Remember the American economic crash that was warned about in the 2nd half of 2019? Would it be possible to make a video reminding people that there was a crash coming well before Vocid hit? Could be useful to help prevent America going full fishist. Many of the less informed peeps voting for the Mango Mussolini believe his economy was excellent, but they forget he just inherited Obama's and then drove it into the ground with trade wars and tax deficits.
Nursing homes are mostly understaffed right now. Sounds like a good opportunity to get that great wealth transfer and revenge on boomers at the same time.
All of their 'wealth' is actually debt that's been transferred into the equities and housing market(s). Nursing home/end-of-life care will be inflated to compensate. We will be left with nothing but declining asset values. You'll own a home, but you'll be further and further underwater, every year.
Depends on the structure. My folks built a lucrative retail business and have several properties both in the states and outside the country. We did a living will and have assets like property and businesses in a trust. That trust controls the LLC's that own those businesses and investment properties. Basically, it's set up in a way that keeps those businesses and properties within the same tax entity at the time the will is executed, meaning that only elements of beneficiary status of the trust gets transferred, not the assets, which is when they get taxed.
“A society grows great when old men plant trees in whose shade they shall never sit.”... Boomers will be remembered as the generation who cut down the orchard for firewood.
Then you remember incorrectly. Much of that spending was wasted on you. Apt, that was a horrible waste of resources. In fact, times have changed because of changing world conditions and your own lack of life skills.
@@talisikid1618 My parents turned by brother and myself into their own personal servants. They greatly benefitted financially from our labor, labor that they themselves refused to do, then spent it all on their own vanity. As I get older, I have difficulty containing the outright rage I feel when a simple-minded fool says something like you just did. There are millions of us that want answers, and we will not be nice about it.
@@talisikid1618 Lol should've just pulled the usual "participation trophy" line. About as accurate because just who exactly invented and handed those trophies out? Who imparts those skills? I have multiple degrees, but in order to move on to grad school like I'd love to, I have to bend over backwards to get the bells, whistles, and tassels accredited programs demand. And then there's funding that education and my living expenses, none of which the boomers faced, all of which the boomers created. Oh, and no, not gender studies. Try getting a new thought-terminating cliche. Even STEM fields have been screwed over by over-competition and artificial scarcity.
If my mother went to a nursing home this year it'd cost around $10K per month. Possibly more as she needs full care and dementia care. So about $120,000 per year if she were lucky. That's why I'm taking care of her at home by myself with hospice helping. Just too expensive to put her in a place that's been notoriously bought up by private equity companies that cut staff and leave patients drugged and neglected from overworked staff. Not worth the $10K+ a month.
@reahreic7698 I get it. It's obviously a very personal decision. I've learned a lot by going through it, first with my dad, now with my mom. Not easy on us. At all. But I'm better for it, I think. That said - I hope, when it's my turn, that I make the same decision you have, for my daughter's sake. It's all really tricky.
I take care of mine 24/7 I had to give up my future and my entire career path before ever getting a chance to begin. Not like retiring was ever a remote possibility anyway. I'll work until the day I die, as I get paid zero, while working 24/7. Even my tax accountant claims I'm "unemployed". Despite this being 24/7 work without pay.
I remember my parents bragging that they went to college on $3k, and that they plan to take their wealth and donate all of it so my siblings and I can get it ourselves. They like to laugh that it won’t matter because they’ll be dead. They are confused why I resent them as I’m struggling to make ends meet
My boomer Dad said he was told by a boomer friend to spend and enjoy his money because the "kids only care about money". I told him I agreed for him to spend it. Instead he created a living trust and transferred his property to it and left us as beneficiaries. My dad is currently being evaluated for dementia with psychosis.
That is rough. I hope you are doing OK. Both of my boomer parents are at the age where they have developed life-limiting or life-threatening medical issues, but thankfully they still have their faculties.
My boomer father lives in a 1.2 million dollar, four bedroom house by himself. He has a BMW convertible, just bought himself a brand new Audi SUV, and flies first class everywhere he goes. Yet he still asked me, a married father of two young kids who drives a 12 year old Hyundai to give him $75,000. This generation is unbelievable.
Yikes, my dad's in a similar situation, It's weird enough that he's in such a situation where he's got million of dollars of retirement savings but little does any go to my sister or I (just leaving it for the inheritance when we're in our 60s I guess), but at least he's not ASKING US for money.
They'll spend it on holiday in retirement, nursing home or whatever else. It's what they were taught growing up, work hard in life and then enjoy the well earned retirement, in their mind their kids still has same opportunities for futures they do when they were young. Still see Boomers bleating that back in their days their mortgage interest was 15% and we have it too low. 15% interest on a $70k mortgage with a $25k income when food cost pennies is a lot more manageable than 6% interest on a $350k mortgage on a $50k income.
Yes and no. By some metrics housing was less affordable during the insane rates of 15-18% compared to average income of the time, or at least roughly equally unaffordable as now. But that period didn't last very long.
@@exnecross3141 yeah it only last few years, but don't forget cost of things like food was also far cheaper than what it is now after accounting for inflation. Not sure about income tax either, don't have time and energy comparing percentage of income tax median income back then vs now.
@@penitent2401 Income tax was high then. I think the greatest difference in the generations is the student loan debt, this is the burden that previous generations didn't have. Its basically like having two mortgages.
@@carolperdue7534its not the student loan debt. My dad owned his own house when he was younger than me. I took 0 loans and even got money from the university due to my scholarships and still cant afford a house. I work a good paying job that pays before taxes over 50k a year. I still cant afford property
Plus the TL:DW math only holds up if the 10% richest have a replacement fertility rate. If their fertility rate (plus donations outside immediate family) is below 2.1 then wealth concentration will increase.😅
Worth mentioning that in our land of opportunity, incomes have been shown to correlate more closely with the income of their father than is the case in much of Europe. In the US, it’s less about skill and hard work than it is across the pond
We inherited a Mortgage, for the old man had a taste for cars.... Buy one, drive it a bit, sell it at a loss, then buy another. If it wasn't for the property it was attached to, we would have walked away. That Mortgage from the early 2000's is still better then trying to own your own home now....
@@looseycanon Not really talking about nursing homes etc, it's more the way oversized and overpriced SUV's, other luxury goods and vacations I'm talking about.
Where do you think all those trillions of dollars came from? Had we not gone through Quantitative Easing over the last decade or so that 90 trillion would have been cut by a factor of at least 5. And young people could actually afford their own assets.
There's also another factor, my grandma kept getting all these "Family values are in trouble" notices from the republican party and spent a good deal of money donating to them. Political parties love old people, they have cash to spare and if they tug on the right heartstrings, they can get it. My inheritance went to Trump and I bet other peoples have gone directly to Biden.
Well, yeah and a lot of luxury industries have gone all in to drain the wealth of older generations as much as possible. A lot of cruise lines are essentially locked into this practice.
It's not "my inheritance" until my parents die and leave it to me. Until then, it's their money to do with as they please. My parents don't owe me a dime. Heck, they raises me from birth to 18, then helped fund a portion of my college. If they choose to leave me anything, I will receive it with much gratitude. But I would never say my parents spent "my" inheritance: no, they spent THEIR money. They earned it. I did not. Pretty sure I would disinherit any child of mine I heard whining about me spending "their" inheritance.
Two things to add, the life expectancy in the US is ~76 years old. Most boomers had kids in their 20s, so by the time you receive your inheritance (if you do), you'd be in your late 50s. Also most boomers own homes in remote places with no jobs that people don't want to move to. Look at Japan, you'll just end up with dirt cheap houses in rural areas and sky-high prices in the major cities.
It should be mentioned that Boomers as a cohort have a higher average life expectancy than that and they are even projected to be the generation with the most centennarians 😅
with people living as long as they are i can see millennials actually going before the boomers. imagine a boomer born 1946 live to 100 so that's 2046 a millennial born 1981 would be 65 imagine the millennial having a cardiac arrest ...
A lot of the life expectancy rate is lower due to people who are poor / have unhealthy eating habits, etc/ that skewer the life expectancy down. Most upper middle class and rich people live well into their 80s and 90s.
@@harshdeshpande9779 they do, but the point was that the longer the boomer lives the greater the odds their children start dying before they ever receive any inheritance. especially if the boomers are richer and can thus afford better healthcare and diets. really can't bank one's future on a lotto ticket.
I retired in 2021 believing $400k would be enough, but with this sustained inflation, that's no longer my reality. Each withdrawal has made it harder for my nest-egg to recover through compounding Interest. I deeply regret not saving more when I had the chance
I'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing much later in life, I couldn't rely solely on compound interest from index funds. I've managed to earn more than some long-term investors. I'll be retiring with at least $5 million.
Your financial advisor must be excellent. How can I get in touch with them? I'm worried about my retirement portfolio and could really use some guidance
I usually avoid giving specific recommendations since everyone's situation is unique. However, having worked closely with Emily Ava Milligan for years, I can attest to her great service. You might want to see if she meets your criteria
The number of boomers who spend millions on health care because they refuse to exercise and eat well is beyond counting, and that's just the ones I met. As an example, I met a couple who could barely move, so required mechanical assistance to do so. They told me that each had died several times already, but modern health care brought them back. They just bought a brand new vehicle and tv. They had children and grandchildren as well. Do you think they actually enjoyed life being nearly immobile and spending millions to sustain themselves? How much debt will the next generation inherent directly due to this?
@@genxvrx Technically, debt is not inheritable but creditors do have a right to file a claim against an estate during the probate period. Most unsecured creditors will write the debt off but secured creditors may not.
LOL if you think any of that wealth is getting passed down. My parents aren't particularly wealthy, but they are very vocal about "spending my kids' inheritance before they can get it". Not just the wealthiest generation, but the most selfish. Bonus fact: My mom also told me that I have been written out of her will.
@chernobyl169 Sounds like you are the selfish one for thinking they owe you the money they worked hard for. Raising you wasn’t an easy task, not judging you, but raising any kid is hard. You think they can’t also enjoy the money they worked hard for on top of raising a family? Just means you feel entitled and spoiled.
@@Panamaniac3D I’m not going to say that they owe me anything; it’s just that if you are expecting that I will climb up the ladder by myself, then I expect that you’ll not be asking me for any assistance in the future. A lot of parents are kind of contradictory here, where they don’t assist their kids whatsoever but feel entitled to their kids assistance. For instance, a parent can kick their kids out at 18, which they have the right to, but if said parent falls into financial hardship, don’t expect the kids to let them in if they do that, you know.
My mother and her bothers inherited my Grandmother's home and they *immediately* proceeded to sell it (not for ONE second they asked if any of their own children wanted to go live there and pay rent within the family...). I had intense discussions with her to ensure they were selling it to actual people who wanted to live there and not some landlord who's just hoarding houses to profit off tenants ever-increasing rent costs. They were not understanding what the problem was. If everyone just follow the most convenient deal offered by business owners, they are dooming us all to a life of renting and monopolized house owning. Which is ALREADY happening.
My Aunts and I are in the process of selling my Grandpa’s house (none of us want it). You wouldn’t catch us selling to a corporation if it meant never getting a penny. In this market, you can’t even list without multiple offers pouring in so we got to choose a lovely couple to buy it. I just hope they aren’t flippers.
@@vincentwright9687 Goodness, boomers didn’t invent that, I’ve heard stories in my own family going back many generations about such shenanigans. There’s always that one greedy relative that tries to cheat other relatives out of a share.
As someone who oversaw his grandfathers nursing care, it cost 12,000$ a month and he was in the home for 3 years, wiped out half of his savings, then you add on estate tax, debt payment and everything else and the once multimillionaire was reduced to a few hundred grand and no assets.This is coming for everyone, but don't worry blackstone owns all the nursing companies.
G0dd4mn. That’s frightening. My father has under a million and he somehow thinks he’s set. He got dementia and had to retire before he even hit 70. Things happened and he’s now in a home against his will. He kept messing up his finances and if it weren’t for me and other family correcting things, he’d have spent so much more money on insane crap. With his condition his doctors told him to stop driving. WE told him to stop driving, but he refuses. So in the home he stays. How many other Boomers are gonna have a melting brain and yet drain any hope of leftover money for their kids once the retirement homes, memory care facilities, and nursing costs have taken all of it? He’s sad and he just wants to die, and I feel guilty hoping he’ll die so there might be something left. Thankfully my mom’s doing okay. Decent health and a good brain.
@@seabreeze4559 It may not be the same for all when dementia becomes more evident. My dad has always had a thing for cars. He kept making awful trade-ins and losing good value on his vehicles simply because he would bring them in for maintenance and a salesman talked with him. Even with a very nice car he bought just under 2 years ago, he then kept talking about trading that in too for an even more expensive model. He was always a bit impulsive when he buys things, but dementia has made it worse. Dementia ramps up someone’s gullibility. He would get vouchers in the mail and think they were checks, trying to deposit them at his bank. He sees an ad for something on TV that is expensive and he definitely doesn’t need, and without talking with anyone, he just went ahead and got it. He was also looking into solar for his house, oblivious that there’s no way the HOA would allow it at all and he’d only lose money. If we hadn’t stepped in, we would’ve had more of a mess to clean. The only thing that has prevented him from making anymore purchases like that is because I have POA, I can look at his accounts, and the team with his investments always consult me first if he’s looking to take out a thousands for some weird thing. Also, he doesn’t have access to his vehicles to just trade in on a whim. In short, watch out for increased impulse buying. The condition affects dopamine in the brain, and if shopping has made someone a bit happy before, dementia will keep smashing that button.
@@DisposableSupervillainHenchman I imagine that you are hoping there will be something left for your your mom, not for yourself. I’ve seen husbands, who are usually older and in worse mental health, drain the couple’s life savings on crazy spending before they die, leaving the widow dependent on the children.
Ah. Mark my words, we millennials will be here to see how money becomes meaningless. Since all these companies had amass and greed upon it so much, that nobody will be able to buy anything and they won’t get enough slaves to pay nothing since nobody wants to have children.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
In fact, I had no prior experience or understanding when I began investing in 2018, but by the end of 2019, I had made a profit of almost $750k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
The decision on when to pick an Adviser is a very personal one. I take guidance from *Izella Annette Anderson* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
What happened to by parents is their health deteriorated and their health insurance stopped working as good as it use to so they had to cover out of pocket. They spent hundreds of thousands, sold their house and valuable items. What amounted was maybe the felt less pain and maybe lived 2 years longer. Effectively, the medical and med insurance industries took all their money. We barely got anything from them. Guys, we need an overall of the medical industry, its bankrupting older people, and some day it will reach you.
@@Bigboss-xe6lmyea no. Look at the history of the country. Your ancestors failed all on their own unless they lost their things due to war or cartels or civil wars. We lost due to war and slavery and Jim Crow. So maybe it’s true but for different reasons and with few excuses for your ancestors
Most of the senior living facilities are being bought up by private equity firms now. The first thing they do is raise rates, gut the staff to cut labor costs and spend as little as possible on the facility and medical supplies as possible to maximize their profits. There’s been stories coming out of private equity owned facilities doping up the patients on unnecessary pharmaceuticals so they are easier to ignore.
I'm a Gen X'er and my Baby Boomer parents have passed away and didn't leave me anything monetarily. However my Mother stayed home and raised 4 wonderful kids, while my Dad busted his rear to bring home the bacon to make it happen. Thank you for a wonderful life Mom and Dad, love and miss you.
I'm shocked reading the comments how resentful people are that their parents are spending their money instead of giving it to them. I mean, it's their parents' money, not theirs! You're not entitled to it!
My Dad (46) who is a business owner told me (22) to pull myself up by the bootstraps and start earning $50k atleast, so I challenged him a month ago to get a job which pays even half of what he earns, he has not received a single interview otherwise it's all rejections so he's been real quiet now.
Glad he did the challenge and realized the hard way how difficult things are right now. He's one of the few. Most just ignore a comment like that and say you're just complaining.
The phrase "pulling yourself up by your bootstraps" used to mean an impossible task, like touching your nose with your elbow. The fact that it's become stock advice for young people is one of the most cynical things I can think of.
Well learn from your dad by creating your own value, and stop chasing a job or a wage. I don't expect everything to be gravy like my gen X parents had it. Times change, and we should adapt instead of complain.
@@handleyobusiness He had a $200k director level job at the age of 27 (with just a high school diploma) after which he left it to start multiple other things which failed and succeeded. He used to tell me it was easy af to walk in and get a $40k job at 19 so $50k at 23 is not a big deal 💀
@@swagmalone8092 Did he by any chance get in early on the computerization of business operations? There was a very, very narrow window of opportunity in time where someone who knew even a little bit could make a lot of money because no one else knew anything. I don’t know of any other field, other than investment funds, where they were willing to pay that kind of money at such a young age. In any case, only a very small number of people in that generation experienced that kind of opportunity. The rest of them collected piles of rejection letters before they eventually got a modest paying job.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I think investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Melissa Jean Talingdan is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I live with my boomer grandmother and no, she's not leaving me with anything. Several Amazon and Temu packages arrive for her every day and despite never going outside she buys clothes and makeup like she's a 25 year-old who goes to the club every night. And when I hear her talking to her friends on the phone, they're all spending just as recklessly. It sucks that I'm going to get no social security when I (never) retire because my grandma is collecting a whopping $3k a month of it right now and spending every penny of it on herself.
I’m Gen X. If by the alignment of the stars I have something to leave my kids, I’ll head to Oregon at the end of my life. I’ll be damned if the healthcare industry uses me as a Cash Cow and steal what’s left from my kids.
*"I’ll be damned if the healthcare industry uses me as a Cash Cow and steal what’s left from my kids."* That, unfortunately, is a very dated view to hold.
Same. I don’t have much and I’ve worked my ass off for the little I do. I am doing my best to make sure my kids have SOMETHING before any shitty healthcare company gets it.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
you seem to be missing the point, life is hard for you, and harder for every generation after you. the only people it is easy for is those who already have significant wealth, and if you want to ease the burden on yourself and all future generations, the answer is to do what you can to fight against companies, and stop accepting the reign of capitalism
Gaining more financial independence is probably the result of knowing how to handle personal finances and invest. People are better equipped to save, spend, and invest their money when they have a solid understanding of money and investment. In this market impacted by the recession, a trader made over $350,000.
Although stocks are currently rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Simply by pasting her full name into my browser, her website immediately displayed. You've spared me from doing a lot of tedious research, so thank you.
@@exnecross3141 You seem delighted that your mom died young enough that she didnt require round the clock care for years that drains the money. What a wonderful child you are, she must be so happy looking down at you picking over her bones and bragging about it on social media.
If eternal life is invented just in time to save the boomers from dying of old age, I'm gonna die of instant aneurysm myself the same day it is announced.
@@Dexter01992 Eternal life is not going to be announced in a day. The idea is that medical progress will advance so quickly that it can raise average life expectancy by X years, and within those X years create breakthroughs that increase it by another X years, repeating ad infinitum. So instead of "We have figured out immortality 🎉" it will be "this new treatment has raised average life expectancy by 10 years" - _5 years later_ "This new treatment has raised average life expectancy by another 10 years" Or, more likely, the life expectancy of rich people.
The National Library of Medicine is a public library, not a scientific publisher. The article on the screen is published by the journal of Health Services Research which is an academic journal affiliated with a healthcare trade group. Looks perfectly reputable but worth keeping in mind since just because a library has a book doesn't mean they endorse it's contents.
How can someone pass anything down to their children, when they're too old to be in their right mind, but still able to buy incredibly expensive unneccessary items. And with many inheritance systems you can only accept all or nothing. I for example would like to preserve old photos of my family, but when my father dies I'd have to also accept multiple garages full of junk, that would cost thousands to get rid off. And there's no money or assets to inherit, that could offset those expenses.
Ah, the Great Wealth Transfer-sounds like an epic plot twist in the investment world! Seriously, though, if you’ve got $$ sitting in your emergency fund and you’re itching to start investing, I say go for it. Just don’t expect this massive shift of wealth to magically make you rich overnight. Remember, investing is like cooking; you need the right ingredients, and sometimes a good recipe doesn’t hurt. Maybe start with something low-risk while you figure out the lay of the land. Good luck, and may your portfolio be ever in your
I get where you’re coming from, but I’ve got a different perspective. I’ve been working with an investment advisor, and it’s been a game-changer. They helped me navigate the complexities and make smarter decisions that actually turned a profit. The Great Wealth Transfer might not change everything, but having someone who knows their stuff can definitely give you a headstart. Just my two cents-sometimes a little professional guidance goes a long way!
Oh boy, I wish I had your optimism! I dove into investments without proper research and ended up losing a chunk of my savings. It’s a harsh lesson, but it’s clear that winging it isn’t the best strategy. I’m now looking for some solid guidance before I try again. It’s clear that without proper research and an advisor, you can easily find yourself in hot water.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with ‘' Linda Aretha Reeves” for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.
I did some digging after seeing your comments, and I found Linda Aretha Reeves. She seems to be exactly what I need-a seasoned advisor with a solid reputation. Her approach sounds like a great fit for me, and I’m excited to see how it goes. Thanks for the indirect nudge!
Correct, People like using 'Generations' because it is easier, but those function as if we have breeding cycles like a cicada! Humans spawn constantly, and die randomly, thus we do not create 'Generations' at all....
There is going to be a wave because the Boomer generation is so big. It will be different than decades past. I've already started to use the phrase, "Boomer death House," when looking at properties for sale on Zillow. Sometimes you'll see houses that were obviously occupied by older people for sale for a reasonable price in a market where nothing is reasonable.
I mean in about 30 years we'll notice a massive difference as almost every millennial's parents are gone. But yeah, you're right it's gonna be very gradual.
Man I work for a major bank and the whole great wealth transfer is like an article of faith here, everyone's just holding their breath waiting for GenX/millenials to finally start engaging with our more sophisticated wealth management products. I've long held the opinion expressed in this video, for most boomers that money is going to get hoovered up by nursing homes and the medical industry long before it ever gets passed on to the younger generation. Even for boomers who are moderately well off, they're spending it on cruises and unnecessary purchases. SOME money will get passed on but its going to be an increasingly smaller and smaller pool of people. And my experience with younger generations who do have some personal wealth, they're far more likely to leave it in simple self-managed investments like ETFs, than turn it over to a financial advisor like their parents did
I'm a millennial. All my money is going into paying off my house in 1 - 2 years. Maybe I'll push my retirement account to 100,000, but that's going straight to dividend-producing stocks that are tried and true companies or commodities. I will definitely not be investing in one of those target date ETFs and yes, we don't like to talk on the phone with all the scam calls, so the financial advisor thing doesn't appeal to us.
@@fabuloushostess6171how come you decided not to invest in target date ETF's if you don't mind me asking? I am curious since I invest in them for retirement purposes.
This. In the long term, both the housing market and investment markets will collapse, and probably not recover for a very long time. So many of these financial management companies are also going to collapse, because they're going to have to start selling assets to cover pensions, and the boomers are going to withdraw tons of money to pay for end of life care. With my generation unable to enter the market in any meaningful way, and the financial asset companies being forced to sell, what do you think is going to happen to asset prices? Pop! The simple truth is that supply and demand works both ways. If lots of people are selling, and no one is buying, the price goes down. Hard. Millennials have grown up in a world that hates them, never getting the opportunities or respect previous generations got. When I see a "sophisticated" product, I'm expecting it to be some sort of scam. Plus, watching multiple major financial meltdowns during my life means I have zero trust or faith in financial markets. You better bet that I'm either managing my investments myself.
@@fabuloushostess6171paying off your lowest interest rate loan, and then putting your money into an unhealthy portfolio of dividend stocks, is the most boomer thing I have ever heard.
They did this to themselves then wonder why we don't want their shitty system anymore. My dad is convinced he's poor. The man's house is worth more than a million. He isn't poor. He's just out of touch. I also don't want his money I'm hoping he leaves it for my kid. She's already struggling and that will only be worse by the time she hits adulthood. She needs the cushion.
@@2rx_bni He was probably raised by Depression era parents or grandparents. But if his house is his only asset, and he lives in an area where he can’t buy anything that isn’t equally expensive, then yeah he might not have enough money to make it through retirement. Modest homes have become insanely inflated in price, but if everything is equally inflated then it doesn’t improve your financial security.
I was on vacation and met this very nice elderly couple. The wife said that they were "skiing". I found this odd, since we were in Egypt. Then the husband clarified the statement - "spending the kids' inheritance". We're cooked yall.
Kind of but not really. Part of what maintains a worker divide in the US is inheritance. Millions in the country were essentially locked out of that process for generations because of our racial caste system and policies that followed. You wipe that wealth divide, it also erodes the racial divide. More people have nothing. More people are incentivized to make the system better for everyone.
@@butterfish-g9fracial caste system? Who are you talking about? Cause here in the states, black people were growing their family wealth faster than anybody else in the 50s. Even today Asians and Jews are at the top of the pyramid.
This is already happening in my home town. In the last 3 years they've made at least 800~ units for elderly living. While youth gets to suffer the rising rent prices they give the old people on their way out a better deal. They lived their prime years in the best economy we've ever had. Yet they find themselves homeless and broke
@@simpleplan100687 I will acknowledge this but I also laugh at the younger Generations cuz they clearly voted for socialism and the dumb fooks didn't realize they're going to get the aftermath and the older Generations will get the benefits
Wait. They're only 60 and likely worked their whole lives. They dont get to take vacations? Do you get to take vacations? Do you get any nice things? I'm a millennial with deceased immigrant parents. I'm not traveling or getting anything nice for myself because every last dime is going to housing and childcare. But when I'm 60, I'm definitely traveling. You can't think this way if your parents are only 60. They deserve to live just like you.
Do you ever do anything nice for yourself or are you penny pinching to leave everything to your kids? I'm a millennial and every dime goes to housing and childcare so when I'm 60, I'm definitely remodeling my kitchen. Our parents should think of saving but they deserve to live as well.
@@limo5724 I take one vacation a year, if that, and it's a weekend away to celebrate my wedding anniversary. My point is my parents and their friends are rampant consumerists that aren't thinking about how they're going to survive the next twenty years. All they care about is one-upping each other. As well, I'm a DIY guy, my parents are the 'hire a mexican' type. If I need something redone, i'll do it myself. in fact, I'm remodeling my own basement for a fraction of the price.
@@SageGingko Ew rampant consumerism sucks. Millennials and younger are different. We're between rampant consumerism and the depression babies. But still. I'd hate for my kids to be looking at me like I'm spending their money when I just living my life after providing for them my whole life.
rich entrepreneur father who teaches his son to work hard all his life, mediocre son who works all the time in hopes repeating the exact same things will make him step out of dad's shadow, and grandson who son was never around to instruct so blew all his inheritance and allowance money on big lifted trucks or Ferraris, drugs, and full ride to a college he learned nothing at
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I have no issues if my parents spend what they’ve earned, BUT, the inheritance originally came from people running out of life BEFORE they ran out of money. Burning through all your cash in your 70s and then having to rely on your kids in your 90s is not ok.
Yes this is a problem resulting from medical advancement...you used to just die of "old age" and now there are amazing ways to save you so you can continue to live as a vegetable at enormous expense. People rip on assisted suicide as a moral outrage, but it's really a response to a man made problem.
As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions. While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season.
To reduce risk, diversify your investments among asset classes rather than putting all of your eggs in one basket. If you lack extensive information, speak with a financial expert.
Some individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
I came across her profile after searching for her entire name online, and I quickly sent her an email to set up a meeting so we could talk; I'm still waiting for a response.
@shubamrachappanavar2708 Ahh yes, that old fallacy of if I don't want private equity owning everything, I MUST want the government owning it. It doesn't have to be that binary.
@shubamrachappanavar2708 I want individually owned private businesses. Preferably with strong anti-consolidation laws to prevent markets from being dominated by too few competitors. Companies like Blackrock and vanguard shouldn't be allowed to control such vast swaths of the economy.
Im angry every day we cannot afford kids. This world has gone to hell, everyone will suffer the consequences of the selfishness of rich people. This is the beginning of something awful in the world.
We're definitely heading towards a decades long economic depression. We're gonna have to not only save the world from climate change, but also try to pick up the shattered pieces of quality of life at the same time. All while we're going to struggle to afford our kids so ensure they don't end up in the same slump. Gen z, and Gen alpha, will never retire. Probably not the millennials either.
":the consequences of the selfishness of rich people." Well, and the swathe of policies enshrined into law which force up the price of everything. THAT isn't the selfishness of rich people.
I recommend diversifying your investments by considering stocks alongside real estate. During a recession, there are potential buying opportunities in the stock market if approached cautiously. Additionally, market volatility can offer short-term buying and selling opportunities. However, please note that this is not financial advice. It's important to be proactive in investing as cash may not be the most advantageous option during these times.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
My CFA ’’Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
In Naples, FL here, I LOVE seeing homes purchased 20-30 years ago for 200-500k and those comps now are 10X that if not more, and I’m talking just in the land value…
I love what my parents have done. They have said, "you are spending your inheritance" when we do stuff together (if they pay). Which means we spend time and life experiences together.
@@seabreeze4559 money only has value in what it can buy or threaten to buy. They don't just spend it on themselves. So you just don't know. And that is ok
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with "Rachel Sarah Parrish'' for the last five years or so, and her returns have been pretty much amazing.
True but I can see why people feel the resentment they feel, there are literally class-seperation within families due to the state of the world and if you think about it in terms of classes it makes more sense thats like saying poor people have no right to the money rich people make which is true but it doesn't change the justified resentment.
@@brianallen140the miser hoards and stores his gold while the bees collect their summer honey When the miser is dead and cold someone else will kiss his money
I hadn't heard about this, but I'd have thought this would be obvious. Cash and assests are going to be passed on to family, estates, or institutions. Maybe a decent chunk will go to charities. But you and me? We won't see a dime. All that wealth collected at the top is going to stay at the top, unless somt serious financial mismanagement happens
When you are 50 your body is breaking down, because your shelflive is over the date. If your live very healthy 50 it begins. If you live badly it already begins with 35. If you have bad genes healthy living is a drop in the ocean. If you have premium genes you have a lot of leverage even with a slicht bad livestyle. Cancer and tumors are diseases you get when go over 70. Prosate cancer is something that every man can get with older age. Breast cancer the same for women.
1/3 of my wealth was recently inherited from my folks. I am a boomer and immediately shared some of it with my kids. I do not need it. The unstable world has me reluctant to spend any yet. I put my folks washer, new in 1968 in the garage, making my laundry life easier most of the year....
What am I doing working an honest job when I could be running a disreputable nursing home and raking in the cash? Overcharging residents and overworking staff rakes in massive profits, and appears to be the norm with retirement homes I've visited. I'm sure they'd microwave the dead ones for meals if they thought they could get away with it. My scruples are costing me my future, and I'm not willing to get rid of 'em. :D
@@danielhale1 Well, you could run a reputable nursing home. Lots of comments on this video claiming that the entirety of "The Great Wealth Transfer" is going to end up in the hands of elder care and if I were a boomer I'd certainly be looking for a reputable care provider before my selfish kids try to stick me in a shithole and take my money.
@@youtubeuser1052 True! I have a sneaking suspicion I'd get a brick to the back of the head, courtesy of my competitors haha. But yea, the industry deserves to have some real competition. If I had the millions to spend to buy/build a nursing home...
@@veemo8605 What???? Since when has wanting to give money to someone ever been a reason for anybody to have kids? I've heard of lots of reasons why different people want to have kids, but never have I ever heard someone say "I want someone to give money to" as their reason. Where do you come from that that's your reason for having kids?
You're missing the single biggest issue. By the time most people inherit the boomers money, they'll already be elderly themselves. My grandfather recently died and left $1,000,000 in assets to my uncle. My uncle is in his 60s and crippled. All that money has come way too late to change his life. Rather, he's just the newest holder of the dead-wealth. A million dollar inheritance to a person in their 20s or 30s is life-changing, but to someone in their 60s or 70s, it's meaningless.
Which kind of makes the argument that we'll inherit the homes and form families really funny. Young people want to buy their own homes in their 20s and 30s, not when get something when they're 60. Your home should be paid off by that time
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money or you could hire a financial expert.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
'Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
Lauren Marie Ehlers is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The Great Wealth Transfer... won't change anything, probably. I mean, sure, a lot of money is going to change hands, but it's not going to solve the underlying issues.
It's true. My kids are struggling to save for a house because rents are insane. Even if they get an inheritance, it might just get eaten up by rising costs.
That's a good point. I'm nearing retirement with $250K saved up, and I'm feeling the pressure. With inflation and the stock market being so unpredictable, it's hard to know what to do.
I've worked closely with my advisor for years. he managed to grow my portfolio significantly despite market fluctuations. It's given me the confidence to plan for the future without relying on government support.
As someone who delivers hospice equipment I see a lot of wealth transfer in the form of people who used to live in a paid off house now living in senior living communities with rents for a basic one bedroom apartment starting at $3000-$5000 a month.
@@matthewwynne939 Yeah that part is insane. Then those places get bought by an equity firm and suddenly all the promised services at the center become very sketchy, staff are laid off, and maintenance gets neglected. Watching it happen to a family friend who saved all her life to buy into the place, which is on top of the monthly fee.
A retirment home for one persion on average costs over 5k EUR in Germany per month. The health care sector will absorb all the wealth and it will go to the health care lobby, politicians, and upper management of these companies
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
Sure, investing is plain-sailing with the aid of an invt-specialist, thus I've always delegated my excesses ever since the rona-outbreak in January 2020 using a shrewd advisor, and my investments have compounded by at least 300%, summing up $820k ROI as of today.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
It will just explode inflation, if they decide to spend it, it will increase inflation. If they pass it on, it will increase inflation. No matter how you cut it, same result
the boomers are not collectively hiding their trillions in the form of physical currency under the mattress. the wealth and its inflationary and deflationary effects are already in the market.
I’ve held this sentiment for a long time. The world doesn’t owe me anything. Despite both my parents owning homes and indicating they will leave me with some inheritance, I expect nothing. At the bare minimum I will refuse a majority of whatever they choose to leave me. There is nothing left for me but to carve out a place for myself in this world
Never expected to inherit anything from my parents, and planned my life on that assumption. When they finally passed, what little they had went to their grand-kids. No skin off my nose - I didn't need any of it the, kids did. My sisters *had* assumed they would inherit - and actually tried to contest the will and disinherit their own kids. As executor, I took great pleasure in handing the checks to their children. All this over just about enough to buy a new car if it all went to one person. Unless your parents had their own business, and you worked hard to help build it up (i.e. their wealth was built with your assistance) then you have absolutely zero right to demand they leave you money.
My grandma (on mom's side) spent years where she wouldn't leave the house but to check the mail. She believed that if she left, Ed McMan would show up, and she would miss him. For those whacked out on hopium of on inheritance are going to get wrecked. I grew up poor. My dad is now in his late 70's and is barely holding on. There are 3 of us kids, and he seems to think his $8k life insurance is going to leave us set. After inheriting almost $200k from his mom and spending it all on stupid things that will never pay out. He may be fooled thinking $8k split 3 ways is going to put us all on a beach somewhere, but we're not buying it. Work hard, hold your own, spend wisely, and if something good falls in your lap, be thankful. Don't put your head in the sand thinking when you pull it out, everything will be heavenly. The only one looking out for your best interests is you. Delusion is not hereditary, it's systemic.
Markets look like 2015-16. Probably going back to all time highs, but will probably go sideways until fed signals rate cut, Recently sold 25% of my $285k portfolio comprising of plummeting stocks that were recommended by certain financial TH-camrs, quite devastating!
not their fault, the stock market seems to be more of a casino for gamblers now than a place for investors. even if you were averaging down on ailing companies, its your duty to properly research, buying the dip does not guarantee a rebound
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
“Aileen Gertrude Tippy” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I am a gen X and my parents, baby boomers, died many years ago. My fathers business was worth absolutely nothing when my father died. As for all of my parents assets after dividing it between all of us kids each of us did not get that big of a windfall. I was better off when bank of mom and dad was open for business because business for me was booming as I could get loans for little in the way of interest if I had to pay them back at all.
Yep, my dad had a small construction business. In my teens, I and my siblings did not want to take over the company. So he scaled down and closed the business. The company’s value completely depended on him running it-not on any tangible asset.
People forget when they’re talking about the “great transfer” that Boomers are not all going to die on the same day in the same year. It’s going to be slow and gradual and it won’t be felt until in your day to day life. The idea that you’re going to one day wake up and trillions of dollars of assets will suddenly become available is laughable.
There is a bit of a spike in population around a specific generation. A lot of people born within a relatively short timeframe. So while it will be a gradual shift, it will still be more transfer on average than the norm.
Between healthcare, being irresponsible, and just plain selfishness my boomer parents plan to leave nothing to their children. So I never expected anything from them.
I’ve got £100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. Which ETF would you recommend?
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 275 cash earning 5.25 interest, 685k in 401k, 120k cash account, 80k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed within a short period.
I've stuck with the popularly ‘’Linda Aretha Reeves” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
thank you for putting this out, it has rekindled the fire to my goal... was able to spot Linda after inputting her full name on the web, she seems highly professional with over a decades of experience.
They had it rough. The reason we want that is because they were free to seize the day and make something of themselves, without jumping through a three-ring circus number of hoops. Since then, they've voted to regulate those options right out of our hands.
@@1kranireal rough to inherit a country that had about 25% of global GDP and the most solid, accessible economy with government programs aimed at increasing home ownership and building wealth. Then they built the current system which is, at its core, built to preserve their wealth at the expense of the youth and anyone else
@@1kraniBaby boomers got all the benefits of a socialist government then gutted it so they could keep all the benefits for themselves. Biden isn't the most left president, FDR is, by far. Imagine passing brand new centuries long welfare, social security, and massive infrastructure laws now. Not short term, unfunded things, huge efforts that will last a century, during a time of economic stress no less.
@@1krani And now they keep voting against the very people meant to generate wealth for their retirement plans, just to grant themselves a few more years of wealth, until it will all come crushing down for everybody as it is already unsustainable. In Italy, the most voted party of last 15 years is ALWAYS the one promising higher retirement paychecks. Anyone under 50 years old is dropping any faith as this country is becoming a national-wide rest house where laws are made to turn young people into NPCs meant to serve the elderies, while completely sacrificing everything else, including being able to make a basic family with a humble life. You *could* start from zero and make something long lasting some decades ago. Nowadays, unless you're already rich or you are massively lucky to become viral, it's just not possible. They cutted off the lowest steps of the ladder to ensure no one else after them can ever get any close.
@@1krani they were born during the most prosperous time in our countries history... sure not everyone was wealthy but the opportunities were surely there to be seized! Gen X, millennials and gen Z have have got scraps compared to what the boomers got for potential...
children dont want to provide for thier elderly parents, parents don't want to give their children their inheritance. colour me surprised, i wonder why that happened.
My boomer parents better hope they have enough investments and savings to afford a nursing home because I can't take them into my one bedroom apartment.
@@rebeccav.3734 fair. It's a two way street, I scratch your back and scratch mine. my parents provided for my college tuition, and ngl that's such a big big help coz i am not in debt immediately after exiting my uni. they gave me everything I wanted and still expect nothing in return they even have their retirement plan settled. I for one am grateful and will be with them till their old age all the way through
Transfer of wealth usually occurs during high inflation or market crash, so the more stocks drop, the more I buy. In the meanwhile I've set asides 100k to fuel up my eventual retirement. I'd appreciate tips on stocks that have the best chance to 10x in 5 years.
Agreed, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. However, if it wasn't for covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments. Stay positive friends.
I take guidance from a Pennsylvania-based advisor ''Karen Lynne Chess'' To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
thanks for putting this out, curiously inputted Karen Lynne Chess on the web, super impressed with her qualifications, she seems highly professional from her reseumé
If people could really predict what stocks would dectuple on such a short time scale, they would have little incentive to risk their own massive gain by clueing in strangers, unless they were pumping up a meme stock, honestly
Worth pointing out, you mention that people purchase Medicare advantage plans to cover senior care. This is worth editing, Medicare advantage plans work to eliminate or reduce traditional Medicare copays by DECREASING, not increasing services. Medicare advantage does not cover senior care (long term care) and adds huge extra levels of requirements to get basic Medicare services such as physical therapy. Many people call them Medicare disadvantage plans because people don’t realize how badly they screw people. In fact, that may be worth a video in of itself about how money works with Medicare
When I was teenager in the late 90s my boomer dad hated me because I wanted to work hard to improve myself and not constantly complain like him. Told me he would cut me off his will. I didn't care. I thought there will be nothing left anyways. Now he's struggling with cost of living and wants to reconcile. I won't. He dug his own grave.
Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. But why hasn't accounting/finance been mandatory in high schools for Gen-Z? Why not for their parents? Why not for their grandparents? Instead we have had 70 years of television brainwashed consumerism. Did John Maynard Keynes ever see a television commercial for automobiles? Try finding an economist who talks about the depreciation of durable consumer goods. But Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work.
household economics, small business accounting and finance can be taught from elementary through highschool. Kids would start their own businesses and seek financial independence very early in life. Current hierarchies would crumble fast. Elders, gov would experience a massive loss of power. Not happening anytime soon.
If you're a good parent you won't need to go to a long term care facility, your kids will help out I'm sure. A lot of boomers weren't good parents and won't be so lucky, though.
@@Anonymous-ld7je Building them up and endearing yourself to your children so that they voluntarily care for you is really the only sane retirement plan. Outsourcing it to the state and retirement homes could only ever end in disaster.
The first 500 people to use my link will get a 1 month free trial of Skillshare skl.sh/howmoneyworks07241
Ask GarysEconomics
Remember the American economic crash that was warned about in the 2nd half of 2019?
Would it be possible to make a video reminding people that there was a crash coming well before Vocid hit?
Could be useful to help prevent America going full fishist. Many of the less informed peeps voting for the Mango Mussolini believe his economy was excellent, but they forget he just inherited Obama's and then drove it into the ground with trade wars and tax deficits.
skillshare is a scam
All that money is going to nursing homes long before it goes to their kids.
Nursing homes are mostly understaffed right now. Sounds like a good opportunity to get that great wealth transfer and revenge on boomers at the same time.
Nobody will visit the rich ones
worst generation
visits have absolutely nothing to do with being rich or poor.
I have seen more poor people be arseholes than rich ones, especially to their kids.
If Dan Peña heard u say that blood will be coming out of your asshole
Generally speaking families will just get richer but more families won’t benefit.
The cost of living crisis and housing crisis did not just happen by chance.
Most Americans are still waiting for the trickle down economics.
Having more financial independence is probably the result of knowing how to handle personal finances and invest.
Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
How did you find a good finance advisor? How do you know if they are trustworthy and competent.
It'll be the greatest generational transfer of wealth... to corporations, not to their kids.
Even trees send their nutrients to their children trees when they pass
Having worked for an insurance company I can confirm this. Right to the share price!!!!!
You beat me to this comment. Glad I'm not the only one who understands this. Buckle up, cowpokes. It's gonna be a rough ride.
All of their 'wealth' is actually debt that's been transferred into the equities and housing market(s).
Nursing home/end-of-life care will be inflated to compensate.
We will be left with nothing but declining asset values.
You'll own a home, but you'll be further and further underwater, every year.
Depends on the structure. My folks built a lucrative retail business and have several properties both in the states and outside the country. We did a living will and have assets like property and businesses in a trust. That trust controls the LLC's that own those businesses and investment properties. Basically, it's set up in a way that keeps those businesses and properties within the same tax entity at the time the will is executed, meaning that only elements of beneficiary status of the trust gets transferred, not the assets, which is when they get taxed.
“A society grows great when old men plant trees in whose shade they shall never sit.”... Boomers will be remembered as the generation who cut down the orchard for firewood.
Then you remember incorrectly. Much of that spending was wasted on you. Apt, that was a horrible waste of resources. In fact, times have changed because of changing world conditions and your own lack of life skills.
@@talisikid1618 Hmm no, the greed of their generation is only growing. "Pull yourself up by your bootstraps" has never been true.
More like cut down the orchard for toilet paper.
@@talisikid1618 My parents turned by brother and myself into their own personal servants. They greatly benefitted financially from our labor, labor that they themselves refused to do, then spent it all on their own vanity. As I get older, I have difficulty containing the outright rage I feel when a simple-minded fool says something like you just did. There are millions of us that want answers, and we will not be nice about it.
@@talisikid1618 Lol should've just pulled the usual "participation trophy" line. About as accurate because just who exactly invented and handed those trophies out? Who imparts those skills? I have multiple degrees, but in order to move on to grad school like I'd love to, I have to bend over backwards to get the bells, whistles, and tassels accredited programs demand. And then there's funding that education and my living expenses, none of which the boomers faced, all of which the boomers created. Oh, and no, not gender studies. Try getting a new thought-terminating cliche. Even STEM fields have been screwed over by over-competition and artificial scarcity.
If my mother went to a nursing home this year it'd cost around $10K per month. Possibly more as she needs full care and dementia care. So about $120,000 per year if she were lucky. That's why I'm taking care of her at home by myself with hospice helping. Just too expensive to put her in a place that's been notoriously bought up by private equity companies that cut staff and leave patients drugged and neglected from overworked staff. Not worth the $10K+ a month.
Similar situation here. It's exhausting, and it's worth it. For a lot of reasons.
Hang in there.
Leaving _social_ care to psychopath-run corporations is just asking for trouble... What the US needs is a social system
@@billy2807 I don't intend to burden my kids like this. Before I get to the point where I need to be put in a home I'm checking out.
@reahreic7698 I get it. It's obviously a very personal decision. I've learned a lot by going through it, first with my dad, now with my mom. Not easy on us. At all. But I'm better for it, I think.
That said - I hope, when it's my turn, that I make the same decision you have, for my daughter's sake. It's all really tricky.
I take care of mine 24/7 I had to give up my future and my entire career path before ever getting a chance to begin. Not like retiring was ever a remote possibility anyway. I'll work until the day I die, as I get paid zero, while working 24/7. Even my tax accountant claims I'm "unemployed". Despite this being 24/7 work without pay.
I remember my parents bragging that they went to college on $3k, and that they plan to take their wealth and donate all of it so my siblings and I can get it ourselves. They like to laugh that it won’t matter because they’ll be dead.
They are confused why I resent them as I’m struggling to make ends meet
Are we siblings?
Hugs to you, stranger. You will heal.
i can relate to this. the boomer wickedness, then the confusion and labelling you as the problem for resenting them. its sick and twisted.
Evil
donate? well simply abandon them in return
My boomer Dad said he was told by a boomer friend to spend and enjoy his money because the "kids only care about money". I told him I agreed for him to spend it. Instead he created a living trust and transferred his property to it and left us as beneficiaries. My dad is currently being evaluated for dementia with psychosis.
Much respect to your father sir
Is it because of the trust? Or does he actually have symptoms
Dementia with psychosis? Lewy Body Dementia?
That is rough. I hope you are doing OK.
Both of my boomer parents are at the age where they have developed life-limiting or life-threatening medical issues, but thankfully they still have their faculties.
His boomer friend is probably sicker.
My boomer father lives in a 1.2 million dollar, four bedroom house by himself. He has a BMW convertible, just bought himself a brand new Audi SUV, and flies first class everywhere he goes. Yet he still asked me, a married father of two young kids who drives a 12 year old Hyundai to give him $75,000. This generation is unbelievable.
Yikes, my dad's in a similar situation, It's weird enough that he's in such a situation where he's got million of dollars of retirement savings but little does any go to my sister or I (just leaving it for the inheritance when we're in our 60s I guess), but at least he's not ASKING US for money.
@@marmantole Your father is not a generation, he's a person. If he's a bad person, it's not because of the year he was born.
Sounds about right. It’s always been about them.
Self absorbed boomer dad. I got one.
Because he thinks that by giving you that 1.2 million dollar house in 2060, he deserves to get paid for it now.
They'll spend it on holiday in retirement, nursing home or whatever else. It's what they were taught growing up, work hard in life and then enjoy the well earned retirement, in their mind their kids still has same opportunities for futures they do when they were young. Still see Boomers bleating that back in their days their mortgage interest was 15% and we have it too low. 15% interest on a $70k mortgage with a $25k income when food cost pennies is a lot more manageable than 6% interest on a $350k mortgage on a $50k income.
Yes and no. By some metrics housing was less affordable during the insane rates of 15-18% compared to average income of the time, or at least roughly equally unaffordable as now. But that period didn't last very long.
@@exnecross3141 yeah it only last few years, but don't forget cost of things like food was also far cheaper than what it is now after accounting for inflation. Not sure about income tax either, don't have time and energy comparing percentage of income tax median income back then vs now.
@@penitent2401 Income tax was high then. I think the greatest difference in the generations is the student loan debt, this is the burden that previous generations didn't have. Its basically like having two mortgages.
@@carolperdue7534its not the student loan debt. My dad owned his own house when he was younger than me. I took 0 loans and even got money from the university due to my scholarships and still cant afford a house. I work a good paying job that pays before taxes over 50k a year. I still cant afford property
@@carolperdue7534 loans are stopping family formation
tl:dw : If 10% of people hold 90% of the wealth then after transfer you still end up with 10% owning 90%
Math's a bit off, if 10% hold 90% of the wealth, then 95%.
Plus the TL:DW math only holds up if the 10% richest have a replacement fertility rate. If their fertility rate (plus donations outside immediate family) is below 2.1 then wealth concentration will increase.😅
Ok2🤔
The people inheriting most of it are already wealthy
Worth mentioning that in our land of opportunity, incomes have been shown to correlate more closely with the income of their father than is the case in much of Europe.
In the US, it’s less about skill and hard work than it is across the pond
Reverse mortgage to keep overspending as they have their entire lives will mean there is nothing left to inherit.
We inherited a Mortgage, for the old man had a taste for cars....
Buy one, drive it a bit, sell it at a loss, then buy another.
If it wasn't for the property it was attached to, we would have walked away.
That Mortgage from the early 2000's is still better then trying to own your own home now....
Yep, people have no idea how little anyone actually has
word
While I understand the sentiment... I wouldn't exactly call expenses for someone to draw breath overspending...
@@looseycanon Not really talking about nursing homes etc, it's more the way oversized and overpriced SUV's, other luxury goods and vacations I'm talking about.
I'm not worried that they will make sure our money have no value regardless.
Where do you think all those trillions of dollars came from? Had we not gone through Quantitative Easing over the last decade or so that 90 trillion would have been cut by a factor of at least 5. And young people could actually afford their own assets.
There's also another factor, my grandma kept getting all these "Family values are in trouble" notices from the republican party and spent a good deal of money donating to them. Political parties love old people, they have cash to spare and if they tug on the right heartstrings, they can get it. My inheritance went to Trump and I bet other peoples have gone directly to Biden.
Well, yeah and a lot of luxury industries have gone all in to drain the wealth of older generations as much as possible. A lot of cruise lines are essentially locked into this practice.
@@butterfish-g9f South Park cash for gold episode was spot on.
Exactly, cause "screw your children I want more money"
who spent it on hookers and advertising
It's not "my inheritance" until my parents die and leave it to me. Until then, it's their money to do with as they please. My parents don't owe me a dime. Heck, they raises me from birth to 18, then helped fund a portion of my college. If they choose to leave me anything, I will receive it with much gratitude. But I would never say my parents spent "my" inheritance: no, they spent THEIR money. They earned it. I did not.
Pretty sure I would disinherit any child of mine I heard whining about me spending "their" inheritance.
Two things to add, the life expectancy in the US is ~76 years old. Most boomers had kids in their 20s, so by the time you receive your inheritance (if you do), you'd be in your late 50s.
Also most boomers own homes in remote places with no jobs that people don't want to move to. Look at Japan, you'll just end up with dirt cheap houses in rural areas and sky-high prices in the major cities.
It should be mentioned that Boomers as a cohort have a higher average life expectancy than that and they are even projected to be the generation with the most centennarians 😅
with people living as long as they are i can see millennials actually going before the boomers. imagine a boomer born 1946 live to 100 so that's 2046 a millennial born 1981 would be 65 imagine the millennial having a cardiac arrest ...
@@joeswanson733 Boomers don't have cardiac arrest?
A lot of the life expectancy rate is lower due to people who are poor / have unhealthy eating habits, etc/ that skewer the life expectancy down. Most upper middle class and rich people live well into their 80s and 90s.
@@harshdeshpande9779 they do, but the point was that the longer the boomer lives the greater the odds their children start dying before they ever receive any inheritance. especially if the boomers are richer and can thus afford better healthcare and diets. really can't bank one's future on a lotto ticket.
I retired in 2021 believing $400k would be enough, but with this sustained inflation, that's no longer my reality. Each withdrawal has made it harder for my nest-egg to recover through compounding Interest. I deeply regret not saving more when I had the chance
I'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing much later in life, I couldn't rely solely on compound interest from index funds. I've managed to earn more than some long-term investors. I'll be retiring with at least $5 million.
Your financial advisor must be excellent. How can I get in touch with them? I'm worried about my retirement portfolio and could really use some guidance
I usually avoid giving specific recommendations since everyone's situation is unique. However, having worked closely with Emily Ava Milligan for years, I can attest to her great service. You might want to see if she meets your criteria
I looked up her name online and found her page. I emailed and made enquiries. Thanks for the help
A $400k retirement fund only works if you immediately sold everything and moved to Mexico after retirement. It was never gonna be enough.
The number of boomers who spend millions on health care because they refuse to exercise and eat well is beyond counting, and that's just the ones I met.
As an example, I met a couple who could barely move, so required mechanical assistance to do so. They told me that each had died several times already, but modern health care brought them back. They just bought a brand new vehicle and tv. They had children and grandchildren as well. Do you think they actually enjoyed life being nearly immobile and spending millions to sustain themselves?
How much debt will the next generation inherent directly due to this?
Luckily since debt isn't inheritable, none
Well, to be fair, thd kids have right to not inherit the debt, if they forgo the asset.
@@genxvrx debt come with the rest ..... don't worry its all or none
You don't inherit your parents debt. Don't say stuff like that out loud though and give them ideas...
@@genxvrx Technically, debt is not inheritable but creditors do have a right to file a claim against an estate during the probate period. Most unsecured creditors will write the debt off but secured creditors may not.
LOL if you think any of that wealth is getting passed down.
My parents aren't particularly wealthy, but they are very vocal about "spending my kids' inheritance before they can get it".
Not just the wealthiest generation, but the most selfish.
Bonus fact: My mom also told me that I have been written out of her will.
You probably were a bad kid lol
@@polyfoxgames9006 What makes a bad kid? A bad parent.
@chernobyl169 Sounds like you are the selfish one for thinking they owe you the money they worked hard for. Raising you wasn’t an easy task, not judging you, but raising any kid is hard. You think they can’t also enjoy the money they worked hard for on top of raising a family? Just means you feel entitled and spoiled.
@@Panamaniac3D I’m not going to say that they owe me anything; it’s just that if you are expecting that I will climb up the ladder by myself, then I expect that you’ll not be asking me for any assistance in the future. A lot of parents are kind of contradictory here, where they don’t assist their kids whatsoever but feel entitled to their kids assistance. For instance, a parent can kick their kids out at 18, which they have the right to, but if said parent falls into financial hardship, don’t expect the kids to let them in if they do that, you know.
@@Panamaniac3D They owe him the money they borrowed.
30T in debt was their choice- they need to pay their portion back, before they leave.
My mother and her bothers inherited my Grandmother's home and they *immediately* proceeded to sell it (not for ONE second they asked if any of their own children wanted to go live there and pay rent within the family...). I had intense discussions with her to ensure they were selling it to actual people who wanted to live there and not some landlord who's just hoarding houses to profit off tenants ever-increasing rent costs. They were not understanding what the problem was. If everyone just follow the most convenient deal offered by business owners, they are dooming us all to a life of renting and monopolized house owning. Which is ALREADY happening.
My Aunts and I are in the process of selling my Grandpa’s house (none of us want it). You wouldn’t catch us selling to a corporation if it meant never getting a penny. In this market, you can’t even list without multiple offers pouring in so we got to choose a lovely couple to buy it. I just hope they aren’t flippers.
I'm forsee a similar situation in my future. Boomers would happily sell to their own children, as long as there aren't any higher bids.
mine literally tells me he is gonna sell his parent's place to developers then wonder why nobody talks to him
@@DMAN590 that's why you offer them super high then sue them for various child neglect stuff
They probably can’t stand each other and want to get things done.
Don't forget inheritance fraud. My Boomer uncle tried to steal all the money my grandparents left me.
But if your uncle is a boomer then your grandparents aren't boomers? 🤔
Would be transfer to boomer, not from boomer
How’d he try to do that?
how? what to look out for?
Their grandparents are the silent generation@@tomlxyz
@@vincentwright9687 Goodness, boomers didn’t invent that, I’ve heard stories in my own family going back many generations about such shenanigans. There’s always that one greedy relative that tries to cheat other relatives out of a share.
These financial advisor bots are actually so annoying
It's ridiculous. Meanwhile TH-cam censors us on and they can't figure out bots. Dumb
Ikr
As someone who oversaw his grandfathers nursing care, it cost 12,000$ a month and he was in the home for 3 years, wiped out half of his savings, then you add on estate tax, debt payment and everything else and the once multimillionaire was reduced to a few hundred grand and no assets.This is coming for everyone, but don't worry blackstone owns all the nursing companies.
G0dd4mn. That’s frightening. My father has under a million and he somehow thinks he’s set. He got dementia and had to retire before he even hit 70. Things happened and he’s now in a home against his will. He kept messing up his finances and if it weren’t for me and other family correcting things, he’d have spent so much more money on insane crap. With his condition his doctors told him to stop driving. WE told him to stop driving, but he refuses. So in the home he stays. How many other Boomers are gonna have a melting brain and yet drain any hope of leftover money for their kids once the retirement homes, memory care facilities, and nursing costs have taken all of it? He’s sad and he just wants to die, and I feel guilty hoping he’ll die so there might be something left. Thankfully my mom’s doing okay. Decent health and a good brain.
@@DisposableSupervillainHenchman what was he buying? as a sign to look for?
@@seabreeze4559 It may not be the same for all when dementia becomes more evident. My dad has always had a thing for cars. He kept making awful trade-ins and losing good value on his vehicles simply because he would bring them in for maintenance and a salesman talked with him. Even with a very nice car he bought just under 2 years ago, he then kept talking about trading that in too for an even more expensive model. He was always a bit impulsive when he buys things, but dementia has made it worse. Dementia ramps up someone’s gullibility. He would get vouchers in the mail and think they were checks, trying to deposit them at his bank. He sees an ad for something on TV that is expensive and he definitely doesn’t need, and without talking with anyone, he just went ahead and got it. He was also looking into solar for his house, oblivious that there’s no way the HOA would allow it at all and he’d only lose money. If we hadn’t stepped in, we would’ve had more of a mess to clean. The only thing that has prevented him from making anymore purchases like that is because I have POA, I can look at his accounts, and the team with his investments always consult me first if he’s looking to take out a thousands for some weird thing. Also, he doesn’t have access to his vehicles to just trade in on a whim.
In short, watch out for increased impulse buying. The condition affects dopamine in the brain, and if shopping has made someone a bit happy before, dementia will keep smashing that button.
@@DisposableSupervillainHenchman I imagine that you are hoping there will be something left for your your mom, not for yourself. I’ve seen husbands, who are usually older and in worse mental health, drain the couple’s life savings on crazy spending before they die, leaving the widow dependent on the children.
Ah. Mark my words, we millennials will be here to see how money becomes meaningless. Since all these companies had amass and greed upon it so much, that nobody will be able to buy anything and they won’t get enough slaves to pay nothing since nobody wants to have children.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn
In fact, I had no prior experience or understanding when I began investing in 2018, but by the end of 2019, I had made a profit of almost $750k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@hunter-bourke21Impressive can you share more info?
The decision on when to pick an Adviser is a very personal one. I take guidance from *Izella Annette Anderson* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
What happened to by parents is their health deteriorated and their health insurance stopped working as good as it use to so they had to cover out of pocket. They spent hundreds of thousands, sold their house and valuable items. What amounted was maybe the felt less pain and maybe lived 2 years longer. Effectively, the medical and med insurance industries took all their money. We barely got anything from them. Guys, we need an overall of the medical industry, its bankrupting older people, and some day it will reach you.
Don't worry, I am sure the Government will find a way to make sure that none of us inherit a dime regardless.
Black Millennial, we aren't getting shit. If we can get funeral costs, that's a minor win.
Right might even inherit bills/mortgage 😅 my parents are in debt, recently retired & want to travel
Preach. Hearing my caucasian coworkers talk about how awkward the inheritance talk is with their parents, I literally can't relate at all.
Us black folks don't even marry, so it's not shocking we're not getting anything passed down except debt.
Not just blacks. All of us. Well, maybe not asians lol
@@Bigboss-xe6lmyea no. Look at the history of the country. Your ancestors failed all on their own unless they lost their things due to war or cartels or civil wars. We lost due to war and slavery and Jim Crow. So maybe it’s true but for different reasons and with few excuses for your ancestors
The modern world: where money and financial gain is more important to companies and governments than having human workers to exploit- sorry, 'serve.'
Most of the senior living facilities are being bought up by private equity firms now. The first thing they do is raise rates, gut the staff to cut labor costs and spend as little as possible on the facility and medical supplies as possible to maximize their profits. There’s been stories coming out of private equity owned facilities doping up the patients on unnecessary pharmaceuticals so they are easier to ignore.
I'm a Gen X'er and my Baby Boomer parents have passed away and didn't leave me anything monetarily. However my Mother stayed home and raised 4 wonderful kids, while my Dad busted his rear to bring home the bacon to make it happen. Thank you for a wonderful life Mom and Dad, love and miss you.
Thank you for that... it's nice to see someone who appreciates all their parents did for them instead of eyeing them like a piggy bank.
This is wonderful! This is such a wholesome and refreshing statement. 🤍
I'm shocked reading the comments how resentful people are that their parents are spending their money instead of giving it to them. I mean, it's their parents' money, not theirs! You're not entitled to it!
@@justinedeleyer4894 You completely read ever comment in my post wrong. Get some eye glasses.
@@theplayernkc Good one haha.
My Dad (46) who is a business owner told me (22) to pull myself up by the bootstraps and start earning $50k atleast, so I challenged him a month ago to get a job which pays even half of what he earns, he has not received a single interview otherwise it's all rejections so he's been real quiet now.
Glad he did the challenge and realized the hard way how difficult things are right now. He's one of the few. Most just ignore a comment like that and say you're just complaining.
The phrase "pulling yourself up by your bootstraps" used to mean an impossible task, like touching your nose with your elbow.
The fact that it's become stock advice for young people is one of the most cynical things I can think of.
Well learn from your dad by creating your own value, and stop chasing a job or a wage. I don't expect everything to be gravy like my gen X parents had it. Times change, and we should adapt instead of complain.
@@handleyobusiness He had a $200k director level job at the age of 27 (with just a high school diploma) after which he left it to start multiple other things which failed and succeeded. He used to tell me it was easy af to walk in and get a $40k job at 19 so $50k at 23 is not a big deal 💀
@@swagmalone8092 Did he by any chance get in early on the computerization of business operations? There was a very, very narrow window of opportunity in time where someone who knew even a little bit could make a lot of money because no one else knew anything. I don’t know of any other field, other than investment funds, where they were willing to pay that kind of money at such a young age. In any case, only a very small number of people in that generation experienced that kind of opportunity. The rest of them collected piles of rejection letters before they eventually got a modest paying job.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I think investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
Melissa Jean Talingdan is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I live with my boomer grandmother and no, she's not leaving me with anything. Several Amazon and Temu packages arrive for her every day and despite never going outside she buys clothes and makeup like she's a 25 year-old who goes to the club every night. And when I hear her talking to her friends on the phone, they're all spending just as recklessly. It sucks that I'm going to get no social security when I (never) retire because my grandma is collecting a whopping $3k a month of it right now and spending every penny of it on herself.
lol, thats my mom right now, though her dad did live some things and she have me holding it... but with her spending, she might as well kept it.
at least you are living with her. Save up money so you can buy your own starter home while she is still alive.
Wasn’t she the one that worked for that check?
@@ScarlettO-l5mbingo
The local casino near me has no shortage of boomers. Health insurance companies are getting their cut.
I’m Gen X. If by the alignment of the stars I have something to leave my kids, I’ll head to Oregon at the end of my life. I’ll be damned if the healthcare industry uses me as a Cash Cow and steal what’s left from my kids.
You could go to Mexico or about any place south of there and high hire a nurse for yourself to come to the house that you rent for very little money.
@@FreedomTalkMediadude will get robbed there
That’s the difference between every other gen and boomers. They are greedy
*"I’ll be damned if the healthcare industry uses me as a Cash Cow and steal what’s left from my kids."*
That, unfortunately, is a very dated view to hold.
Same. I don’t have much and I’ve worked my ass off for the little I do. I am doing my best to make sure my kids have SOMETHING before any shitty healthcare company gets it.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
you seem to be missing the point, life is hard for you, and harder for every generation after you. the only people it is easy for is those who already have significant wealth, and if you want to ease the burden on yourself and all future generations, the answer is to do what you can to fight against companies, and stop accepting the reign of capitalism
Gaining more financial independence is probably the result of knowing how to handle personal finances and invest. People are better equipped to save, spend, and invest their money when they have a solid understanding of money and investment. In this market impacted by the recession, a trader made over $350,000.
Although stocks are currently rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Mind if I ask you to recommend this particular coach you using their service?
“Diana Casteel Lynch” is one of the best portfolio managers in the industry, deserves recognition. She is well known; you ought to look at her work.
Simply by pasting her full name into my browser, her website immediately displayed. You've spared me from doing a lot of tedious research, so thank you.
Boomer’s will never die. And they probably gon take the wealth with em just to add insult to injury 😂
My mom died, and I got my inheritance. Sucks to have bad parents?
@@exnecross3141 sucks to have no mom?
@@exnecross3141 You seem delighted that your mom died young enough that she didnt require round the clock care for years that drains the money. What a wonderful child you are, she must be so happy looking down at you picking over her bones and bragging about it on social media.
If eternal life is invented just in time to save the boomers from dying of old age, I'm gonna die of instant aneurysm myself the same day it is announced.
@@Dexter01992 Eternal life is not going to be announced in a day. The idea is that medical progress will advance so quickly that it can raise average life expectancy by X years, and within those X years create breakthroughs that increase it by another X years, repeating ad infinitum. So instead of "We have figured out immortality 🎉" it will be "this new treatment has raised average life expectancy by 10 years" - _5 years later_ "This new treatment has raised average life expectancy by another 10 years"
Or, more likely, the life expectancy of rich people.
*Stops video at 0:05 * Aaaaah, some good quality content!
The National Library of Medicine is a public library, not a scientific publisher. The article on the screen is published by the journal of Health Services Research which is an academic journal affiliated with a healthcare trade group. Looks perfectly reputable but worth keeping in mind since just because a library has a book doesn't mean they endorse it's contents.
How can someone pass anything down to their children, when they're too old to be in their right mind, but still able to buy incredibly expensive unneccessary items. And with many inheritance systems you can only accept all or nothing. I for example would like to preserve old photos of my family, but when my father dies I'd have to also accept multiple garages full of junk, that would cost thousands to get rid off. And there's no money or assets to inherit, that could offset those expenses.
Wouldn't you just go in and collect what you want and leave the rest for the state to handle?
@@Excalibur2 No. I mean, I could, but it is illegal. Unless stated otherwise in a state certified will, you get all or nothing.
@@OperationDarkside I suppose you're right, but in practice, I've always just gone in and taken whatever I wanted.
@@OperationDarksideso keep your stupid mouth shut, wtf how is this complicated
Wouldn't it be better to have an estate sale? Someone else could handle it, there are companies that specialize in such things.
Ah, the Great Wealth Transfer-sounds like an epic plot twist in the investment world! Seriously, though, if you’ve got $$ sitting in your emergency fund and you’re itching to start investing, I say go for it. Just don’t expect this massive shift of wealth to magically make you rich overnight. Remember, investing is like cooking; you need the right ingredients, and sometimes a good recipe doesn’t hurt. Maybe start with something low-risk while you figure out the lay of the land. Good luck, and may your portfolio be ever in your
I get where you’re coming from, but I’ve got a different perspective. I’ve been working with an investment advisor, and it’s been a game-changer. They helped me navigate the complexities and make smarter decisions that actually turned a profit. The Great Wealth Transfer might not change everything, but having someone who knows their stuff can definitely give you a headstart. Just my two cents-sometimes a little professional guidance goes a long way!
Oh boy, I wish I had your optimism! I dove into investments without proper research and ended up losing a chunk of my savings. It’s a harsh lesson, but it’s clear that winging it isn’t the best strategy. I’m now looking for some solid guidance before I try again. It’s clear that without proper research and an advisor, you can easily find yourself in hot water.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with ‘' Linda Aretha Reeves” for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.
I did some digging after seeing your comments, and I found Linda Aretha Reeves. She seems to be exactly what I need-a seasoned advisor with a solid reputation. Her approach sounds like a great fit for me, and I’m excited to see how it goes. Thanks for the indirect nudge!
all those articles talk as if all the old gen are gonna die instantly, lol its a slow and gradual process, no ones gonna notice any diff
Correct,
People like using 'Generations' because it is easier, but those function as if we have breeding cycles like a cicada!
Humans spawn constantly, and die randomly, thus we do not create 'Generations' at all....
There is going to be a wave because the Boomer generation is so big. It will be different than decades past. I've already started to use the phrase, "Boomer death House," when looking at properties for sale on Zillow. Sometimes you'll see houses that were obviously occupied by older people for sale for a reasonable price in a market where nothing is reasonable.
At this rate they'll just upload their brains to computers before it happens
I mean in about 30 years we'll notice a massive difference as almost every millennial's parents are gone. But yeah, you're right it's gonna be very gradual.
The boiling water will kill you whether it takes 10 minutes to bubble or 10 seconds. Poop skins smh
All their money and homes will go to private equity. So we can rent from private equity
Man I work for a major bank and the whole great wealth transfer is like an article of faith here, everyone's just holding their breath waiting for GenX/millenials to finally start engaging with our more sophisticated wealth management products. I've long held the opinion expressed in this video, for most boomers that money is going to get hoovered up by nursing homes and the medical industry long before it ever gets passed on to the younger generation. Even for boomers who are moderately well off, they're spending it on cruises and unnecessary purchases. SOME money will get passed on but its going to be an increasingly smaller and smaller pool of people. And my experience with younger generations who do have some personal wealth, they're far more likely to leave it in simple self-managed investments like ETFs, than turn it over to a financial advisor like their parents did
I'm a millennial. All my money is going into paying off my house in 1 - 2 years. Maybe I'll push my retirement account to 100,000, but that's going straight to dividend-producing stocks that are tried and true companies or commodities. I will definitely not be investing in one of those target date ETFs and yes, we don't like to talk on the phone with all the scam calls, so the financial advisor thing doesn't appeal to us.
@@fabuloushostess6171how come you decided not to invest in target date ETF's if you don't mind me asking? I am curious since I invest in them for retirement purposes.
This. In the long term, both the housing market and investment markets will collapse, and probably not recover for a very long time. So many of these financial management companies are also going to collapse, because they're going to have to start selling assets to cover pensions, and the boomers are going to withdraw tons of money to pay for end of life care. With my generation unable to enter the market in any meaningful way, and the financial asset companies being forced to sell, what do you think is going to happen to asset prices? Pop! The simple truth is that supply and demand works both ways. If lots of people are selling, and no one is buying, the price goes down. Hard.
Millennials have grown up in a world that hates them, never getting the opportunities or respect previous generations got. When I see a "sophisticated" product, I'm expecting it to be some sort of scam. Plus, watching multiple major financial meltdowns during my life means I have zero trust or faith in financial markets. You better bet that I'm either managing my investments myself.
@@fabuloushostess6171paying off your lowest interest rate loan, and then putting your money into an unhealthy portfolio of dividend stocks, is the most boomer thing I have ever heard.
I'd rather invest in a homestead than give all my money to a financial advisor
My grandpa asked me why I’m not advancing my career so I can get a house. He’s also been retired for over 32 years and sold his lake home for millions
They did this to themselves then wonder why we don't want their shitty system anymore. My dad is convinced he's poor. The man's house is worth more than a million. He isn't poor. He's just out of touch. I also don't want his money I'm hoping he leaves it for my kid. She's already struggling and that will only be worse by the time she hits adulthood. She needs the cushion.
@@2rx_bni He was probably raised by Depression era parents or grandparents. But if his house is his only asset, and he lives in an area where he can’t buy anything that isn’t equally expensive, then yeah he might not have enough money to make it through retirement. Modest homes have become insanely inflated in price, but if everything is equally inflated then it doesn’t improve your financial security.
@@aliannarodriguez1581 you know nothing and say less. Don't assume things about strangers, fool.
I was on vacation and met this very nice elderly couple. The wife said that they were "skiing". I found this odd, since we were in Egypt.
Then the husband clarified the statement - "spending the kids' inheritance".
We're cooked yall.
What an amazing generation
Kind of but not really. Part of what maintains a worker divide in the US is inheritance. Millions in the country were essentially locked out of that process for generations because of our racial caste system and policies that followed. You wipe that wealth divide, it also erodes the racial divide. More people have nothing. More people are incentivized to make the system better for everyone.
@@butterfish-g9fracial caste system? Who are you talking about? Cause here in the states, black people were growing their family wealth faster than anybody else in the 50s. Even today Asians and Jews are at the top of the pyramid.
@@butterfish-g9fInheritance shouldn't be a thing in a republic.
That’s gross
Invest in nursing homes and retirement communities
That's almost definitely already priced in, the number of people about to approach the ends of their lives isn't exactly secret information
This is already happening in my home town. In the last 3 years they've made at least 800~ units for elderly living. While youth gets to suffer the rising rent prices they give the old people on their way out a better deal. They lived their prime years in the best economy we've ever had. Yet they find themselves homeless and broke
@@simpleplan100687 I will acknowledge this but I also laugh at the younger Generations cuz they clearly voted for socialism and the dumb fooks didn't realize they're going to get the aftermath and the older Generations will get the benefits
they don't even make money. HMW already made a video about it.
Medical REITs soon to get an influx of investors.
They'll spend it all first. My parents take a vacation every other month, remodeled their house, have a couple classic cars, and they're only 60.
Wait. They're only 60 and likely worked their whole lives. They dont get to take vacations? Do you get to take vacations? Do you get any nice things?
I'm a millennial with deceased immigrant parents. I'm not traveling or getting anything nice for myself because every last dime is going to housing and childcare. But when I'm 60, I'm definitely traveling.
You can't think this way if your parents are only 60. They deserve to live just like you.
Do you ever do anything nice for yourself or are you penny pinching to leave everything to your kids?
I'm a millennial and every dime goes to housing and childcare so when I'm 60, I'm definitely remodeling my kitchen.
Our parents should think of saving but they deserve to live as well.
@@limo5724 I take one vacation a year, if that, and it's a weekend away to celebrate my wedding anniversary. My point is my parents and their friends are rampant consumerists that aren't thinking about how they're going to survive the next twenty years. All they care about is one-upping each other. As well, I'm a DIY guy, my parents are the 'hire a mexican' type. If I need something redone, i'll do it myself. in fact, I'm remodeling my own basement for a fraction of the price.
@@SageGingko Ew rampant consumerism sucks. Millennials and younger are different. We're between rampant consumerism and the depression babies. But still. I'd hate for my kids to be looking at me like I'm spending their money when I just living my life after providing for them my whole life.
You're preaching to the choir. I was born in 88.
Wealth rarely survives three generations
Its usually got destroyed in the third generation.
rich entrepreneur father who teaches his son to work hard all his life, mediocre son who works all the time in hopes repeating the exact same things will make him step out of dad's shadow, and grandson who son was never around to instruct so blew all his inheritance and allowance money on big lifted trucks or Ferraris, drugs, and full ride to a college he learned nothing at
@@h.w.4482spot on damn
I've enjoyed the company of many wealthy people. I can't stand most of their kids.
Yeah... one look at the Vanderbilt's can surely show that...
It's kind of funny how most of our problems always come back to private equity firms. I wonder if there's a common theme there
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I have no issues if my parents spend what they’ve earned, BUT, the inheritance originally came from people running out of life BEFORE they ran out of money. Burning through all your cash in your 70s and then having to rely on your kids in your 90s is not ok.
Yes this is a problem resulting from medical advancement...you used to just die of "old age" and now there are amazing ways to save you so you can continue to live as a vegetable at enormous expense. People rip on assisted suicide as a moral outrage, but it's really a response to a man made problem.
As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions. While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season.
To reduce risk, diversify your investments among asset classes rather than putting all of your eggs in one basket. If you lack extensive information, speak with a financial expert.
Some individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
That make a lot of sense; unlike us, you seem to have the market sorted out. Who's guiding you?
Actually its a Lady. Yes my go to person is a ‘LAURELYN GROSS POHLMEIER '. So easy and compassionate Lady. You should take a look at her work.
I came across her profile after searching for her entire name online, and I quickly sent her an email to set up a meeting so we could talk; I'm still waiting for a response.
I love how positive and uplifting these videos are. It seems our country is hopeless unless things change.
Again as always: Private equity ruins everything.
@shubamrachappanavar2708 Ahh yes, that old fallacy of if I don't want private equity owning everything, I MUST want the government owning it. It doesn't have to be that binary.
They even ruined TH-cam (see donut media) which was at least inexpected
@shubamrachappanavar2708go outside
@shubamrachappanavar2708 false dichotomy
@shubamrachappanavar2708 I want individually owned private businesses. Preferably with strong anti-consolidation laws to prevent markets from being dominated by too few competitors. Companies like Blackrock and vanguard shouldn't be allowed to control such vast swaths of the economy.
Buffet is proud that you guys believe he's a Boomer. Silent Gen getting ignored just like their name.
Im angry every day we cannot afford kids. This world has gone to hell, everyone will suffer the consequences of the selfishness of rich people. This is the beginning of something awful in the world.
We're definitely heading towards a decades long economic depression. We're gonna have to not only save the world from climate change, but also try to pick up the shattered pieces of quality of life at the same time. All while we're going to struggle to afford our kids so ensure they don't end up in the same slump. Gen z, and Gen alpha, will never retire. Probably not the millennials either.
":the consequences of the selfishness of rich people."
Well, and the swathe of policies enshrined into law which force up the price of everything. THAT isn't the selfishness of rich people.
@@alexanderSydneyOz Rich people choose the law. Politicians are beholden to corporate interests for funding.
I recommend diversifying your investments by considering stocks alongside real estate. During a recession, there are potential buying opportunities in the stock market if approached cautiously. Additionally, market volatility can offer short-term buying and selling opportunities. However, please note that this is not financial advice. It's important to be proactive in investing as cash may not be the most advantageous option during these times.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
My CFA ’’Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
In Naples, FL here, I LOVE seeing homes purchased 20-30 years ago for 200-500k and those comps now are 10X that if not more, and I’m talking just in the land value…
I love what my parents have done. They have said, "you are spending your inheritance" when we do stuff together (if they pay). Which means we spend time and life experiences together.
@@LostSoulchild89 well that is super cute. Enjoy it while she is here. I wish you the best on your journey.
still just spending it on themselves LOL
@@seabreeze4559 money only has value in what it can buy or threaten to buy. They don't just spend it on themselves. So you just don't know. And that is ok
@@seabreeze4559not if they’re sharing experiences with their kids. I’m sympathetic to this video, but this comment reeks of entitlement.
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with "Rachel Sarah Parrish'' for the last five years or so, and her returns have been pretty much amazing.
Scam bots
"Throw it all in the casket it's mine still" - Will of Baby Boomer
You have no right to the money they made.
True but I can see why people feel the resentment they feel, there are literally class-seperation within families due to the state of the world and if you think about it in terms of classes it makes more sense thats like saying poor people have no right to the money rich people make which is true but it doesn't change the justified resentment.
@@brianallen140the miser hoards and stores his gold while the bees collect their summer honey
When the miser is dead and cold someone else will kiss his money
I hadn't heard about this, but I'd have thought this would be obvious. Cash and assests are going to be passed on to family, estates, or institutions. Maybe a decent chunk will go to charities. But you and me? We won't see a dime. All that wealth collected at the top is going to stay at the top, unless somt serious financial mismanagement happens
Many in the trades are actively discouraging the training of the next generation, it’s not even about greed.
When you are 50 your body is breaking down, because your shelflive is over the date. If your live very healthy 50 it begins. If you live badly it already begins with 35. If you have bad genes healthy living is a drop in the ocean. If you have premium genes you have a lot of leverage even with a slicht bad livestyle. Cancer and tumors are diseases you get when go over 70. Prosate cancer is something that every man can get with older age. Breast cancer the same for women.
1/3 of my wealth was recently inherited from my folks. I am a boomer and immediately shared some of it with my kids. I do not need it. The unstable world has me reluctant to spend any yet. I put my folks washer, new in 1968 in the garage, making my laundry life easier most of the year....
What I actually got from this is that I should start a nursing home business. It'll be booming in the coming days.
@@rebeltheharem7028 Please do, they are obviously needed.
Guys, all the wealth goes into corporations. Not people
What am I doing working an honest job when I could be running a disreputable nursing home and raking in the cash? Overcharging residents and overworking staff rakes in massive profits, and appears to be the norm with retirement homes I've visited. I'm sure they'd microwave the dead ones for meals if they thought they could get away with it.
My scruples are costing me my future, and I'm not willing to get rid of 'em. :D
Eventually their won't be anyone left screw over
@@danielhale1 Well, you could run a reputable nursing home. Lots of comments on this video claiming that the entirety of "The Great Wealth Transfer" is going to end up in the hands of elder care and if I were a boomer I'd certainly be looking for a reputable care provider before my selfish kids try to stick me in a shithole and take my money.
@@youtubeuser1052 True! I have a sneaking suspicion I'd get a brick to the back of the head, courtesy of my competitors haha. But yea, the industry deserves to have some real competition.
If I had the millions to spend to buy/build a nursing home...
@@youtubeuser1052if you dont want to give your money to the kids you made, then why did you have children in the first place?
@@veemo8605 What???? Since when has wanting to give money to someone ever been a reason for anybody to have kids? I've heard of lots of reasons why different people want to have kids, but never have I ever heard someone say "I want someone to give money to" as their reason. Where do you come from that that's your reason for having kids?
As an orphan, I can’t help but to be jealous of these kids getting all this free money.
You're missing the single biggest issue. By the time most people inherit the boomers money, they'll already be elderly themselves.
My grandfather recently died and left $1,000,000 in assets to my uncle. My uncle is in his 60s and crippled. All that money has come way too late to change his life. Rather, he's just the newest holder of the dead-wealth. A million dollar inheritance to a person in their 20s or 30s is life-changing, but to someone in their 60s or 70s, it's meaningless.
Which kind of makes the argument that we'll inherit the homes and form families really funny. Young people want to buy their own homes in their 20s and 30s, not when get something when they're 60. Your home should be paid off by that time
@@fabuloushostess6171 half of those kids will be women, how to have kids past like 40 50
@@fabuloushostess6171 grandparents were meant to leave it to grandkids btw hence the thing is POSSIBLE
Good people leave an inheritance to their grandchildren - Proverbs 13:22
I suppose there is a great deal of practicality in this.
THIS
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money or you could hire a financial expert.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
'Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
There's going to be huge immigration away from the US for retirement as more and more people realize it's not affordable to stay here.
Yeah, my parents are going to retire in France. Cheaper for me to buy flight tickets than to put for nursing home in the US.
Which will lead to Americans gentrifying these other countries' costs of living. As if we need more reason for other foreigners to hate us. 😏
Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
thats personal, you should connect with an advisor for proper financial/investment planning, never can tell what the future holds
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
That's impressive! I could really use the expertise of this advsors.
Lauren Marie Ehlers is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
"So when do I get an inheritance?"
HMW: That's the neat part, you won't.
Boomers had it all and they squandered it all. All while calling everyone else lazy.
Comparing what they did 40 years ago to the modern world.
The Great Wealth Transfer... won't change anything, probably. I mean, sure, a lot of money is going to change hands, but it's not going to solve the underlying issues.
Yeah, I've been thinking about that too. Even with all that money moving around, it won't help much if wages stay low and prices keep going up.
It's true. My kids are struggling to save for a house because rents are insane. Even if they get an inheritance, it might just get eaten up by rising costs.
That's a good point. I'm nearing retirement with $250K saved up, and I'm feeling the pressure. With inflation and the stock market being so unpredictable, it's hard to know what to do.
I've worked closely with my advisor for years. he managed to grow my portfolio significantly despite market fluctuations. It's given me the confidence to plan for the future without relying on government support.
That's impressive. Can you share your advisor's name? I'm looking for someone reliable to help me navigate these uncertain times.
As someone who delivers hospice equipment I see a lot of wealth transfer in the form of people who used to live in a paid off house now living in senior living communities with rents for a basic one bedroom apartment starting at $3000-$5000 a month.
@@matthewwynne939 Yeah that part is insane. Then those places get bought by an equity firm and suddenly all the promised services at the center become very sketchy, staff are laid off, and maintenance gets neglected. Watching it happen to a family friend who saved all her life to buy into the place, which is on top of the monthly fee.
A retirment home for one persion on average costs over 5k EUR in Germany per month. The health care sector will absorb all the wealth and it will go to the health care lobby, politicians, and upper management of these companies
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
Sure, investing is plain-sailing with the aid of an invt-specialist, thus I've always delegated my excesses ever since the rona-outbreak in January 2020 using a shrewd advisor, and my investments have compounded by at least 300%, summing up $820k ROI as of today.
this is incredible! how can I vet your advisor if you please? definitely would love to make money from the market too, but a complete newb..
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
You guys are getting an inheritance?
Nope. Parents are vocal about spending it.
Probably. It will be such a pitiful amount that it won't help towards much of anything but yeah.
Not a peasant like you. What you thought it was like an allowance?
I can't even afford dying (costs of the funeral etc.)
It will just explode inflation, if they decide to spend it, it will increase inflation. If they pass it on, it will increase inflation. No matter how you cut it, same result
the boomers are not collectively hiding their trillions in the form of physical currency under the mattress. the wealth and its inflationary and deflationary effects are already in the market.
I’ve held this sentiment for a long time. The world doesn’t owe me anything. Despite both my parents owning homes and indicating they will leave me with some inheritance, I expect nothing. At the bare minimum I will refuse a majority of whatever they choose to leave me. There is nothing left for me but to carve out a place for myself in this world
Never expected to inherit anything from my parents, and planned my life on that assumption. When they finally passed, what little they had went to their grand-kids. No skin off my nose - I didn't need any of it the, kids did.
My sisters *had* assumed they would inherit - and actually tried to contest the will and disinherit their own kids. As executor, I took great pleasure in handing the checks to their children.
All this over just about enough to buy a new car if it all went to one person.
Unless your parents had their own business, and you worked hard to help build it up (i.e. their wealth was built with your assistance) then you have absolutely zero right to demand they leave you money.
My grandma (on mom's side) spent years where she wouldn't leave the house but to check the mail. She believed that if she left, Ed McMan would show up, and she would miss him. For those whacked out on hopium of on inheritance are going to get wrecked. I grew up poor. My dad is now in his late 70's and is barely holding on. There are 3 of us kids, and he seems to think his $8k life insurance is going to leave us set. After inheriting almost $200k from his mom and spending it all on stupid things that will never pay out. He may be fooled thinking $8k split 3 ways is going to put us all on a beach somewhere, but we're not buying it. Work hard, hold your own, spend wisely, and if something good falls in your lap, be thankful. Don't put your head in the sand thinking when you pull it out, everything will be heavenly. The only one looking out for your best interests is you. Delusion is not hereditary, it's systemic.
Markets look like 2015-16. Probably going back to all time highs, but will probably go sideways until fed signals rate cut, Recently sold 25% of my $285k portfolio comprising of plummeting stocks that were recommended by certain financial TH-camrs, quite devastating!
not their fault, the stock market seems to be more of a casino for gamblers now than a place for investors. even if you were averaging down on ailing companies, its your duty to properly research, buying the dip does not guarantee a rebound
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
“Aileen Gertrude Tippy” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I am a gen X and my parents, baby boomers, died many years ago. My fathers business was worth absolutely nothing when my father died. As for all of my parents assets after dividing it between all of us kids each of us did not get that big of a windfall. I was better off when bank of mom and dad was open for business because business for me was booming as I could get loans for little in the way of interest if I had to pay them back at all.
it sounds like by your own admission you got so much more than many others ever will. and still acting like a victim...
Yep, my dad had a small construction business. In my teens, I and my siblings did not want to take over the company. So he scaled down and closed the business. The company’s value completely depended on him running it-not on any tangible asset.
Succession plans are important for preserving the value of any business that depends on a few key individuals
People forget when they’re talking about the “great transfer” that Boomers are not all going to die on the same day in the same year. It’s going to be slow and gradual and it won’t be felt until in your day to day life. The idea that you’re going to one day wake up and trillions of dollars of assets will suddenly become available is laughable.
There is a bit of a spike in population around a specific generation. A lot of people born within a relatively short timeframe. So while it will be a gradual shift, it will still be more transfer on average than the norm.
As a Gen Z who has never experienced wealth that kind of leaves me cold.
Between healthcare, being irresponsible, and just plain selfishness my boomer parents plan to leave nothing to their children. So I never expected anything from them.
I’ve got £100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. Which ETF would you recommend?
As they say, time IN the market is better than trying to time the market. I think you should seek advice from a licensed financial advisor..
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 275 cash earning 5.25 interest, 685k in 401k, 120k cash account, 80k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed within a short period.
How do I reach out to a financial advisor, my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.
I've stuck with the popularly ‘’Linda Aretha Reeves” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
thank you for putting this out, it has rekindled the fire to my goal... was able to spot Linda after inputting her full name on the web, she seems highly professional with over a decades of experience.
The boomer generation had it so good.
They had it rough. The reason we want that is because they were free to seize the day and make something of themselves, without jumping through a three-ring circus number of hoops. Since then, they've voted to regulate those options right out of our hands.
@@1kranireal rough to inherit a country that had about 25% of global GDP and the most solid, accessible economy with government programs aimed at increasing home ownership and building wealth.
Then they built the current system which is, at its core, built to preserve their wealth at the expense of the youth and anyone else
@@1kraniBaby boomers got all the benefits of a socialist government then gutted it so they could keep all the benefits for themselves. Biden isn't the most left president, FDR is, by far. Imagine passing brand new centuries long welfare, social security, and massive infrastructure laws now. Not short term, unfunded things, huge efforts that will last a century, during a time of economic stress no less.
@@1krani And now they keep voting against the very people meant to generate wealth for their retirement plans, just to grant themselves a few more years of wealth, until it will all come crushing down for everybody as it is already unsustainable.
In Italy, the most voted party of last 15 years is ALWAYS the one promising higher retirement paychecks. Anyone under 50 years old is dropping any faith as this country is becoming a national-wide rest house where laws are made to turn young people into NPCs meant to serve the elderies, while completely sacrificing everything else, including being able to make a basic family with a humble life.
You *could* start from zero and make something long lasting some decades ago. Nowadays, unless you're already rich or you are massively lucky to become viral, it's just not possible. They cutted off the lowest steps of the ladder to ensure no one else after them can ever get any close.
@@1krani they were born during the most prosperous time in our countries history... sure not everyone was wealthy but the opportunities were surely there to be seized! Gen X, millennials and gen Z have have got scraps compared to what the boomers got for potential...
How Money Works is back to dropping black pills.
The comments weren't very chill under the glib videos that act like the economy might work OK.
Black Pills is Good
Normalise tipping landlords
@@Mellyxxxxxtrue DuPont Disciple
children dont want to provide for thier elderly parents, parents don't want to give their children their inheritance.
colour me surprised, i wonder why that happened.
My boomer parents better hope they have enough investments and savings to afford a nursing home because I can't take them into my one bedroom apartment.
@@rebeccav.3734 fair.
It's a two way street, I scratch your back and scratch mine. my parents provided for my college tuition, and ngl that's such a big big help coz i am not in debt immediately after exiting my uni.
they gave me everything I wanted and still expect nothing in return they even have their retirement plan settled. I for one am grateful and will be with them till their old age all the way through
Transfer of wealth usually occurs during high inflation or market crash, so the more stocks drop, the more I buy. In the meanwhile I've set asides 100k to fuel up my eventual retirement. I'd appreciate tips on stocks that have the best chance to 10x in 5 years.
get an index fund to diversify in good companies or perhaps, seek guidance from a well experienced advisor to be on a safer side
Agreed, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. However, if it wasn't for covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments. Stay positive friends.
I take guidance from a Pennsylvania-based advisor ''Karen Lynne Chess'' To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
thanks for putting this out, curiously inputted Karen Lynne Chess on the web, super impressed with her qualifications, she seems highly professional from her reseumé
If people could really predict what stocks would dectuple on such a short time scale, they would have little incentive to risk their own massive gain by clueing in strangers, unless they were pumping up a meme stock, honestly
So true! Wealth has no shortcuts, here are ways to acquire it..🔥
I had decisions that grew my finances (gathered over 1M in 2yrs) with heIp of my financiaI pIanner. Living the dream, hoping to retire next year.g
Elizabeth Greenhunts
get to her with the name
Worth pointing out, you mention that people purchase Medicare advantage plans to cover senior care. This is worth editing, Medicare advantage plans work to eliminate or reduce traditional Medicare copays by DECREASING, not increasing services. Medicare advantage does not cover senior care (long term care) and adds huge extra levels of requirements to get basic Medicare services such as physical therapy. Many people call them Medicare disadvantage plans because people don’t realize how badly they screw people. In fact, that may be worth a video in of itself about how money works with Medicare
When I was teenager in the late 90s my boomer dad hated me because I wanted to work hard to improve myself and not constantly complain like him. Told me he would cut me off his will. I didn't care. I thought there will be nothing left anyways.
Now he's struggling with cost of living and wants to reconcile. I won't. He dug his own grave.
Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. But why hasn't accounting/finance been mandatory in high schools for Gen-Z? Why not for their parents? Why not for their grandparents?
Instead we have had 70 years of television brainwashed consumerism. Did John Maynard Keynes ever see a television commercial for automobiles?
Try finding an economist who talks about the depreciation of durable consumer goods. But Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work.
Careful there, when you correctly categorize Marx as an economist you get accused of being a communist.
household economics, small business accounting and finance can be taught from elementary through highschool. Kids would start their own businesses and seek financial independence very early in life. Current hierarchies would crumble fast.
Elders, gov would experience a massive loss of power.
Not happening anytime soon.
High schoolers today are given one semester of basic economics. It’s not enough to prepare them
Yeah I’m not dying at a long term care facility. They won’t get a dime from me.
If you're a good parent you won't need to go to a long term care facility, your kids will help out I'm sure. A lot of boomers weren't good parents and won't be so lucky, though.
@@Anonymous-ld7je God the bad ones can't do the decent thing and just off themselves.
@@Anonymous-ld7je Building them up and endearing yourself to your children so that they voluntarily care for you is really the only sane retirement plan. Outsourcing it to the state and retirement homes could only ever end in disaster.