My boomer parents are pretty good to us but watching live a lifestyle on credit my whole life really taught me what NOT to do.
My dad took out multiple home equity loans on their house over the years to fund bad purchases, like new cars, RVs (might as well have burned that money in a fire pit) and stuff like wood floors for the house that they didn't need.
Even now that they are retired, they took out a huge equity loan to expand the house they moved into. Space they didn't need. They owe almost a half million dollars on their retirement home and my dad jokes about how the only thing we will inherit is their debt.
I don't have the heart to tell him that one of the best lessons he ever taught me was how to not manage money properly. He would get defensive if I said it.
I just read this guy's tweet on X an hour or so ago. Wild. My first thought was "you dipshit." That kind of mentality in a person doesn't just magically manifest overnight. He should have known from being RAISED by the woman that she was capable of this.
The only way I knew my mother is capable of this is because she DIDN'T raise me. Kids raised by boomers are waaaaay worse than kids just thrown off to the street with a latchkey.
My Gen X sister and brother in law got into financial trouble some years ago and they're still digging out. They have no cushion for financial shocks. When those shocks happen, it's me and my Silent Generation dad that help. My brother in law has a very wealthy Boomer dad. Not a dime from him, ever, to any of his children.
The errors of the boomers are clear and become more clear every day.
As an X'er, I want to learn from their mistakes and not repeat them. I also want to discern the common errors of my own generation and also avoid them.
My boomer mother cost the family 1.5M (at least) due to her greed.
2004 her mother gets dementia and needs to go into hospital care – this is self paid until your wealth gets below a certain threshold and then the govt picks it up. My uncle (mums brother) gets an approval to borrow against Nanas house to cover her care so they can keep the house, rent it, and sell at their pace to a developer (as its in an area they could add 3-4 townhouses on her massive section). Uncle would have covered all the admin etc – I found the approval when going through his estate.
Nope my mother sees $ signs, and sells. Nana dies 3 months later. Uncle invests his share, mothers share disappears.
She also threw out most of Nanas house because she cares nothing about family, my uncle was able to save some of it.
Same year she decides to sell her own house that they are renting because the agent suggested it and she saw $ signs again. I am a mortgage adviser and suggest its worth keeping as it’s a good rental, getting good yield. Nope the agent sold direct to the tenants. Ask mum if she is going to buy in the new town, nope we will sit on the money. Spends a ton on Christmas. All the money gone.
Nanas house more than doubles in value over the coming years and mums old house is right beside the fastest growing demand area in her town. She lost us at least 1.5M (I gave up on the maths as it was getting too annoying).
She then left to Australia, torments my sisters with her emotional garbage, and if it was not for both her siblings dying and leaving her a chunk of their estate she would be destitute at 72.
Have not spoken to her in 20 years, nothing of value has been lost. She will never see her grandkids. My sister is very similar and is waiting for dad to die as she thinks she will get rich.
Can't believe this guy dissolved the trust. Why would you do that? There was a reason gran set up a trust and he (along with his mother) just trampled all over gran's wishes.
Wife’s mom bedgrudgingly set up education funds for the grandkids , doing it only because it is, “what daddy would have wanted.” She wrestled with the idea, truly not wishing to part with the money, which will find all of their college, and is a drop in the bucket for her. And while most college is trash, it is still good for the engineer types in the family who do still need the training. And she knows this, but continued to defer the funds until the last possible moment.
To receive an inheritance, yet not leave one to your heirs in turn-as we have seen done, in this vignette, and generationally, here in Christendom-is the pinnacle of selfishness, and rightly condemned.
Conversely-to start with nothing, but leave a legacy-even a small one, and thus harvested with hardship-is to reap honor for oneself, and a head start for your posterity.
Charity begins at home, with your heirs, and only when that cup is filled, should any further thought of giving transpire.
Dude has a property management company and still left himself that exposed. There’s no absolving the boomer, but the total responsibility shifting is dishonest self-service.
So my Boomer aunt and her husband had control of two to five houses in the Boston area.
Sold them all, but only after waiting until the trust was dissolved, to take my dad out of any interest.
Her and her husband (both childless)... get everything. My family gets nothing. They get millions.
My dad spawned three sons. She made nothing.
My "Greatest" grandfather totally fucked up. I have to think he was a clusterfuck.
Literally end up giving everything to your evolutionary dead end retard daughter.
Me and my brothers ended up with nothing. After decades of being assured we'd be set up for life.
My boomer parents are pretty good to us but watching live a lifestyle on credit my whole life really taught me what NOT to do.
My dad took out multiple home equity loans on their house over the years to fund bad purchases, like new cars, RVs (might as well have burned that money in a fire pit) and stuff like wood floors for the house that they didn't need.
Even now that they are retired, they took out a huge equity loan to expand the house they moved into. Space they didn't need. They owe almost a half million dollars on their retirement home and my dad jokes about how the only thing we will inherit is their debt.
I don't have the heart to tell him that one of the best lessons he ever taught me was how to not manage money properly. He would get defensive if I said it.
"Somebody should have stopped the Boomers"
"Wait why did the Boomer do this when I didn't stop them"
"Surely these two topics are unrelated"
I just read this guy's tweet on X an hour or so ago. Wild. My first thought was "you dipshit." That kind of mentality in a person doesn't just magically manifest overnight. He should have known from being RAISED by the woman that she was capable of this.
The only way I knew my mother is capable of this is because she DIDN'T raise me. Kids raised by boomers are waaaaay worse than kids just thrown off to the street with a latchkey.
The goose that laid the golden egg would be the perfect child’s fable book to drop in her mail box.
Yep, dissolving the trust was not a very wise move. Trusts are setup to protect against the exact problem this man is now facing.
Temptation and selfishness runs rampant in some people when opportunity presents itself.
My Gen X sister and brother in law got into financial trouble some years ago and they're still digging out. They have no cushion for financial shocks. When those shocks happen, it's me and my Silent Generation dad that help. My brother in law has a very wealthy Boomer dad. Not a dime from him, ever, to any of his children.
The errors of the boomers are clear and become more clear every day.
As an X'er, I want to learn from their mistakes and not repeat them. I also want to discern the common errors of my own generation and also avoid them.
Their errors burden none, but those after them.
My boomer mother cost the family 1.5M (at least) due to her greed.
2004 her mother gets dementia and needs to go into hospital care – this is self paid until your wealth gets below a certain threshold and then the govt picks it up. My uncle (mums brother) gets an approval to borrow against Nanas house to cover her care so they can keep the house, rent it, and sell at their pace to a developer (as its in an area they could add 3-4 townhouses on her massive section). Uncle would have covered all the admin etc – I found the approval when going through his estate.
Nope my mother sees $ signs, and sells. Nana dies 3 months later. Uncle invests his share, mothers share disappears.
She also threw out most of Nanas house because she cares nothing about family, my uncle was able to save some of it.
Same year she decides to sell her own house that they are renting because the agent suggested it and she saw $ signs again. I am a mortgage adviser and suggest its worth keeping as it’s a good rental, getting good yield. Nope the agent sold direct to the tenants. Ask mum if she is going to buy in the new town, nope we will sit on the money. Spends a ton on Christmas. All the money gone.
Nanas house more than doubles in value over the coming years and mums old house is right beside the fastest growing demand area in her town. She lost us at least 1.5M (I gave up on the maths as it was getting too annoying).
She then left to Australia, torments my sisters with her emotional garbage, and if it was not for both her siblings dying and leaving her a chunk of their estate she would be destitute at 72.
Have not spoken to her in 20 years, nothing of value has been lost. She will never see her grandkids. My sister is very similar and is waiting for dad to die as she thinks she will get rich.
This one hits a little too close to home as the child of boomer parents. I pray for the younger generations.
I find it a bit comical that thrifters are very excited about the aging boomers. “Now furniture we could never afford will be reasonably priced.”
They will give the furniture to a charity that will throw it away
Can't believe this guy dissolved the trust. Why would you do that? There was a reason gran set up a trust and he (along with his mother) just trampled all over gran's wishes.
Yeah, it's on him.
I would cut her off from the family entirely for that.
The pillow... the soft fluffy pillow is the answer. That's all I'll say.
Wife’s mom bedgrudgingly set up education funds for the grandkids , doing it only because it is, “what daddy would have wanted.” She wrestled with the idea, truly not wishing to part with the money, which will find all of their college, and is a drop in the bucket for her. And while most college is trash, it is still good for the engineer types in the family who do still need the training. And she knows this, but continued to defer the funds until the last possible moment.
Exactly.
To receive an inheritance, yet not leave one to your heirs in turn-as we have seen done, in this vignette, and generationally, here in Christendom-is the pinnacle of selfishness, and rightly condemned.
Conversely-to start with nothing, but leave a legacy-even a small one, and thus harvested with hardship-is to reap honor for oneself, and a head start for your posterity.
Charity begins at home, with your heirs, and only when that cup is filled, should any further thought of giving transpire.
Dude has a property management company and still left himself that exposed. There’s no absolving the boomer, but the total responsibility shifting is dishonest self-service.