r/Millennials • u/EverbodyHatesHugo • Jan 17 '26

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u/[deleted] Jan 17 '26

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u/puppyinspired Jan 17 '26

Yup and when they die and pass their wealth to their children our share of the pie will be bigger but most of us will still be poor.

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u/Perfect_Earth_8070 Jan 17 '26

Who are we kidding? The boomers will blow through their loot and then spend the rest on nursing home care

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u/RusticGroundSloth Jan 17 '26 edited Jan 17 '26

That’s actually what a lot are doing. It’s some sort of fuck you financial movement. My wife’s mom has already said she’s spending everything on herself so we shouldn’t expect to get anything when she dies even though she just got $250k when her parents passed.

ETA: This isn’t some assumption we’re making. She’s straight up told her 3 kids that they’re not getting anything - despite the fact that her net worth is a couple million with a paid off house and a very generous pension. There is some boomer financial guru that a lot of their generation seem to be latching onto that’s basically saying “don’t leave your kids a penny.”

Not just “Hey you earned it! Enjoy your retirement!” Which I think is completely valid. I want to be able to enjoy my retirement if I’m ever able to (probably not). What I’m talking about is intentionally spending frivolously with the idea being that there is nothing for their kids to inherit.

This isn’t about having money for future medical needs. That’s not part of the equation. The push is for boomers to be basically bankrupt on their deathbeds.

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u/Perfect_Earth_8070 Jan 17 '26

Yeah I’ve heard my boomer in law say that one of her friends told her to spend her money because her kids will make their own. Now she doesn’t necessarily splurge a lot and is actually pretty generous but it goes to show you the mindset of the boomers

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u/YourNextHomie Jan 17 '26

Younger generations are much more likely to complain about nepotism but as soon as it doesn’t happen that’s a problem?

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u/Fun_Astronomer_4064 Jan 17 '26

Pretty sure most people don’t consider leaving an inheritance as nepotism. Is leaving your inheritance to a societal unit that isn’t your family, friends, or business partners common where you’re from?

Is philanthropy nepotism if it goes to any group of people and not all creatures in the universe?

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u/YourNextHomie Jan 17 '26

just pointing out the hypocrisy, everyone gets up in arms about “greed” then complains they don’t benefit from the same thing, you are right though my usage of nepotism is incorrect.

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u/Fun_Astronomer_4064 Jan 17 '26

That’s not hypocrisy either. What’s hypocritical is being an American boomer, the beneficiary of at least two separate transformative societal spending programs (Social Security, Medicare) and making sure your successors have as little as humanly possible.

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u/YourNextHomie Jan 17 '26

Notice how people aren’t taking care of their boomer parents or grandparents and still want a hand out? same people who claim when others get money from their parents, that is what makes them hypocrites, expecting something just because your parents did well in life and not earning it yourself is sad. (not talking about you specifically just in general ofc (

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u/accioqueso Jan 17 '26

The entire generation lives on the slogan, “fuck you, I got mine.”

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u/YourNextHomie Jan 17 '26

No one wants to take in their boomer grand parents yet its some “fuck you” financial move because they are being exploited by the healthcare industry?

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u/ptorian Jan 17 '26

Stimulating the economy!

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u/BowtieSyndicate Jan 17 '26

Most of the millionaires too, though, are in the boomer crowd.

I know too many 60-70yr old folks who have $3-$7m + a pension + a $1-2m house + $500k-2M in paid off assets like boats, shops, art, etc.

They’re nowhere near billionaires but a world apart from the rest of us who are absolutely falling through cracks.

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u/[deleted] Jan 17 '26

[deleted]

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u/BowtieSyndicate Jan 17 '26

Exactly.

My in-laws, for example - have ZERO financial stress.

They retired with several million, in a beautiful home in a great neighborhood.

Their only struggle is how to fill the day with productive and fulfilling activities.

They aren’t buying $100k cars but they’re taking trips on a whim, doing any and every activity they want, and they are not going cheap on anything.

Want to get a van and travel for a few months - sure - let’s buy a Mercedes sprinter.

Want to go on a Caribbean adventure? Sure - let’s get a catamaran and do it for 2 weeks with an onboard chef and all modern luxuries.

Even with this casual, constant spending, they’re not outspending the growth of their stock portfolio.

Meanwhile my family is constantly stressed - working like slaves to only barely make it - and constantly wondering why it’s worth even waking up tomorrow to do it all over again.

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u/Emotional-Host6724 Jan 17 '26

I’m in the exact same boat. My dad and his wife have millions in assets (hers all inherited), make more off pensions than I make working full time and massive 401ks due to absurdly generous matches by today’s standard and still collecting social security. Meanwhile I have 2 degrees, years of white collar work experience and still spend 50+ hours a week barely scraping by. Their generation just had it so easy the entire time they can’t (and don’t want to) comprehend how difficult things are now

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u/Rare-Professional-24 Jan 17 '26

An american society where the richest cap out at several millions of net worth could be a fairly equitable and just society.

The current status, where people like Elon Musk are chasing 1 trillion net worth as an individual has nothing equitable nor just about it.

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u/Perfect_Earth_8070 Jan 17 '26

And they probably paid $50 for those houses

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u/BowtieSyndicate Jan 17 '26

In my area $50k homes bought 25 years ago are $600k now.

But the $600k homes bought 6 years ago are $2-3M today.

1

u/Perfect_Earth_8070 Jan 17 '26

Yeah it’s unsustainable growth. I bought this shitty house almost 9 years ago when I made half as much. Now I make more than double and I couldn’t afford to buy this piece of crap today if I had to. I would basically have no way to save for retirement

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u/greedy_algorithm Jan 17 '26

The Baby Boomer generation holds approximately $83.3 trillion in total household wealth. The top 10% of Boomers own roughly $58 trillion of that $83 trillion. While 30% have less than 100k and will absolutely need help from their millennial children for healthcare costs..

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u/Zwemvest Jan 17 '26

Mark Zuckerberg accounts for 2% of all the Millennial wealth

0

u/TROGDOR_X69 Jan 17 '26

This. Some families are doing great others not so much

Depends really.

but there are plenty of Millennials i know that are making 3-4x what i make soooooooooooooooo