Quote:
Originally Posted by Cowperson
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
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Some people are like that. I have a lot of friends who make upwards of 130K per month take home and they never waste their money. When it comes to partying, vacationing, having dinner parties at their house, they go all out. Otherwise, they still coupon clip, save money, etc.
It's very shocking how some people go beyond their means.