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Thread: The Lust For Boomers' Money

  1. #41
    Veteran Member Madeline's Avatar
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    BTW, I recommend a Canadian tv show for anyone who finds some aspect of money anxiety-provoking. Which is everyone, I think.

    "Till Debt Does Us Part", hosted by Gayle Vox-Oxley. Among all the famous financial advisors for individuals, this show does the best job of inserting new information into your brain AND it explores the corrosive effect bad money behaviors has on your most important relationships.

    Others to watch or read are the great Susi Orman and Dave Ramsey.

    All free on YouTube.
    Last edited by Madeline; 18th March 2018 at 09:44 AM.

  2. #42
    Veteran Member Dr.Knuckles's Avatar
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    I live in a large international coastal city so my experience is quite quite different.

    Any baby boomer here who had even a lower-middle class job is sitting on a 1.5 million dollar house. My dad worked as a clerk at a shop and mum never worked and their home is now worth 1.9 million dollars. That’s maybe 1.5 million US?

    My age? The Gen Xers? We come in two groups. The ones who got 25k cash home down payments as wedding presents have million dollar homes. Those who did not are fucked. Absolutely, totally, irreversibly fucked. They will NEVER own property. Never. Husband and wife work professional jobs requiring university degrees and pay $2000 US a month in rent to raise families of four in 1 bedroom condos and basement suites owned as second and third properties of boomers who worked as clerks and waitresses. The entire family risks homelessness the second their manager (also Chinese retirees, collecting full pensions they got at 55 and double dipping by working in their retirement.) decides to downsize.

    Schools in sprawling suburbs sit empty as lone seniors live in 3 story 5 bedroom homes around them. Across town, 2 bedroom condo towers packed with families of four are surrounded by portable classrooms. Hastily constructed out of shipping containers.

    Someday, in their 90s, they’ll pass that wealth to THEIR middle aged kids. But o oh their kids.

    A yone without that lotto ticket inheritance has no hope of ever escaping that $2000 US a month 1 bedroom condo.
    Last edited by Dr.Knuckles; 17th March 2018 at 10:04 AM.
    Thanks from Madeline

  3. #43
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by Dr.Knuckles View Post
    I live in a large international coastal city so my experience is quite quite different.

    Any baby boomer here who had even a lower-middle class job is sitting on a 1.5 million dollar house. My dad worked as a clerk at a shop and mum never worked and their home is now worth 1.9 million dollars. That’s maybe 1.5 million US?

    My age? The Gen Xers? We come in two groups. The ones who got 25k cash home down payments as wedding presents have million dollar homes. Those who did not are fucked. Absolutely, totally, irreversibly fucked. They will NEVER own property. Never. Husband and wife work professional jobs requiring university degrees and pay $2000 US a month in rent to raise families of four in 1 bedroom condos and basement suites owned as second and third properties of boomers who worked as clerks and waitresses. The entire family risks homelessness the second their manager (also Chinese retirees, collecting full pensions they got at 55 and double dipping by working in their retirement.) decides to downsize.

    Schools in sprawling suburbs sit empty as lone seniors live in 3 story 5 bedroom homes around them. Across town, 2 bedroom condo towers packed with families of four are surrounded by portable classrooms. Hastily constructed out of shipping containers.

    Someday, in their 90s, they’ll pass that wealth to THEIR middle aged kids. But o oh their kids.

    A yone without that lotto ticket inheritance has no hope of ever escaping that $2000 US a month 1 bedroom condo.
    We both need a revolution. BTW, after the fraudsters get done stealing from me, they will descend on my heirs.

    "Kids" from 4 to 44 might not have the wits to cope well with sudden wealth, and the parents or grandparents who hope to enhance their lives with a sizable inheritance must consider this. I don't think there's a one size fits all solution, but I do like the trust device that doles out money in increments. 25% at age 25, 25% at 30, etc.

    If you are confused as to how you might harm a young person you love with an inheritance, please consult your Agatha Christie mysteries.

    Again, repeatedly: we need a revolution. The middle class is being driven out, and unless we have radical change, our children will live in tents.

    Vote PROGRESSIVE, or grab a pitchfork and head to the streets to riot.
    Last edited by Madeline; 17th March 2018 at 10:59 AM.

  4. #44
    Veteran Member bonehead's Avatar
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    Quote Originally Posted by Madeline View Post
    Reverse mortgages, home warranties, prepaid burial plans, tax planning, vehicle leases, Medicare planning, greedy relatives.......shit! Shit! Shit!

    Boomers hold the VAST majority of the wealth still owned by Americans who are not rich, and we are being chased down the street by robbers.

    Ay ye ye. This is going to work, too. In time, we'll get sicker, less alert, needier, more frightened...we are all delicious prey.

    So, any ideas? Should we pass laws punishing more harshly or outlawing the most predatory financial products? Make it easier for our children to act as a second set of eyes on our money?

    There's a huge problem, and not even a glimmer of a solution.

    Your thoughts?
    don't accumulate any wealth. my motto - spend your last dime as you take your last breath.
    Thanks from Madeline

  5. #45
    Veteran Member Madeline's Avatar
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    Eggsellent plan!

  6. #46
    Veteran Member bonehead's Avatar
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    Quote Originally Posted by Madeline View Post
    Eggsellent plan!
    it's quite easy when you're poor. even simple.
    Thanks from Madeline

  7. #47
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by bonehead View Post
    it's quite easy when you're poor. even simple.
    Our ideas of what constitutes poverty are not the same as those of fraudsters, who have myriad ways to exploit us even after we are dead.

  8. #48
    Veteran Member bonehead's Avatar
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    Quote Originally Posted by Madeline View Post
    Our ideas of what constitutes poverty are not the same as those of fraudsters, who have myriad ways to exploit us even after we are dead.
    as stated, if you have nothing, there is nothing to take - regardless of who wishes to do so.
    Thanks from Madeline

  9. #49
    Veteran Member Madeline's Avatar
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    Quote Originally Posted by bonehead View Post
    as stated, if you have nothing, there is nothing to take - regardless of who wishes to do so.
    Poverty in the U.S. is different from poverty in, say, Brazil. There are no orphans living atop our landfills.

    Yet.

  10. #50
    Established Member soupnazi's Avatar
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    Quote Originally Posted by Madeline View Post
    You are aware a person with Alzheimer's has the legal power to consent to a contract for YEARS before the disease steals all of her capacity? Depriving an adult American of capacity to consent is rarely successful.

    What would you feel about a voluntary program? Some document I submitted to the county property clerk, so that my.home cannot be sold (even if I consent) until a trustee, etc. has looked at the deal?
    You were not specifying people diagnosed with alzheimers but merely boomers in general

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