(03) 9020 2905Excellent! Time for some Baby Boomer bashing!
Billy Joel stated “we didn’t start the fire” in his 1989 hit that claimed his Boomer generation wasn’t to blame for the world’s woes. Bollocks! Yes, you did start it and, yes, you are to blame.
It was Boomers that invented “hippies”, elevated pot smoking to a lifestyle and exercised “free love”. Sure, some of that free love led to us Gen Xers. But it was all pretty irresponsible, don’t you think?
My parents were among the first Boomers. Dad was born in 1946 and Mum was born in 19 … ha! Scared you, hey mum! Both are semi-retired. They just don’t want to give up.
However, most of the Boomers’ kids are actually Gen Y. So their inheritances will largely pass well over the top of our hungry hands and straight to Gen Y.
Kerrin’s right. Boomers biggest worry is going to be making their money last, because they didn’t get a full working life of superannuation, as we Xers largely will. And if they didn’t invest well enough, we’ll bear the burden from a tax perspective as they age.
Personally, I hope my parents blow the lot. They have been wonderful to us and they deserve to enjoy their life.
An inheritance is something you should never really wish for. It means your parents are dead. Personally, not so keen on that.
Gen Xers will have to make it on our own. We’ve still got plenty of time.
Let the Boomers party hard! As only ageing hippies can.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.