Has anyone else lost a little bit of respect for their parents after finding out how financially illiterate they are?
My parents both have decent paying jobs and both graduated from college in a booming economy but currently live paycheck to paycheck relying on large credit card debt they use for holidays and eating out with nothing left over saved for retirement.
Yes.
They don't have much debt left, dad is letting his inheritance idle and do nothing but rot.
They have 0 investments besides bricks and some land. Been burning money on renovations since forever, yet no big suistainablity upgrades like solar. Utilities cost has shot up so high I'm afraid they will never be able to retire in their house without intervention
>Has anyone else lost a little bit of respect
Lost a huge amount of respect in them. Because they spend a lot with frivolous things and have 0 pension when they retire. I shit you not, they want me and my salary to sustain their life and their bad financial habits.
Boomers in general yes. Trying to get them to understand that they lost money to inflation. I give up, wish I was born in the 70s user.
>little
Try all respect. Especially because they conned me into their dumb schemes when I was barely 19. Still paying for it 15 years later
>they conned me into their dumb schemes
Could you elaborate here, user?
yes
my dad has ran a small plumbing business for as long as i can remember
he had something like 10 employees in the '00s, dropped down to 2 after '08, and grew back up to 6 now
i always looked up to that as something to aspire to then i grew up and managed to get a little bit involved with the business and help my mother with the administration and it's appalling
the turnover is massive well into seven figures and i think that would surprise anyone who had never been involved with a business but there are so many inefficiencies it's painful
i spent months begging them to get a business credit card for the cashback before they finally did and got a 1% cashback card for a few hundred a year
that tiny change alone is worth an extra salary in cashback not to mention how they pay absolutely no mind to which suppliers are cheapest and just use them randomly and don't even account for logistics or premises overheads
my mother was literally paying the business's yard energy bills from her personal account because she couldn't tell which bills were for that and which ones were for home
their personal finances are even worse
they live paycheck to paycheck but the business doesn't so not really however once the business starts to have decent money in it they splurge that on some stupid bs like a campervan or a boat they get bored of, let rot for a few years, then sell for pennies
i have more liquidity and non-pension investments than they do at under half their age
it's because they've always been comfortable and never worried that they wont be able to work for whatever reason
my dad is getting old now though and is finally thinking about how he will retire
his business has enough assets that just selling them is worth six figures but it makes me so mad when i think about how generational wealth has just been pissed away by mismanagement
my mother's full time job since she was 30 or something has been administrating that business and she is simply shit at it
Quite the opposite, in fact. With as much as they knew, they answered what questions they could about stock and the economy in general. They also cultivated my budding obsession with money and the monetary system by bringing me to the Philadelphia mint.
My parents didnt finish high school
my dad was a lawyer for 40 years in a small town firm that he was a partner in. he has NOTHING now. he didnt drive fancy cars or go on crazy vacations and our house was modest.
i honestly have no clue how he managed to run through so much money, im starting to think he was a coke head or something, but he actually made enough to do blow and still save money anyways
its actually kind of impressive how retarded boomers managed to be yet still had relatively functional lives
>Spends their money and life trying to afford the best for their children
>Yes honey I know this house it out of our budget, but we want our kids to be happy and have enough room to have separate rooms and play
>Honey, can we really afford to go on these vacations, buy our kids cell phones, laptops, and other gifts for christmas and their individual birthdays?
>Honey, I know we love our children so much, but can we really afford to go out to eat so much?
>Oh yeah, I guess you're right. Trying to socialize our kids, get them to experience the world, and give them everything they could want within means is the point of money. Oh honey, I love you so much, we both just want the best for our kids.
>Don't worry honey, our kids will understand the sacrifices we made for them and will love us as they grow older.
>HaS ANYONE ELSE LOST respecT FOR THEIR FAGGOT PARENTS WHO AREN'T FUCKING LOADED AND LIVED AN IDEALISTIC LIFE THAT I MYSELF DON'T LIVE, AND EVEN IF I DID I HAD SO MANY MORE OPPORTUNITES TO RESEARCH NEW IDEAS AND BUSINESS BECAUSE OF THE TECH AGE??!?!?!? FUCK BRO MY PARENTS ARE SO LAME UWU
call your parents and tell them you love them.
19 year olds: the thread
MY PARENTS PAID FOR MY UNDER GRAD OUT OF POCKET BUT I LiVE IN A STATE THAT REIMBURSES ALL STUDENT LOAN PAYMENTS IF YOU STAY IN THE STATE. AAAAAAAAAAAAAA
my parents are minimum wage wagies. they probably have a combined 100k in their savings account, no investments to speak of
they also own a home with only 1200 mortgage in an expensive suburb in California
I'd say there's doing great compared to you guys
meanwhile I'm a 25 year old neet
My dad dropped out of high school and never saved any money for anything. He would always tell me how he drove 3 hours to work and how shit it was, and one time after I found out he had cancer, I asked him why he didn’t just move closer to work, and he told me that it was because he just thought it was better for us to grow up in a small town where you could really know your friends and family.
That’s when I realized he was a lot smarter than I ever gave him credit for.
Oddly, my parents are kind of based financially. They never made great money but they moved to a low COL area with good white schools and have a paid off house + social security and my dad has a pension. Plus they invested in stocks over the years and just saved up cash too.
be grateful you lost respect for them due to finances rather than for how they treat you
>Grandpa retires with probably 6 figures
>Grandma never had to work
>They blow through all the cash they had in savings in under 10 years by travelling, buying a camper with toy hauler inside, new ford f250, indian trike motorcycle, they were also horders and bought anything and everything, bought multiple amish quilts, bought 2 houses in Florida, and now they dont have money for their house and are relying on my uncle to pay the bills and rent while they piss off in Florida. Oh they've also had multiple surgeries and are on multiple meds. Fucking idiots.
Sort of. My mother has like £60k sitting in a 0.01% interest account and my dad has a really good job but is using a financial advisory / wealth management service that is all about being flashy and the image of wealth but charges absolutely insane fees for less returns than a typical vanguard index fund.
>Has anyone else lost a little bit of respect for their parents after finding out how financially illiterate they are?
My parents are pretty financially literate though. They realized they couldn’t afford to raise a kid and do heroine every day so they abandoned in a park when I was 3.
This infuriates me to read.
This is so common.