Baby boomers are known as being one of the greatest generations in history but they are also aging quickly. Many have entered retirement and are now realizing that they have a limited amount of time to enjoy life as they know it.
One baby boomer couple has decided not to go out without a bang. The couple is going to be traveling the world, enjoying life to the full and at the same time, spending their child’s inheritance.
This is not unusual, as many baby boomers are realizing that they can’t take it with them. They have transferred the largest generational wealth in history, but that doesn’t mean that all of them are willing to just pass it on to the next generation.
In this particular case, the couple had some money set aside for their son but they decided to travel the world instead. Leanne and Leon Ryland from Australia made a lot of money and it seems as if they’re interested in spending a lot of money.
She said: “We’ve done all the right things by investing in property, boosting up our super, making sure that was healthy, going without a lot of things.”
“And he said, ‘You’re crazy if you don’t retire when you can, because you’ll spend most of your wealth on travel or whatever in the first 10 years, and then after that it slows down’.
“It’s changing our mindset. You get into a phase now where you actually spend instead of save.”
She then pointed to her son and said: “Because if we don’t spend it, you know he gets it.”
So far, they’ve spent over $114,000 traveling and visiting places such as Sri Lanka, India, and Peru. They even have a Facebook group called the ‘SKIclub’, ‘SKI’ standing for ‘Spending Kids’ Inheritance’.
The mother went on to say: “We’re not going to be able to spend all this money so let’s do it now because in another 10 years we won’t be climbing the Great Wall of China. We won’t be going up Machu Picchu.”
Many in the younger generation find it difficult to save and the only hope they have is to receive an inheritance from their parents. It is the way that they own a home or get ahead in life, and not every family is in that situation.
After posting this information online, many people were upset with the couple’s decision to spend the money and not leave it to their son. Some even referred to baby boomers as being evil.
I guess this is one we will have to continue to debate.