40 years of faulty wiring

Inheritance? Get Off Your Butt and Earn it Yourself

You know what kills me (pun) is the number of middle-income baby boomers who are under the impression they are going to receive (and are entitled to receive) an inheritance from their aging parents. Inheritance?  Who do the boomers think their parents are – the Trumps?  Here’s a mini-lesson in Inheritance and Today’s Economy 101:

(1)  Unless you are highly affluent or from the wealthier class, there is no such thing as an inheritance anymore….nada, none, nyet. The middle class itself is in decline due to the incredible debt that so many of the boomers have gotten themselves into in a vain attempt to knock the Joneses out of the ballpark.  That debt drives up the cost of living for everyone else, including their senior parents and Gen Y.

(2) Boomer parents are living on what boomers believe is their “inheritance” and what in reality, is their parents much-needed nest egg. 

(3) Even if a boomer is fortunate enough to receive a so-called inheritance they aren’t going to be millionaires!  Their lives aren’t a page out of the Wealthy Barber.

(4)  I love this idea:  a boomer’s so-called inheritance might come with a condition or two attached to it: get a university degree; start a career of your own; make your own way in the world first,, etc before they are entitled to their inheritance. Why should anyone receive an inheritance just because of blood ties and for doing nothing?  If a person didn’t respect their parents when they were still living, and said person didn’t get off their butt and make something of themselves, why should said person get any windfall from his or her parents? watch the new generation of moochers

Bear in mind I’m not referring to certain people such as the very young, the disabled, and the bereft. For instance, women who became single mothers at an early age, were denied an education, and as a result live on food stamps and good intentions.  God love them.  Seriously.  Read Don’t Count on an Inheritance

(5) For the boomers and their children who live in Ontario, McGuinty has an inheritance of his own yet not the generous kind.

(6) What about children of your own boomers?  Plan on leaving them a little something?  Watch Ray Lucia’s Boomers and Beyond  Less than half of boomers intend to leave an inheritance for their children insisting that the best inheritance is a lesson in “self-reliance”.  Has the thought occurred to these same boomers that this may apply to themselves? watch motivation what is your legacy?

(6)  Consider parents might not trust a boomer’s spouse and are determined to keep an inheritance out of his or her hands.  Watch protect your real estate investmentParents are often more objective about greedy in-laws than their children who married them …  ahhh those rose-colored glasses.  Thankfully that’s what protective mothers and fathers are for.

(7) Seniors may actually rely on their offspring to assist them financially in their golden years.  Watch the new parent trap

Personally I am at the tail end of the boomer era and determined to keep making my own way in the world. From the time I was a teenager, my father stressed, “get the degrees and the money will come.”  How right he was.  That’s the most valuable inheritance I received from my father and mother and it has served me well. No bull.

I cannot wait until the lazy and the greedy among the boomers get what is coming to them. If only I could be there to see the look on their faces…. read bursting boomers’ inheritance dreams

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February 7, 2012 - Posted by | Finance | , , ,

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