Post by jacquelope on Sept 8, 2011 20:06:10 GMT -6
The Boomers' kids are walking into an economy that is rapidly swirling into the toilet which is why Boomers are making these financial sacrifices for their kids now.
Regardless of that fact, 49% of Baby Boomers feel they should spend it all and let their kids fend for themselves. Which is consistent with the fact that the right wing half of Baby boomers sent their kids' jobs overseas, plus they also plan to leave the Earth as polluted and strip-mined as possible, and saddle their offspring with the increasingly acidic oceans, increasingly wild weather, smog, mercury poisoning of fish, and the crop failures (wheat and corn, anyone?) that come as a result. I wonder how much overlap there is between these right wingers and the 49% in this article.
"We got ours, fuck you."
God bless the 51% of Boomers who have their heads on straight.
articles.latimes.com/2011/sep/05/business/fi-la-boomer-inheritance-20110906
Many baby boomers don't plan to leave their children an inheritance
Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves.
September 05, 2011|By Walter Hamilton, Los Angeles Times
Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.
Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.
"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
"We were like 'wow,'" said Keith Banks, U.S. Trust president.
Whether to leave an inheritance is a decision increasingly faced by many of the nation's 77 million baby boomers, and it's becoming all the more complicated by the troubled economy.
Boomers are caught between the desire to enjoy their long-awaited golden years and the pressure of various financial concerns, such as fear of outliving their savings and the need to help parents, children or siblings who have their own money struggles.
Many boomers, who range in age from roughly 47 to 65, simply believe that after years of hard work they can spend their money as they choose, experts say.
They spent their lives building businesses and careers, often at the expense of their health or personal relationships. And after years of footing the bill for their kids' pricey educations, they see no reason to curb their spending impulses in their later years.
Besides, they figure, their kids will get something since nobody can synchronize their demise precisely to the emptying of their bank accounts.
Regardless of that fact, 49% of Baby Boomers feel they should spend it all and let their kids fend for themselves. Which is consistent with the fact that the right wing half of Baby boomers sent their kids' jobs overseas, plus they also plan to leave the Earth as polluted and strip-mined as possible, and saddle their offspring with the increasingly acidic oceans, increasingly wild weather, smog, mercury poisoning of fish, and the crop failures (wheat and corn, anyone?) that come as a result. I wonder how much overlap there is between these right wingers and the 49% in this article.
"We got ours, fuck you."
God bless the 51% of Boomers who have their heads on straight.
articles.latimes.com/2011/sep/05/business/fi-la-boomer-inheritance-20110906
Many baby boomers don't plan to leave their children an inheritance
Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves.
September 05, 2011|By Walter Hamilton, Los Angeles Times
Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.
Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.
"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
"We were like 'wow,'" said Keith Banks, U.S. Trust president.
Whether to leave an inheritance is a decision increasingly faced by many of the nation's 77 million baby boomers, and it's becoming all the more complicated by the troubled economy.
Boomers are caught between the desire to enjoy their long-awaited golden years and the pressure of various financial concerns, such as fear of outliving their savings and the need to help parents, children or siblings who have their own money struggles.
Many boomers, who range in age from roughly 47 to 65, simply believe that after years of hard work they can spend their money as they choose, experts say.
They spent their lives building businesses and careers, often at the expense of their health or personal relationships. And after years of footing the bill for their kids' pricey educations, they see no reason to curb their spending impulses in their later years.
Besides, they figure, their kids will get something since nobody can synchronize their demise precisely to the emptying of their bank accounts.