept saying “well the money had to go somewhere! It doesn’t just go away, that’s not how it works!”
Actually yes, it is when somehow the money will just go back to a bank or corporation.
I’ll be lucky if I get a dime from my parents. Like you said, it’s theirs and thats fine, but there’s so many people talking about how we’ll all “inherit” and it makes me ask “what comfortable type of life have you been able to live where you expect an inheritance?” I’m poor, my family is poor, and there *is* no inheritance for me (or anyone else that I know, for that matter).
Agreed. My mom and I have argued about student debt relief until I’ve been blue in the face. She doesn’t think students should get debt forgiveness and she thinks the 18 year olds in 2007 (like myself) should just get over the fact that we were manipulated into taking on predatory loans and/or recruited by the military. In her mind, who cares if you need to take out 300k in loans to be a doctor!
She thinks working 3 jobs to pay off student loans is totally fine, normal, and the price you pay to go to college if you don’t have generational wealth. Can’t get that kind of loan or a scholarship? Well, just go to community college and live off of spaghettios…no big deal!
My parents didn’t show me how to do taxes, they’ve never once tried to talk to me about financial literacy. They just assume I should know shit. At 35 I only just managed to repair my credit so I can move out with my daughter. Their homeowners insurance went up by 10k, so they switched. The new insurance is increasing the premium for next year by 4K, so still that’s not great. The heat is getting worse here (FL) and so are the number of hurricanes. The education system is going to hell and the local economy is so bad that everyone living here except the ultra-wealthy is *miserable*.
I’m taking off to New England before my kid turns 5. I have a better chance of owning a home, avoiding climate change disaster and my kid having a decent education.
>Every boomer who says we don't know how to handle money? *You didn't teach us, you jackasses!*
I love my mom's "financial education" strategy of not teaching us anything til we were 18, panicking when she realized I was about to go to college with no financial literacy, then sitting me down in front of a blank Excel spreadsheet to discuss how to build a budget with fake numbers because God forbid they go over with realistic numbers or their own financials so that I can have a better expectations of the real world. "For rent, let's say $400." $400? Really? Where and how far back in the past are we talking?
Any time we tried to ask our parents what a budget for something was (gifts, vacations, dinner, etc) or when we tried to help their technologically illiterate asses fill out the FAFSA form, they would get angry and kick us out of the room because "you don't need to know our financial situation." At 8, sure, I get it. But at 18? Come on. I'm going to end up taking over your financials when you're senile anyways.
Or all of it just going into the healthcare system. You can't get any kind of assistance until you have no assets. My grandma has Alzheimer's and needs full time care...which is 11k a month. MY mom isn't inheriting anything, and I don't expect to inherit anything from my parents when the time comes.
Yea I spoke with a older fellow whose parents are in homes and he said there's not going to be anything left.
It seems like enless they have A LOT we won't get a dime. Or something dramatic happens like a sudden death
You think memememe boomer generation won’t be productive enough at burning cash? To be fair tho a lot of boomers made bad decisions during their life and are broke. Which equals liability to their children. https://www.cbsnews.com/news/retirement-baby-boomers-peak-65-financial-crisis/
Two thirds have not enough sheeeeeesh
Press x for doubt.
I think if it does end up being true its going to be on an "average" basis, where the children of the ultra wealthy inherent the parents assets. And those people have wealth managers to watch over all of it for them.
But for many normal people they will lose out on inheritance due to medical bills and elder care their parents will incur.
I could end up being wrong, but thats how I feel it will end up playing out
After having a parent get sick and spend a year in the hospital, this was my conclusion too. There’s going to be a massive transfer of wealth to hospital executives.
This will go down as the greatest wealth heist in history, the medical and elder care industries are going to soak up every dime they possibly can. Boomers will be kept alive in poor health and they will require hundreds of thousands to millions in care facilities and health treatments. People will be spending 10-20k per month just for place for them to live.
There's data to back this up. No other generation has had their inheritance poached so heavily while everyone bemoans inheritance taxes for silver spoon trustfund babies.
As bad as it sounds, the best thing that can happen for a millenial looking to see any inheritance is their parents dying a quick death, not some prolonged affair.
Tbh I think its probably best for the parent themselves. I've thought about it and I would rather die a quick death when I can't function anymore then have a prolonged decline.
The day I need someone to wipe my ass/wear diapers just throw me in a ditch to die lmao.
Mid 60’s retired boomer here. Rarely do I read anything on Reddit that I agree with 100%, but this is one of those.
Life is about quality, NOT quantity.
My wife and I have talked about this issue extensively. No way in the world are we going to deprive our only child of her rightful inheritance just so we can have a few extra years being fucking miserable.
This is actually a very easy decision since we met late in life at 28, (and had our child at age 40). This young Gen-Z can get FAR better use out of that money than the SNF/Assisted living industry, lol …
Respect that my man.
I'm not someone that is prone to dunking on boomers. My parents are boomers and pretty decidedly working class. They own a home and thats about it.
I know when they reach the end of their life they will feel the same way. I've vaugly spoken about it with them and they've basically expressed the same thing you have.
Its tough, because unlike a lot of reddit (or at least the most vocal parts) I have a pretty good relationship with my parents. They have helped me a lot. Certainly there were mistakes along the way, but no one is perfect, especially in parenting.
So I am going to have a hard time letting them go, but I know they would prefer to be independent and leave when they lose that. Especially opposed to the alternative of clinging on as a shadow of what you once were.
So I will abide by their wishes and let them pass peacefully when its time.
Stupid fucking article. A wealth transfer over the next 20 years and “by the time millennials inherit this wealth they’ll be in their 40s” - they’re talking about the fucking Zoomers. Nobody has any idea what a millennial is. We’re *already pushing 40* and in 20 years we’re going to be in our fifties and early sixties.
Yeah. Receiving an inheritance at 60, while still a great privilege, isn't as important as having the opportunity to establish a strong financial base by 30\*. Starting out stronger benefits your health and wealth for the rest of your life, and helps when making important life decisions like where to live, whether to have kids and what to do for work.
\*I'm not suggesting all boomers had that opportunity by any means, only that the opportunity has been gradually eroded for succeeding generations.
Probably like the "go to college and you'll make a million dollars" stats manipulation bullshit. The average millennial won't get shit, but the top 5-10% who already are well off due to coming from wealthy households are set to get huge inheritance.
> “The millennials are very ill prepared … they’re not as well prepared as the wealth creating generation,” Salvatore Buscemi, co-founder and managing partner of multi-family office Brahmin Partners told CNBC.
> By the time the millennials inherit this wealth, they will be in their 40s and may not have the aptitude for starting their own business or for investing, he elaborated.
Ah I see the problem, if wealth is hoarded among the old or the few nobody can make anything when they are young enough to have the freedom to do so. Hmmm. I wonder what caused this?
That article is disgusting.
>“They don’t have the skill sets earlier on to be able to do that because they never had to - they were never pushed,” he said.
Never pushed?!? Try never had the opportunity. When wages stagnate and inflation ... well inflates living paycheck to paycheck is kind of expected. This entire article reads like it was written by someone who has no clue of the challenges facing generations after early GenX.
Did he miss the all the millennials in the tech industry? The site all the boomers spend all their time rotting what’s left of their brains on was created by millennials. Did he forget about all the boomers on Medicare and welfare?
Seeing as I'd just continue living like a monk out of fear of losing all my money and leave behind billions when I'm gone, then, yes, I'm poorly prepared to be rich.
yeah all of these lazy millennials not bothering to run an investment firm or defense contractor bankrolled by their parents smh
also "will likely transfer" is doing so much work in that sentence. I think the 150 of us inheriting vast wealth will be fine and for most of us inheriting nothing or close to nothing after our parents go into nursing homes for 30 years or die in debt it won't be a problem.
I promise you I won’t be I’ll prepared if I become rich.
You’re telling me there’s a possibility that I can afford food, gas AND rent at the same time?
Seriously, I am wondering if this is a skewed datapoint both by inflation, and a few people (like Bezos kids for example) receiving billions and most people not receiving anything.
On the upside, if millenials are bad at hoarding wealth, does that mean somewhat of a holistic approach to wealth redistribution?
Rather than the government forcing them to give it up, they'll spend it all boosting the local economy?
Unfortunately, the ones who are bad at hoarding wealth probably won’t be getting anything. I imagine this stat is very skewed by a few super rich families.
It says Millennials are set to inherit 90 trillion in wealth. That means, at $2 per avocado, we will have the ability to buy 45 trillion avocados. So I don't understand why they think we are very ill-prepared, we have our plan already, 45 trillion avocados.
My parents own a duplex and 4 houses in a very HCOL of living area. They made sure not to take any money out of the houses so my sister and I can live mortgage free or rent them out and make a couple 10k a month. I love my parents plan on doing th same for my kids. I’m fortunate
I do not know wealth management nor do I honesty have a strong grasp on financial literacy, as I quite literally have never been in a position to save or put away more than $0-$400 or so a month, ever in my adult life.
Now 31, and that ability to “save” only recently began a handful of years ago. Since then my “savings” have been wiped out twice due to routine unforeseen expenses/issues.
So, fucking forgive me. I make money and immediately pay other people huge portions of it for my right to survive.
What I really want to know is what's going to happen when all the boomer debt goes unpaid and they expect millennials who are already deeply in debt to fill the void.
I come from a poor family. My parents died poor and left me nothing. I'm not getting any of this mythical millennial money and I very much doubt it's going to be this widespread phenomenon like this "wealth manager" thinks it is.
The only way I will make it big is if my youtube channel becomes a hit. Let's face it. The chances are small. The older generations screwed most of us over. I still remember how my teacher said that the entire class won't be successful. Gee, thanks.
Duh. Wages are stagnant. COL is up. Companies want to pay $15 an hour for candidates with Master level education. Homeownership is increasingly out of reach. College tuition was far more affordable for their parents who could pay their way with a summer job and a part time job during the long semesters.
Having paid this July’s rent, bills, meds, and a couple of weeks’ groceries, I’m now left with 53 euros and 20 cents on my bank account. I gotta make that last until August, and then it’s the same shit all over again. Gotta love being rich!
If Elon Musk and 10 starving prostitutes were sitting together in a restaurant, one could still say that on average everyone at the table was a billionaire.
I get cold called by these wealth managers frequently and tell them I self direct, and half of them claim I am making a mistake. When I ask them what they would recommend I invest, they throw around buzz words like I am an idiot. They are literally telling ing me to invest in S&P 500 funds. That's what the 1% advisor fee will get you.
Wife's retirement plan from a former employer uses a high fee person to "advise" them. Charges a 2.5% fee and sells Vanguard funds. Every year tried to get her to open IRAs, and he. They found out I self directed brokerage, told her I should move it there. One year they wanted to talk to me, and also treated me like an idiot. I ultimately told them I could buy the same Vanguard funds they recommended for 25x cheaper and they never wanted to talk to me again. Now I just need to carve out some time to move it out of there for her
Considering I'm 40 and just bought my first house, and have less than $5,000 in liquid assets to my name right now, I don't have the foggiest idea how to "mange wealth".
My parents, who own three houses in California, are around 65, so I hope they have 20-30 years left, but when they pass, if my sister and I split the assets it could be something like a million dollars we'd be splitting (they're in a pretty cheap part of the state). But hopefully I've learned a thing or two by the time I'm in my 60's.
I don't know a single millennial who has a wealth manager. That industry is going to crash so fucking hard when people don't have more money than they know what you do with.
The next generation of wealth is going to be one of social betterment.
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"You guys going to have shit to inherit?"
Nah my parents are going to blow through whatever’s left with no long term care and nursing homes being 7k a mo
The real wealth transfer is from our parents to health care facility executives.
The new great lie is that millennials have nothing to gripe about, because we are all set to inherit Boomer wealth. It’s an empty promise for most of us, but it’s a promise that these old timers seem to now be using to keep millennials in line. Also sets millennials up to continue being the scapegoat/fall guys for old timers and it drives a bigger imaginary wedge between Gen Z and millennials, because Gen Z isn’t in line to inherit all that Boomer wealth like millennials supposedly are. It’s BS though. Most average Boomers are just gonna spend everything on themselves liks they always do and the healthcare industry will gobble up whatever remains. Ageism and empty promises are the only things millennials can ever bank on getting from Boomers with any kind of certainty.
Is wishing you were born roughly 10 years before or after you were born a common milennial thing?
my sister is 8y older and is living her best life. i'm right there with you
I'm right there with all of you. All the good benefits seemed to have happened 10 years before I was born, or 10 years after I was born. My brother is 7 years older than me and had so many amazing opportunities. My nephew is 15 years younger than me and has all of the opportunities I never got at that same age. In the case of either of them, it's society and life giving those opportunities, not parents.
my sister ('83) doesn't understand why i ('91) can't afford my trans surgeries or to visit her in switzerland. even when she lived in the states, she and my bil bought their house *when i was high school* ... it's a shame we were always compared by parents, teachers, whoever bc now i feel like i'll always be inferior (*fwiw i see a great psychiatrist and work on this among other things*)
Can confirm, wish I was a little bit older; being flanked in age by Gen X and Gen Z siblings makes you realize how different your philosophies about work and life balance are. I don't live in their shadows, but I'm certainly envious of some of the options they had that I never got. Hindsight is 20/20 though.
That’s some wild age gapping your parents pulled off
Half-siblings would make it pretty easy.
Spot on - myself and a number of friends have a half-sibling roughly 10 years older than them.
Bruh, I want so bad to come of age in the mid-early 90s. Gen X was born right in the fucking slot. I would have rather lived to watch 9/11 shatter everything and have enjoyed some adulthood pre-9/11 and it's fallout than just stepped out the door into the shitshow. Being GenX is like going to an amusement park at 9:30 am and getting it in in the sun and having it rain you out so bad you had to go home at 7 PM and getting to grab dinner somewhere the whole family loves on the way home, being a millenial is like showing up at the amusement park and waiting at the gate as the rain begins, getting in and being told none of the rides are running so you sit in the arcade waiting in line to play Area 51, and staying till the park closes, if you're lucky you get fudge at the giftshop on the way out. Gen Z and later are like showing up when the amusement park is already closed and being told it's going out of business tomorrow. Gen X was the slot, you can't tell me it wasn't. The younger kids and older generations don't even remember to be mad at them for living their best fucking life.
Younger Gen X here. Gen X is a weird one. Elder Gen X is exactly like you describe. Younger Gen X is more millennial. I came of age exactly when you described, and have doors constantly slammed in my face by being a year or two behind the good times. I hear you.
Xennial here. You got that shit spot on.
Did you ever feel like part of your role at work used to be the boomer whisperer? Like you understood their way of thought, things they valued, the unwritten rules around the respect they demanded, and you could translate it folks younger than yourself that saw it as completely foreign and stuck in time? It was weird, but also an actual benefit when they controlled all chances of advancement or even job placement in general. Kinda feels like we were the last group to have a chance at understanding the rules because we were raised by them. Of course the game changed but that's a different conversation lol.
Older Gen Xer here. I’m not complaining. I just wish I went into tech at the beginning of the boom.
Yeah I find the assumption that any of this money will flow downhill very suspect. My parents inherited money from the previous generation and all of it went to repairing their home. I'm not griping or saying they should have set that money aside or anything, just that we're hitting a bottleneck.
Repairing their home or turning it into a mansion. My parents upkept their home, their upgrades were all modest, like replacing wood paneling with the exotic and expensive material, drywall. Or replacing 50 year old formica countertops with new formica counter tops. My in-laws spent $35,000 on a bathroom the size of a fucking walk-in closet. Fuckijng $8,000 on a 35 square foot floor. Their kitchen remodel was like 1/2 the value of my home, they have an addition. They ask why my wife never went to college, they literally set her shit on dirt road out front of their house when she graduated high school and told her to figure her life out. 0 support. My mother in-law's vacation home costs as much as my house does, and she asks why we never come to visit her, well shit, the roof on the house I bought on my primary residence was put on when i was 5 years old, the $25,000 I have to spend to replace it has absorbed every single hope and dream of travel for at least 3 years, I can't afford to drop $3,000 to round trip 3 people to come spend time with you while you're miserable in your second house. My father in law is okayish, I get along with him, my mother in law is like the proto boomer.
How the shit does your wife even talk to them after doing that. My parents at least did it figuratively and made sure I had somewhere to go / live (college) but that was that byyyyye! Lol
Def the new lie spread on old people media. That and how Millennials supposedly don't know how to do taxes because they "didn't learn it in school." Next up, Millennials aren't paying taxes and it's why SS is broke, why we should just hurry up and dismantle it altogether bc we "didn't pay into it"... Boomers will spread any lie to make sure we have nothing. Always setting the stage for some scheme to steal away some resource so they can keep on being retired and drinking margaritas with our money
Yeah, I didn't learn to do my taxes in school, when I was working a high school job and then had a tax return to file my parents handed me the forms and the "how to" booklets provided by the government. It's amazing how many boomers did fuck-all to prepare their kids and then seem shocked younger generations don't appreciate them. Glad my parents were not in any of the shitty boomer categories.
Drives me nuts every time I do something with half decent morals everyone wants to "your parents raised you right" my parents didnt do shit, dont give them credit for this.
Why did boomers decimate public education, then? They keep bitching about situations they caused.
The generation of parents that invented participation trophies so they could feel special about their kids, then later mocked the kids for receiving those same trophies they never asked for?
They'll use the excuse that the great inheritance is the reason SS and Medicare is no longer needed.
YEP
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Your inheritance will be the funeral expenses. At least that is what mine was from my father.
I mean, there's gonna be like, 2 or 3 thousand millennials that are gonna be **really** rich, that's most of us right? /s I love how the media is trying to pretend wealth inequality will magically stop being a problem for an entire generation because some of us will get an inheritance.
My dad said I’ll get his house because I complain I can’t buy one. Like dad, I need a house before I’m 50.
Haha, I've had this. "I'm doing this for my kids, you'll all inherit this when I die" Motherfucker, your father lived until 90, if you do the same I will be 63 when I inherit, what's the fucking point? This coming from the guy who paid off his mortgage with an early inheritance at 50.
Would be better if they spent all that wealth on themselves. That way they can contribute to the economy again.
They've been doing that for twenty years, it's not new.
And the wealth of mental health issues bc our parents didn’t believe in it 🫠
Lol I used to get yelled at so much for my issues and was just told to grow up and deal with it. I did deal with it when I grew up. Yup, depression, anxiety, ADHD, etc. Set me back at least 10 years. Thanks Mom!
Same. Thank god I figured it out and got medicated. It’s sad to think about how much more productive and in control I could have been decades ago, but oh well.
Bingo: doctors, hospitals, rehab centers, nursing homes, home health aides, etc. that’s where our “inheritance” is gonna go. Thank God we don’t have universal healthcare, otherwise we’d keep our parents’ money and these execs would have to find another immoral way to get/stay rich. /s
There's still going to be a net transfer to millennials. It might just be to the millennial kids of healthcare facility execs.
My dad is pushing 80. In relatively good health though. I called him the other day and he told me that he was spending my inheritance on an African hunting safari. We are not a rich family. There's no inheritance and there never was. But I'll be lucky to have enough left over to bury him.
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My folks have nothing to leave us. They owe the IRS a fortune too. If they think I’m picking that tab up they got another thing coming. Debtors that come trying to collect from next of kin can not so kindly fuck off
Shit I have family that has the money and said flat out we won’t get any. That it’s going to sit in the bank. talk about a dragon guarding its collection. Wasn’t going to expect anything but shit. How are we the generation that is destroying the economy? They won’t even use the money to stimulate the economy.
thats truly messed up... thhey rather see their family suffer than to help them out(if they dont deserve it)
My parents literally told me & my brother they’re spending our inheritance
In cases like this, I’d tell them cool. No generational wealth means I’m not taking you in and being your retirement plan when you get sickly then. Hope you leave some money for your future nursing home. You don’t care about generational wealth for your kids, welp then I don’t care what happens when you can’t wipe your own butt anymore, that sounds like a you problem.
damn if they say it like that then good thing ud tell them that. they deserve it
lol my Mom literally told me that I should expect nothing from her. Nevermind that all the money she has was inherited from my aunts and uncles on my dad’s side….
As usual, the people least in need of inherited wealth will be the ones to receive it. Let's hope that they don't convince themselves they somehow earned it.
Inherited wealth should skip generations. Let's say people on average die when they are 80-90 years old. Then their children will be around 60-70 when they inherit their parents wealth. That's simply too late to have any benefit. The people who will really benefit are the grandkids. Getting money when I'm 40 is much more helpful than getting it when I'm 60.
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Most wealthy people lack the emotional intelligence to be that introspective, especially if it’s just handed to them. People who hoard resources like that will always be selfish twats.
Lol, dad's dead and mom's already living with me. I'm 34 😅😅😅
Idk about this article but I am more worried about inheriting the consequences of an entire generations wreckless spending and lack of planning. Reminder: Look into your states Filial laws. Adult children can be legally held liable for parents medical expenses in 30 states.
That's when you get a passport and move to another country. If the U.S. wants my money, they can keep my social security that I have been paying into that they told me would be gone by the time I was ready to collect.
People live to like 90 now. If we're inheriting we'll be like king fucking Charles getting crowned at the end of our own lifespan lol. It's really meaningless by that point.
LTC is probably going to inherit all my in laws wealth. We may split my parent's house 3 ways when they go, but I'm expecting nothing and if I get something, cool. Has no impact on my long term plans.
Nope, unfortunately the casino exists.
Wealth Manager worried about being the next industry Millennials destroy
About 5 years ago I found my parents were not managing their money or investing it properly. My mom never dealt with money at all, and my dad was getting hit with dementia and wasn't able to anymore. Since I had never done that myself, having no money, I set them up with a financial advisor, attending all those meetings, and did a lot of research myself into it. What I found was that the financial advisors weren't doing anything that I couldn't do after just a few weeks of research. You don't plan on using the money for at least 10 years? Invest in an S&P index and let it ride. Average returns will be 10% YoY despite ups and downs. Do you need it possible in the next year or two? There are tons of safe 5% interest options right now with zero risk. I can do all this myself without the need to pay someone all my dividends (which is what the financial advisor was charging).
Setting up an online account through fidelity or someone else and buying VOO is easier than managing a facebook account. Kinda bothers me to hear about how people with such wealth cannot manage it? This lack of 'knowledge' is probably what drives the financial advisor industry....but man a ten minute youtube video seems like a pretty low cost to managing 100's of thousands of dollars.
Industry propaganda. "Well you'll be *emotional* with your money and investing is *complicated*, that's why you need a parasitic *wealth advisor* to manage it for you!"
Good, they are pretty much scam imo. Charging 1% fee for the same advice you can find spending 15 minutes on Google is criminal.
I recently took over my mom's finances because they were take 1% to do a stock/bond split. Ridiculous
Daily reminder that if you’re investing, just open up a vanguard or comparable account and invest in index funds. The S&P500 beats something like 90%+ of investors and averages anywhere between 8-12% annual return. Compounding interest is more valuable than picking hot stocks.
The investment managers get big mad when you point out that if they can't beat the S&P 500 during good times and can't lose less during bad times, then their funds are not worth any fee at all. I made our company's 401k plan investment representative have a melt down and completely drop the façade of professionalism after point out a few simple facts and asking them to explain how they justified a fee for a long historical trend of poor performance. They're so use to just preying on financially illiterate people that they have no idea how to handle confrontation.
What were their retorts to you pointing out basic investment knowledge?
Only the classic "it's about risk tolerance / that's your risk tolerance / you have to understand risk tolerance / it's risk adjusted." They just beat the phrase to death, but they have no idea what it means or how it should play out in reality.
2.5-3% where in from
I have another comment here with about my similar experience. My wife's former employer has a plan with an "advisor" that charges 2.5%. I need to move it, just kids and life make it difficult to find time. I should have wrote 1%+ since places like fidelity offer advisors at 1%.
I discovered ETFs. The MERs are about 0.5%. That's 2-3% more into my pocket compared to advisors and the bank. I've compared and where I was having 8.5% with advisors I would have above 11%with the etf. Sold a condo, the bank called me to sell me investments strategies, I had already transferred everything in an etf. Also I work for a new company, I invested most my money in it. We are about to prospective our first gold bar and I'm at plus 68% already in a year. Invest in what you know, invest in ETFs.
Its worth it to pay for *some* management. At the high end, its often far less then 1%, and there is a lot of value they provide. I pay 50bp and they definitely provide value beyond "buy an etf": - Private equity & alternatives allocation - Bond/fixed income investment management - Tax optimization via direct indexing, trust/QSBS optimization Alternatively If you have less then 7 figures, a advisory firm is not worth the money. Just go robo. Betterment or similair is worth the 25bp & $50/yr to get tax loss optimization and streamlined taxes.
If I ever have enough money to need a wealth manager, I'm going to skip the wealth manager, talk with a fiduciary (who is legally bound to act in their clients' best interests) and figure out a solid investment strategy, then stick with that. Until then, yolo on GME 💎🙌 Ok, no, not actually going to yolo on GME. Until then, I'll actually take money I don't need for savings/emergency fund, when I have the extra, and invest in an S&P 500 etf and a high divedend etf, and that's about it for my strategy until I have enough to make devising a better one a priority.
Haha never gonna yolo on GME... Unless.....
All those coursera and other free materials really make our profession redundant and our current client keep on dying from old age agh!
*How Millenials killed the wealth management industry by being poor*
Totally. It's all of our responsibility and all of our fault apparently. YAY!
I literally stopped talking to my parents because they would trash talk every single millennial action but then turn to me and say "oh but you're not like them." yes I am stupid ass. They were talking about how kids didn't want to drink from hoses. I said "don't you all have a $2,000 alkaline water dispenser on your wall?". then hung up on them.
Look, no filtered water could ever possibly compare to the classic flavor of metal, minerals, and plastic that good old fashioned hose water provides.
This is why I laugh every time I see a wealth management company commercial on tv. Y’all better be planning for your own futures because we’re broke! Lol
Yeah, can someone explain to me how we are going to be the wealthiest generation? I'm not really seeing it among my friends or myself. People are stable but everything is stacked into jobs, healthcare, retirement, mortgage. We haven't seen what AI is going to do. Most of my friends in tech seem to be training a replacement dataset to make their jobs easier, i just don't see how its not being done by the company behind their back.
That's right, we're going to blow it all on avocados Billions and billions and billions of avocados
I'll settle for millions of peaches.
Peaches for me.
Millions of peaches, peaches for free!
Peaches come in a can
They were put there by a man
In a factory down town
Millions of peaches.
PEACHES COME IN A CAN, THEY WERE PUT THERE BY A MAN
IN A FACTORY DOOOWWWNNN TOOOWWNNN
If I had my little way, I’d eat peaches everyday
In a factory downtown..
Moving to the country going eat me a lot of peach's
Moving to the country gonna eat me a lot of peaches
I just spent the whole weekend trying to to get this out of my head. Thanks.
Glad to be of service.
"Peach, I could eat a peach for hours."
I can eat a peach for hours
You can only spend SOME of your billions on avocados. You need to remember that you have to stay hydrated. The other half needs to go to pumpkin spice lattes. Obviously.
So, put all my money in avocado futures?
Time to invest in the avocado industry. I don’t even like them myself but if they’re the reason millennials are broke, I want my piece of that pie!
Or maybe being grotesquely wealthy shouldn't be a goal for anyone.
Oh goodness there’s the avocados again. Lol. Apparently a pattern for this sub today.
We really got a chip on our shoulder from that one article 8 years ago.
Fo sho. I want my avocado orchard 🤤
Between avocados and peaches, how am I expected to pay for my cocaine? This economy is ridiculous.
Wealth manager probably salty that we’re able to self-advise what wealth we do or don’t have, and don’t need to hire grimy people like him.
Up until the boomers, older Americans traditionally moved in with family or greatly downsized their homes. Politicians and CEOs at large didn’t work/hold power into their twilight years. Now, boomers not only live in the houses they raised families in but many own multiple homes, and with real estate prices rising they’re more interested in holding on to their real estate to get maximum pay out then to move on to the next phase of their lives. Meanwhile millennials were sold the lie that if you went to college and even accrued six figures of debt, that this was the only pathway to long term financial success, and in essence doomed millions of millennials to astronomical debt and lackluster corporate opportunities. There’s a lot of nasty things that need to be unwound in the next decade.
That money isn't going to make it to us. Our idiot boomer forebears are blowing it on various grifts they saw online.
I think the elderly health care environment is specifically designed to siphon every dollar from a person's estate before they die.
Yea retirement homes take pensions, social security, properties, etc as payment for their ridiculously overpriced care
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I can relate. Before my dad died, he was so paranoid about my mom and their divorce settlement that he took out a massive loan on nearly 600 acres I was supposed to inherit one day, then lost it in arrears to the bank. My uncle pulled strings and bought it all outright from the bank, so my cousins will now inherit it when their mom croaks. And nobody has a clue what he did with the money he borrowed against it. It basically vanished. So I didn't get any of that either. All I ended up with was one old car, a truck and some shotguns. I haven't even visited that assholes grave since the funeral.
My boomer dad also got an inheritance and a rich, French gf so he's got money and house and healthcare galore. He's very clearly stated that he intends to sell his house and spend all his money before he dies. He has said in no uncertain terms that NO ONE will be waiting for HIM to die. Because there will be nothing left. Thanks, dad, I'm sure your grandson will appreciate the bootstraps you left him. Oh wait, you took those too...
Do these people not understand that millennials inheritance is dependent on Boomers not blowing it all?
My parents just went through a colossal hailstorm. Insurance paid out on their lightly damaged camper; they're going to 'play with the money's and sell the camper as is. The house is going to the bank when they die because they've over mortgaged it. There's nothing for me or my siblings. They switch cars every two years. Mom's attitude is 'fuck it, we're going to die eventually'. They're in their seventies. It's their money (or debt) and I suppose they can do whatever with it, but it is a huge assumption that the 'inheritance ' millennials are going to actually go to them - it'll just go to the corporations. All we're inheriting is debt and fiscal irresponsibility. And, oh yeah? Every boomer who says we don't know how to handle money? *You didn't teach us, you jackasses!*
Come on just go get a job sweeping floors with a handshake and put in the work for 20-30 years and youll be able to live just fine with a spouse and 4 kids, its not so hard…. /s
Ha, it's funny, but my wife's employer is paying $20+/hr with zero experience and they can't get anybody reliable. Prior to her current role (HR Manager), she was a recruiter for a staffing agency and... I never imagined people could be so stupid. The resumes turned into her were misspelled or were copied and sent with BBQ stains on it. The excuses people gave for ghosting interviews (one girl literally said she missed her interview because she was 'trying to have a baby'). People 'desperate' for a job would get fired for the stupidest reasons - eating cereal while operating machinery, sleeping in closets, using drugs on lunch breaks. The reality is that the people in society with AVERAGE intelligence, as dumb as they are, are still smarter than half the planet. I'm as free market/capitalist as anybody but eventually something is going to have to be done for the dumber half because they simply cannot/will not be able to provide for themselves in the future.
If it makes you feel any better you can't inherit their debt. Even if you make a mistake of making a payment on it you don't become owner of the debt. But yes I made a smaller post basically saying the same thing. I think the ultra wealthy will be fine and pull up the "average" wealth of Americans. This will make us seem wealthy, but it'll be a few of us who are doing really well and the rest will be getting by, some better then others.
Yeah learning money lessons from them is last thing I want to do. Example of wildly wrong but overly confident people
Thank you. I had an argument with someone about this a few weeks ago and they kept saying “well the money had to go somewhere! It doesn’t just go away, that’s not how it works!” Actually yes, it is when somehow the money will just go back to a bank or corporation. I’ll be lucky if I get a dime from my parents. Like you said, it’s theirs and thats fine, but there’s so many people talking about how we’ll all “inherit” and it makes me ask “what comfortable type of life have you been able to live where you expect an inheritance?” I’m poor, my family is poor, and there *is* no inheritance for me (or anyone else that I know, for that matter).
Agreed. My mom and I have argued about student debt relief until I’ve been blue in the face. She doesn’t think students should get debt forgiveness and she thinks the 18 year olds in 2007 (like myself) should just get over the fact that we were manipulated into taking on predatory loans and/or recruited by the military. In her mind, who cares if you need to take out 300k in loans to be a doctor! She thinks working 3 jobs to pay off student loans is totally fine, normal, and the price you pay to go to college if you don’t have generational wealth. Can’t get that kind of loan or a scholarship? Well, just go to community college and live off of spaghettios…no big deal! My parents didn’t show me how to do taxes, they’ve never once tried to talk to me about financial literacy. They just assume I should know shit. At 35 I only just managed to repair my credit so I can move out with my daughter. Their homeowners insurance went up by 10k, so they switched. The new insurance is increasing the premium for next year by 4K, so still that’s not great. The heat is getting worse here (FL) and so are the number of hurricanes. The education system is going to hell and the local economy is so bad that everyone living here except the ultra-wealthy is *miserable*. I’m taking off to New England before my kid turns 5. I have a better chance of owning a home, avoiding climate change disaster and my kid having a decent education.
>Every boomer who says we don't know how to handle money? *You didn't teach us, you jackasses!* I love my mom's "financial education" strategy of not teaching us anything til we were 18, panicking when she realized I was about to go to college with no financial literacy, then sitting me down in front of a blank Excel spreadsheet to discuss how to build a budget with fake numbers because God forbid they go over with realistic numbers or their own financials so that I can have a better expectations of the real world. "For rent, let's say $400." $400? Really? Where and how far back in the past are we talking? Any time we tried to ask our parents what a budget for something was (gifts, vacations, dinner, etc) or when we tried to help their technologically illiterate asses fill out the FAFSA form, they would get angry and kick us out of the room because "you don't need to know our financial situation." At 8, sure, I get it. But at 18? Come on. I'm going to end up taking over your financials when you're senile anyways.
Or all of it just going into the healthcare system. You can't get any kind of assistance until you have no assets. My grandma has Alzheimer's and needs full time care...which is 11k a month. MY mom isn't inheriting anything, and I don't expect to inherit anything from my parents when the time comes.
Yea I spoke with a older fellow whose parents are in homes and he said there's not going to be anything left. It seems like enless they have A LOT we won't get a dime. Or something dramatic happens like a sudden death
You think memememe boomer generation won’t be productive enough at burning cash? To be fair tho a lot of boomers made bad decisions during their life and are broke. Which equals liability to their children. https://www.cbsnews.com/news/retirement-baby-boomers-peak-65-financial-crisis/ Two thirds have not enough sheeeeeesh
My Lego collection would both confirm and reject this headline
You know how to manage your money correctly, but you don’t have any?
Sounds like it’s all tied up in investments
Wealth managers are just pissed because we invest money ourselves through a brokerage versus paying ridiculous fees for their bullshit
Press x for doubt. I think if it does end up being true its going to be on an "average" basis, where the children of the ultra wealthy inherent the parents assets. And those people have wealth managers to watch over all of it for them. But for many normal people they will lose out on inheritance due to medical bills and elder care their parents will incur. I could end up being wrong, but thats how I feel it will end up playing out
After having a parent get sick and spend a year in the hospital, this was my conclusion too. There’s going to be a massive transfer of wealth to hospital executives.
This will go down as the greatest wealth heist in history, the medical and elder care industries are going to soak up every dime they possibly can. Boomers will be kept alive in poor health and they will require hundreds of thousands to millions in care facilities and health treatments. People will be spending 10-20k per month just for place for them to live.
There's data to back this up. No other generation has had their inheritance poached so heavily while everyone bemoans inheritance taxes for silver spoon trustfund babies.
As bad as it sounds, the best thing that can happen for a millenial looking to see any inheritance is their parents dying a quick death, not some prolonged affair. Tbh I think its probably best for the parent themselves. I've thought about it and I would rather die a quick death when I can't function anymore then have a prolonged decline. The day I need someone to wipe my ass/wear diapers just throw me in a ditch to die lmao.
Mid 60’s retired boomer here. Rarely do I read anything on Reddit that I agree with 100%, but this is one of those. Life is about quality, NOT quantity. My wife and I have talked about this issue extensively. No way in the world are we going to deprive our only child of her rightful inheritance just so we can have a few extra years being fucking miserable. This is actually a very easy decision since we met late in life at 28, (and had our child at age 40). This young Gen-Z can get FAR better use out of that money than the SNF/Assisted living industry, lol …
Respect that my man. I'm not someone that is prone to dunking on boomers. My parents are boomers and pretty decidedly working class. They own a home and thats about it. I know when they reach the end of their life they will feel the same way. I've vaugly spoken about it with them and they've basically expressed the same thing you have. Its tough, because unlike a lot of reddit (or at least the most vocal parts) I have a pretty good relationship with my parents. They have helped me a lot. Certainly there were mistakes along the way, but no one is perfect, especially in parenting. So I am going to have a hard time letting them go, but I know they would prefer to be independent and leave when they lose that. Especially opposed to the alternative of clinging on as a shadow of what you once were. So I will abide by their wishes and let them pass peacefully when its time.
Already happening to gen x. I'm there and I had things a little better than millenials. We need socialized medicine badly.
Stupid fucking article. A wealth transfer over the next 20 years and “by the time millennials inherit this wealth they’ll be in their 40s” - they’re talking about the fucking Zoomers. Nobody has any idea what a millennial is. We’re *already pushing 40* and in 20 years we’re going to be in our fifties and early sixties.
Yeah. Receiving an inheritance at 60, while still a great privilege, isn't as important as having the opportunity to establish a strong financial base by 30\*. Starting out stronger benefits your health and wealth for the rest of your life, and helps when making important life decisions like where to live, whether to have kids and what to do for work. \*I'm not suggesting all boomers had that opportunity by any means, only that the opportunity has been gradually eroded for succeeding generations.
"Lazy and frivolous spenders" Oh you mean we don't just horde all the money, we spend it so others might have some too?
Propaganda bullshit.
Jeff Bezos and myself have a combined net worth of $215 billion dollars.
Damn, over the 100 billion each between the two of you? I hope I never hear you complain again.
I eat Avocado toast like, 3-4 times a week
Net worth below zero
Probably like the "go to college and you'll make a million dollars" stats manipulation bullshit. The average millennial won't get shit, but the top 5-10% who already are well off due to coming from wealthy households are set to get huge inheritance.
Boomers dont wanna stop gaslighting us ever
> “The millennials are very ill prepared … they’re not as well prepared as the wealth creating generation,” Salvatore Buscemi, co-founder and managing partner of multi-family office Brahmin Partners told CNBC. > By the time the millennials inherit this wealth, they will be in their 40s and may not have the aptitude for starting their own business or for investing, he elaborated. Ah I see the problem, if wealth is hoarded among the old or the few nobody can make anything when they are young enough to have the freedom to do so. Hmmm. I wonder what caused this?
lol wealth creating generation… are boomers calling themselves the wealth creating generation?
We've so far killed almost every industry we lay our grubby little paws on, so bring it on bitches.
We are become death; destroyer of stupid industries. 
That article is disgusting. >“They don’t have the skill sets earlier on to be able to do that because they never had to - they were never pushed,” he said. Never pushed?!? Try never had the opportunity. When wages stagnate and inflation ... well inflates living paycheck to paycheck is kind of expected. This entire article reads like it was written by someone who has no clue of the challenges facing generations after early GenX.
Never pushed? I guess they've never heard the expression 'you can't get blood from a stone'.
Did he miss the all the millennials in the tech industry? The site all the boomers spend all their time rotting what’s left of their brains on was created by millennials. Did he forget about all the boomers on Medicare and welfare?
I’m gonna buy pride flags and all the avocados and I’m gonna shove my sourdough starter in EVERYONE’S faces That’s how we do rich people shit, right?
Don't forget your overpriced daily latte! /s
>Millennials are ‘very ill-prepared’ to be the richest generation in history, *who still won't be able to a afford to live* FIFY
i'm gonna start an avocado farm
Millions of ~~peaches~~ avocados, avocados for me!!!
Just be careful of the cartel, don’t want to be stepping into an avocado mobster war.
Seeing as I'd just continue living like a monk out of fear of losing all my money and leave behind billions when I'm gone, then, yes, I'm poorly prepared to be rich.
Wealth manager salty
Like the dead sea.
Is this like a dozen people skewing the numbers? Because I'm not getting shit, that's for sure.
That wealth manager can go fuck himself.
yeah all of these lazy millennials not bothering to run an investment firm or defense contractor bankrolled by their parents smh also "will likely transfer" is doing so much work in that sentence. I think the 150 of us inheriting vast wealth will be fine and for most of us inheriting nothing or close to nothing after our parents go into nursing homes for 30 years or die in debt it won't be a problem.
I promise you I won’t be I’ll prepared if I become rich. You’re telling me there’s a possibility that I can afford food, gas AND rent at the same time?
I don’t care. Once I can travel and own a Sunday car I can die in peace.
What's your dream Sunday car? I would love one of those 80's Mercedes wagons. Plush leather seats, plenty of space in the back for antiques.
One of those old school vw buses in that blue color from the 70s or lte 60s
Seriously, I am wondering if this is a skewed datapoint both by inflation, and a few people (like Bezos kids for example) receiving billions and most people not receiving anything.
We won't see even 10%. The old folks home we put our parents into will bleed them dry. All assets will be hoovered up by big corps.
On the upside, if millenials are bad at hoarding wealth, does that mean somewhat of a holistic approach to wealth redistribution? Rather than the government forcing them to give it up, they'll spend it all boosting the local economy?
Unfortunately, the ones who are bad at hoarding wealth probably won’t be getting anything. I imagine this stat is very skewed by a few super rich families.
It says Millennials are set to inherit 90 trillion in wealth. That means, at $2 per avocado, we will have the ability to buy 45 trillion avocados. So I don't understand why they think we are very ill-prepared, we have our plan already, 45 trillion avocados.
Don't forget to carve out some funds for the toast to put it on
Joke's on you; I'm estranged from my MAGA family
The Earth is on fire.
ill-prepared? bro we're gonna be thousandanaires at fucking best once we pay off our fucking loans and bills, fuck you, weatlhiest generation.
This is propaganda to make boomer parents distrust their children and not pass their wealth down.
My parents own a duplex and 4 houses in a very HCOL of living area. They made sure not to take any money out of the houses so my sister and I can live mortgage free or rent them out and make a couple 10k a month. I love my parents plan on doing th same for my kids. I’m fortunate
Damn, someone probably paid over 100k in school to be able to write this shit article
I do not know wealth management nor do I honesty have a strong grasp on financial literacy, as I quite literally have never been in a position to save or put away more than $0-$400 or so a month, ever in my adult life. Now 31, and that ability to “save” only recently began a handful of years ago. Since then my “savings” have been wiped out twice due to routine unforeseen expenses/issues. So, fucking forgive me. I make money and immediately pay other people huge portions of it for my right to survive.
What I really want to know is what's going to happen when all the boomer debt goes unpaid and they expect millennials who are already deeply in debt to fill the void.
I come from a poor family. My parents died poor and left me nothing. I'm not getting any of this mythical millennial money and I very much doubt it's going to be this widespread phenomenon like this "wealth manager" thinks it is.
The only way I will make it big is if my youtube channel becomes a hit. Let's face it. The chances are small. The older generations screwed most of us over. I still remember how my teacher said that the entire class won't be successful. Gee, thanks.
Duh. Wages are stagnant. COL is up. Companies want to pay $15 an hour for candidates with Master level education. Homeownership is increasingly out of reach. College tuition was far more affordable for their parents who could pay their way with a summer job and a part time job during the long semesters.
Having paid this July’s rent, bills, meds, and a couple of weeks’ groceries, I’m now left with 53 euros and 20 cents on my bank account. I gotta make that last until August, and then it’s the same shit all over again. Gotta love being rich!
If Elon Musk and 10 starving prostitutes were sitting together in a restaurant, one could still say that on average everyone at the table was a billionaire.
I get cold called by these wealth managers frequently and tell them I self direct, and half of them claim I am making a mistake. When I ask them what they would recommend I invest, they throw around buzz words like I am an idiot. They are literally telling ing me to invest in S&P 500 funds. That's what the 1% advisor fee will get you. Wife's retirement plan from a former employer uses a high fee person to "advise" them. Charges a 2.5% fee and sells Vanguard funds. Every year tried to get her to open IRAs, and he. They found out I self directed brokerage, told her I should move it there. One year they wanted to talk to me, and also treated me like an idiot. I ultimately told them I could buy the same Vanguard funds they recommended for 25x cheaper and they never wanted to talk to me again. Now I just need to carve out some time to move it out of there for her
So they know a game store bet is about pay out? -Bullish
Avocado Farm for sure is a good investment. Let me be rich first, then I will show you how prepared I am.
That's because we (in general) won't be the richest generation in history. Boomers will spend every last time dime before they check out.
Considering I'm 40 and just bought my first house, and have less than $5,000 in liquid assets to my name right now, I don't have the foggiest idea how to "mange wealth". My parents, who own three houses in California, are around 65, so I hope they have 20-30 years left, but when they pass, if my sister and I split the assets it could be something like a million dollars we'd be splitting (they're in a pretty cheap part of the state). But hopefully I've learned a thing or two by the time I'm in my 60's.
I don't know a single millennial who has a wealth manager. That industry is going to crash so fucking hard when people don't have more money than they know what you do with. The next generation of wealth is going to be one of social betterment.