/biz/ - Business & Finance

[Anonymous No.51010376]

My parents fucked up financially and were forced to sell their house and they’ve been priced out of the market, and due to their age they will never get given a mortgage again by any bank as they’re too old and don’t have enough capital

So now this has caused my financial future to be in trouble because I have no inheritance now.

Call me a spoiled brat, but I can’t help but feel resentment towards my parents for this, how can you be a baby boomer and fuck up this badly, they should have had multiple properties by now instead they have 0

[Anonymous No.51010387]

>>51010376
many such cases

[Anonymous No.51010394]

>>51010387
Is it really many such cases? I looked at government stats on parents my age and it said people age 60+ have a 90% home ownership rate.

[Anonymous No.51010407]

>>51010387
Is it really many such cases? I looked at government stats on my parents age bracket and it said people age 60+ have a 90% home ownership rate.

[Anonymous No.51010413]

>>51010387
america's future is doomed because of this. rent is expensive as hell social security pays jack shit, and more and more people are living in urban areas. there's going to be some sort of a social crisis where large swathes of non-homeowner retirees have a fixed income well below their bare minimum expenses for rent and food.

[Anonymous No.51010463]

>>51010413
I’m in Australia, it’s different here, 90%+ of age 60 people own their home.

My parents actually bought a house in the 1980s and paid it off in the mid 90s, but then they knocked the house down and built a massive fuck off McMansion with the best of the best highest quality stuff, but they went waaaaaaay over what they could actually afford, and took out a huge mortgage to do it.

Then my dad business failed about 10 years after, and they found themselves with a failed business that owed a lot of taxes, and a massive mortgage over their head that they could no longer afford to pay.


If they just kept their original house that they had paid off they would be laughing right now… but they just had to go and build a big fuck off McMansion that they couldn’t afford and went crazy with debt

[Anonymous No.51010509]

>>51010376
Join the club. Been warning and helping my parents financially for almost 7 years. But because they have no humility they didn't pay off their debts and used my help to as an excuse to go on a spending binge. No more. I refuse to let them drag me into poverty.

>>51010407
Governments been cooking the books on home ownership for in the same way they just changed the definitions of inflation and recession to fool idiots

[Anonymous No.51010579]

My dad also ran a failing business that was bleeding money for over 10 years. His business was making $500k+ So he assumed that means he was doing really well, but he couldn’t put 1+1 together and work out the fact his expenses to run the business were basically running any where from 90% to 110% of his income, so for many years he was literally losing money, or barely making anything, or breaking even, but all he would look at is the fact he was making $500k+ but completely ignoring his costs and taxes which after all of that had him at like -$10k or +$10k for the year


Some people just shouldn’t run a business

FYI: You ask how did he survive for 10+ years doing that? He digged into his savings and used debt to keep the business running

[Anonymous No.51010602]

>>51010376
When my dad died, I had no inheritance and my mom is a drug addict that wants $2k/mo from me. Based, huh?

[Anonymous No.51010669]

mine were the opposite
my father inherited nothing and he leaves me with many real estate proprieties I'm a jeet so I'm not usa level rich but I can live a comfy life for eternity

[Anonymous No.51011486]

>>51010376
Every decision we make is half chance.

[Anonymous No.51011508]

>>51010376
sounds like you have poor people genes anon
i'm sorry

[Anonymous No.51011524]

>>51010579
>all he would look at is the fact he was making $500k+ but completely ignoring his costs and taxes
Your father has an IQ lower than that of the average RPG player, I'm genuinely sorry about this.

[Anonymous No.51013397]

>>51010376
There are plenty of retiree only trailer parks down south that ain’t that bad. No shoveling snow either. You get what you deserve.

[Anonymous No.51013623]

> So now this has caused my financial future to be in trouble because I have no inheritance now.

>Call me a spoiled brat, but I can’t help but feel resentment towards my parents for this, how can you be a baby boomer and fuck up this badly, they should have had multiple properties by now instead they have 0

[Anonymous No.51013655]

>>51010376
Do they live in your basement though? My parents have millions liquid and they live in my basemetn.