£1.2tn given to old from young

pipkin71

Emy1501 wrote: »

Rather they did in reality to be honest. I keep telling them to spend their money but they are hell bent on just saving it and saving it and banging on about leaving it to us. What the point of making lots of money if you don't spend most of it on yourself. Their a bit old school though my parents.

Not just yours Emy.

I would much rather my parents spent their money than save save save so that they can leave a nice amount once they've gone.

treliac

Emy1501 wrote: »

I was just responding to you post in that I suspect a fair few wont be able to leave it to their kids especially those who do not have proper pension plans.

As things are right now, if you've paid off your mortgage by retirement and don't want a lavish lifestyle, you should be alright for money - without a pension plan.

My parents in law live very well, keep themselves warm and comfortable, run a car and want for nothing in excess of to be able to take care of their house and garden, buy high street clothing when they feel like it and take a week's holiday in this country every now and again. They are also able to save for the occasional 'splash out.'

It may not be a lifestyle that would suit every retiree but they don't go without, are content and they live quite happily with the benefit of pension credit payments.

torontoboy45

pipkin71 wrote: »

Not just yours Emy.

I would much rather my parents spent their money than save save save so that they can leave a nice amount once they've gone.

which was my argument with my father (died 2008 RIP) but to no avail.
I didn't want his money; I just wanted him to enjoy his hard-earned fruits while he was still here.
a pointless remonstration, though; he still left me aplenty whereas his presence for a few more yrs would have been far more valuable.

Emy1501

StevieJ wrote: »

Why

Because when I upsize my mortgage will probably be about 200-220K but if prices had not gone up it would probably be about 150K.

If I was born about 10-15 years before though I would probably be laughing now though as I would have bought my main property in the 90's

Emy1501

sjaypink wrote: »

Not saying all 'baby boomers' have BTL properties- saying the phrase (or at least the way it is often used here) assumes greed, buying up properties to rent out and use as a pension fund, rather than a holiday home for personal use, which is what the link referred to

I know a few personally who have a BTL, don't know anyone with a holiday home, but then i do live in a holiday resort.... there are lots of empty holiday homes here...

Not really sure why boomers who bought BTL are seen as greedy to be honest. If the government allowed and encouraged this then anyone who saw what was going to happen would have been stupid not to protect themselves.

IMO people should be looking at the government who encouraged this and who have done nothing to make property more affordable.

MRSTITTLEMOUSE

Cleaver wrote: »

What I'm about to type isn't directed at you Graham, just a comment in general.

My Dad is a baby boomer and he is pretty rich.

He was born and lived as part of a very poor family on one of the roughest council estates in the country. His parents worked but were very poor and he shared a bed with two of his siblings until he was 15. The basics in life like food and heat were hard to come by. He went to a very rough school where, by the sound of it, most people ended up being expelled or in prison. Because of this he decided to study hard to get out of this situation and ended up being the first in his family to get a qualification and managed to get to university on the basis of his hard work and determination.

Again not wanting to end up back in the situation he grew up in he plodded off to uni (no halls of residence then, so he worked almost full time and rented a bed in a guesthouse in a room of five beds, which were normally filled with a variety of salesmen, builders and various oddballs) and got himself a first.

After getting a first at uni he started on his career and worked damn hard. He worked his way up to be a director and, finally, a chief exec. My Mum, also a Baby Boomer, worked hard to bring me up and also helped to save and invest money and make sure we were financially sound.

Yes, my Dad's house rose in value through HPI. This didn't make him rich though, his general attittute to life, his work ethos and his sheer determination to do well in life got him where he is. If the rest of his generation are similar then they probably deserve to hold 80% of the wealth in this country. If you told him that he'd "made his money from the younger generation" he'd look at you gone out then probably tell you to work harder.

Well done to your dad,he's done what the majority of us in our 50/60s had drummed into us,worked hard and got on and made something of his life.
I'm in my mid 50s and feel no guilt about whatever wealth I've accumulated,just like my kids in their mid 30s are working hard to accumulate some for themselves.
I can assure you no one ever gave our generation a helping hand,we had no luxuries like tax credits ect. and any children we had had to be paid for by ourselves whilst trying to be frugal and fund a retirement.
As for we can't take it with us,we know that and spend it quite freely along with our children when they need a helping hand.
We've did the scrimping and saving now we're going to enjoy it.
It's always been the case the older generation has had more wealth,it's just a case that nowadays the young think they should be equal before they've had a chance to work for it.
How on earth can you say the old is taking from the young if they did'nt have it in the first place.
A bit like sour grapes if you ask me.

stueyhants

Sapphire wrote: »

That's exactly my experience of that generation. Today's spoiled yoof lives in cloud-cuckoo land.

So who do we blame, the youth of today or the parents that brought them up that way. People need to take personel responsibility for their actions but the boomers have shaped today's society and If I was a boomer I wouldn't be proud of my achievements. The continual desire for material wealth and GDP growth has left the UK morally poorer.

MRSTITTLEMOUSE

stueyhants wrote: »

So who do we blame, the youth of today or the parents that brought them up that way. People need to take personel responsibility for their actions but the boomers have shaped today's society and If I was a boomer I wouldn't be proud of my achievements. The continual desire for material wealth and GDP growth has left the UK morally poorer.

So if I give you half a million quid you'd give it away and feel morally better would you.
I think not,
If it's any consolation I had this argument with my dad when I was 14,over 40 years ago.
I got a clip around the ear for my cheek as I did'nt see why the older generation should have so much either,but soon realised you have to work for it.
It's not a continual desire for wealth either,it's a continual desire to keep your head above water that makes you prudent and be careful.
When you've struggled for forty years any residual wealth at the end of it is well earned.

stueyhants

MRSTITTLEMOUSE wrote: »

So if I give you half a million quid you'd give it away and feel morally better would you.
I think not,
If it's any consolation I had this argument with my dad when I was 14,over 40 years ago.
I got a clip around the ear for my cheek as I did'nt see why the older generation should have so much either,but soon realised you have to work for it.
It's not a continual desire for wealth either,it's a continual desire to keep your head above water that makes you prudent and be careful.
When you've struggled for forty years any residual wealth at the end of it is well earned.

If you have earnt the money legally and ethically (i.e. not ripping people off) then you have every right to it and no one should expect you to give it up.

What I'm arguing is the ever increasing desire for wealth is at the root of a lot of the country's problems. People moan about the selfish want it all youth of today ... why do you think they are the way they are ?

julieq

So you're blaming a generation which is not obviously into bling and consumerism for the celebrity obsessed designer bling culture of the young?

Not sure how you figure that. Seems to me to have more to do with a few high visibility young people with obvious cash and others saying to themselves that they want some of that, it's not anything to do with "babyboomers".