Anyone else have boomer parents who failed to get rich?My parents earned 6 figures decades ago when the dollar was still worth something and somehow still failed to accumulate wealth and are barely scraping by in retirement. They could have bought literally anything and been multimillionaires.Now I get no inheritance, am priced out of ever owning a home, and the job market is flooded with jeets. I am doomed to wage slave until I die.
>>59613110Yeah it's even worse for me since I knew an elderly couple who were the same age as my parents and bought each of their 4 kids a house in the 80s/90s while they were relatively cheap and rented them out until the kids got older. The guy was just a backhoe operator his whole life. My dad was terrified of taking risk and potentially losing our family home.
>>59613110My boomer dad told me to buy gold at ATH
>>59613110if they were on 6 figs they did something with that money. obviously mistakes were made.
>>59613110>My parents earned 6 figures decades ago>barely scraping by in retirementTheyre not telling you everything op
>>59613110I tried to tell my dad about ethereum when it was $200. His response was "Shaaad uuuup" like he thinks he is archy bunker.
>>59613110>be 36>3 siblings>spent my life in a home with moms sister and her family, and grandma. >Retarded parents, spent money on cigs and beer. Never invested in anything. Both retired with minimum income.I Got absolutely nothing. I went out with 10 bucks in my wallet. Found job, worked for 10 years, got married, we worked hard to acumulate money, bought land, built a small 104m2 home. Life's comfy. Also only 30k left to pay in mortgage so it's gonna take about 5 years (3rd world country btw).Anyway i'm pissed, because my parents had the oportunity to get apartments for free (Poland was building communist blocks, people "stand in line" to get those, and after 20 years they could buy them out for literal pennies) and they did not do that. Now those flats are worth 150-200k. They had a massive land that would be worth around 1million, but they sold it for around nothing to build our family home. Also there is like 11 people for inheritance, so even if my parents died, there are 8 people that won't move out from this home so i'm getting nothing. It sucks.tl;dr - my parrents had opportunities, did nothing, and i get nothing.
>>59613110My dad squandered generational wealth, left a chunk of it to his brother, spent a lot on third world hookers and never spent any time with his family when things were going well. Now he is old, sick and expects me to work 90hour weeks helping him and his wife and constantly says shit like how people just have to get used to renting for life, how young people don't want to work, that is sometimes mixed with his rant how he would have been rich if he was young. Anytime anything is required of him he makes it seem like he can't do it because he is too old but otherwise it's a walk in a park to get rich today. If you say anything about how he made life worse for his kids and probably even his grandkids (if either me or my sister will even have them, doesn't look likely) he gets angry and snarks that all of that stuff is his anyways and that we shouldn't expect anything (his dad had a major corporate position though and ensured he got an equivalent of 100k plus job out of college and helped him build a house). Why are boomers so selfish? I never understood it, like they are incapable of seeing any position other than their own. Even when you expose them to counter-facts they just scream their ideology louder. Im honestly more upset by the fact that my boomer dad somehow is completely oblivious to reality and that no amount of factual evidence can challenge his worldview, I've accepted that my life will be shit but the fact that he can't process what his parents did for him and what he did for his kids is vastly different, that he cant process the different economic landspace...that shit blows my mind. For a while I thought this was specific to my dad but then I spoke to other people and realized boomers live in this delusion generationally. Like they're personally incapable seeing any point of view that conflicts with their worldview (the common thread is the belief that they earned everything themselves through hard work and that everyone else is just lazy)
>>59613110>grandma owned an apartment in central manhattan>decided to sell it to go on a ton of cruises before dying..........
>>59614669>the common thread is the belief that they earned everything themselves through hard work and that everyone else is just lazySo I've started exploring what that means in practice and they never mention how their parents helped them, how they got a "small" loan by a relative interest-free, or how they got shit gifted to them in general. But when you dig, that shit always comes up, yet they pretend like it doesn't exist. Not to mention the stories of HOW they got their jobs and what those jobs are paying. Then it sort of makes sense that they would think everyone is lazy because all they had to do was show up. One thing that I will grant them is that many did work long hours but when you dig into what that worked looked like it all makes sense too. I can give you a practical example from the corporation my dad first worked at, which was a major corporation that paid handsome salaries. If you had project x to do and that project required you to drive 1 hour to pick up some object at place a, they would drive there, pick up the object, spend 1 hour drinking alcohol with the person responsible for that object, then spend 2 hours on the road drinking and eating on a "business lunch" and then spend another hour drinking alcohol at their local bar with the "business partner" after filing object a into the appropriate position. Of course 12 hours gone in a blip. Then they would spend another few hours blowing their huge salaries on booze with their co-workers and get home "exhausted" after a 14 hour shift.
My dad had huge money in the 70/80s from dealing and legitimate business but basically lost it all. Had amazing business sense for earning cash but no idea how to invest outside of precious metals. His brother worked until his own death with no wife and kids. He had hardly anything left and I cannot understand how this is possible with how much he worked. Almost all of my relatives had no idea how to invest at that age range of 60-80. I'm 30s and started buying stocks in my 20s. Now I invest in ETFs for dividend and growth. I live frugally most of the year. I'm at least getting half the money from the sale of my uncle's house. I'll invest that too, safely. Crazy how these boomers had no insight about investments but I realize it's because they were themselves poor children.
>>59613110My parents escaped gommunism, worked construction and cleaning in western europe, saved money and built up a house and multiple businesses in their home country.I wont inherit gorillions, but its gonna be a decent bit.They motivated me to start saving. If your parents were shit you should still try to make it somehow to create a better situation for your offspring, as minor as it might be. It has to start somewhere.
Bros, how do I make money? I am happy to do legitimate work.
>>59614669>>59614688>>59614691The lack of attention to the future is mind-boggling. My boomer parents were better than the examples ITT thread but we'll still be getting a pretty small inheritance. I've always been ambitious and from the moment my daughter was born I've redoubled my efforts in becoming successful because I don't want her to be locked out of the American dream like so many young people are these days. She motivates me more than personal wealth ever did. A plus side of all this is that it's motivated me to be more empathetic to younger generations, no matter how annoying they can be.
>>59613110my parents were unionized government employees their whole lives that actually believed hard work is rewarded
>>59613110My dad started a business and was making $300k/yr at one point in the 2010s. Despite that, he managed to rack up insane personal debt (north of $400k), get addicted to coke, and get divorced. The divorce financially crippled both of my parents and they both sold all of their assets, like literally all of them. My mom is a perma-rentoid and my dad bought a shitty house on shitty land. The company peaked for a couple years and has been declining ever since, he completely disregarded any chance to grow it and now it's falling apart. I think he has like 2 employees left. He has a negative net worth now.He has no retirement, investments, savings, valuable assets, or financial literacy, I had to explain to him what an ETF is a few weeks ago. He tells me constantly not to start a company, that it's not worth the stress and you can make more by just working consistently. His point is that if you fail at running a business you can go bankrupt and your employees also suffer, if you get laid off from a job you can just find a new one. My uncle, on the other hand, worked for F-50 companies in upper management and soft retired at 60 with somewhere around $1M+ cash to buy a beach house and a rental building in a T2 city with $400k in investments that he uses to buy other random shit. So I see my dad's point.I'm investing in the S&P 500, stocks, bonds, and crypto, making $130k remote living in a LCOL area until my fiancé and I are ready to buy a house. Hopefully I will 2x my salary with a job hop, I'm turning 26 and the clock is ticking. It really sucks though, knowing that no matter what I do the value of the dollar has inflated so much it will never be what my parents had. I have to work 10x as hard for like 1/2 of what they had access to. It genuinely pisses me off, these people pissed away so fucking much for no reason other than they were completely self-involved and short sighted.
>>59614795in the long term you want a career as removed as possible from the production of anything thats physical and real. finance/software/sales is a good bet
>>59615819Honestly i just wanted to hear once "look I screwed up sorry" but he's incapable of doing it. He constantly makes up shit like how living your entire life paying rent is better because you have flexibility (even though he didn't pay a single month of rent in his life because HIS parents ensured he didn't have to), how everyone that isn't "making it" is just lazy. Everytime an issue comes up he expects me to solve it saying he is "past his prime" to solve it. Yet when things were going well for him he never invested one minute of his time into me or my sister. Pisses me off so much. I know that if he still had a way of making a lot of money he like before would never make much of an effort to talk to us either. He only found how "sacred" family is when he ran out of money that he could blow on other things and other people. And now he expects me to work an insane amount of hours because the family is "sacred". Thankfully ive finally gotten the balls to move and get a different job and cut contact with him.
My grandpa was a landlord and owned like 11 houses in the 80s, he'd just keep buying more as soon as he could afford it with his insurance management salary and rent it out, then go around once a month and collect rent, ask them if they need anything fixing and fix it right there. Eventually he sold them all, been retired for years, lives in the same house for the past 30 years. It's a comfy house, even an NHL player bought the place literally across from him last year and tore it out to build a mcmansion. Anyway, I imagine he's doing well, probably not as well as he would be if he kept all the houses but he gave all his grandkids a one time $60k.I kinda wish if that was going to happen it would have happened earlier, being in my 30s and well established in my career it was just a drop in the bucket, bumped me up from a 500k net worth to 560k. That sort of money would have gone much further when I was 20, but it was appreciated.My dad worked in software his whole life, did very well but not super rich, had a few kids, lives in a $2m house with way more bedrooms than they know what to do with. He's been a mixed bag of generous, helped my sister by cosigning a mortgage for a 2-3 million dollar farm for her horse business (that I don't even know if it makes money), the land value alone going up has made them probably $500k+. When I was looking to buy a house, there was no offer to help me with a mortgage or down payment though. But he put money aside for all our educations, and it was enough to pay for my 1st year of university, but he also threatened to charge us rent if we didn't move out.Probably was for the best since it got us motivated to be independent, but I had to laugh when they brought up recently how nice asian culture is where kids will move in with and take care of their parents, and will go with them to buy groceries, and when I mentioned that asians don't charge their kids rent they had no response.
>>59613110Yes most of the boomers in my family aren’t doing well. Mix of lack of ambition/adhd/mental illness However despite boomers living through periods of great investment returns, they didn’t have the internet to teach them these things. Index funds and 401ks barely even existed until the 80’s and 90’s and the common wisdom to buy the S&P wasn’t really a thing. My dad used to gamble on random individual stocks, he’s the most successful boomer relative I know but he’s still only middle class. I remember when I was 7 years old he’d bring me over to the windows 98 shitbox in our basement and log on to Charles Schwab to show me my college fund and how it was invested
>>59613110Same here. My pops made 6-figures in the 80s and 90s, got all his investment advice from Jim Cramer, was wiped out by the Dot Com Bubble bursting. Sold his mother's gorgeous lakehouse to buy a porsche, sold his house to buy an RV, traveled around the country for years while he lived on a pension from the Army and his consulting job, died penniless after I took care of him for the last two years of his life.My mother died when I was a kid so that doesn't mean much.My father actually looked quite a lot like pic related
My uncle (gen X) bought a bunch of microsoft stock in the late 90's when he was a stock broker working on wall st.I tried to get him to teach me how to trade but he just sends me boomer facebook-tier Trump memes
>>59614369>My dad was terrified of taking risk and potentially losing our family home.Same. I think my parents got very anxious because the both god laid off within two weeks just a month before I was born. They always talk about how terrified they were that they wouldn't be able to pay bills and lose the house. With that in mind I can't hold any resentment towards them. They are good people who did what they thought was best.
>>59613110The boomer generation of my family were failures. My uncle and father both never got an education past high school and always worked manual jobs that paid peanuts but treated their bodies like they were perpetually 19. So by their 30s my uncle sustained an injury that lost him his job and my father never did anything that paid more than to scrape by. My father raced in the NHRA in the 80s and 90s as a hobby but kept spending on it long after me and my younger sibling were born. Growing up there were some days we didn't have heating, hot water or even food beyond dry cereal. Even as a kid it was baffling he was trying to justify spending $150 on as carb upgrade when the other day he was complaining about trying to make the electric bill. The home he bought in the 90s was on a sizable amount of land so over time he amassed several projects that never saw any work. It wasn't until two years ago I heard local code enforcement told him to get rid of them and he finally acknowledged he pissed away thousands on things he had to have a fire sale on. Now all he has left is two Pontiacs, both in various states of disrepair and he is getting too old to even get in them. As far as my uncle goes he wasn't as bad but after the injury he stagnated. He is nearing retirement age and is still living paycheck to paycheck. Their parents, my grandparents, passed within the last 4 years and they are both treating their remaining assets as their lifelines into retirement. Not like they had much to begin with because they too fell for the reverse mortgage trap and were still paying on a home they bought in the 70s. I ended up having to cover my own grandmother's funeral costs because I am the only one in my family who has their financial shit together. So I guess that means my reward is being expected to financially support them until they croak once they do I'm given the job of cleaning up rusty heaps of cars that could have actually been a decent fucking meal when I was 9.
>>59613110im still rolling my eyes at my parents. My dad used to work for the biggest bank in australia, he bought a nice house for the time, in an okay suburb in west australia, and got a quality builder at the time to do it, and his mortgage, was interest free because of his position at the bank. INTEREST FREE MORTGAGE. He could have bought more homes but never did.Sure, he had 4 kids and got no support from the wifes family who didnt like him, but he still coulda bought a second house on that interest free period, hell, at one point we lived in a company house in a different part of the state while he rented it out, while we drove around in a company car, he could have bought a home anywhere then, but didnt. Opportunity missed.
>>59614691investing back in the day was not very easy, there were no stock broker websites on your phone to easily transfer money into. You had to find a stock broker you actually knew and trusted to hold your money, and then go out of your way to wire funds to him via personally going to banks and shit.It was inconvenient, it was risky in multiple ways, especially because of serious financial instability and few safe-guards at the time, compared to today at least, and outside of actually being a wall street investor or having a relative who is, there was a seriously negative stigma around it. Most peoples idea of investments in those days was having a holiday home, buying a few gold bars for the safe and some fancy guns, and starting your own business if you could be fucked.When my dad built his house, interest rates in my country were ~17%, the land and homes themselves were relatively cheap, but still, interest rates that crazy high deter investing.
>>59616025>He tells me constantly not to start a company, that it's not worth the stress and you can make more by just working consistently. His point is that if you fail at running a business you can go bankrupt and your employees also sufferHe's not wrong per-se, owning your own small business is a LOT of work, you get few or no holidays for at least the first few years, assuming you're successful, and the hours are insane sometimes, it ALL falls on you every time.But if your business works and is successful, its an incredibly fast track to success and you can scale up from there.>little sister gets job as bartender at local pub that just opened up>new suburb, owners spent big on a large chunk of land>restaurant, bar, function area and sports betting area all included>they were on hand, middle aged couple with 2 of their adult kids helping too set it up>reasonably priced drinks, professional staff, decent food, quality security, the place quickly becomes popular>after only 18 months from the launch of the place, they sell it for millions>this couple and family have been doing this for decades all over the country apparently, either buying an existing bar that went bust, or simply buying land and building it up from scratch>they know how to run a bar/restaurant, they're great at training and managing staff and customers, they have all the skills they need to make it successful, and they dont mind simply selling it for a decent profit once a good offer comes in.That couple can jetset around the globe for their entire retirement no problem, because they capitalised perfectly on their skillset.
>>59617293he doesnt tell you shit, because he knows his knowledge is largely irrelevant and worthless in the modern day. The nature of the stock market has changed and he knows it, and he hasnt kept up, so he has no intention of telling you jack shit. Patrick Boyle on youtube is probably a great source for foundational knowledge about the economy and stocks, and sometimes hes very funny too. Try listening to him.
>>59617561That dude is anti-crypto as hell. Sorry for all the normies that won't make generational money because of him
>>59617522Same here.Well-off parents who never investned are now poor parents. These people got jewed hard but they already "got theirs" so they literally hardly care about it. (IME)There's a word for em...
>>59617548My dad's addiction and lack of giving a fuck is what messed up his company, it was fun while it was working, but he clearly lacked the intelligence for it (respectfully). He was essentially a proto-drop shipper in the late 2000s, as time moved on his business model became obsolete since he failed in scale or branch out. Not because of geuine inability but because of lack of planning. I'm feeling it out now to see if it's salvageable, I think there might be a real shot but who knows. I think my dad just wasn't good at calculated risks and really anything outside of sales. He liked to buy expensive cars, take vacations, and take time off of work. I don't blame him, it was his prerogative and he was free to do whatever with his company. However, it really bit him in the ass later in life. I think he genuinely didn't plan on living past 50. He complains about the responsibilities of running a company because he's an irresponsible person and doesn't want to be liable for fucking things up for people.If it still can be saved I'm probably gonna see if I can fix it.
>>59617572for every 1 person that does well in crypto, 10+ lose money. Almost none of the coins have any real world use-cases that make them more useful than normal currencies unless your nation is a failed state like venezuela.Crypto is gambling, and he doesnt advocate for gambling, because thats fucking stupid. Sure, if YOU have done well with crypto, good for you, im sure all the FTX customers who got scammed thought the same as you before the rugpull by that kike. He has too much integrity to ever advocate buying coins and his jokes at their expense are genuinely funny.>t. mined and invested in crypto for 2 years straight and got fucked over 3x different ways, sold out at a loss and will never touch that dogshit again.
>>59617598sounds like Amazon and/or ebay cucked his company out of existence, they did that to countless small delivery companies over the last 20+ years, if your dad couldnt see the writing on the wall he deserved to fail sorry, to say.
>>59617548Actually you need a decent chunk of capital to buy a bar, re-make it and likely run it at a loss for it starts turning a profit. Something doesn't add up. Also for a non-functional bar to pull a profit after just 18 months, let alone to sell for millions is incredibly rare (more rare than a shitcoin blowing up). Also skill has a limited amount of importance on a business like bar, generally how to run one is well known and it usually comes down to simply location as to how profitable it is.
>>59617602just buy bitshit and nothing else
>>59617626okay ill spell it out. They were stinking rich from this process and had been doing it for years. They bought the land as just bushland, the city i live in was expanding outwards quickly at this time, fast tracked all the licensing and building stuff, they knew how to build it right and well, they'd done it before.The business was well placed, well run, and the profits flowed quickly, and they sold it for well over double what they paid in total for it. I might be getting my dates mixed up, it might have been 2.5 years or so, not 18months.They dont operate on debt, and when they sold they were already picking out another property to buy and repeat the process according to my sister. Figure it out.>>59617628if i listened to you, i'd deserve to lose my money.
>>59614684it's her money, nothing to be upset about
>>59613110I somehow got worse than poor parents. I'll let you be the judge of what that is.
>>59617881dead ones? super cheap jews who will leave everything to you after they die anyway? or did daddy diddle your poor boy anus, so you live alone and have no contact with them?
most of /biz/ is relatively young, at some point you want to just "keep" what you have in number terms while everyone around you dies and you become old and frail
I apparently had boomer failures that got excommunicated from the family years before my birth due to an ugly inheritance battle that ended in a draw. I can see shit like that as an excuse boomers can use to justify leaving nothing instead of just simply talking to a lawyer and getting signed paperwork completed.
>>59617626>>59617758It doesn't need to be profitable to sell for a good price, it just needs to be generating cash in a regular, consistent manner.
>parents are early Gen X, nearly boomers but not quite>biological parents moved from NZ to Australia in mid-late 80s with next to nothing other than a suitcase full of clothes and enough savings to get them by for about two weeks>no college education, got low skill/low pay jobs initially and lived paycheque to paycheque>biological father started a business in a low-moderate skill trade a few years later, started making decent money eventually but cash burned a hole in his pocket and he would constantly buy new cars, boats, and other unnecessary shit so they were never able to build a moat and effectively cashflow expenses>breakfast was sometimes cereal without milk or just bread on its own, dinner frequently tinned spaghetti on toast, but somehow Dad’s car was always less than 5 years old>parents divorce, Dad gets the house, keeps his car, boat, Mum packs a few personal belongings and clothes into her old shitbox car and in her early-mid 30s effectively starts over with nothing all over again and I go with her>(much later, about 7 years) Dad sells everything and returns to NZ, basically drops out of my life and I don’t hear from him for about fifteen years until my grandparents on his side pass away recently>after divorce Mum remarries about three years later to my stepdad who also lost everything except for his car in a divorce, has two children of his own that he gets to see every second weekend and pays an overwhelming amount of child support to his ex>so now I’m about 9 and have a Mum and a stepdad who are both in their late 30s, have next to nothing to their name, and work low-middle income jobs(cont.)
>>59618180Anon died after posting this, witholdling half his story from us.
>>59613110>Anyone else have boomer parents who failed to get rich?yeah, they are incredible losers they both worked their entire lives and never invested, not a single fucking cent, until they were 60+ and wondering how they would "retired"they could have bought fucking anythinganythingthey didn'tmy father is especially a fuckup, because his brother was URGING him to buy things all the time, and his brother is a multi millionaire now and comfortably retired with a big familyUnfortunately it took me till I was 30 to shake off the loser mentality my parents instilled in me, and begin taking risks and investing, which they warned me was "really risky" and I "should just save money and work".Peasants are going to peasant. It's in their blood. It really is.
>>59614645>They had a massive land that would be worth around 1million, but they sold it for around nothing to build our family home.Oh yeah my father had a property in a developing area and sold it in 2004 for pennies. It's worth 1m+ usd today. All he had to do was hold, but the 'property taxes' were too much for him (a couple hundred dollars a year). Fucking faggot. Lost all respect for the man when I became truly aware of the scale of his fuckup.
>>59613110My dad didn't have health insurance until two years ago. My mom didn't have health insurance until Medicare.Neither of them have life insurance.My dad still owes $80k on a house he bought 20 years ago.My mom has a total of $5k in savings.My dad princely has about $1k in savings.Both of them still have car payments for two more years.At least I get the house.
>>59618233I had the rest of it all typed out and then 4chan failed to post it, FFS. Gotta do the whole thing again.>through rest of childhood and nearly all of teenage years parents are pretty broke, they manage to buy some acreage in a rural part of the country for cheap from stepdad’s family, but stepdad has to give somewhere around 40% of his post tax income to his ex because she refuses to work and games the system>they finally hit their stride career-wise pretty much as I move out of home at 19>I leave for a job interstate, didn’t go to university as I was a slightly above average student and didn’t see the value proposition>parents are doing okay now, property is paid off and they’re stacking for retirement but I would say they’re quite underfunded>oh yeah, Mum’s been getting rekt by recurrent cancer for more than two decades now, they’ve probably lost somewhere north of $200k AUD in potential retirement before accounting for compounding gainsThey’re good people who did everything they could for their kids, but life kicked them in the ass over and over again. Mum has perhaps five years to live and is working as much as she can to put together enough retirement for my stepdad to be comfortable. I doubt I will see much of an inheritance… they travel a lot now, and I’m okay with that because they never had any luxuries when I was younger. To this day they still live in a tiny little house about the size of a trailer park double wide. Meanwhile, my biological father inherited somewhere in the seven figures from my grandfather recently. I doubt I will see any of that.I worked a string of entry level jobs through my late teens and early twenties and at 25 landed where I am now (easy government gig for moderate pay but nil possible progression). At 29 I’m finally starting to unfuck myself and I’m starting an electrical apprenticeship very soon.
>>59614684Similar thing happened to me but the money was split between 5 kids and 14 grandkids;, so I got peanuts.
>>59613110They did the right thing since you're racist and now you're being humbled for the pasty imbecile you really are
>>59617561I'm pretty sure he keeps up because he always listens to/watches financial news. I guess he just doesn't want to be responsible for someone else losing money or just cba.I'm learning it myself anyways. Just for fun/gambling though, I'm not risking my life savings like a retard.
>>59618467he follows it, of course he does, its relevant, its just an objectively bad investment outside of smooth brain shit like buying bitcoin and holding it for a decade, which you can do with heaps of different stocks and do just fine.JPMorgan Equity Premium Income ETFPut all your long-term saving cash on them and relax. They pay dividends every month its great. Stable stock price slowly increasing. Although the US gov taxes it. Gamble with other money.
>>59613110Yup.Any time they ever had money, they spent it immediately on bullshit and just frittered it away. It's how the majority of boomers are because they were programmed by the television to be the ultimate consumer for their entire lives.
>>59616122This is the way.Cut contact with them and just walk away. They were born in a time of abundance when everything was inexpensive and you could buy a house, and it would 30x in the space of a decade or so. Their children are left competing with the entire planet on their doorstep. Boomers are the most selfish and narcissistic generation to have ever existed.
>>59613110>I get no inheritanceWelcome to the club...
My mother inherited an almost finished housing complex with probably 8 units right next to a popular school and sold it for cheap to one of the first potential buyers. She has always been poor so the mentality stuck with her because in her mind it "would cost money to have someone look after it".The way taxation laws work here she could have lived in the largest apartment and essentially not paid any taxes in income from the apartments. The money she got from the sale got spent on frivolous things. She also sold her childhood home to one of my siblings because her new boyfriend wanted her to do so and that sibling got a discounted price as an advance inheritance. My father has never worked and thus avoided paying child support since my mother left him so there isn't much there either. I suspect he didn't want to because he knew she would just spend it on other things, but I don't really care. At least I am a self-made man.
>>59613110Yea I look at Boomers today and im like, you coulsnt think to buy one fucking share of Apple in the 80s? Just fucking one. What was it, like .50c? Or one share of MSFT in the 90s. One share of Amazon in the aughts? All these technological revolutions and you couldnt be assed to put a dollar into any of it. Fuck were you all doing?
>>59619024Like, what the goddam motherfuck were you all doing??? And this isnt even taking into account all the splits since then.
>>59617522This is exactly it.You basically had to make "stock investor" your personality to justify the social risk of doing it and have enough conviction to navigate all the paperwork and human contact and slimy untrustworthy stock brokers.And if you're working class, this would've made you a total outlier among EVERYONE you know. Sure in retrospect it's beyond obvious, but social pressure is real, and unless you had an "in" by knowing some schizo wall-street wannabe, you realistically just weren't even gonna seriously consider it.
My dad earned over 86k€/y after taxes excluding bonuses (which is a lot in youropoor), and he lives frugally, he just retired. I'm likely inheriting something in the ballpark of six figures, hopefully at a very, very far out point in the future.How can I honor it rightfully in the future?He wants me to purchase an apartment, so I should take out a mortgage and let the rest ride on the markets as passive income?I kinda want to reach his level of income someday too, but it's kinda impossible for me to imagine right now how.
>>59613110My parents failed to get rich. They loved living in the moment and buying shit. They do have a home that appreciated in value. They talk a lot about how inheritance will be split, but luckily I'm at a point in my life where I won't need that money. It'll be nice to get, though I won't be worried if it never comes. Personally, I'd want them to just spend that money on themselves as they get older to sustain their lives. My only fear is that they will need to be subsidized when they are older. That'll make me bitter because of what I mentioned, they could have had more money and instead wasted it. To have to support them after that is going to piss me off, especially because they are always hounding about kids which would be risky if I have to support them later on significantly. I've been distancing myself from them lately because I don't want to be associated with the financial qualms of my parents and siblings. They've always fucked me over somehow whenever there was money involved between us, since then I've got a good thing going and I'm going to protect it.
>>59613110My parents lived above their means and got into credit card debt. When Dad died, Mom used the life insurance money to pay off their debts and buy herself a brand new car.Because Dad died, I inherited his parents house and money when they died. I've been able to start a retirement and emergency fund but am using my own income to start investments. If he hadn't died, they would have sold the house and blasted through the cash long before I could use any of it.I'm just grateful to have a home paid off now that we're starting a family. I use credit cards for building credit in case we want to maybe invest in another home or expand on our current one.
>>59617868It's her money sure but I think OP has reason to think it's selfish. I want to leave a little something at least for my family. I love them.
>>59619249I don't get what it is with boomers and burning through money like crazy.
>>59619259Mom justified the new car saying "He would want me to have something safe."But buying a vehicle brand new was stupid. It immediately lost value once she drove it off the lot and she still had to do regular maintenance and repairs. It would have made more sense to get a newer but used vehicle.There's just no long term planning in her mind. Maybe there was something in the culture of their time that incentivized instant gratification.
>>59619272>Maybe there was something in the culture of their time that incentivized instant gratificationI think its a "Keeping up with the Joneses">He would want me to have something safeI know this feel. Boomers love to use fear and safety to rationalize things. My parents are the same way. I love them but I'm so glad I moved out when I was 22.
>>59619314*"Keeping up with the Joneses" thing
Boomers had easy layups which they by-en-large missed through fear and stupidity. What we have today are trick-shots that pay off insanely, which require insight and skill to land. However we are in an environment that is 1000% more information rich than boomers. Which means that if you read the right info and make the right moves, you can outperform them in ways they literally cannot believe or comprehend. That's the tradeoff.
>>59613110Only paranoid boomers who believe investing in ETFs is 'gambling' missed out. Anyone with even basic financial literacy has been pumping money into their 401k for decades.
My mom just did meth and barely worked up until about age 50 when my enabling grandma died, then she squandered the inheritance in less than a year. She’s in her 60s now living alone struggling. I can’t deal with her without losing my sanity and drowning alongside her.It’s anazing how many people go through life without a single thought about the future.
>>59619815>Boomers had easy layups which they by-en-large missed through fear and stupidity.the extreme market fluctuations, and difficulty in finding a trustworthy person to secure your finances with and not just run for the hills with your money, prevented many boomers from investing in anything but another house or car.Don't be too harsh on them, pre-electronic bank transfers things were risky as hell, give your lottery win to a stock broker to "invest", he could burn it all with bad trades and no oversight and you could be left with nothing because of dogshit regulation. it was only in the late 90s/early 2000s that the possibilties exploded.
>>59619136i think you're making a series of mistakes. They're telling you to have kids, because its important to have a family and continue your family name. They are still capable of babysitting to give you and the wife a break. Don't marry some monkey though, stick to your own race.You'd be surprised what people are willing to do for siblings/children having a family.>>59619127research blue chip stocks or invest in catch-all ETFS and let them grow slowly.
>>59620590Oh, I understand that. But at least if they did what they were supposed to they could earn decent interest and afford a house and all that, whereas now you need to 360quickscope bleeding edge tech plays or drown in currency debasement
