Kids inheritance – a baby boomer’s point of view
According to the Australian Bureau of Statistics (ABS) I’m a “Baby Boomer” due to the fact I was born Downunder during the years 1946 to 1964; and there I was thinking I was just “a chip off the old block”. Point One – Cashed up Our entire cash savings are tied up in our well worn wallets, loose change in the centre console of the family car, and one three month old frozen barramundi. Being able to save money has never been one of our better qualities, and with three kids and minor disasters coming out of left field far too often, I’ve resigned to the fact that we’ll never be a Mr. and Mrs. Bill Gates. Point Two – Getting botox For the public record I’d like to say here and now, even though it would iron out a few wrinkles, I will never knowingly resort to injecting my lips or my face with anything that used to go, “Oink, Oink”. Point Three – Running off to the gym When it comes to showing off my body, I prefer the lights out. So working out in a public gym is totally out of the question, as I don’t think they’d let me do it in the dark. Yes, I’m a prude. Point Four – Travelling the world I’ve never been overseas and probably never will, unless we win the lottery of course. But when all is said and done, I’m quite happy living in a world all of my own. The saying “the best things in life are free” is quite true and goes a long way to consoling us as we plan for the years ahead. At the moment we are comfortable and have the love our children, but something tells me there won’t be enough “free things” to keep us out of the poor house, so we better get it right. "Should we spend the kids inheritance now? or, as I like to put it, should we use the SKIN method on them before we kick the bucket?" For us, the answer is “no”. It’s our wish to leave each of our children as much as we can to make their lives easier. But there is always a “maybe” in any great wish. Questions for the reader Disclaimer: The views expressed in this article are the views of the author and do not necessarily reflect the views or policies of my wife. To be continued...
Following closely on the heels of the ABS, are the so-called generation experts who claim that “Baby Boomers” are cashed up, getting botox, running off to the gym and travelling the world.
Well, have I got news for them. “You’ve got to be kidding!” Now, I’ll explain point by point, why they are so wrong.
Now, that brings me to the crux of this story; one that you’ll all contemplate as you near life’s end.
Taking into account the things that come with old age, it might be the case that the only thing we’ll be able to leave our children will be memories. We pray and hope that's not all that we leave them.
So where to from here? Our plan of attack is to help them out whenever possible whilst we’re still breathing and God willing, by the time we’re pushing up the daisies, there will be a pot of gold waiting for them at the end of our rainbow.
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Which brings up the question..should we leave our kids money that we could have enjoyed while alive. Hopefully we have brought up kids that are self-sufficient and are planning ahead. The question is: why not enjoy life while we are here to enjoy it?
carol stanley spectacularlifeaftersixty.blogspot.com
Lol, great post, I was just thinking about a lot of this stuff Peter.
I am a baby boomer, but don't go to the gym and the only money I am spending is on one of my daughter's upcoming wedding,lol.
I am of the same line of thinking as you, leave as much for the kids as possible, although still spending some to make life enjoyable, after all we did bring them into this world, why not make someones life you are responsible for and love a little easier.:)
Hi Carol! Being a new visitor I'd like to welcome you here and I hope you pop around again.
Leaving our children funds after we die, is a personal thing. No one should be criticised one way or the other, when it comes to this.
Yes, we try and teach children to be self-sufficient and to plan ahead. Some do and some don't however.
It's just my wish to be able to help them out when I die. Done mainly to help them buy a house of their own, as they're so expensive these days. Coupled with fluctuating high interest rates and high priced commodities, everyone here struggles to have a home of their own or to keep it once they get it.
I'm not saying that we should go without, just to accomplish this. Heaven knows we deserve a fitting end for our years of toil, but if we're able to share some of our wealth, I'd die a happy man.
Take Care,
Peter
Hi Bob, great to see another baby boomer here. I wouldn't worry about not going to the gym, as you work out enough considering your multiple field trips to see the stars. Lugging around your camera equipment would be great for the body.
Keeping the mind active is also the key to keeping young and from what I see, it's something you do day and night.
I don't go to the gym but I do have a treadmill at home and that is very convenient, plus it keeps me out of the hot Aussie sun.
I realise how expensive weddings and all that goes with them, can be. I was talking to someone about this just the other day.
I put to them that wouldn't it be great for the couple, especially if they're struggling, if they were given the money that would have been spent of the wedding. I thought that quite logical.
Unfortunately, I was shot down in flames for coming up with that idea.
Tradition says that the brides family pays for the wedding, so having only sons I should end up alright!
All jokes aside, sharing costs equally is a far better idea. I wish you and your daughter all the very best for the upcoming wedding.
Like I said to Carol, it's a personal thing. If you and I are able to help as much as we can now and after we go, that would be the icing on the cake for both of us.
Take Care,
Peter
I'm a baby boomer too Peter. will never be rich working at the gimcrack, in fact I don't think I'll ever be able to retire. I do have some savings though and I certainly hope to be able to leave at least half of it to my children.
the rest is for me to spend on travel occasionally - definitely not on botox
Peter,
ROFL at the disclaimer. You are a diplomatic hubby. :D
I'm a baby boomer who must be your long lost twin. I have problems like: how am I going to pay for that crown the dentist told me I needed?
Perhaps the generations were mixed up or something.
Hugs, JJ
Hi Nursemyra! Like you, we will never be rich. Can't complain too much though as we're comfortable and have a wealth of very good memories.
People these days are working well past retirement age and for obvious reasons the government is very happy about that.
I have two jobs, one full-time and one part-time. The part-time job will hopefully carry me through to my leaves drop.
Leaving your children at least half of your savings has a very nice ring to it and I hope your wish comes true.
Just recently we have began to travel within Australia to see family from both sides of the fence.
I'm new to that game and even though I get a very big kick out of it, I do love to come home and put my feet up.
Take Care,
Peter
Hi JJ! Being diplomatic is my attempt at keeping out of trouble. Doesn't always work though, unfortunately.
Lost lost twin? There I was thinking I only had one sister. Great, more presents for me at Christmas time!
Another thing we have in common, is that I was told by my dentist yonks ago that I needed a crown too.
As it's still hanging in there, it should be right for at least another ten years when I get my dentures.
Take Care,
Peter
We are baby boomers too.
Well we believe in spending our cash. We have earned that right I think. We've given and are giving a huge amount of cash over the years to the kids but more importantly lots of tools to do well in the future. They will live comfortably by using these tools and philosophies and doing well in school. I am confident that our kids will do much better than we have and we are comfortable and happy. Unfortunately, here in the states no parent can finance college for their kids and we will have two in college at the same time for two years! That takes a huge chunk out of a kids future, trying to pay back loans. That being said we will leave them this house and our cabin on the lake. That should give them a nice head start. Just no cash other than life insurance should we kick the bucket unexpectedly.
Peter:
I don't know what generation I'm from. I was born a shade too early for the baby boomer thing, yet that what most people over hear call me.
As to saving something for the little angels, well, I'm in about the same shape you are. I'm low on cash, but rich in stuff, so if they don't mind selling my things on e-Bay, maybe they'll have a little. It's the best I can do.
I'm not really in to the whole plastic surgery thing either. I don't take dope, and I don't smoke or drink. I did smoke and drink in the past, but thank goodness I learned my lesson. Too many morning headaches - if you know what I mean.
Great post.
Hi Windyridge! I think half the world is made up of baby boomers.
We're in the same boat as you when it comes to looking after our children, but like the two of you, we are comfortable.
I suppose you would call us simple folk but we're happy enough to be classed that way.
We hope to leave our children our home as long as nursing home fees don't eat that up. Touch wood, that doesn't happen.
The children all have jobs and are creating their own little niche in this world, and that's just great.
I wish you and your family the very best.
Take Care,
Peter
Hi Swubird! I found this link for you, so you can work out what generation you came from. Hope it helps!
http://en.wikipedia.org/wiki/List_of_Generations
Your angels might be surprised when it comes to selling off your stuff on eBay. They might end up getting a packet, you never know. I hope they do.
For me, my only vice are the gaspers, sorry to say. Just money down the drain.
As I don't drink, I come in very hand as a designated driver.
And thank you, for your great comment.
Take Care,
Peter
You pose some intriguing questions...My generation...Does it even have a name? I couldn't tell you.
What inheritance? We have some saved, but I wouldn't call it an inheritance. I think what we do have will end up going to college tuition for them. So, they'll get it early, I guess, unless my ship comes in.
On point one: totally agreed!
On point two: I might when I need to. It really depends on how I feel then. It's all a matter of upkeep.
On point three: Thank God for home gyms.
On point four: Thanks to my parents I did a lot of traveling when I was young. I have a few places I'd love to see lingering in my dreams; but I'm happy with our family trips to the coast.
Have a good one!
A Boomer like you. There is nothing special set aside for the kids, we help them as much as we can now and hope to have enough to sustain ourselves so we won't be a burden for them in our old age. On that note, I don't expect to get much of anything when my parents pass, especially the way the economy is going. They planned and thought they were set up for their old age and now they're having to rethink their retirement.
Hi The Muse! From what I can work out by using the net, after the Baby Boomers came Generation Jones, also known as Tweener; they were children in the 1960's, and teens in the 1970's.
Followed by Generations X - kids born between approximately 1964 to 1981; and then Generation Y - kids born from 1983 to 1997.
Not everyone has the opportunity to go to University here as it's far too expensive and not enough vacancies, so a lot go without. The majority of people that do come from overseas. User pay has really killed things off!
Your point one: So I'm not the only one in the poor house. Point two: You're a braver person than me. Point three: Good on ya! Point four: My father used to travel around the world, when I was young. The best thing about that was the presents he brought home.
As for us, we seem to be enjoying our little trips around Australia to see the kids. Seeing the world, will have to wait until we win the lottery.
Take Care,
Peter
Hi Moonshadow! It's great to have the company of a fellow Baby Boomer here.
I shudder to think what our kids would do or be like, without our support. Thanks heavens for small mercies - otherwise known as helpful parents.
One thing that is worrying about old age, is whether we'll end up in a nursing home. That would gobble up a large amount of our savings.
Touch wood for you and me, we'll be able to leave our children something.
I wish you and your parents all the very best.
Take Care,
Peter
I'm a baby boomer. I will never have money, and I will probably work till I drop. But I am lucky enough to work in a job I enjoy, and get antsy when I am forced to take a vacation.
Ellen from Kentucky
Hello Ellen from Kentucky! Great to see you here. You sound almost the same as me. Perhaps I have another lost twin!
During the last two decades I have been known to put off my holidays because of work commitments. Yes, I love my jobs too!
I loose count of them after a while and it was only recently that the boss said to take them, as I had too many weeks saved up. I think they call it forced leave.
Now, I think putting off holidays is a bad idea, especially for the family.
Thank you for your comment and I hope to see you around again.
Take Care,
Peter
Hello Peter!
Before proceeding with my comment: LOL LOL LOL I laughed like crazy at the experts' report *nodding*! Of course this is silly! Of course they are kidding, they can't be serious! They must have been talking about one neighbour of theirs...
"I will never knowingly resort to injecting my lips or my face with anything that used to go 'oink, oink'" LOL LOL LOL hear, hear!! I don't like the concept of botox myself...it sounds desperate, not to mention unhealthy!
"Yes, I'm a prude" you must be the first person I hear confess it, wow! I don't run to the gym cause I don't have the patience to gossip with a bunch of strangers. I used to attend a health club (to swim), many moons ago, and let me tell you that I quit after 2 years (dunno how it lasted that long) cause my "swim mates" were a mess, I never saw so many men tongue lashing on others...*nodding*.
Now I exercise at home, in a peaceful and quiet environment...
Well, I have been travelling since the day I was born *nodding*!
Answer to Questions:
1- I am from the generation of the 70's. I was born in 1977.
2- No.
3- My point of view on all this: well, I think that people should live their lives as they will and it is none of our business if baby boomers spend or save their money or not (it's their money); if they use botox it's their problem (I know I wouldn't cause I have no issues); if they wish to travel or not it's ok too...as long as they are happy! Happiness is the only thing society (and its experts) should be concerned about (is your family happy, is your neighbour happy, is your community happy, is your country happy and so forth?) not what people do or not with their earned money.
Great post!!
Cheers
Oops, forgot to subscribe! I was reading Bob's comment lol: btw, congratulations on your daughter's upcoming marriage, Bob :D!
Cheers
Hi Max! When the experts talk about baby boomers they should split them into two groups: the rich and the not so rich, as I fit into the not so rich. Mind you, I am happy with my lot in life.
The odd thing about botox lately is that men have started to use it and in places you would have never have thought of. The mind boggles!
Please don't tell anyone I'm a prude, I would hate for this to go public. Oops! Too late, never mind!
The last time was wife went to the gym, my eldest son went with her. Just as well, as some roid tried to kick her off some piece of equipment. My eldest, who is a tall, strongly built type of guy, gave the roid a disapproving look and he took off.
Regarding your answers:
1. You're are from the X generation.
2. I hope your wish comes true.
3. Quite right on that one and I totally agree with you. As long as you're happy doing what your doing, that's all that matters.
Take Care,
Peter
Hi Bob! As for Max's comment, the same goes for me.
Take Care, Bob and Max!!
Peter
Hi Peter!
"Mind you, I am happy with my lot in life." - I can tell that you are, my friend! You conversation lets it show :D!
"The odd thing about botox lately is that men have started to use it and in places you would have never have thought of. The mind boggles!" - men too!!??? OMG! Mind boggles, indeed *nodding*!
"Please don't tell anyone I'm a prude, I would hate for this to go public. Oops! Too late, never mind!" - LOL LOL LOL ....
"The last time was wife went to the gym, my eldest son went with her. Just as well, as some roid tried to kick her off some piece of equipment. My eldest, who is a tall, strongly built type of guy, gave the roid a disapproving look and he took off." - Your son did well! These people are terrible *nodding*!!
"1. You're are from the X generation." - oh yes...that is what they used to call us! I had completely forgotten about it because here they said that we were the sleazy (X) generation; and I always begged to differ (after all I have never been sleazy in my whole life LOL)!
"2. I hope you're wish comes true." - me too!
"3. Quite right on that one and I totally agree with you. As long as you're happy doing what your doing, that's all that matters." - Amen!
Cheers
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