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Spending kids inheritance

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wayneL

wayneL

VIVA LA LIBERTAD, CARAJO!
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Article in news.com.au today.


We don't have children so kind of not an issue for us. However we do have family members adjacent, nephews/neices and whatnot.

Our personal idea is to continue to build wealth even in retirement, and that's an idea of self preservation financially. It's so that we do not end our lives totally destitute.

All being well, we will have sizable lump to leave to said nephews/nieces.

They have no idea and will be a pleasant surprise for them. That said, apart from occasional lip service, they don't give us the time of day.

So what do people think about this? Our feeling is that well, they are family so, happy to do so.

Equally we could blow the freaking lot. living large and trying to time our demise to the end of our funds. It does seem selfish to us, as the article says and it is at the cost of us and having some totally selfish enjoyment.

... and for a bit of context those kids are doing well for themselves.
 
It's a hard one to answer, every case is different and IMO it is up to the individual.
Some people deserve to be considered, some don't, some put in an effort to make the elderlies life more pleasant, some don't.
I guess everyone usually gets what they deserve.
If there is money left over then I assume someone gets it, on the flip side of the coin, how many kids put their hand up to make their elderly parents life comfortable if the parents don't have money?
Would they or should they, put in money to help them, rather than have trips to Bali for example?
If there is an expectation that the elderly should forgo luxuries in later life so that they can leave money for the kids.
Shouldn't there be an equal and opposite expectation, that if the elderly parents don't have any money, the kids should help them out in expectation that they will say get a house later when the parents pass away?
They maybe could buy the house off the parents, rather than the parents having to reverse mortgage to get some money to enjoy a better retirement.
I guess it all depends on how each person looks at it and each situation is different.
 
Last edited:
sptrawler said:
It's a hard one to answer, every case is different and IMO it is up to the individual.
Some people deserve to be considered, some don't, some put in an effort to make the elderlies life more pleasant, some don't.
I guess everyone usually gets what they deserve.
If there is money left over then I assume someone gets it, on the flip side of the coin, how many kids put their hand up to make their elderly parents life comfortable if the parents don't have money?
Would they or should they, put in money to help them, rather than have trips to Bali for example?
If there is an expectation that the elderly should forgo luxuries in later life so that they can leave money for the kids.
Shouldn't there be an equal and opposite expectation, that if the elderly parents don't have any money, the kids should help them out in expectation that they will say get a house later when the parents pass away?
They maybe could buy the house off the parents, rather than the parents having to reverse mortgage to get some money to enjoy a better retirement.
I guess it all depends on how each person looks at it and each situation is different.
Click to expand...
A quid each way on this for us.
Worked hard all our lives from 16 onwards.
We intend to enjoy the benefits of those years of toil and if there is a few shekels left at the end of the day then that will be the inheritance.
 
I guess there is a deeper issue, us being late boomers. There is the oft stated true that boomers have raped the system to the detriment of later generations.

I'm not sure that is fair as far as we individual plebs are concerned, but could be on a system wide basis, and perhaps due to factors beyond our individual control.

Dunno really, but the article does highlight that intergenerational tension.
 
wayneL said:
I guess there is a deeper issue, us being late boomers. There is the oft stated true that boomers have raped the system to the detriment of later generations.

I'm not sure that is fair as far as we individual plebs are concerned, but could be on a system wide basis, and perhaps due to factors beyond our individual control.

Dunno really, but the article does highlight that intergenerational tension.
Click to expand...
I look at it this way.
We have done lot better than out parents.
My offspring are doing a lot better than we are at present.
Their offspring (We have 3 granddaughters, 1 married, 1 engaged) and they are doing pretty well at this stage in their lives.
Hence we have no obligation to financially enrich their lives at present.
Of course circumstances may change in time.
 
farmerge said:
I look at it this way.
We have done lot better than out parents.
My offspring are doing a lot better than we are at present.
Their offspring (We have 3 granddaughters, 1 married, 1 engaged) and they are doing pretty well at this stage in their lives.
Hence we have no obligation to financially enrich their lives at present.
Of course circumstances may change in time.
Click to expand...
Sums it up pretty well, my kids are in their 40's, they have been making excellent money and houses have only gone stupid in the last 5 years.

So really is it the fact our generation didn't have the spending options that are available today, that allowed us to save and a lot of the issues that have appeared are due to the likes of online shopping, easy credit, cheaper travel, more spending options.

That IMO has contributed far more to the lack of savings and assets , that Gen X has, than anything the baby boomers did.
I'm only talking from a W.A perspective, the East Coast ponzi might be a different kettle of fish and now they are introducing it here in W.A.
But I'm sure at the next downturn, the East Coast investors who have jumped into the W.A property market, are going to get severely burnt. ;)
 
We will be looking after the people who created our retirement funds Us!

All of our kids have inherited or been gifted enough to buy mid level houses, most did so but not all.

We inherited a bit late in life but nowhere near what our kids have already received before they were 40 so they had a great chance to set themselves up.

Early BBs did it tough, later BBs had it easier under Gough so BBs are divided by age and location.

Free Uni did not start until 1976, I was married with 2 kids and a mortgage by then so no way could I go study IT as strongly recommended by BHP.

The city boomed under Labor but the country areas just plodded along so location makes a difference.

I will add that my kids and grandies find it hard to believe that women Had to resign from Govt, banks, Insurance cos when they got married.

Very few 2 wage households which is why houses were Much smaller and life was much tougher than today.

If I had asked my Mum for 10 quid for playing games online she would have laughed at me :roflmao:
:roflmao: :roflmao:
 
macca said:
We will be looking after the people who created our retirement funds Us!

All of our kids have inherited or been gifted enough to buy mid level houses, most did so but not all.

We inherited a bit late in life but nowhere near what our kids have already received before they were 40 so they had a great chance to set themselves up.

Early BBs did it tough, later BBs had it easier under Gough so BBs are divided by age and location.

Free Uni did not start until 1976, I was married with 2 kids and a mortgage by then so no way could I go study IT as strongly recommended by BHP.

The city boomed under Labor but the country areas just plodded along so location makes a difference.

I will add that my kids and grandies find it hard to believe that women Had to resign from Govt, banks, Insurance cos when they got married.

Very few 2 wage households which is why houses were Much smaller and life was much tougher than today.

If I had asked my Mum for 10 quid for playing games online she would have laughed at me :roflmao:
:roflmao: :roflmao:
Click to expand...
Spot on Macca, we had kids early the wife was 23 when we had our 3rd.
Budgeting wasn't an option, it was the only choice, I told the wife she should write a book " A 100 ways to cook budget mince". Lol
First boil all the fat off the mince, then start adding something to make it edible.
 
StockyGuy said:
Meanwhile those of us who are the end of their genetic line ponder which cause / charity / movement / party / project or whatever best deserves whatever's left. Not an easy decision...
Click to expand...
Yep, I have two friends like that, they do whatever they want but still have heaps left over.

It looks like nieces and nephews will get a surprise as well as a few charities.

Sometimes they seem a bit wistful that they don't have any kids to leave it to.
 
wayneL said:
If only I could find a kid with the cajones
Click to expand...

On the face of it, you just need a strong kid that can nail a semicircular piece of Steel, with holes punched in it, to the bottom of horses.

But you need a working knowledge of the following:

Physics, especially Newton's third law of motion.
Metallurgy with regards to both steel and Aluminium
Blacksmithing
Physiology, especially developmentmental.
Morphology
Biomechanics
Pathology and vasculature
Horsemanship
Psychology (for the freakin owners)
Plastics technology

.. and more.

Unfortunately the profession doesn't attract kids with that sort of intellect, combined with motor skills.
 
Dona Ferentes said:
Dang, and hence the ultimate dilemma. How do I spend the last dollar on my last day alive?
Click to expand...
Put it in a soggy rusk, that you have dipped in your hot chocolate and swallow it. 🤣

If you can't swallow it, dip it in cream and slip it up where the sun don't shine and just hope you don't have a call of nature.;)

Where you have travelled and having done what you did when you were younger, it isn't an insurmountable problem. 🤣
 
wayneL said:
On the face of it, you just need a strong kid that can nail a semicircular piece of Steel, with holes punched in it, to the bottom of horses.

But you need a working knowledge of the following:

Physics, especially Newton's third law of motion.
Metallurgy with regards to both steel and Aluminium
Blacksmithing
Physiology, especially developmentmental.
Morphology
Biomechanics
Pathology and vasculature
Horsemanship
Psychology (for the freakin owners)
Plastics technology

.. and more.

Unfortunately the profession doesn't attract kids with that sort of intellect, combined with motor skills.
Click to expand...
You forgot to mention, an incredible ability to handle excessive cash flow. 🥳
 
wayneL said:
On the face of it, you just need a strong kid that can nail a semicircular piece of Steel, with holes punched in it, to the bottom of horses.

But you need a working knowledge of the following:

Physics, especially Newton's third law of motion.
Metallurgy with regards to both steel and Aluminium
Blacksmithing
Physiology, especially developmentmental.
Morphology
Biomechanics
Pathology and vasculature
Horsemanship
Psychology (for the freakin owners)
Plastics technology

.. and more.

Unfortunately the profession doesn't attract kids with that sort of intellect, combined with motor skills.
Click to expand...
Probably a job you likely end up with physical scars from over time - young lads like fake scars (tattoos), not real ones from being kicked by horses, burnt by metal etc.
 

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