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Old 02-12-2013, 12:46 PM
 
Location: Irving, TX
631 posts, read 569,146 times
Reputation: 937

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Financial repression means that the Boomers aren't going to hand a whole lot to their grandkids -- the entire cohort is retiring into a global currency war. With many Boomers having been famously bad at saving, and with interest rates likely to remain low while currencies drop in relative value vs. commodities and food (this is what caused the Arab Spring), it is very likely that Mom and Dad are going to need every cent they've ever earned to live on, and will probably need significant help once they hit late retirement.

If you love your folks, push them HARD to arrange their finances as carefully as possible.
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Old 02-12-2013, 02:03 PM
 
Location: Chicago area
13,144 posts, read 7,261,591 times
Reputation: 50213
Quote:
Originally Posted by french paris View Post
I have read : "The kind explanation is that todayís boomers want their kids to grow up with the same middle-class values they had. They want their offspring to learn struggle and hard work and failure and the joys of earned success and all the other lessons that helped the boomers become successful (those, along with 30 years of bull markets and strong economic growth) "

In Europa it is different .Boomers worry about children ( unemployment ,crisis, health cost ) and help them giving inheritance.Difference of mentality
I know what you're saying. I have a friend going through some really hard times right now and her father is a multimillionaire. He won't even give her a dime to help her out. She never asked him for anything but I don't understand why he wouldn't even offer. My MIL is the only parent left for us and we keep telling her to spend every dime on herself. It's unfortunate that John's other siblings don't see it that way and bleed her every chance they get. We already made ours but some people just can't seem to wipe their own hind ends without Mommy's help their entire life. John is too much of a man to take any money from his mother. We pay for everything including her groceries when we see her. She's 85 and that's the way it should be. We aren't counting on any money coming from her, I'm sure the rest of the vultures will pick the estate dry. Whatever.
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Old 02-13-2013, 01:19 PM
 
24,800 posts, read 26,947,512 times
Reputation: 22895
Quote:
Originally Posted by happycrow View Post
Financial repression means that the Boomers aren't going to hand a whole lot to their grandkids -- the entire cohort is retiring into a global currency war. With many Boomers having been famously bad at saving, and with interest rates likely to remain low while currencies drop in relative value vs. commodities and food (this is what caused the Arab Spring), it is very likely that Mom and Dad are going to need every cent they've ever earned to live on, and will probably need significant help once they hit late retirement.

If you love your folks, push them HARD to arrange their finances as carefully as possible.
I pretty much agree with all of this. The last part is very true, but from my experience, people who've saved little or nothing their whole lives will not start in their 50s. For those who've been forced out of decent paying employment, they won't be able to even if they want to. And for those who still have decent paying employment...their spendthrift habits are too ingrained.
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Old 02-13-2013, 01:21 PM
 
24,800 posts, read 26,947,512 times
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Originally Posted by MassVt View Post
No , the Baby Boom started in 1946, and some would even say 1947, and lasted through 1964. These numbers have been accepted for years...and I'm one of the boomers..
As I've stated seveal times already and as is posted in the link...the demographic Baby Boom does NOT synch up exactly with the Baby Boom generation.
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Old 02-15-2013, 09:39 PM
 
990 posts, read 1,478,891 times
Reputation: 2403
Inheritance -schmeritance
never expect one, cause you have no right to one.
it's not your money.

if you get one, that's great.
I'm a boomer who got one, never expected it, was surprised when I got it, was ticked off that mom lived in that constantly needing repairs house and never spent the money for a nice condo in a warmer climate.
She knew I didn't need the money, so I got less than my siblings, which was fine with me.
Still - I wish she had spent it on herself.
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