Why You Probably Won't Inherit Anything!

[@mrparkerdan]

so the "great wealth transfer" will still happen, the recipients will be the health care industrial complex, not the kids 😂

[@schuylergeery-zink1923]

They’re saying we should all invest in the elder care industry 🤔 that way we can profit. A feringi can hear profit in the wind!

[@kohtalainenalias]

Exactly. In nursing home Health Business will greedily take everything they can. And politicians will support this.

[@ShinzouKatsune]

​@kohtalainenalias who do you think is their #1 customer? 😂

[@savage.4.24]

Between health insurance, the cost of medications, food, and taxes yup it's gone...long gone. So far gone alot of folks die in debt

[@wineenthusiast-v4m]

People think they’re going to get this windfall from their parents or relatives, but between rising healthcare costs, living longer, and taxes, there might not be much left

[@Robby767]

Yeah, and even if you do inherit something, it’s not guaranteed to set you up for life. I’ve seen people blow through their inheritance in a few years because they didn’t know how to manage it.

[@Larry1-pl2wq]

Yeah, and even if you do inherit something, it’s not guaranteed to set you up for life. I’ve seen people blow through their inheritance in a few years because they didn’t know how to manage it.

[@Churchillhump2268]

I hear that a lot. It’s easy to think a lump sum is the answer to everything, but if you don’t invest it wisely, it can disappear fast.

[@Churchillhump2268]

That’s why I’ve been working with my advisor for years. Joseph Nick Cahill -he’s been helping me manage my portfolio, and his approach to inheritance planning is a game-changer

[@MONROEJACQ]

Joseph Nick Cahill? I’ve heard of him. Doesn’t he specialize in long-term wealth management?

[@AntonioPerez-bv7mk]

Problem is I should’ve been buying a house in 3rd grade instead of learning fractions

[@Adelina-293]

Wait? You didn't have a Roth IRA and $10,000 invested in the NASDAQ by age 9? All the cool kids did.

[@SupercriticalSnake]

Another failure of our public school system. Thanks, _Obamna._

[@thedopplereffect00]

@@Adelina-293 my Dad taught me about Vanguard and John C Bogle when I was in highschool. Saved a bit of every paycheck since.

[@everythingisfine9988]

Still useful. Because that's your inheritance. A fraction of nothin'

[@whymee4786]

@@everythingisfine9988lmaooo

[@Amberabove]

Most Americans have no clue about the markets. They are all tripple long and don't even realize it. 1. Their job 2. Their 401k / IRA 3. Real Estate. When the bubbles pop all 3 of those things are at risk. Simple as that. Rich people know this.... they are hedging... through hedge funds. It costs them about 6% a year to do this. Those that aren't rich are not hedge and are at great risk in the bubble of all bubbles with the debt at all time highs. A collapse has began!!!

[@wmwoods-l4f]

The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. So how exactly can we guard against the coming financial reset Like what are really the best strategies to make our portfolio recession proof against the incoming financial reset? I'm very worried about my $310k stock portfolio.

[@SteveEstrada-js9nu]

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

[@Aarrenrhonda3]

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 75 cash earning 5.25 interest, 685k in Roth ira, 120k in 401k, Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed shortly.

[@jeffDwyer1]

@@Aarrenrhonda3 Can you share details of your advis0r? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

[@jeffDwyer1]

Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up phone call.

[@nerdcave0]

"Start an open dialog with your parents..." dang, mission impossible right out the gate!

[@thomasjpuleo8112]

You have to have the room already set up with all of their favorite things so there is a visual that aids the narrative. It also saves you from looking them in the eye.

[@frankprit3320]

@@thomasjpuleo8112 i agree, you just have to "assume" these events will happen and be READY. thanks

[@jaystrickland4151]

Being an attorney I drafted my mom's will. so that helped a lot.

[@brianh9358]

I'm 62 and have already decided that if I get a major disease or condition I am likely to just clean up what I can, get in my car, and drive up to the Canadian Rockies to take a hike and watch a last sunrise or sunset. I would just stay there until I froze. I watched my father spend the last 4 months of his life in a hospital with no real chance of recovery. I won't allow our healthcare system to do that to me if I have a choice about it. Sure, maybe medical treatment could extend my life, but for what purpose? To live a half-ill faded existence for my remaining time? I would prefer to leave behind what I have to help my children rather than grasp at additional time.

[@everythingisfine9988]

Sounds like a great plan except for freezing 🥶 part. Just load up on supplies and exit like a rockstar! 🎉

[@tw8464]

Same. I fully accept when it's over it's over. The "trickle down" crime syndicate US "system" is all about milking everyone to no limits draining the whole family into poverty at the end of life. All so billionaires can live a good life. Can't blame anyone for saying "No."

[@jayshko]

@@everythingisfine9988 suffering from illness alone in the Canadian Rockies is not exiting like a rockstar.

[@shelbys9598]

You realize that life insurance wouldn't pay out because this would be seen as a suicide, right?

[@brianh9358]

​@@shelbys9598 Life insurance isn't of a concern. My money is in other assets.

[@gradosa8272]

☹️my father worked all his life. He didn’t make much and I helped him many years before his death. Nothing left but the wealth of my childhood memories with such an amazing person. Rest in peace. Tons of love and hugs will last forever. Until we meet in heaven. 🙏🏼

[@189Blake]

Two Cents with another video remindings us that no matter how much we work/save we'll die poor! 🥳

[@tigerinc7484]

We need revolution

[@sakmadik69420]

​@@tigerinc7484 yeah i commit my life to exactly that......

[@sakmadik69420]

im glad to be born in capitalism

[@erinspitfire]

unless we change the way our society is governed ;)

[@Anton-V]

Eat the rich

[@jeanp.5929]

My parents didn't give me much when they were alive, they sure as hell won't give me anything when they die. Also, that $9K/month for a nursing home is a damn crime. Edit: I'm not sure why this comment has gotten so much likes.

[@youtubeuser1052]

What would you charge to feed and bathe a bunch of incoherent, incontinent strangers?

[@Judith-b3t]

Gee that makes my sister's care at $7,350 a month look like a bargain.

[@thepotatoofheaven]

i guess theyre gonna have to pay their own nursing home

[@Mythoughts4you]

@@thepotatoofheaven if they have a house then you can inherit the house or pay for the nursing home. if your lucky inherit the house... they may leave it to someone else! That just makes them assholes!

[@SvPVids]

People think that having rich parents means you are set for life. My parents were rich and close to the end of their lives they sold everything at a discount and used the rest to pay credit cards and other debts and travel the world.

[@simplesimon755]

My sister and I are currently facing these harsh realities with our parents right now. Healthcare costs have really destroyed my parents plans for their golden years to the point where desperation is starting to set in. Heed this warning, folks.

[@redhot663]

Move to the UK before you are old. Healthcare is free here.

[@Jonathan-i8j]

​@@redhot663 yeah just move to a foreign country that has immigration laws preventing this... Good call.

[@wolfworks7339]

@@redhot663 And get eaten alive by taxes. The grass is not always greener.

[@colinrussell2017]

​@@redhot663I think Two Cents needs to do a video on how moving to another country WILL NOT solve financial woes. What you're describing isn't "free healthcare", it's "universal" same as here in Canada. There is no influx of old Americans fleeing to Canada because the health care is most certainly not "free".

[@owenb8636]

​@colinrussell2017 Americans have consistently spent almost twice the OECD average per capita on health care for decades now. And there are lots of Americans who go to Canada to buy medicine because it is cheaper

[@scooppoopins7294]

My dad is in his sixties and started putting change in a big water jug recently. I told him banks don't accept change like that anymore and that he would have to roll it before he took it there. His response was that it wasn't his problem, he was doing it so he could leave something to me and my brother when he dies. Within a month he had cut the jug open and taken out the money out so he could pay for beer. I'm boned.

[@langhamp8912]

Only about 3% of homeowners have inherited their homes. It's not an exaggeration that homes are indeed a retirement fund.

[@HermanWillems]

Jep, my dad is now in a caretaking house. And my mom in a small apartment just now. She is selling the house soon. What is left she said she wanted to give me and my siblings something. But i will just keep it aside for if its needed for my mom later on. Because if she holds it, the government will come after the money haha

[@guillaumegiroux9425]

Imagine if they all sell at the same time

[@syscruncher]

I inherited two homes when my parents passed. I wasn’t about to move to another state to live in an inherited house nor become a landlord for a house in another state, so they both got sold.

[@langhamp8912]

@@guillaumegiroux9425 Zoning laws, NIMBY'ism, and weaponizing building permits to nearly nothing will put a quick stop to that nonsense.

[@C05597641]

People tend not to inherit entire homes due to having brothers and sisters and tax bills. Now that families are smaller I imagine it will become more common.

[@Andromahlius]

Rich kids will inherit from rich parents, the others will get nothing, it's nothing new and that "big transfer" is just clickbait.

[@tw8464]

Nailed it

[@abjectt5440]

I'm a boomer and no one I know has a big house or boat or big money.

[@giovannituber2827]

Sad, I believe you as a Millenial..

[@moneyobsessed]

As a rich kid i can confirm

[@hobomike6935]

People blame boomers for hogging all the wealth, but I don’t see any boomers around with wealth. They took it. The government and big corp took it all. Every last bit they could, wasted. Wealth-hoarding is a mental illness.

[@CountJeffula]

The parasitic medical system is almost entirely to blame.

[@SkyeWoodrum]

Specifically the cost of nursing homes. $9000 a month is more than most of us make!

[@kohtalainenalias]

It's called Business the american way

[@integr8er66]

​@@kohtalainenaliasAnd you would prefer 24 hr a day nurses not get paid? If you can do better, then do it

[@Syllogyzym]

you misspelled capitalism

[@integr8er66]

@@Syllogyzym Who did?

[@millersam07]

I was 18 during the 2008 recession. I remember saying to my parents that the only thing I wanted upon their death was to not go into debt from their death. I still stand by that statement today.

[@A_Canadian_In_Poland]

Whether or not one may inherit debt depends upon the country. Not typically the case in North America or the UK, but very common in Asia.

[@Draggonny]

I'm lucky that my parents are very conscious of the bureaucratic nightmare that is settling an estate, so have taken steps to make it as simple and painless as possible. My husband's father was not so considerate, even though he had time after his terminal cancer diagnosis to manage his estate. He's been passed for nearly 2 years now and there's still a holiday home that is under his name. My husband is probably going to be fluent in Spanish by the time that's been transferred and sold.

[@penultimateh766]

Wow, you are NOT a ghoulish psychopath. Great achievement.

[@glendacastillo6504]

😂 I will try not to leave any debt to my only child.

[@penultimateh766]

@@Draggonny So just GETTING the estate is not enough, it also has to be painless? Ghoul.

[@lidarman2]

There is a wealth transfer...to corporations that provide medical care and assisted living....and after that the next gen won't even be able to afford long term care insurance.

[@Elemblue2]

In america you get taxed... at the end.

[@ILikeBigCatsAndICannotLie]

My grandmother’s sister (Greatest Generation) had saved up money she hoped to give to her family after she passed on, but her in-home care took almost all of it. Medical care might get most of what’s left of what people would like to pass on.

[@jeabo0adhd]

Medical is 0.0001% away from being a ripoff.

[@IICassaII]

You can always put your home in a trust to save that from being liquidated to pay for medical care. Most people don't though.

[@IICassaII]

Also, im sorry for your loss, I know my comment isn't helpful.

[@scarpfish]

​@IICassaII Putting one's home in a trust should only be done if they do it more than five years before their funds would be exhausted because transferring assets to one makes you Medicaid ineligible for five years. Unless one has $600k plus in liquidity to deal with a worst case scenario situation, (and truth be told most people don't), it's just easier to sell the house.

[@mrparts]

@@IICassaIIand who is going to pay for their medical care? The taxpayers? People have sell and use all their assets before qualifying for Medicaid.

[@BrianPoehler-y8t]

Last time I checked it’s Gen X that would stand to inherit most of the baby boomers assets, since the majority of BB kids fall into that generation. It’s funny how that generation goes ignored, but math doesn’t lie.

[@colleenmarin8907]

Our (Gen-X) younger siblings (Millenials) are more like to inherit, as we (Gen-X) won't be guilted into being there to care for the parent(s) that treated us like crap

[@JakoWako]

Most of Gen X’s parents are Silent Generation

[@vollengineer]

@@JakoWako Exactly

[@RedEyeification]

​@@JakoWako Wrong.Boomers.

[@sciascia66]

My parents were born in 47. I was born in 66 which makes me the second year of the Gen X generation, and we should be their $$. it but it doesn’t appear that there’s going to be that much left is on what you’re saying, my dad is are healthy , mom passed earlier this year and it cost us kids $10,000. the healthcare costs are going to destroy any wealth my dad has between two homes, and a pension and a small amount of savings.

[@justindie7543]

Personally I'd trade my inheritance for a few extra months with either of my parents. However this is no excuse for healthcare to be so extortionate.

[@rubenverster250]

Done. Now go spend time with them

[@vollengineer]

Me too. And I always begged them to spend every dime on enjoying themselves. They worked so hard in their lives.

[@Draggonny]

There is no excuse for the US healthcare system. Many other countries have cheap, nationalised healthcare. It's the same principle as health insurance: you pay when you don't need it so it's there when you do need it.

[@pioneer7777777]

​@@DraggonnyThe problem is we have a for profit system with huge regulatory capture, that supports the lions share of highest paid individuals in our society. 88% of the top 25 paying professions are in the medical industry. And their lobby is strong.

[@scarpfish]

​​@@DraggonnyThere's absolutely an excuse for the US health care system. A sizeable portion of the US populace continues to fall for ideological fearmongering tactics and as a result continue to vote for politicians who maintain the status quo who do anything and everything to hamstring any reform. The debacle that is the ACA is proof of such.

[@RobertNoppers]

Had I been able to see through the massive amount of misinformation I was fed earlier on, I might have retired well in my 50s. I'm 68, and starting late meant I couldn't just rely on compounding interest from ETFs to catch up. I tried different options but kept feeling it might be too late for me to make a difference. Eventually, I found a strategy that felt right for my situation, it took patience, but I stayed the course. Now, I’m on track to retire with at least $4 million and hopefully ill leave something tangible for my kids. Those of you in younger generations, please don’t be like me: too soon old, too late smart

[@AlexMorgan4live]

It’s worth noting that luck often plays the significant role in investing, sometimes even more than the resources involved. Without it, its challenging

[@RobertNoppers]

I agree, luck plays a part, especially early on. But I’ve noticed that when results stay consistent, it’s usually due to more than just luck. I had a hard time cutting through the noise myself until I came across Emily Ava Milligan, a fund manager. Her strategy helped me understand how to balance risk and growth, and contributed to growing from 500k into this, and counting.

[@AlexMorgan4live]

I did a quick search and found her page. I’m curious to learn more. I appreciate that you pointed that out

[@TheGreatBrownBoy]

Scam bots

[@joshuaa.kennedy8837]

From my parents I inherited $900 and a bunch of stuff in my storage... that was almost 5 years ago... I would rather still have my mother. My mother and her siblings are late boomer so they own nothing.

[@TallSilhouette]

Losing my Mom hurt. Medical bills wiping out everything she put away for us was salt in the wound.

[@Stylez-13]

Everything is designed that way to take everything but people don't notice until it's their turn....

[@MzShonuff123]

It’s also important to talk to them about life insurance policies, whether they have them, who the beneficiaries are, and where that paperwork is.

[@jeabo0adhd]

Also avoid annuities. The insurance company usually gets everything left after you die.

[@WillHerrmann]

And GoFundMe is not a replacement of life insurance. Don’t guilt friends and family into covering your expenses because you didn’t plan ahead.

[@judipierry549]

You mean ask them where the paperwork is kept for future reference, correct? Your wording comes across as patronizing, as if you are talking to someone who is either a toddler or addled.

[@TomMcMorrow]

My parents graciously purchased me a condo when i moved out for the first time and put it in a trust in my name. Now that my girlfriend and i are saving for a home, once we have it we plan to rent out the condo as an additional income stream. This and the college degree with no debt are by far the two biggest gifts. Very gracious, if i didn't get another penny they've done more than their fair share for me.

[@pineapplesoda]

Smart parents!

[@gr8dvd]

@@pineapplesoda Smart (and grateful) son.

[@IL_Bgentyl]

Yep they invested in you early allowing it to compound or letting you squander it.

[@stephaniejones9325]

Nice, I’m in a similar situation but I paid for college through scholarships & stayed home to save on expenses & then purchased my own condo at 24 with my own savings from a $36k job out of college in ATX in 2015. I’m a 33yr old first generation Latina environmental scientist. I also have a Masters in Occupational Health which I paid for fully through company reimbursement & savings. On my second home now which I house hacked the lower level into a Airbnb for extra income. Happily married with my first baby on the way. 4 months 100% maternity leave paid. I am truly living the American dream by comparison but know that this was only possible bc of the sacrifice I made as a young adult including: did not buy into having to have the “college experience”, didn’t party as a young adult but instead nickel & dimed my salary until I was able to afford my condo, waited until 32 to get married (although in Latin culture my mom thought I was never going to get married lol), eloped & instead bought a second house (on my own bc my husband didn’t have the best saving habits but love does change & now he’s a super saver). I don’t live in the same state as the rest of my family which breaks my heart since MX families are so close, but know that the current sacrifice I’m making will benefit myself & children in the future. They’re dad will get a bachelors for free in the current state we live in, I have a 6-fig salary that’s hybrid & can save some on childcare, & my husband will pay off his business loan. Strategic sacrifices must be made!

[@vollengineer]

That part is left completely out of this analysis. Many boomers have been giving to their millennial loved ones for years while alive. Thank you for bringing this out :) (Love, Gen X lol)

[@Dodgerific]

American health care costs are an atrocity

[@thedopplereffect00]

They are worse in Europe. Their taxes are so high that everyone stays poor forever

[@vollengineer]

My husband has blood cancer, had kidney cancer, aneurysm, skin cancer... and our combined health care costs are under $10k out of pocket per year: insurance premiums, drugs, doctor/dentist/eye doctor care. $5k per year per person. Under $14/day. That's like a crappy fast food meal. We live in a low-cost area that has a world class (people from Canada, Europe, India come here for care and for medical training.) For perspective, in 1999 in Canada, hubby paid $160/month in premiums plus co-pays, plus non-generic drugs plus dental and vision were not government funded, and you had to wait for not-so-great care (or come across the border as many still do). Plus astronomical taxes. How much is everyone else paying?

[@Draggonny]

​@@vollengineerMy sister had non-hodgekins lymphoma and didn't have to pay for so much as a prescription. Scotland is awesome. I just had keyhole surgery last month and we didn't even have to pay for parking at the hospital in England. 10k USD is around half my annual take-home pay. Most people live paycheque to paycheque so that would be a huge struggle at a time when you have more important things to think about than money.

[@gilchris]

@@vollengineer Astronomical taxes - total BS. You may pay somewhat less tax if you reside in a state with no state income tax, but only if your higher property tax doesn't make up for it. Or the local sales tax (city, county) - which we don't have in Canada. If Canadians split their retirement income between spouses so that they have two relatively low incomes, they will pay little more, or no more than a great many Americans (depending on the state). And, by the way, Americans pay just as much tax for healthcare - non universal healthcare (Medicare, Medicaid, etc).

[@vollengineer]

​@gilchris there are city taxes in Canada, but they don't show up in a receipt. Not to mention taxes drive up Canadian prices in fuel, as a matter of fact all energy in Canada carbon tax... Food prices driven up by tax. And yes the employment taxes are higher, much higher. The cost of living in Canada is much higher than in the a States, while the standard of living remains measurably (I'll not say "much" for this one) lower. This effect is now being felt in the States as well. Millennials are complaining that their standards of living are worse than two generations before. I'll say that I see it worse that even one generation before. Either way it's correlated to the astounding increase in taxes here. 32 trillion in debt, increasing but 1 trillion every 100 days, I read yesterday. Scariest part of all is that neither presidential candidate is stumping on cuts and government largesse. But I don't mean to go total political. Just that Healthcare cost is not so bad here and the quality is outstanding. It should be the number 1 budget priority imo.

[@mentallydisturbedscience8900]

I’m not inheriting anything because my parents have absolutely nothing.

[@blanketfortressofsolitude5270]

Same. Not that I want anything from mine.

[@puppylove3781]

They had everything and gave e a point to give me nothing. Knowing then what I should have known now, I would have walked away much sooner. Decades sooner in fact.

[@mrparts]

All the wealth will be used to pay for retirement homes and medical costs.

[@DevoutSkeptic]

I won't be inheriting anything because both of my parents are idiots that squandered every penny they earned and borrowed money every time they could. Their retirement plans consist of working until they die.

[@Draggonny]

I hope you don't feel obligated to look after them when they can no longer work. Their lack of planning is not your responsibility.

[@penultimateh766]

Enjoy the inescapable prison of your genes.

[@MBarberfan4life]

@@DraggonnyI don’t feel obligated. Especially because my mom is a narcissist.

[@justanotherjessica]

I can tell you how much I'll inherit: $0. My mom lives in a house worth $50,000 and has less in her 401K at age 58 than I do at age 37. I am estranged from my father but even if I wasn't, he wouldn't be leaving me anything because he spends every spare penny on drugs.

[@penultimateh766]

Oh boo hoo.

[@CarolynnMarkey]

I'm in your shoes

[@justanotherjessica]

@@penultimateh766 found the boomer leaving $0 to their kids. I wasn't posting to complain. I was posting because it's the truth and I am far from alone on this. I am planning for $0 in inheritance and have saved accordingly. I put minimum 15% of my gross income into my 401K and Roth IRA and put money aside for emergencies too. Because that's what being a responsible adult is. Too bad my parents couldn't be responsible too.

[@MrThatGuyYouForgot]

The problem with trying to have conversations about these kinds of things is that they turn into emotional conversations instead of rational ones. The parents get mad that you're thinking about their death and boomers still think financial conversations are too "private" to even have with their own kids. Plus if you say something like that you're not willing to be a full time caregiver for them (an utterly reasonable thing if you've ever met a caregiver) then you're accused of being heartless. It rarely ends well. My parents are buying a nice place in a foreign country soon and I'm not dare asking what will happen to it when they die lest I be accused of wanting them to die. I doubt they've even considered it.

[@craftypam9992]

I'm a UK boomer, so everything in your excellent video is probably a little bit different, but I just wanted to share: my father died when I was 21, my mother when I was 37, my stepfather when I was 48, so I "inherited" then. Apart from my large contribution to the last two funerals, I inherited £2,000 and a cat with bad teeth. He'd been my mum's cat, so at least 13 years old when I got him. So the first £700 went to the vet for dental treatment, and I had to pay for food and vet's fees till the little fella died - 8 years later. Don't get me wrong - I adored my furry half-brother - but how many cats live to about 21? I hope to leave a more spendable legacy when I go!

[@way_truth_life_of_love]

God bless ya, what a great caregiver you are, and your sense of humor will always help!!!!❤❤❤

[@JiminyClarkson]

Mine is 20 and she's still plodding along.

[@jugutierrez]

hahahahaha

[@Draggonny]

They missed the biggest reason I'll not inherit much. My 6 siblings. Even a substantial inheritance will not stretch that far.

[@zacharybob4336]

This is so much more a likely outcome for the average person, instead of inheriting cash and assets they’ll be inheriting liabilities and debt.

[@ignitionSoldier]

As dark as it sounds, I guess there is a silver lining to my dad being a deadbeat. I didn't have to worry about his care when he died years ago.

[@johnnyli4702]

there are multiple ways to not have to worry about elderly care... There, I wrote something darker than what you wrote.

[@Forever_Endeavor]

​@johnnyli4702 it was a dark and stormy knight. There I wrote something darker than you wrote

[@abjectt5440]

I live in NS. When I die I'm donating my body to the Dalhousie medical school. They pay for everything. The cremation of the remains. Issuing statements of death. Won't cost my wife a penny.

[@ronswansonsdog2833]

@@Forever_Endeavorwhy was he dark, and what made him stormy? 😂

[@luckymanindeed]

I will check out voluntarily before I pay $9K a month to be warehoused in a home. That’s a fact.

[@willerwin3201]

*Take everything that sucks about your situation and make that awesome for the next generation.* *1. Don't expect to inherit anything, ever.* Instead, be grateful for anything you do inherit (unless it's a timeshare, in which case don't sign a damn thing to accept it, ever). *2. Don't focus on what people 30 years older than you have accumulated.* Instead, focus on spending less than you make and investing your savings in assets that grow: unmanaged index funds, real estate, education, and your business. *3. Don't ask what your family can do for you.* Ask what you can do for your family, and especially your children.

[@frankprit3320]

that's not exactly what this is about, this is about being BROKE after your parents die. due to SKY ROCKETING health insurance costs!!

[@willerwin3201]

@@frankprit3320 I don’t think that’s a useful way to focus our attention and efforts. I prefer to focus on what I can control over what I can’t control.

[@freesk8]

@@frankprit3320 And yet, if you follow willerwin's advice, you will be better off. If you depend on the government, you will be worse off.

[@brianmurphysn]

I am 22 years old, lost my dad about half a year ago and I am going to receive $550k+ soon. Would it be smart to grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go for real estate investing first?

[@MariaPerez-pp1dp]

Sorry to hear about your loss. You're taking a wise step by thinking ahead. Considering your age and college plans, I strongly recommend consulting a seasoned financial advisor. They'll help you create a tailored investment strategy, navigate taxes, manage risk, and make informed decisions suited to your situation.

[@ChristianJacquet9]

Thats right! Working with a financial advisor was instrumental in setting me up for life. After 32 years as a teacher, earning over $100,000 annually, I retired with a $1.6 million stock portfolio. Supplementing my income with strategic stock investments and alternative investments, such as real estate or dividends, helped me achieve my early retirement goal. Diversification and expert guidance are essential for long-term financial success.

[@johnketh-n9v]

Who are you working with please? can i get a recommendation. I will be retiring in 3 years and I might need some management on my uch larger portfolio. Don't want to take chances.

[@ChristianJacquet9]

I work with Glen Howard Chester, experienced and advanced and consults for mainly brokerages hence is independent and can be a fiduciary to you. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@johnketh-n9v]

Glen's track record looks really good from what I found online. I've scheduled a call to discuss further

[@Iffy50]

mean=$1.8 million, median = $200k..... Wow! It's really important to know how the "average" is being calculated.

[@tw8464]

Exactly. Only the smaller group of "trickle down" Boomers will leave anything whatsoever. They already pulled the ladder up behind them long ago back in the 1980s monopolized and rigged everything to make their terrible pyramid over everyone except themselves

[@giovannifoulmouth7205]

Averages are useless when you have extreme inequality and that's pretty much every part of the world, so when talking about wealth and income, I always go to median

[@frankprit3320]

I'm 58 my parents are in their 70's, I think you guys nailed it. Thanks for the "heads up".

[@dajavax]

inheritance aside, of only thinking the wealthiest generation will barely manage to pay their medical bills... what's coming up for the rest of us?...

[@prettylilly2933]

Sobering thought...

[@scarpfish]

Being told by the peacekeepers (as in the Hunger Games kind) that we can't camp under the overpass anymore.

[@sor3999]

@@scarpfish "Reeeeeeee your poverty and suffering is ruining my neighborhood AESTHETIC" - some NIMBY boomer probably

[@giovannifoulmouth7205]

I'm millennial and I will be living in my car.

[@Hulksmashhulkregret]

Most of us late Gen. X and Millenials will become what we now consider homeless or migrants, though with nowhere to migrate to. Unless there is vastly more than enough to retire already secured, the trend in wealth-destroying variables will wipe out the minimum necessary amount. Gen Alpha are feral and will become cannon fodder for WW3; not strictly a nuclear war though there will be that and the global famine to follow, rather a war for the dwindling vital resources of the planet while also a war at the borders of every nation that hasn’t collapsed by then, while also a quasi civil war of internal migrants vs homeowners and terrorist attacks from political extremists, with Cartels, white supremacist militias and police-gangs violently securing territory in most places that currently have a Starbucks. Gen Alpha’s empathy is the lowest recorded since data began a half century ago, so I wouldn’t count on any help from them. Gen Beta will likely be decimated in their childhood from war/ civil conflict, famine, preventable diseases, and most of all from not being born in the first place. So they won’t be much help either. Most of us will starve in the 2030s, as even aside from the famine consequences of even a limited nuclear war, global agriculture is faltering as climate change continues to render ag land ever less productive and ever less in acreage. Global is also not great for ag output, as we already connect the dots from Ukraine to Sudan and other famine hotspots. Wildlife, already in severe decline, will be decimated in this hunger, with many species we recognize being driven into extinction. In the late 2030s, we will meme Canadian Geese as the final Thanksgiving, as their mass slaughter will be the first and last time many people hunt for themselves. Even for those that do hunt, long pork will soon be the only meat out there. Most likely, legalizing sewer-slide will become the big social issue of that decade. Ultimately the tsunami of violent conflict for resources will be what tips they balance for legalizing sewer-slide like weed was legalized two decades earlier. Regardless, with the surviving population chronically malnourished, and with the healthcare system being on par with what it is today in Sudan or Haiti, a disease like the Black Death will come along by mid century. Plague ships will again become a thing, plague migrant buses, plague military caravans as well. People who currently have the knowledge on how to mitigate this disaster will mostly be dead by then. Most of us will be dead by then. Most of those who remain will be dead within a year of this. Those alive at the time will have some sweet nostalgia for 2020, and really the entirety of the 2020s, which by then will be the good old days

[@jmlkinc]

The biggest takeaway from these videos is really making you appreciate living in a country with public universal healthcare.

[@tw8464]

Yep

[@Judith-b3t]

Which country?

[@wolfworks7339]

Not really. Same story, different problems.

[@amanasd26]

@@wolfworks7339 not quite, nothing prevents you from investing in american markets while reaping the benefits of universal healthcare from a country outside of the US

[@ettoceb7468]

@@Judith-b3t Most countries. The US are one of the weird ones without universal healthcare. It would be like all the every person and the companies in the US pay for Medicare and everyone are covered by it. Overall, it would cost a lot less per capita since you cut the parasite that are all those health insurance companies. Canada for example pay 1/3 of the US but got better healthcare for close to 95% of the people compared to the US.

[@RK-ow1zg]

Serious question: why bother saving all this money if it’s just going to end up in the hands of a private equity run nursing home anyways?

[@starsiegeRoks]

Because the alternative is being in a situation where you cant take care of yourself and nobody is there to help.

[@d_all_in]

What a silly question

[@waitaminutewhoarrrrru]

@@starsiegeRoks if i get to a point where i can't take care of myself, i'd rather just be dead anyway

[@DtWolfwood]

Well considering my dad is now in the medical healthcare system, i know ill get nothing. Cause they'll take everything.

[@Adelina-293]

Having worked for a health insurance company I can verify this.

[@youtubeuser1052]

@@DtWolfwood if you'd had the sense to get a job in healthcare you'd be saying "we'll take everything". Can't blame your parents that you didn't have the sense to go where the money is.

[@abjectt5440]

When my mother was being considered for senior's care the first thing out of the reps mouth was "how much does your mother make?" Such compassion.

[@Misaka-gt5yj]

@@youtubeuser1052 Oh trust me, as a healthcare worker I've seen what private equity does to hospitals. Replace MDs with Nurse Pracs and physician assistants for lower pay since they do roughly the same diag, prescription, orders, etc while saving the hospital millions in the long run. While admins have nurses staffing at skeletons with unsafe nurse:patient ratios. That and the rising medical malpractice insurance prems = healthcare workers save much less anyways.

[@youtubeuser1052]

@@Misaka-gt5yj It's a market ripe for diversification. You've got the people who never saved anything whose kids are sticking them in the cheapest possible place. And you've got the boomers described in this video who have a lot of money that they intend to spend instead of leaving it to their kids. The latter are willing and able to pay top dollar for premium healthcare. You'll never get rich working for someone else, but there's money to be made in healthcare for those with the initiative and motivation to seek out the growing market.

[@Iffy50]

This was a really great video. It was sobering and a bit depressing, but like you say, putting your head in the sand is not the right solution.

[@benoitlaporte1700]

You know what's great about countries with nationalized healthcares? Their services do not come with an age restriction.

[@freesk8]

Socialized medicine sucks. Longer wait times, higher costs for similar services, worse outcomes. People still come to the US for care, despite the fact that it is half socialized. The more government has gotten in to health care over the last 60 years, the worse things have gotten.

[@scxble]

@@freesk8 Impressive, every single word you just said was wrong Universal systems on average cost half of America's system[1], and deliver far better outcomes[2] in terms of life expectancy, infant mortality, and survival rates of common diseases. While the US does have lower than average wait times, it's driven largely by the fact that many Americans choose to forgo needed care due to cost[3], so you have less competition getting to the doctor. And in fact, it usually people from the US who travel to Canada or Mexico to get medical treatments and prescription drugs they can actually afford[4], not the other way around. As for your last sentence, I would argue that the more *corporations* have gotten into healthcare, the worse things have gotten, as Medicare is consistently one of the US government most popular programs. We are the only developed country in the world not to guarantee healthcare as a right, if Canada, Australia, New Zealand, England, France, Spain, Portugal, Germany, Denmark, Luxembourg, Netherlands, Belgium, Norway, Sweden, Finland, Estonia, Latvia, Lithania, Poland, Greece, Italy, South Korea, or Japan can do it for cheaper and better than our current system, why can't we do it? [1] ourworldindata.org/us-life-expectancy-low [2] www.healthsystemtracker.org/chart-collection/quality-u-s-healthcare-system-compare-countries/ [3] www.healthsystemtracker.org/chart-collection/cost-affect-access-care/ [4] ufhealth.org/news/2020/uf-study-2-million-americans-buy-prescription-drugs-outside-country

[@freesk8]

@@scxble Americans spend more on health care, not because it is more expensive here if you really compare like procedures, it is because Americans are RICHER. They are richer because of free markets and property rights. Americans sometimes get prescription drugs overseas, taking advantage of the fact that drug companies sell for less there. They make their capital costs back in the US, and know they can't charge as much in foreign countries because they are poorer. But when they need cancer treatment and MRI imaging, they come to the US. We are the only country that doesn't have socialized medicine, but that's no argument. If every other nation were a socialist dictatorship, we would still be stupid to copy them. Health care can never be a "right" because it requires the labor of others to provide it. Life, liberty and property are rights because they come from self-ownership. Food, shelter, clothing and health care are not rights, they are goods, needs, or benefits. Socialism has failed everywhere it has been tried. The more completely it is implemented, the more spectacularly it has failed, and the poor are hurt the most. Venezuela, Cuba, N. Korea are examples of socialism.

[@scxble]

@@freesk8 The US spends twice as much on healthcare than every other developed country AS A PERCENTAGE OF GDP, both before and after costs are PPP adjusted. Canada, France, or Japan are not socialist countries nor dictatorships because they have public healthcare systems for the same reason that the United States in not a socialist country even though we have a public education system. Healthcare, food, or education are positive rights, but they still exist as *legal* rights in other countries the same way that education exists as a legal right in the US. You're way too invested in semantics to counter the point that every single study and piece of evidence domestically and internationally shows that a single-payer public health insurance programs would lower costs and improve accessibility and outcomes of healthcare in the US.

[@freesk8]

@@scxble Definitions of words are important. I do not accept your definition of the term "rights." You may use the term as you choose, of course, because I believe in the right to liberty, but rights do not come from governments. They come BEFORE governments. Good governments defend the individual rights to life, liberty and property. Bad ones violate those rights. Governments can give bribes to people from taxpayers to pay for food, shelter, clothing and healthcare, but that does not make these things "rights." Socialism exists on a spectrum. Some nations have more government control, and some have less. Switzerland and Singapore are at the free market end of the spectrum, and Cuba, N. Korea and Venezuela are at the other. The US is only the 30th most free market nation on the planet, lower than the Scandinavian nations and Canada. The AHA was a step in the direction of socialism, and it resulted in increased health care and health insurance costs. Free markets and competition do a better job of reducing costs than do government controls. As far as your statement about percentage of US GDP is concerned, when you get rich, you tend to shift the amount you pay for different things. When you have more money, you CAN spend more on health care, and Americans do this because they can. Single payer would reduce efficiency, increase waste and wait times, and reduce outcomes. When comparing different nations, it is impossible to account for racial and immigrant diversity. Since the US has so much more of these than most other nations, comparing superficial outcomes makes little sense.

[@tsbrownie]

I've been saying "they want you to work until you can't, transfer all your wealth to the rich, then die" for almost 3 decades and people called me all sorts of things, the nicest was "pessimistic."

[@stevenlerner5515]

run the numbers is my fav part.... and thank you for bringing light to a lot of these things... I would not think about alot of things or even know about good savings without yall. thanks for keepin this going and thanks again for being an actual education channel instead of just selling us something.... yall are AMAZING

[@Internet_Hobo]

Gen-X understood this stuff out about our parents when we were teenagers. It's nice to see someone finally talking about it, even if it's decades after we figured it out. BTW, thanks for the one-word shoutout.

[@tw8464]

Exactly we figured all this out years ago while our Boomer parents did nothing to plan anything and acted like they were going to live forever. Such a waste of time and everything

[@lisacrews3060]

Yep. Gen X here and I've been saying this for several years. The reality is that most people were oblivious to the value of the unpaid work of women throughout history, and now we're surprised it costs a lot of money to pay someone else to do childcare and eldercare.

[@ronswansonsdog2833]

Gen X: welcome to the original sandwich generation.

[@levirynearson5800]

Open dialog is a great start, hard to do with some parents. I still have no idea how my parents are doing financially. Like they said at the very end, act as if you will inherit nothing, but make the plans with your parents. You do not want to get more bogged down in probate than necessary.

[@Draggonny]

I only worry about my parents in extreme weather conditions. They're both living in fully paid off houses getting pensions higher than my salary. They're fine. Thankfully my parents are both great with money and talking about finances and funerals has never been taboo. Last time I texted my stepmum to check in during a heatwave she replied they're fine and in an air-conditioned hotel abroad.

[@sueschoers4974]

What is not said is that most Boomers did not inherit anything from their parents. So the sad's about not inherenting is the way it has always been for generations. If you want to keep what wealth the boomers have saved you need to look at alternative way of living e.g. in multi generational homes, the elderly care for the young until they are too frail and then the young care for the elderly. This is the way in most of Asia and the resources of the family are shared.

[@GreekRetroGeek]

That's exactly right, and unfortunately americans do not think or live this way. I am from Greece and the family support environment is different. People die in their homes or hospitals after a short stay, and they die on average much later than americans do!

[@vollengineer]

@@GreekRetroGeek We're catching on, Greek. My sister and my brother plus his daughters recently moved close to me (only because I live in the most cost-effective location). My sister's BFF just moved in with me too! We're always plotting to see how we can consolidate in the future and planning for when we get old to be together. I'd rather be in Greece, today. 🗺

[@scarpfish]

Multigenerational living was the way we did it in the US until after WW2. Then we decided everyone needed a suburban single family house full of shiny appliances, two cars, a lawn and their own bedroom. That change had probably the most massive downstream impact on how Americans manage their finances to this day.

[@ronswansonsdog2833]

They didn’t need to because you could actually live affordably back then. They bought homes in their 20s, one parent stayed home, had a yearly vacation. That was a pipe dream starting in the late 90s/ early oughts, and completely undoable today.

[@leprechaun3677]

Both sets of my grandparents are still alive (silent era) and so are my parents (boomers). When they pass away, I can only hope to get something from them, though I expect nothing. Not because they don’t have money, but because it’s not my money to take.

[@BingChiller227]

Oh great, even MORE existential dread

[@Forever_Endeavor]

That's all you get anymore

[@ImVeryBrad]

My parents have planned everything out with a will and have talked it out with us (4 kids). They have a lot of money. Anything I get will be used for creating generational wealth.

[@beautifulpeopleonearth]

In the 50's my late dad worked a modest job, mom was a housewife, and they lived a nice lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Luckily, I've just received an inheritance of $500,000 and concerned how to use money I didn’t work for. Should I pay mortgage since I’m still working, or do I invest in stocks rather than just staying 100% cash?

[@J.woltz48]

You should do a mix of both. Seek the help of a financial advisor and a real estate broker. Use $100k to get yourself a decent rental property, may need a mortgage but keep the cost of the property low, and put the rest into stocks.

[@marlene_orja]

Well agreed, investing with the help of an advisor did the trick for me in less than 5 years, retired with couple millions before 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, enough to get me fully invested.

[@CeeRiplayis]

@@marlene_orja bravo! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@CeeRiplayis]

bravo! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@marlene_orja]

Can't divulge much here, I take guidance from a "Annette Louise Connors" and most likely, the internet is where to find her basic info, simply do your research.

[@glalza]

The rich keep getting richer. Why? One big reason is that inheritance taxes used to go up to 90% for the very wealthy and now it's less than half of that. Too much concentrated wealth is not good for the country. We need to raise income and inheritance taxes on the very wealthy as it's better for society in every way.

[@rharris22222]

Message to boomer/x parents. Get off your retired butt and help your kids build a house or buy a heap and fix it up BEFORE you get too old to help.

[@xcw4934]

East Asian societies have a culture of intergenerational living but I believe it was more a product of pragmatism and necessity than desire. If parents help you buy your home while you're alive by selling theirs and moving in with you, you can collectively save so much on a multitude of expenses but research has shown Chinese women experience a very high level of stress and depression from pressure put on them by in laws so it's not like living in close quarters with an older generation is easier for them than it would be for us. Our society has finally started to reach a tipping point where intergenerational living is going to be forced on us for economic and practicality reasons too.

[@danshakuimo]

Lol I live in a intergenerational household and I guess it will stay that way with zero generations in between

[@djm2189]

If possible just build a small nanny flat with a separate entrance. They don't need more than 1 bed 1 bath. We do this with our grandparents as Mexicans. Works very well and we all can have our privacy when we want it. That's what I'ma do for my parents. I already told them.

[@dddon513]

My parent are silent generation, not boomers. My father, who abandoned us when I was 13 and pissed away whatever he did have, at least had the grace to pass away fairly suddenly. My mom does indeed own a house worth half a million, and quite a good portfolio but she will almost certainly live many more years and eventually need care. She frets over what she will have left to leave me and my sister. I tell her to spend it all on herself as need be. She took up all the slack of my deadbeat father so she deserves it.

[@EsotericSyncretism]

The only thing I anticipate receiving from my boomer relatives is shame and hoarded junk

[@jamesalias595]

Early baby boomers were born at a pretty good time. Later baby boomers born in the 1960's didn't come of age until 1980 and onward. Later baby boomers were too late for pensions and Social Security will face a crisis just as they start to retire. So, not a lot to leave for millennials.

[@WinstonSmithGPT]

Tell me about it. Every job i worked in my 20s started with a package explaining why I wasn’t getting the pension everyone else was and NO one talked about 401(k)s.

[@Elemblue2]

My entire life I always assumed no one will be taking care of me and all the attempts to disguise it will happen are scams. Constantly reinforced by hospital failures, and inflation just deleting peoples retirement savings. Wealth is having what you need to not spend money.

[@TheAureliac]

And many had their biggest investment wiped out in the Great Recession.

[@oldguy445]

My parents were fortunate that I was able retire early and move in with them to care for them. My Dad passed from complications from a fall. After about a year my sister and I moved my mother into a group home which is another option to a nursing home. It was $4100. Sister and I wound up inheriting 170K each after dividing the assets. Either way both parents and children have to make sure their affairs in order. Make sure there power of attorneys are in place for accounts. When possible, put assets in a trust. That way the State can't take your assets such as your home if you apply for Medicaid. However, the trust has to have been in effect for a minimum of five years. Unfortunately, family dynamics don't allow these actions to take place.

[@Primeros1000]

I knew a guy that their family was somewhat well off, but her mom was hospitalized the last 8 days and had 2 surgeries and had a medical bill of over 400k for the last 8 days of her life that insurance wouldn’t cover since they used a hospital that wasn’t approve by the insurance. Thats was a wealth transfer!

[@HermanWillems]

Damn i rather die 8 days earlier and give my kids 400k.

[@NightinGal89]

​@HermanWillems they probably hoped she was going to make it

[@eileenmateo7300]

I’m 69 years old. My husband and I anticipated a healthy inheritance from his mother. Sadly my husband died unexpectedly at age 72 a year ago. His 102 year old mother was still alive. She died 6 months ago. Now my 4 children (ages 36, 34, 29, and 26) are enjoying their inheritance from her. Oh well!

[@DawnRK3204]

My kids know to donate my body to science and just have a get together to remember my life. I do not want my money / their money going to funeral homes and burial expenses.

[@gr8dvd]

How? For similar reasons was thinking of composting, the least environmentally impactful solution (vs. traditional casket or cremation).

[@DawnRK3204]

@@gr8dvd I’ll have to ask my friend. Her mom asked for the same thing. When she died in Arizona (my friend lives in Virginia), people just took the body away. If you’ve ever watched Institute of Human Anatomy, they are always working with cadavers. I love composting, but human composting is still expensive.

[@HermanWillems]

Pretty nice option though giving away your body to science. And helping people in the future with it.

[@vollengineer]

Just got my info packet from Mayo. Thanks for the idea. I'll have to make provision for travel costs. So I need to see how much that will cost.

[@jeabo0adhd]

Every system tries to fleece us. It's our job to understand what we do and to avoid scams.

[@Elemblue2]

Yes. Unfortunately the whole system considers itself "fair" because if you do enough research you can dodge the trap. Thus the "You shouldn't have stepped there that was your fault" mentality. Unfortunatly its reached the point, especially in tech, where research = almost a survival expert. There is almost no way a person can hit all the bases. You will fall into the trap. The rich avoid them by hiring specialists to avoid the traps in all areas, no one else can afford that strategy.

[@thedopplereffect00]

Don't forget most pensions don't adjust for inflation. Boomers just lost 20% of their pension value in the last 4 years.

[@nolongeranurse3369]

How's that possible when the stock market doubled in 3 years ? Please exsplain

[@thedopplereffect00]

@@nolongeranurse3369 pensions are typically a fixed payment that are not tied to an investment asset performance. Pension funds normally have safer investments like bonds.

[@YouTuber-my2ky]

Pension in India changes with inflation.

[@RBzee112]

​@@KZbinr-my2ky how are those pensions funded? Are you talking about government pensions?

[@DevoutSkeptic]

At least for federal employee pensions, they are adjusted for inflation via Cost of Living Adjustments (COLAs).

[@pedroasencio3290]

The best gift from parents to their children is to teach them to not be lazy. That solves pretty much most of it, appreciate the work you do and take pride of it

[@luvisuzu]

Dont forget folks: You dont have to retire in the US. Lots of cheap countries out there.

[@100rapports]

So basically, you are very proud of not paying mandatory social insurance and national minimum welfare/retirement benefits all your life because it's "a free choice". And when time comes when you would actually need those systems, you just go to countries who don't let their elders die ? I swear US and UK retirees are the one kind of migrant that plagues Europe. ->Think they speak the international language so don't feel the need to learn the local language. ->Not productive at all, just collects benefits from social welfare. ->Doesn't mix into the society, prefers to stay between "expats" (because migrant is the word for poor people) All the criticisms African people get apply even better to Anglo-Saxon retired.

[@amanasd26]

yeah at one point you could have gotten portuguese citizenship just by purchasing a home in portugal

[@thomasjpuleo8112]

@@amanasd26 Worth it just for the sardines and bacalhau alone.

[@HermanWillems]

But the medical is very bad. It's a choice though if you think you just want to die earlier than in the USA and not spend all. Then its fine.

[@warthog473]

​@@amanasd26 The process is actually very long and painstaking. The red tape is considerable. You have to buy a property, put a certain amount of work and money into it, stay in the country for six months at a time while your residency goes through. You don't just buy a house, get a passport and a visa and go overseas.

[@0hermitworm]

Actually, it sounds like the most important thing we can do is go after healthcare costs and rich people hoarding money by avoiding taxes (as in vote for people that will do this). But, yeah, talk to your boomer parents too.

[@kiwifruitkl]

The video makes a point that: (1) young people think that they will just receive a big inheritance from their old folks without really knowing a thing about their old folks' finances (2) young people should have an open discussion about finances and end-of-life care with their parents (3) young people do not save whatsoever because they think that they can live off of inheritance in the future, and that just means they can spend all they want right now What the video does not say is: (1) Americans tend to be very individualistic. Older parents generally don't care about their children's personal, professional, financial stuff. The children's business is their own. The parents' business is their own. It's very individualistic. (2) Americans generally put themselves first, then the spouses, and if they have anything left over, they will think about their kids. (3) Americans generally live in a very consumerist culture, so people are generally encouraged to spend and spend and spend as much as possible. On KZbin, there are ads everywhere. Even the social media influencers promote stuff, trying to get people to buy stuff. Because there are so much stuff to buy, people are incentivized to live in the here and now--even for things that they don't really need. It's one thing to buy food (basic need); it's another to buy a high-tech gadget like an iPad Pro with Apple Pencil Pro and Magic Keyboard or something like that (want).

[@tw8464]

Nailed it.

[@AThirstyPhilosopher]

I agree. Maybe we need a paradigm shift away from the North American dream of owning a McMansion in the suburbs and living a hyper-individualistic life. Not sure why we keep grasping at this unrealistic and unhealthy “goal.” But maybe it will take a generation getting financially crushed before things change for the better.

[@starsiegeRoks]

​@@AThirstyPhilosopherwell, the big problem is the "american dream" that you speak of, doesnt exist anymore. We did have a dream of everyone owning a nice home with a white pickett fence and a couple kids and a pet, but that dream required a less capitalist and more socialist U.S, like we were in the 1940s-1970s. It wasn't so hyper individualistic, and it also had its fair share of inhereted problems, but what really killed it was Reagan era economic thinking, which was devoid of empathy, altruism, or selflessness. Back during F.D.R's Presidency the corperate tax rate was 90% and the middle class tax rate was 10%, the poor just didn't get taxed. Now, its the opposite. Back then you had more government regulations, like the Fairness Doctrine on News and advertising, we used the Sherman Anti-trust act, unions were strong and numerous. All of that is really dead or neutered. The sociopaths at the top have won, and alot of us realize it. Were just continously fighting the other 30-40% of our nation that wants to go along with all of this, and if Conservatives win...well...itll me more of the same, the numbers will just be worse.

[@AThirstyPhilosopher]

@@starsiegeRoks, I appreciate the history lesson. I’m in Canada, which is similar in some ways (too many tax breaks for corporations and wealthy people), but different in others (universal healthcare). It really is sad to see the lack of consideration for humanity that the people in power have. (I’m reluctant to call them “leaders.”)

[@GreekRetroGeek]

Also (4) Americans pay 9k a month for a nursing home, instead of working out a solution for a support home-care, family driven system, where children take care of them like in asia and other collectivist societies.

[@TwinGrimm]

I'm not really into inheriting any thing. Im okay with getting nothing, I started with nothing and if i get nothing im cool with it. In the words of the late and great T - Pain - "I started from the bottom and now I'm here"

[@carleynorthcoast1915]

I'm Canadian so jokes on you. Good luck!

[@sminthian]

This is where a living will comes in. You give your money to your kids while you're still alive. Nursing homes and Medicare are only expensive if you have loads of money. If you're poor, it then becomes mostly free.

[@2anonymous]

No, someone is still paying for it.

[@mustasheolll2020]

Exactly, and honestly I want to work until I no longer can move, then at that point as long as I am fed and can still have relationship, I will have a rich life.

[@OK-pi6fq]

Yeah, but poor facilities are pretty bad

[@richw2615]

Living will is just power of attorney for health decisions. Anything given away or put in an irrevocable trust needs to be done at least 5 years before you die. If not, the free care (which you absolutely paid for in taxes) does not start till the 5 year mark. At least that is what I've gleaned from much research. Don't confuse with a living trust which is revocable and still considered your asset while you live.

[@Inflammasomes]

Thank God I live in Australia, the average American really has a bad deal. In Aus most healthcare is covered by the government and long term residiental care facilty costs are completely covered after the user pays around $60K USD, and if the person has less than a certain wealth threshold it's esentially free. This is all despite the fact that the US has 10K more GDP per capita than Australia and that Australia taxes our resources industries very lightly.

[@Louis_Varga]

I'm planning on getting nothing, so if I do get anything, it will be a bonus.

[@richard1113]

Definitely depend on yourself to make your dreams come true! My parents were the youngest of the "Silent Generation" and since they had kids young, I was among the oldest Gen Xer's. This means that mom stuck around (happily!) until we were all in our mid 50s. There was no hope of pile of money to get that house. I had to wait longer (37, in an expensive area) before I could afford one but I did, on my own!

[@vollengineer]

I was 36 - it was a cheap fixer-upper but man was that sweet. Congrats!

[@richard1113]

@@vollengineer Congrats to you as well!

[@kerryscott1508]

This is why Life Insurance is a must! Give your children a head start.

[@paulfarr7]

Everything about America financially .. is just gross. Why is everything soooo expensive in your country? 😷

[@agme8045]

8k per month for a nursing home is insane. Literally just move overseas lol In my city, you can expect to pay around that for a luxurious place that’s like an all inclusive hotel but with professional medical staff, psychiatrists, gerontologists, dietitians, entertainment/shows, restaurants quality meals, swimming pool, etc. But that’s not a normal nursing home lol, and something tells me that for 8k in America you aren’t getting something very luxurious.

[@mustasheolll2020]

Wtf, that would make like 90% of the US population broke

[@Kris.with.a.K]

GenX not even mentioned, as per usual! 😂 That's cool, though, we like it that way. 🎉❤

[@wallcouldtalk]

Are you sure? Because you all seem to talk about it at every given opportunity. If you want to be invisible, be invisible.

[@ig-8887]

​@@wallcouldtalkwell of course they're going to talk about it, they were the last generation to play outside or something.

[@Kris.with.a.K]

@@wallcouldtalk It's cool that we are left out of videos like this, you know, generational comparison type stuff. Sounds like you think I'm talking about being completely ignored, which is a tad different. The "completely ignored" situation brings up some childhood traumas. 😆😂

[@jeanp.5929]

Your time for fame will come in a decade or two when the boomers have passed away.

[@HermanWillems]

@@ig-8887 wrong my whole childhood was playing outside. :) as a millennial.

[@Itsamoodart1]

Perfect timing for this video. Last 3-4 months have shown me how well off my parents are (very) but how unprepared they are for when things start to go south with their health. Didn’t know how much their health/minds had declined till recently. I am just scared of how much is up in the air with planning for end of life. It is harder than herding cats to get them to make decisions before they no longer can. They keep forgetting about conversations that were less than 2hours old. Stressing so hard.

[@That1SupportiveFriend]

“Most of us probably won’t inherit anything at all” At least half of my older relatives are already dead and I didn’t get anything from them and I’m assuming I won’t get much of anything from those that are left. I didn’t get anything from my dad’s passing and I know I won’t get anything from my mom bc she’s kinda bad with money. We’ve never had “the talk” about finances but based on what I’ve seen, she doesn’t seem to be inclined to save any money, I’ve seen throw out her own medical bills and not pay, a couple of years ago she got evicted for non payment and had a court order to pay $3,000 in back rent. She straight up refused to pay, she actively made no attempt to pay it and recently got arrested on a contempt of court charge for it. They’re now garnishing her paycheck $100 a month until she pays it off. She’s a perpetual rental with bad credit. So it’s safe to assume that my siblings and I won’t be inheriting anything from her. I think she has a life insurance policy but it’s for $1000 and it only covers accidental death and dismemberment.

[@sukhoiromantic1718]

I've had inheritance and am very grateful for it and has helped me buy a house. Frankly though I would prefer another 20 + years with dad around instead of him dying in his sixties.

[@jawsvvvvv]

Long term care for my mother is over $9000 a month. We also have a mother-in-law who has no savings. So hopefully it will cover both.

[@bodhixxx1]

looks like if you want to save your inheritance you need to "fluff their pillows"

[@DawnRK3204]

Wait, a retired school teacher with health insurance is paying $50,000 a year in medical expenses? What it the world is his health plan? I’ve never seen a health plan with an out-of-pocket maximum of $50,000.

[@DawnRK3204]

Just asking because I don’t have great insurance, and after my breast cancer treatment (lumpectomy and radiation), I owed $10,000 - my out of pocket maximum.

[@H2SO4H20]

There is no limit on annual out-of-pocket expenses for Medicare recipients unless they have some sort of supplemental plan, e.g. Advantage Plan or Supplemental Plan G. Advantage plans usually have a higher annual out-of-pocket expense limit with lower monthly premiums. Supplemental Plan G plans usually have a lower annual out-of-pocket expense limit but have higher monthly premiums. Going "bare bones" with only a standard Medicare plan is risky but people do it for a variety of reasons including not wanting or being able to pay additional monthly premiums or not understanding the magnitude of potential out-of-pocket costs.

[@sor3999]

I asked the same thing. My maximum per year is $3,000, but I have what I consider good insurance. My mother has something like $10,000 and she is 63 years old. I have no idea where they're getting their numbers, but preventing the ballooning of healthcare costs is the reason why we buy insurance in the first place (well before it was required by law).

[@Starfish987]

Out of pocket maximums are becoming what the entire bill used to be ten years ago. 😅🫤🤕

[@TheAureliac]

Check out how much is paid toward chronic diseases and long-term care. Even long-term care policies seldom pay off: too many exceptions and limitations and too little payoff to address actual costs.

[@alaakela]

The main benefitiaries will be the medical industries, banks, big pharma, retirement village.

[@Rue21st]

I love two cents despite their cynicism. Hahah. Can I be considered a program patron if I get a tatoo of their faces on the pennies?? 😂

[@mrbunnyban]

A well made video! always nice to see someone actually run numbers to help folks plan their finances.

[@texaspineywoods3879]

All we are is dust in the wind

[@magnaesca165]

a damn expensive dust at that

[@trevinbeattie4888]

Be excellent to each other

[@ThugByChoice]

Wouldn’t call your parents dying catching a break. This video was uncomfortably dystopian.

[@Aerik]

Both of my boomer parents left me bills when they died...

[@quincekreb6798]

You aren't responsible for their bills.

[@Aerik]

@@quincekreb6798 I'm not such a shitty son that I didn't want them taken care of after their deaths. Burials/cremations and funerals, even bare bones ones are not free.

[@MiguelRPD]

​@@quincekreb6798yeah sure. And my best friend also isn't responsible for her parents (both died) mortgage and bills but if she didn't hunker down. Get a 2nd job. JUST to keep up. She would be homeless. Some people inherit debt and insanity rather than peace of mind.

[@RainbowWarrior903]

@@Aerik quincekreb means like their medical debts, mortgage, credit card debt, etc. Good on you for paying for proper memorials for them.

[@Starfish987]

Don't pay them. They are not in your name.

[@Lastluke]

Every video or documentary about anything financial seems to end up being “but, everything is ruined by horrendous wealth inequality”

[@ryant2568]

sorry, Gen-X here, did you forget we exist again? The Boomers are our parents.

[@zacharybob4336]

You’re two generations off bud, gen X and millennials have boomer parents. Gen z with boomer parents would mean you were born when your parents are near or well into their forties, not very common.

[@ryant2568]

@@zacharybob4336 the boomers are in their 70s and 80s now meaning their children are in their 40s and 50s (gen-X) I am sure there are a few millennial with boomer parents out there but we outnumber you.

[@zacharybob4336]

@@ryant2568 Right, Gen X. not Gen Z like you said.

[@ryant2568]

@@zacharybob4336 your right, sorry I made a typo in my original post and didn't even notice.

[@NineteenEightyFive]

​@@ryant2568a few? Look up the years of the generations because it's clear you haven't

[@regalmedia9487]

2 cents is the name of the channel and our bro is havig a billion dollars worth of hair on his head. Good for you sir. World is going bald. Grow hair and show your strength

[@Bryan-e2n]

The system is a scam. You save your whole life to give it back.

[@chaffejcarraway]

This video really hits home for me. Earlier this year my father passed away and we thought there was going to be something to split between my siblings and I but without my father my mom had to go to a nursing home because the care she needed. Now we are all afraid to touch any of the inheritance that was set aside for us because of how expensive Mom's care is. They're exactly right about the $9,000 nursing home care. I've seen over 14,000...

[@aussiewanderer6304]

If we've made something of ourselves, we probably won't need it. If we haven't made something of ourselves, we probably won't deserve it. Either way, we probably shouldn't count on it. - My parents on inheritance.

[@BultitoAsesino]

Cutest couple of KZbin by far, love them. Super depressive topic and conclusion but super important to put this on the table. Thank you Two Cents!

[@tranger4579]

When I was a kid the neighbors across the street built a larger that usual guest house in their back yard shortly before retiring. Their youngest son graduated from college and worked as an engineer while is wife worked as a teacher. The neighbors transferred everything all assets to their son and they literally zeroed out all their wealth with the exception of their pensions. They moved to the guest house and their son and daughter in law to the main house with their 2 kids. Long story short now they live in the guest house and transferred their wealth to the kids.

[@davidmehling4310]

Already seeing it with my mom. Her health declined seriously enough a year ago she needed full time care, first assisted living, then a nursing home. Her 401k , gone, proceeds from the house my brother and I grew up in, gone about next March.

[@djpuplex]

My mother is spending my parents retirement on mail order garbage. I won't get jack.

[@youtubeuser1052]

But on the plus side, people who make and sell mail order garbage aren't out on the streets thanks to the steady income stream from your mother

[@penguin10916]

And this is why you have your parents enter their assets into a trust. Wisconsin and other states have laws that make trusts over 7 years old untouchable for medical debts, meaning they can take benefits meant for the poor, when it comes to assisted living and other benefits. Worked for my grandparents and my parents are in the process of doing the same.