Quote:
Originally Posted by Shin Pad
This doesn't surprise me at all. Just look at houses and the toys a lot of people have, who aren't raking in the dough in their jobs. When I lived in Chestermere, I had a neighbour, who once showed me his pay check, and I was absolutely shocked that he could own any sort of a home, let alone a 2500 sf house in Chestermere. Not only that, he had a boat, a quad, and a new truck. I asked him if he won a lottery or something. Basically, he just had his credit maxed out. The guy was in his mid forties, so I can imagine he's going to be nowhere near being able to retire at 65.
Unfortunately, I think this sort of thing is far too common these days.
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Maybe he knows he's going to be on the receiving end of the greatest inter-generational wealth transfer in history OR he's planning to downsize at some point (and hopes there's a younger version of himself ready to buy when the time is right).
I know one guy in his 40's who hasn't saved a dime in his life but openly declares his retirement will be funded by "The Bank Of Mom." His widowed mother is a very sharp millionairess and he's an only child.
Sometimes I wonder if this is all overblown but, as someone with no inheritance in sight and only myself to provide self-funded retirement, I'm amply motivated to believe it.
The circumstances for everyone will be different but many of these studies fail to account for anticipated wealth transfer between generations or the fact this gentleman in Chestemere, as one example, IS actually saving . . . . . provided he can sell that house for a pretty penny in the future.
Cowperson