There is a lot of truth in what you write. I may be guilty of poor planning, but I want to live as cheaply as possible, in order to leave some money behind so that my children and grandchildren can pursue their dreams. Sadly we sometimes forget that we are not the only elders that have contributed to our children’s view of life, in those cases they may squander what we leave behind. ..we can only plan the plan, not the outcome.
People leave a lot of legacies other than financial ones. Those are just the easiest to give examples about how people go wrong. Others squander good will built up over a lifetime or the love that others have for them through their selfishness. But it is harder to understand their choices.
This is somewhat true of my own family - absolutely nothing until a few generations ago, great grandparents worked hard and that combined with prevailing economic forces made them comfortable, grandparents ended up significantly better off than them, and my grandfather retired at 55 in comfort, my mother on the other hand squandered an inheritance and lives beyond her means now. I'll probably have to sell her house (inherited) to be able to keep her out of poverty in old age.
What took a few generations to build will likely be gone in one and I have to start over, which is fine, but not ideal.
The last few generations of my family escaped poverty at some point in their lives, but not to the point that they could really help the next one until my parents, so everyone got off to the same poor start in life. It is what it is.
I think that's true of most working class families. Even if your parents or grandparents managed to get some assets they often end up having to sell them to fund end of life care etc. so many leave nothing to the next generation.
Then when we do make choices in the economic realm we are bad at it. Because the dismal science can only tell us what is, not what should be, that requires an aesthetic judgement. And to be able to make those you need to know what you stand for.
Selfish parents, entitled, rebel children or grandchildren all play a part too. Education, different career paths of interest all took their toll. It’s too bad for all of us.
There is a lot of truth in what you write. I may be guilty of poor planning, but I want to live as cheaply as possible, in order to leave some money behind so that my children and grandchildren can pursue their dreams. Sadly we sometimes forget that we are not the only elders that have contributed to our children’s view of life, in those cases they may squander what we leave behind. ..we can only plan the plan, not the outcome.
People leave a lot of legacies other than financial ones. Those are just the easiest to give examples about how people go wrong. Others squander good will built up over a lifetime or the love that others have for them through their selfishness. But it is harder to understand their choices.
This is somewhat true of my own family - absolutely nothing until a few generations ago, great grandparents worked hard and that combined with prevailing economic forces made them comfortable, grandparents ended up significantly better off than them, and my grandfather retired at 55 in comfort, my mother on the other hand squandered an inheritance and lives beyond her means now. I'll probably have to sell her house (inherited) to be able to keep her out of poverty in old age.
What took a few generations to build will likely be gone in one and I have to start over, which is fine, but not ideal.
The last few generations of my family escaped poverty at some point in their lives, but not to the point that they could really help the next one until my parents, so everyone got off to the same poor start in life. It is what it is.
I think that's true of most working class families. Even if your parents or grandparents managed to get some assets they often end up having to sell them to fund end of life care etc. so many leave nothing to the next generation.
Good stuff.
We need to realize that there is more to our lives than just dollars and cents. Too many of us make choices only in the economic realm
Then when we do make choices in the economic realm we are bad at it. Because the dismal science can only tell us what is, not what should be, that requires an aesthetic judgement. And to be able to make those you need to know what you stand for.
Selfish parents, entitled, rebel children or grandchildren all play a part too. Education, different career paths of interest all took their toll. It’s too bad for all of us.
Plenty of both. But I did not want to write about selfish boomers or entitled millennials as that has been done to death.
Yes. Definitely no shortage of that.