How many sacrifices have you made over the years for your family, so your children could have a comfortable, happy life?
I’m sure you’ve made many. The long hours at work, the shortened vacations so kids go to camp and the expensive colleges are all things parents naturally do for their children. However, is it wrong to want to enjoy yourself now and not have to sacrifice? Is it ok to spend your money you’ve worked so hard for, doing what you want to do? Do you have to leave your money to your kids, as part of your legacy?
If you are a millionaire, you probably carefully made arrangements for your financial assets to be passed down at the reading of your will. But for the majority of baby boomers, inheritance is much more complicated, since the uncertain economy causes much concern and trepidation.
Many boomers, including myself, are caught between the desire to enjoy their money by doing what they love, and the concern for helping their parents and children, who may be having their own financial challenges. So, a good majority of boomers are giving their children “cash advances” while they are alive, so that the kids can remodel their homes, or put a down payment on a new one. At least, you can see them enjoy the money, as well as have them show their appreciation for the gift.
Just know that at this stage of your life, it’s important to be a little selfish, also. After all, you’ve worked your whole life, put your kids through school and now deserve to reap the rewards of your hard labor. Your job was to give your children a good foundation so they can be launched into their careers and be comfortable making it on their own.
You shouldn’t give up going on vacation or having a nice dinner out so that your children have more money left to them.
A wealth management firm in Norfolk, Va. said that boomers would be glad to leave money to their children…if there’s any left. Otherwise, they want to travel and live their lives to the fullest, while they still can.
With your life expectancy much greater than your parents and fears that Social Security may eventually dry up, it is not surprising that baby boomers are being cautious about their spending. Just keep in mind, though, that you only live once and that your time of sacrifice is over. If you have the means to enjoy some luxuries, go for it! I know I am!
Read more posts by Amy Sherman here. Amy blogs for JenningsWire.