you got screwed. The last wealth that was handed down ended in 2010 or so. That was when people born pre 1930 died off.
Those born pre 1930 endured the depression, WWII and the instability of the late 1940. They were the head down, ass up, work your tail off generation. Mended their own socks, baked their own pie, slept in a night gown that covered everything!!
So, from 2000-2010, they were the last to die off and the last to leave money behind.
By 2010, the generation that was dying off and leaving any money to their children/grandchildren, were born from 1930 onwards. Too young to feel the depression, too young to serve in WWII and a tad too young to deal with the instability of the late 1940's.
They had inter-states, Elvis Presley, 24 hour TV, jet airplanes and so on... and they burnt through money and savings like toilet paper during flu season.
leaving nothing for their heirs.
What do you think has hurt Western economies the last 20 years. No more free money to be injected into the system for frivolous spending. Mom and Dad did not die off, leaving you 100 K to blow.
It really depends on the people.
We have a big group here at the cottage...a dozen cottages with some having multiple families. The "parents" are 65-75ish. Born in the late 40 to early 60s.
There are 1 or 2 families that live beyond their means. You know, refinance mortgages so they can always be leasing 2 new cars...going on 1-2 trips a year...upgrading their house when their kids were moving out... basically,they're like 70 and their house is still almost fully owed and credit cards always maxed. Funny enough, their kids have the same mentality. Their daughter is 35 and still has like 40k of student debt and has travelled the world...but they live in his parents basement... The son saves a grand and immediately buys a toy he doesn't need. Like parents, like kids. Their kids will get nothing in inheritance.
Then almost every other parents up here had good jobs (doctors, teachers, principles, good government jobs, high tech) and they all kept their cars for 15 years, rarely went on trips, hoard things in the shed because "they can fix it" or "it might come in handy one day"
All those people are sitting on 6 figures for their children...enjoying retirement, and spending money, while still keeping a nest egg.
I would like to do the same. I was always taught to live within my means, so even when I was working minimum wage at sportchek for a decade, I was still able to save a good percentage of my money and invest it. As soon as I got an average job, I was in a position to buy a house. My partner is an accountant and great with budgets. So what do you get when 2 people join and both like to save all the money they can.
Savings add up quick.
Their kids will get a cottage and decent coin given to them.
My parents got decent inheritance from my grandparents...the house...the apartment...the money in the bank...it's enough to use to pay off your own mortgage and then life becomes to affordable and easy to save with you have like 2-4 thousand freed up every month.
