https://www.theguardian.com/money/2024/feb/28/millennials-richest-generation-wealth-property
There is no way that capital isn’t going to devour our parents’ money and savings, almost certainly via medical bills. It’s not realistic to expect to inherit anything at all. That money is going straight to the Cayman Islands. Either that, or it’ll be gambled on A.I. or some other meme stock.
My grandpa got duped into a reverse mortgage and then my grandma had to sell everything they had accumulated over the past 60 years to pay for less than a year of hospice.
She passed away last week and now there is literally nothing left.
And they were pretty well off. My grandfather was an aerospace engineer who worked on the Apollo project, so they were in the sweet spot to accumulate wealth in a non-bourgeois sense.
My grandparents will leave nothing to their kids, all of whom are well educated boomers so they're fine. My cousins and I are fucked.
Or nursing homes/retirement communities. Those are outrageously expensive and will absolutely eat huge amounts of savings
If your parents get terminally ill and end up on state medicaid, the state will take assets to repay the cost when they pass.Oh sure, but the holders of that capital will be Millenials, so it's all good, right?
Right?
Nursing homes are the good scam. When you start up they'll just liquidate your assets and use the proceeds to pay for your treatment and once you're fully destitute you'll get covered by the government. Enjoy bills of >500 a day just to exist since your family can't take care of you anymore.
Cool story. Wonder how much of that wealth will be seen by the vast majority of millenials.
It's right there in the headline: None. These kids that will have trillions of dollars of property wealth transfer are already well enough off it won't meaningfully change their lives, just perpetuate the gatekeeping of housing and property in the hands of a wealthy minorty.
Show
Yeah I don't think "the only way millenials can own a home is waiting for their parents to die" is the uplifting headline these people think it is.
Hell let's break it down by quintile. Really get a better picture of the distribution just for fun.
Last figures I saw was we own 4% of wealth, and of that 4% Mark Zuckerberg owns 2%.
Federal reserve has it as 6% of US wealth, but that's grouping everyone born after 1981 as millennial so it's more than half the population. Zuck net worth is actually even more at ~2.2% of that 6%.
https://www.visualcapitalist.com/us-wealth-by-generation/
after hearing many disaster stories from my GenX colleagues about their own parents' decline, my sister and i approached our well-off boomer parents years ago, articulating a plan to take care of them as they entered their dotage. they had spent the last 15 years doing their retirement on their 24-7 travel and treats. so, sib and i thought a general consolidation of our resources and energy into a single, multigenerational household with a pleasant climate, a nice garden and walkability to things would be a cool move. my sibling and i have a little savings, graduate degrees, and stable jobs, though we are not near to each other. we are fortunate that we can probably relocate and find work in some affordable places, but without a little of our parents wealth we could never hope to afford something functional and comfortable for everyone.
considering all the predatory organizations out there fleecing older people and the boomer desire to see us and their grandkid more, it seemed like win/win. neither of us minded the idea of taking care of our parents and living in a big chaotic household, given the time and material security necessary. sure, we would drive each other crazy sometimes, but that's family. and there would be enough of us to share the burden.
well last year, after they had agreed and let us think we were all working towards this project for years, the boomers pulled out the rug and said they are going to continue to shamble themselves onto all the big treat boats all year and keep their giant money pit mcmansion in their friendless, CHUD-filled malarial zone, and they would not be a part of this. there would be no sunset years together. they believe, despite the mounting evidence of their enfeebled confusion and many low paid workers in their wake, that they are independent and self-reliant and the party will not be stopping. because, unlike their parents at this age, they will not be turning over the reigns. they want to continue to make all the decisions unilaterally. like the decision to not shower for 6 days. or the decision to clog a toilet and not tell anyone.
so now my sib and i are scrambling to figure out our own plan B, while waiting for the day where we get the call that they've been ripped off by some scumbag, that they've lost everything, they are stranded somewhere insane, and we need to take vacation time off immediately to come collect them and insert them into whatever crappy nursing home we can find, because neither one of us has room to take them in, the money to afford those places, let alone the time to look after them.
so despite our best efforts to be a proactive and communicative family, this is going to go down just like it will for every other dipshit old timer that is too busy pretending like their 70s are the new 50s, unable to see the brick wall they are careening towards. i've committed to never feeling guilty about whatever crap situation they end up in, because we offered to help them and they turned us down.
like the decision to not shower for 6 days. or the decision to clog a toilet and not tell anyone.
Well maybe they just didn't want to live with Mr. Bourgeois McShowersEveryday.
Jokes aside, I don't even know what the point of having kids is if you're not going to spend your elder years with them. All the work and cost of rearing children, and then still dying alone?
They were all trained to watch the propaganda (spelled N E W S) religiously so when the signal comes for "fuck the millennials" and they've been indoctrinated into these cults for longer than their kids have been alive... it probably doesn't even consciously register for them at all.
Generational transfer of wealth largely built up in property will amount to $90tn in US alone, report says
"If boomers give their children all of their wealth, those children will have more money than their parents."
This doesn't benefit millennials without wealthy parents, of course, but we're discussing wealth in the millennial generation, not wealth of the millennial generation
Riddle me this guardian, what do you think will happen to mcmansions built in the 80s in 40 years
They'll be raided by road warriors in the post apocalyptic hellscape.
You might have heard that California got more rain this past month than it has in many years combined due to climate change. Guess what all of that unexpected erosion did to every single house in the state, whether they realize it yet or not?
"generational transfer of wealth" aka "our parents dying and leaving us their shit."
Problem is, as I think we're going to find out over the next two decades, that millennials don't necessarily have the resources to keep what they might inherit. You might inherit a house, but is your paycheck large enough to cover the taxes and upkeep? Will you be able to get a loan to fix the foundation problems that developed rapidly on the property because your state got more rain in the last two years than it did in the last decade because of climate change? If you sell the house to move somewhere cheaper, who is more likely to buy it - an actual homeowner, or a landlord?
A friend of mine from college went through all this already. I'm very doomer on the prospect of inheritance after seeing that shit play out.
For the vast majority of people there will be no inheritance. The parents' house and so on will be sold off to pay for medical debt when they get old and sick and need to go on Medicaid.
Oh yeah there are no shortage of mechanisms by which peoples' inheritances will be taken away. Of course the wealthy will be cushioned from these realities and the poor will just get saddled with the bills without having an inheritance to plunder.
my fam is like this. my father will be passing in the next 10 years. currently, my step-sis and her husband and their 4 kids live in that house. my dad has a wild retirement from like 4 sources and the house is paid off. step-sis and husband dont really work and literally never have. they have next to no earning potential despite both of them being around 50. hes leaving them the house and im not bitter about that, i mean, if not theyd straight up be homeless along with my step neices and nephews (who are all going to college and shit, my pops is paying for it). when he dies and they get the house it gets re-assessed for property taxes. not at the 1980s tax rates he pays now. at the 202X tax rates or whenever that is. they full on wont be able to keep up with that or home insurance. and home maintenance. i dont know how long they can persist in that house. i just know it wont be forever.
Pictured: The idiocy of generational politics as a substitute for class politics.
"If most people are struggling to get by and a handful of guys have hoarded enough wealth to make a pharaoh blush then there's no problem because people are wealthy on average." <-- This is what liberals actually believe.
Generational transfer of wealth
Generational transfer of monetary inflation to failchildren.
Who? Where? My parents have never owned anything except a car maybe, they will likely rent until they die.
Then you should pull yourself up by the bootstraps and get richer parents.
Lazy Millenials smh.
No we are not. The healthcare system will see to that as it has eaten away at my dual pensioned grand parents and my crap-it-all-ist loving only one of the two semi pensioned parents are now paying their dues and sanity dealing with it as they enter retirement. Whatever is left gets split and inflation will also destroy whatever value there is out of that.
Gen X, Alpha. There's nothing left even with the less children. We had a chance to do healthcare better. Shillary saw that didn't happen. It didn't happen under Biden either. So we're doomed. And by the time this cold war sizzles finally around 2040 or so they'll invent a new false flag global conflict to deny us yet again a peace dividend.
A super small proportion of rich millennials and landleech spawn are set to become the wealthiest group of people in history.
