Many Millennial children will be involved in one of the largest generational transfers of wealth in history as baby boomers reach retirement age and start to die.
Naturally, that assumes the boomers don’t just blow it all.
Remarkably, that’s exactly what a couple from Victoria, Australia, has chosen to do, choosing to travel the world with money they had saved for their boys’ inheritance.
Furthermore, Leon Ryland and Leanne were completely unapologetic about their choice on the SBS show “Insight”.
Leanne remarked: “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.”
Leanne continued, gesturing to her kid, “Because if we don’t spend it, you know he gets it.”
The pair has traveled and spent about $114,631 since retiring. They have been to the Maldives, India, Peru, and Machu Picchu in Peru.
The two even created the “SKIclub,” a Facebook group dedicated to “Spending Kids’ Inheritance.”
Since we won’t have the money to spend it all, let’s take action now rather than waiting another ten years to climb the Great Wall of China or go up Machu Picchu.”
If they’re fortunate enough to have supportive family, gifts or inheritance may be the only chance for many Millennials and Gen Z to own a home, given how hard it is for many younger people to save money.
It goes without saying that the couple’s refusal to leave their son anything at all—possibly to help him climb the property ladder—did not exactly win over many people.
“Boomers are evil … bragging about overseas holidays and spending all their money so their kids have no inheritance.” One person remarked.
“SBS Insight tonight is hilarious. Boomer privilege at its best and still not conscious of it. So entitled.” Another person commented.
Alex, their kid, seems to be accepting of his parents’ choice, although not thrilled about it.
It’s their money, he remarked. They earned that money by wise investments and hard labor throughout their lives, so I believe they should be free to spend it anyway they like.
