You're nearly 55 and you're sick of Money Makovers

Steven Barrett said:
What? Parents giving adult children money? It is very common these days. Boomers have accumulated a lot of wealth. Even where their children are successful themselves, they want to help out their kids financially. If they have enough money, there is no harm in doing so. Otherwise, it is left until they are dead and they will get no joy out of helping their children out then.

But the big change that I am seeing is boomers are much more measured in the amounts that they are giving. During the Celtic Tiger, parents were borrowing money to help their kids out to get property. I know of plenty of cases where the parent bought the property for the child and gifted it to them, repaying the debt themselves! I don't see any of that now.
Click to expand...
Yeah I think a lot of people learned their lesson the hard way. But it might be a spouse who is really bad with money, not just children. An awful lot of relationships get strained this way.
Its surprising the number of older parents of adult children who give in to those children when it comes to money and especially with regard to property. Quite a few of the apartments in the last rental I had were by then being occupied by the adult children of the landlords, at what I can only imagine was quite a loss given that market rents on same would have been nearly 2k a month and some of them didn't seem to have been working at all.
 
lff12 said:
Yeah I think a lot of people learned their lesson the hard way. But it might be a spouse who is really bad with money, not just children. An awful lot of relationships get strained this way.
Its surprising the number of older parents of adult children who give in to those children when it comes to money and especially with regard to property. Quite a few of the apartments in the last rental I had were by then being occupied by the adult children of the landlords, at what I can only imagine was quite a loss given that market rents on same would have been nearly 2k a month and some of them didn't seem to have been working at all.
Click to expand...
In Rpz zone, LL might prefer to get reduced rent from a family member than a stranger.
 
Premos said:
In Rpz zone, LL might prefer to get reduced rent from a family member than a stranger.
Click to expand...
Absolutely - but I doubt in the case of the unit that was previously rented for 2k a month that they were getting anything at all from the said adult child for it.
 
Great insights. One thing I have found is a desire to tread lightly on the planet as I get older. Much less consumerism and interest in 'stuff'. Slow travel, slow food etc. Consequently I am naturally spending much less money in pre retirement phase than I was when I was younger.
 
You must log in or register to reply here.
Back
Top