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Rich babyboomers behaving like the nobility in the peasants revolt...
Comments
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The problem with this is the transfer is rather late in life and very uneven.
ie, my parents are still going strong yet if I needed inheritance to buy a house I would still be waiting.
Did people used to have to wait for their parents to cop it before they could buy a house?
The well off boomers I know seem to be transferring wealth to their children and grandchildren in advance of the appointment with the grim reaper.
There'll be some complaints soon that the inheritance, when it does come, has to be shared with siblings so is 'diluted'.0 -
Did people used to have to wait for their parents to cop it before they could buy a house?
The well off boomers I know seem to be transferring wealth to their children and grandchildren in advance of the appointment with the grim reaper.
There'll be some complaints soon that the inheritance, when it does come, has to be shared with siblings so is 'diluted'.
Out of curiosity, how are they taking the money out of the house they live in to give to their children, grandchildren etc?0 -
I find the fact that [STRIKE]many[/STRIKE] a few older generations have gained so much by doing so little shocking - my parents included. I also find it appalling how so many people got rich off the right to buy scheme, many of which who did not deserve or work for a penny of it.
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Edited that for you.
Most have worked long and hard for what they have. Few had it laid out on a plate or dropped lucky.
Many have continued to live carefully throughout their life. It is no surprise that being older they have had longer for various savings and investment strategies to come good. The fact that they have a "comfortable" life is because they have prepared for it.I'm just saying that, it takes a lot of discipline to motivate yourself to save for 3 years, every single month, there needs to be a decent carrot at the end, spurring you on.
I am not a fan of RTB or the various outcomes and issues it has created. how long do you think others have saved long and hard for? My father was close to 40 when they purchased their first home saving for a damn site longer.
I started saving as soon as I started work and haven't stopped since. It took a lot longer than 3 years to accumulate a deposit for our first house.
I am glad you have just got on with your life, good luck and thank you for the balanced post."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »Out of curiosity, how are they taking the money out of the house they live in to give to their children, grandchildren etc?
Paid off mortgage, still in work, kids left home, savings on track = more disposable income.
You don't need to release equity to transfer wealth.0 -
My father used to say..
"Don't bite the hand that feeds you"
So if your father had been beating your mum you'd have done nothing because he also brought home the money needed to keep you housed and fed? I would hope not.
Proverbs can have an attractive simplicity; they are rarely however a universal truth
Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0 -
Graham_Devon wrote: »Out of curiosity, how are they taking the money out of the house they live in to give to their children, grandchildren etc?
Believe it or not many people don't see their house an investment. They have other savings and investment strategies and will have often provided a nest egg for their own needs in later life.
Being pragmatic they are often using/dipping into that nest egg being prepared to make sacrifices for their offspring.
Doesn't necessarily help the economy as money earmarked for consumption will simply be stored into bricks and mortar. Doesn't necessarily help the welfare budget as they may also be more dependent on the state later on in life."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
So if your father had been beating your mum you'd have done nothing because he also brought home the money needed to keep you housed and fed? I would hope not.
Proverbs can have an attractive simplicity; they are rarely however a universal truth
Not universal but many sadly do exist in households prepared to accept physical or mental abuse to exist."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »Out of curiosity, how are they taking the money out of the house they live in to give to their children, grandchildren etc?
Personally I'm not so the only person going to benefit from any HPI I've had (which in relation to earnings is not as much as some people imagine) will be my children.0 -
You keep harping on about working harder what makes you think you do.
Working more hours in a higher paid profession while running my own business.
As a couple we both have to work full time to have what our parents could have with a full time and part time job in lower paid professions.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120
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