Posted on 04/20/2011 11:55:05 AM PDT by SeekAndFind
There were a few grim statistics in Bank of America's annual survey of rich people.
Over half of respondents doubted their children would be as wealthy as they are. By comparison, 96% of Boomers were wealthier than their parents.
And more bad news for babys of Baby Boomers. Only 49% of rich people said that leaving a plump inheritance is a "personally important use of their wealth."
Financial security (90%), financial freedom (78%), travel (64%) and quality of relationships with family and friends (53%) rated as more important uses of wealth.
Perhaps the Boomers feel this way because most of them got rich through hard work, not inheritance.
(Excerpt) Read more at businessinsider.com ...
Not all of them. My parents were awesome. I’m sorry your experience was bad, I wish you could have been raised by mine.
I looked, you have to download the report to see how they did the survey and what their criteria was. I opted not to, so it’s difficult to know if the survey means much.
What’s so great about the Greatest Generation when it comes to the mentality of government entitlements being a “right”?
I have parents and in-laws who were part of the Greatest Generation. And I’m not speaking of them as “people” or “personalities” (they were great parents, and lovely people) but as recipients of government entitlements they fail, IMO. They either paid very little into, or paid in, but are reaping, and may I say, expecting to reap without any cuts, benefits for their entire lives. Any mention of cutting back, or having to cut back is met with huge howls and opposition.
The Greatest Generation have been the recipients of HUGE government entitlements in the form of SS and Medicare. Now we have the Boomers, will the Boomers get the same in the way of “pay back” even though they’ve paid in their entire lives. Of course not. Does that even enter the mind of a GG when it’s mentioned there might need to be cutbacks to keep the system afloat...of course not.
Just my 2 cents.
Leave the broad-brush smears to the other side.
Let's say you merely averaged $50K per year in salary for the past 30 years. I would be happy to exempt myself from Social Security if I could be reimbursed for my total contribution (employer & employee) at 0% interest.
What would that amount be? $186,000 (50K * .124 * 30 years), tax free because I never received any deduction for social security taxes, yet my employer received a deduction for their "contribution."
Nick, what generation was she a part of? She sure wasn't a boomer. What years encompass the "Greatest Generation"?
The “Greatest Generation” were the parents of the Boomers.
And they weren’t the Greatest Generation, they were the most duped generation. They bought into the SS scam and kept it going. Kept voting those Dems in. Even when the stories in the 70s came out about the “less people to support more retirees” was on the news, they didn’t care.
They also did NOTHING about their pay checks having their taxes taken out. NOPE, nothing was done. Of course, they inherited alot of socialism. And expanded on it.
The Boomers were those who inherited the huge ball of wax, they didn’t do anything either.
Now, I don’t consider myself a Boomer, and I have a teenage daughter. But the coming implosion will be more the fault of people BEFORE the “great generation” who put into place the third central bank, the FED. It allowed the taxation, and the vote buying by the politicians, for almost 100 years.
A whole lot of WRONG unconstitutional things have been piled up to the sky in this country. It will need to be torn down and rebuilt, and I hope my grandkids will see it.
They are just hoping to spare their children the confiscatory tax rates and demonizing rhetoric that Obama and his ilk would inflict upon them.
All of the surpluses they poured into the SS system, Congress critters like Alan Simpson of Wyoming, skimmed off to pay off their buddies and others for votes.
And I could go on. Furthermore, I remember back in the late 60's and early 70's one would be done with SS contributions by June or July. Then it was October. Now it is all year, and has been for a long time.
Please disregard Nick. I never heard of the Silent Generation...maybe that’s why they’re considered ‘Silent’.
Poor thing, I’m sorry your feelings are hurt. Perhaps you can explain what has happened over the last 50+ years to out country? Which was has it been moving? Which way has momentum been going in the last two year? What would have happened if people were active 50-60 years ago?
Oh yeah, that’s right. After WW2, the rest of the world’s manufacturing was bombed into oblivion. As such Americaq prospered while society continued to decay, leaving a house of cards. What generation didn’t worry about what was happening to their precious, unconstitutional, socialism promoting, social security program? Oh yeah, the ones this thread is about. Obviously you’ve forgotten history, or never knew it.
They fought a great war and sacrificed greatly, then they came home and screwed up our country. Let’s say they were great in their youth.
Taught by the baby boomers.
What a silly comment. Sure there are a lot of boomers that pushed the leftist agenda, but no where near all of them. The bigger problem was what their parents did with entitlements and liberal programs after WWII.
I'm presuming you're from generation X, Y, Z, or whatever, so please defend what your wonderful generations have given us.........you can start with Obama's election........
Enjoy it while it lasts!
There appears to be a thin veneer, even on conservatives. It’s disturbing.
Whatever “boomers” leave to their children will be swallowed up by the gargantuan government debt now being created.
Agreed!
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