Michael, it wasn't a great time in history. They just out voted their children and ran up a ton of government debt they are leaving to their children and grandchildren. Every time there was some great government program that helped them out a lot. Once they were done with it, they just voted it away, so their children and grandchildren never benefitted from it. Now they are buying all the houses and renting them to their children and grandchildren at exhorbitant prices. They are a horrible, selfish generation that thinks of nobody but themselves.
Michael, I'm a lawyer in Washington State. Technically, no, no one "inherits" debt, but creditors can sue the deceased person's estate and take a judgment.
Creditors claims are recognized via Probate Court, when a person has a Will. There are Notice as well as response deadlines. These are Estate claims. Intestate claims, i.e. No Will, obviously, there is no Probate. Probate takes time, months, some States, (CA for example) it can take years. * TRUSTS are different, never made public, no Probate, an Executor (s) have responsibilities to dispose of all matters. No personal liability to pay deceased debts, in either scenario.
as a european who recently moved to florida... the cost of living here is batshit insane! I make what I considered decent money in europe, here its barely enough to pay for rent and quality food. im spending triple on rent and double on food! no idea how most peope even get by here. Im getting the hell outta here as soon as my lease is over
Yeah people come here to the US based on Hollywood type ideas. America used to be a great opportunity, but it is not anymore. Most average people barely make it paycheck to paycheck. 😢
I just left Florida as a nurse making $82,000. When a single woman is unable to live off of $82,000….something is wrong. I am age 59. Might move in with dad in Wisconsin. He’s age 85.
I make 80k per year and can not afford to live in Idaho anymore. House prices have literally quadrupled here in 6 years. As an electrician, I'm faced with the choice of downsizing to a single bedroom apartment for $1800 per month or moving out of state. I can't afford to renew my current lease for $800 more per month. Californians are buying up Idaho and pushing out the locals. The average local makes 50k. The cheapest houses are over 300k. I've never seen so many people with full-time jobs moving in with family or moving into trailers, parked in someone's backyard. Idaho now has one of the worst ratios of local incomes vs cost of living and some of the worst traffic in the US. I'm over it. I cant pay California prices with Idaho wages. I'm moving to the Midwest in a couple months, most likely Kansas or Missouri.
@@Brandon_Nelson92 Sorry to hear that. Your problem is the Californians causing those house prices to quadruple, like our problem in Florida with Northeasterners buying up properties here in Florida, making it unaffordable for the locals. Stinks.
I paid off my home in 2004. However my property taxes have gone up every year. Now my property taxes are astronomical. I wanted to be independent in my retirement, as in fiscally responsible. Property taxes for more government and insane salaries. We better wake up fast.
Please make sure you have filed for all available exemptions. You should already have a homestead exemption. If you are a senior or disabled, etc., be sure to file for those exemptions as well.
Property tax is why I left the USA. Did you know most other countries have little to no property tax? I pay $400 a year in Spain and it doesn't go up! Not in 10 years!!
Im disabled. Got priced out of being able to rent 8 years ago after spinal surgery. Been sleeping outdoors in my truck for those 8 years, cant find a job that pays enough to rent, need to be making a lot here in California to afford rent, its been out of control for the past 20 years. And the news is telling me that our government can find housing for illegals, but there's nothing for citizens?
SAY IT AGIAN! " YOU CANT JUST HAVE A WORKING POPULATION WORKING JUST TO PAY THE RENT OR JUST TO PAY THE MORTGAGE AND NOT BUY OTHER THINGS. THERES MORE TO THE ECONOMY THAN JUST REAL ESTATE. ALL OTHER BUSINESSES NEED TO BE THRIVING AS WELL FOR THINGS TO BE BALANCED AND BE WORKING WELL"
Looking at the monthly mortgate payment for MIDDLE CLASS homes in neighborhoods around me is utterly shocking. Any middle class person thinking this is reasonable or they'll be able to make these monthly payments long term is dreaming. It's absolutely ridiculous.
My Father in law called me a while back and told me that his house is ours when he passes away. Problem is he has refinanced it 3 or 4 times so he owes more than the original loan from 35 years ago. It's now worth more than it owes but it cracks me up that he says it like he's leaving us a great thing. Truth is he is leaving us a 25 year debt!! 🙄
🤦♀️No, that is not how that works! I can only assume that he didn’t create a trust, put all assets inside, create a will, living will, and make the most responsible educated individuals successor trustees, and durable power of attorneys. No other individual is responsible for your father’s debt. In fact, if your family knows very little about how our system works (because there is no living trust, no successor trustee, etc., your father’s entire estate will be put in the probate court and carved up like a Thanksgiving turkey for 2+ years making money for lawyers. If you planned on buying your father’s house, then you would have to refinance (or pay off) his reverse mortgage on his home to free it from the contract(s). Geez! Please people, school yourselves on money, financing, debt, estates. You don’t have to be a lawyer to be a successor trustee, to learn to manage save an estate from an extremely predatory legal and finance system. *Note; if your loved one goes into a nursing home, without the cash to pay the monthly bills, all assets must be drained and all Social Security, Pensions and Medicare is signed over to the nursing home and the loved one is also put on Medicaid. So, make comprehensive plans before (you will need that durable power of attorney and living will with you designated to make all healthcare decisions). *Remember, none of the people invested in asset grabbing are benevolent, none are your friends! Not the doctors, the bankers, the lawyers, the judges, or the peons pushing the paperwork that don’t understand what they are collecting their paychecks from.🤗
@@vickijohnson9367 I agree with you but my point is he thinks he is leaving us something grand and all he is leaving behind is a 25 year mortgage. It's in Puerto Rico so the process may be slightly different and possibly a bigger headache than what you mention. I have asked my wife to tell her parents but at the end of the day, if he doesn't get his affairs in order and the lawyers, banks and commonwealth of Puerto Rico take it all I don't really care. Am currently 100% debt free and I'm not to eager to pay his mortgage anyway.
@@helpyourfellowhuman Just remind him there is lien on his property, putting the property in a trust with successor trustee will allow the successor trustee to take care of the property (one way or another) without putting the property in the government’s hands. If he can’t acknowledge that or can’t understand that, then he may have some form of dementia and is becoming incompetent to handle financial affairs. Living trusts are living trusts, even in Puerto Rico. They are created by an estate attorney. They are relatively inexpensive (no more than $1500-$2000, or you are being ripped off.), and the owner of the trust puts the assets inside the trust. Even reverse mortgage holders allow the asset to be inside the trust. Trusts don’t die, only trustees die. You might not care, but if his survivors knew they would not have to experience the probate courts and the loss associated, they should at least know, they don’t have to. Some people just like to put their heads in the sand when it comes to being prudent around death and assets, I’ve seen it many times, from banking’s perspective. If people are not proactive, the system is designed to siphon everything off, sad but true. Wishing your family all the best!
As a late year boomer even the crappy jobs had great insurance and would include family. Finding a job took days. Could find a beater car for a few hundred to get around. 200 for car insurance and not a month. A year for the lowest kind. Just buy another clunker when one dies. Take it to a shredder for cash.
@@jim9930 I needed one at 16 to go to work. Ended up my mother's chauffeur and did the grocery shopping til she went into a home. Got too much when a surgery went wrong and she went senile. Was working, married and woken up at 3 am pretty regular with her freaking out. I'm the only one out of 4 girls to stay in the state as much as I wanted to leave. Course they're in crappy states too but the oldest is a golddigger on husband 5.🤦 Would never take our calls. After 10 years we gave up on her.
What Mike seems too forget is his Parents are Boomers and he will get his Inheritance soon. Also, what he forgets too mention is us Boomers worked for 10 bucks an hour compared to 25 plus bucks today. Bottom line is Millenials never could save a dime. FYI, Interest rate when we purchased our home 11.5%, Get over it, Whiners.
If you could find a job. Late boomers had to compete with all the older boomers. Getting a job at McDonald’s was like winning the lottery. And if you could get more 15 hours a week you were doing really good.
I'm a baby boomer and yes, own my home. Second home. I agree that we are a lucky generation and the generations after have it much harder. Rents are absolutely astronomical and so is housing and insurance. One thing though, we always lived not just within our means, but under our means. Never bought a new car. Owned a modest house that wasn't upscale. Now it's upscale everything. It's all about luxury and upscale. Vacation, shoes, purses, makeup, haircuts, clothing, restaurant meals, cell phones, electronics, media services. It's all got to be upscale. Baby boomers weren't about that. I still have formica cabinets and countertops. The horror! :D No mortgage though!
Yea, I got those, too. I don’t even like granite. I have to laugh though at the “luxurious laminate” flooring they’re using to replace all that carpeting in the “renovated” apartments they double the price on. Give me a break. That’s linoleum. 🤣🤣🤣
Those counters are back in style 😉. Granite Tile floors are frigg’n awesome if you ever find sell off’s I get it cheap here and use it in every bath design I do. Small space cheap floor and gorgeous Granite. By cheap I mean a tile was $100 and now it’s $5 but I would only ever need 100 square ft. Or less.
@@Jenesaisquoi44 Everything old is new again. 😄 Formica is cheap but it lasts forever, at least it has in my 20+ year old home. 👍👍 I'm not a fan of granite but I do like quartz. So expensive though.
We have all watched the house shows on HDTV. I loved the one with the real estate lady showing homes and some of the comments the potential buy made. I know the show was sort of a scam, but if the house didn't certain upscale improvements, they weren't interested. At that time Granite counter tops were a must. Formica, hell no.
@@iworkout6912 and it’s still a design buzz word - hardwood, stainless and granite with a fireplace - ding 🛎 sold! Strong elements sound fancy and we all wanna feel fancy once but I don’t love granite counters. I did one kitchen and the huge pc broke on install - that sux. The next kitchen was a penthouse in Toronto so it needs the buzz words. I prefer a stainless steel commercial counter but I tried them all at least once.
If it gets to where your only choice is to feed the family or pay the rent, that’s when it’s time to merge families together. It’ll be crowded but at least everyone will have food on the table & a roof over their heads if they all put their earnings together.
Already happening around here! Bunches of people with mom and dad kids, aunts, uncles, cousins, etc! I see houses with three bedrooms and eleven people! I think that moving isn’t always the solution because if there aren’t good jobs then you’re in trouble! I lived in Las Vegas and it was dead in the water for jobs. This was a decade plus before the pandemic! 2008 and houses everywhere but nothing thriving, no mental healthcare or programs for kids with disabilities (my son is autistic)! Bought my home in 2009! Did a refi and now at 2.9% 😊and I’m not giving that up for 8% living someplace with jobs paying less than what I’m getting now!
@@EroticOnion23😊we already live in a system of 100% theft 😢the USA Republic was taken over 100 years ago by ☠️private☠️corporate☠️power☠️ 🛑STOP legalized bribery Insurance is a scam -the government does and should cover major disasters and have open markets on regular home insurance 😝otherwise our government is USELESS 😛which it is fellow serf🤣
the Fed has been doing major propping up of the housing market ;housing would be dirt cheap without the FED rigging the markets and my property tax 😠serf tax would be way lower without all this rigging of the markets🙉🙊🙈Pure 100% Theft😠
Im 51 but I love boomers. My house and several muscle cars I bought 25 years ago were bought from boomers at a great price. They were never the type to fk people over.
I am not convinced of that. A lot of my millennial coworkers did much better financially starting out in tech then I did as a boomer could ever imagined. Even factoring inflation, they are making in their first years more than I did a decade or so in.
I’m a single mom. Since few months ago, with prices gone up on everything, I only spend money on bills and food. That’s all. Not even joking, bills and groceries ( no takeouts, no going out to restaurants) just groceries… I’m so tired of this 😢
@@dcg590I chose to get out of 17 years long marriage, decided to not get into it again. Have been doing just fine, until last few months when my salary and child support don’t stretch as much as it used to….
My husband and I are boomers and just retired. We have built and owned 3 homes. First one we lived in 5 yrs. And sold. Built second and paid it off in 5 yrs. We currently live in the 3rd one that we built with cash 17 yr ago. Weve been debt free since our mid 40s. We have savings, a small pension, and our home is worth over 350,000 dollars. Thats because homes our cheaper in the state we live in. I feel bad for the younger generations.
I do to some degree, but they also want free education from the taxpayers, not cool to my hubby and I since we worked 2 jobs and my hubby has always worked 55 plus hours a week, we are blue collar, never went to school, couldn’t afford it.
@@geraldkoth654 while im definitely not defending anyone trying to game the system or is lazy, it's just statistically not true that present inflation adjusted wages are the same as 30 years ago. Wages have stagnated while housing and near every other market/commercial items have increased at a FAR greater rate.
Multi-generational households used to be the norm. I'm not sure why you consider this a bad thing. Families used to take care of each other, some working outside the home bringing in income, while some stayed at home caring for children and elderly. I don't think it's all that great when everyone has to own their own home. The economy can't support it.
We should help our families before it's too late. I wish I could help my father now. He always let us kids live with him rent free. It was a struggle for him. He worked produce 59 years. Lost his last home by filing bankruptcy in a ponzi scheme (Hard money loan). The suspect was convicted & went to prison. His name is Mark Alan Helsing. Orange County Ca. So people beware of the criminals. Day passed from heart failure
Debt doesn't get passed to your heirs. It does get passed to your estate, and it can keep your heirs from inheriting assets you owned, like a house. But if all your assets are sold and it's not enough to cover your debt, the rest gets wiped away.
Lawyer here in Florida. The only way to protect your assets is putting all of your properties and assets into a living. Trust this avoids probate completely.
Debt CAN get passed to your heirs!! If the creditors collect from the ESTATE, which is the assets that LEGALLY BELONG to the HEIRS, then instead of inheriting ASSETS, you will inherit NOTHING. So yes, you CAN inherit debt.
I quit college in 1978 and started my own business. Interest rates were 18-20%. A 22 yr old starting out could not get a loan at any rate. Still self-employed at 67 and it was not easy.
You are exactly right correct. I was born in 1956. I couldn’t be any more fortunate. The Viet Nam war draft ended when I was a senior in high school. I was born in the first turning. I will also live through the fourth turning with all of you. I hope to live through the transformation. Good luck. I hope to see you all on the other side.
1956 was a very good year to be born. We grew up in the last of the Great America!🇺🇸 Feeling so sad that my grandchildren will never know what it was like…🙁
I'm 60 years old. I've bought and sold three houses. I will never buy a house again. I don't have a credit card or a car payment. I live in a part of the country that is affordable for me. There are a lot of places like this; just do a little research, people.
You flipped houses. Which aided in the rise of rent and housing prices, most probably in gentrified neighborhoods that displaced the poor and black. Flippers and AirBnBers are a huge problem in addition to Wall Street buying up neighborhoods and increasing the rent. Greed is the achilles heel of the USA. BOOOM!
When you talk about baby boomers having it easy. I started working construction at the age of 11 I worked weekends holidays and after school . Summer's work work and home Saturdays. That's how I worked my entire life. I saved my money and invested. No one gave me anything. It was not about luck....this guy is clueless about babyboomers..
I agree with you. I believe he's saying this b/c he lives in a really rich area of the country. I worked my butt off too, sometimes 7 days a week. And started work at age 8 selling vegetables door to door. Then when older was a waitress. Then on from there, worked hard my whole life. No one handed me anything. How would these younger people now like it if interest rates were 18-20% to buy a house? How would they like to be drafted into war? How would the young women like it if they weren't allowed credit cards unless they were married? In 1974 the law was changed so that single women could have their own credit cards.@@kenrichard5824
@@jerrypowers7671I'm an real estate investor among other things. I suggest buying a house in Pittsburgh. I just bought a move in ready house there for only 41k cash.
It might depend on the state but when my mother died, I sent back all bills with a copy of her death certificate. I was never responsible for her debt or medical bills
I'm one of those lucky old baby boomers. Grew up in the postwar era with two caring parents during an innocent time of US history. My dad lost his family home and quite literally everything they owned in the depression and fought in WW2. Mom never had much. But they provided me and my brother with a loving and stable home and a sense of security. Dad's health was not great and he died when I was in my early 20s. They made do. There wasn't anything to inherit. I worked through high school and college incurring no debt, got married and raised my kids the same way. Now they are doing the same for their kids. And I'll do what I can to give the family a leg up. Yeah, I think its harder today for the reasons you always describe. But everyone today wants (demands?) a lifestyle that they think is owed to them. Times may get a lot harder and average folks may have to figure out for themselves what is really valuable and what is just tinsel living only in their social media world.
Well said. That's the experience of many of us. Anyday now they can quit telling us how much certain entertainers or athletes are worth. Maybe they could pass the hat .
Post war 2 boomers have had it a lot harder than the younger boomers. Had to work our butts off for everything. I'm tired of hearing how we all had it made, because we weren't given anything. And most of us are not rich like younger people seem to think. There are rich boomers of course. But every generation has it's rich, it's middle and it's poor. I'm tired of being lumped into one category by younger people because they feel sorry for themselves.
agree, baby boomers had a decision either work a dad’s factory and just get by or go to college and pay for it yourself, most baby boomers were the first to graduate college so we didn’t have to work in dads factory, it paid off and many served in Nam on top of it, its not being in the right place at the right time, I worked for everything I own.
Agreed, but there's also more needs of this generation (cell phone, internet, etc.) which weren't around 30 years ago. Education is also up 10 fold or more. These things that cost more and more money while wages have at best remained stagnant can be a bit tougher for the younger generations, but there are definitely plenty of people living well beyond their means.
Hi Michael, The very biggest advantage of being a Baby Boomer is having a parent who lived through the Great Depression. My mother's father lost everything (his entire business and house). This memory instills the discipline of caution. And respect for money, and fear of debt. Very old fashioned these days. 45 years ago I had less than $5K to my name. Now I'm married 35 years, We live in a 55+ community (in Delaware) Paid $500k cash for the house. No car loans. Only one credit card - balance paid in full monthly. Everything in life is about attitude.
I was raised by baby boomers who are cautious and hard working, but it takes more than just a certain attitude. My dad was a factory worker and easily bout a 3 bedroom home for $22,000 in 1973. He made very average wages. He said the payment only ook about 20% of his monthly wages. That same home right now is $300,000. Young people cannot do near as much as Boomers did with their wages. I agree with this video, boomers were in the right place at the right time. It's no one's fault. It just is. The people in power hold the puppet strings of the economy trends, not the regular people. "We the people . . . " like the constitution states has not been honored for decades. But please understand that young people on a wide scale will never thrive in this current economy, many boomers do not empathise or believe this.
@@kimkaragiannis848 Not everyone got that opportunity. Spouse & I married very young & bought our first home using my husband’s VA mortgage benefit. Our mortgage was 13% in 1979! Can’t say every boomer had it easy.
The problem with moving to cheaper areas there aren't a lot of job opportunities. I have been doing this since 2004 moving back and forth to my grandparents house as a millennial.. Honestly, I'm sick of it at this point.
When mom went into a nursing home I was careful NOT to sign any papers that would have made me responsible for paying when her money ran out (and it did after 4 years).
She went on state medicade, and had to move to a shared room with another client. Basically the same care. There was a legal hang up and it took the nursing home a while to ever get paid by medicade. Totals were something like 250K of mom's money and 50K from medicade till she died. When she went in 7 years ago cost was 200/day. I'm sure it's higher now. @@vaughnmcmillan8400
@@vaughnmcmillan8400 When the money runs out, they attach the person in the nursing home assets (if there are any, and there shouldn’t be to begin with unless you just like feeding the private equity beasts that bought up our healthcare industry.) If you (in the nursing home) own nothing, other than that bank account that was paying the hedge fund’s nursing home, then they get all income (usually just social security assigned to the nursing home, then Medicaid is added). But, if you (the victim in this scenario) were in more than the basic bare bones nursing home, you get transferred to the bare bones one. Before any of you get involved with parasitic finance, you really should go exploring their territory, especially their heavily invested in “healthcare” for the baby boomers. Our system is seriously creepy, not that you can necessarily avoid it, at the end. It can be minimized if you have true knowledge, insight and the fortitude of Job.
Michael, the problem with cheaper areas are described in The World According to Briggs videos. those areas have no jobs, bad education and healthcare or high crime. there are reasons areas are cheap. the issue is employers don't want to pay workers a living wage and are eliminating jobs where they can. even in rural MI where i live the grocery stores have gone to self checkout but the food isn't cheaper for the consumer. the Dollar Stores get by with as few employees as possible and don't pay well plus NO benefits. back in the day Henry Ford said he paid his works well so they could buy things including his cars! shocker! what a concept.
Not really. Briggs has covered some places I have lived and most of it just isn’t true. Yes, if you move to a tiny town there are less jobs, but if you are interested in moving research on your own, don’t believe Briggs.
Yes, employers not increasing pay in line with increased profits for the past 30 years, is now destroying society. Those increased wages were stolen as profit. Now, wages have fallen so far behind employees necessities that even a well paying job is not viable. Unless prices come way back down then we are looking at complete collapse of western society.
That is not true. There are hundreds of other mid-sized cities in the USA that are not in California that have jobs. They may be a lot colder in the winter, but they have jobs.
I quit being an agent due to so many people trying to buy above their level. Renters are even worse. Most people today have champagne taste on a beer budget. It’s staggering to me how vanity, image, etc dictate how much money people will waste on that bs. It’s the cause of most of these foreclosures and renters exiting apts. buy smart and make do with you an affordable easily and more up over time if you progress. Otherwise leverage everything you can muster and enjoy it for the short time you’ll be able to.
What's staggering is the amount of luxury apartments going up in areas of high need for middle class living. That's disgusting. not the renters. Gentrification is real
@@CC-br9qg investors compile market data and invest large amounts of money in what that data says the growing need is. If that need is apts for a certain income level then they follow the data and build that. Nothing wrong nor disgusting about filling the need for highly desired homes or apts. gentrification is just a slur for improving a desirable area. If people don’t improve areas then eventually the whole city is a 3rd world ghetto. Who likes ghettos?
We've seen major increases across the board for rent, food and utilities; they are at least twice as high as a year and half ago. This hyperinflation has left the less haves bearing the burn of the burden. My primary concern is where to invest and increase the $449k that I have left without taking any risks. I'm here for ideas🙏
May be unable to offer personalized investment guidance. However, I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 4 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today
You can't inherit debt. That doesn't keep the creditor from asking and making you think that you need to. Also, yeah creditors do get paid before any inheritance though.
@@cypherlock01 no, the lien is on the asset. It’s not your lien, unless you are on it. Do you own the asset? NO, it has a lien on it!🤦♀️ #1 Every asset you or anyone else owns should be in a revocable living trust. Why, you ask? Because trusts don’t die, therefore the state, the government, the courts, the lawyers are not involved in the death of the trustee. The trust owning the assets (with or without liens) does not die, those set aside as successor trustees “manage” the assets and any liens, debts etc. You don’t assume liability for liens, the collateral is the asset. Sell asset, the lien is paid, if there is money left over it is distributed as the will describes. If there is only debt with nothing left over, then it’s a bank write off. That’s what their insurance on the loans are for! No one is taking a hit! You don’t think for one moment they lend money on assets without backend insurance do you!? A successor trustee is just a manager shutting down a person’s economic life, nothing more nothing less. You pay all the bills out of the estate, if the estate runs out of money to pay the debt, oh well, that’s the way the ball bounces. This entire system is just an artificial banking creation. You don’t see Jamie Diamond sweating, do you?
When I got out of high school I moved into an efficiency apartment with a friend. Then into a 3 bedroom house with 5 guys I didn't know, then a 1 bedroom apartment with 2 friends. Shared rent. There always a different way. Living with my parents didn't work out well.
They did. Started about 2-3 years ago. After I sold my house I was going to rent a studio that was $745 in 2020. By the time I sold in 2021, it was $1200. So I moved to the midwest. I do track Tempe rents though, cause I’d like to move back. Some are a tiny bit lower and some offer a month free, stuff like that. But, overall, they are ridiculous.
Thanks for your content Michael! I was one of the lucky ones that got an increase, but that still wasn’t enough. My company laid-off over 300 employees in 2023. They also had to change the health benefits as part of there cutbacks. My health benefits went up by $300 a month 😥. On top of that my property taxes went up $400 a year, HOA went up $20 a month, car insurance up $40 a month, home insurance $700 a year. Not to mention everything else that’s up. My 3% increase is actually a 5% decrease for 2024. 😥 keep informing us Michael! Thank You!
that chart clears up a lot for me, i have been feeling like we are living in an alternate reality for about 2 years now with people saying "arnt you glad you didn't buy" and the other half talking about low inventory and lowering interest rates and how prices are going to fly upward again. w.t.f. who's going to pay the rent when prices move up again?
You shouldn’t inherit any consumer debt when someone passes away if you didn’t co sign on the debt. Any debts will go against the estate and will be be paid with any assets so you might not inherit any assets when everything is settled.
It’s just some people guessing about how our system of money, assets and debts work, versus how it really works. They just have no experience with the system (but they might want to study how it works, especially if they are going to use debt, assets, and what is called “money”.) They don’t understand money at all, because of all the propaganda around what it actually is. It would be better for our society to know the truth, then they wouldn’t say such ridiculous things about it. They have to do some research on what a modern connected finance system is. When you “finance” anything, what is it you are doing? Now you understand the private finance industry (FED included) that runs our economy!🤑
Michael, debt cannot be passed down from one person to another. Of course, creditors would like you to believe otherwise and many actually will attempt to collect when, legally speaking, they cannot. Beware of the scammers, hucksters, and charlatans who say otherwise. The only exception would be if two names (for example, a husband and wife) appear on a joint credit account that is commonly shared.
Yes, Debt CAN be passed down in the simple way of collecting from the ESTATE, which are the assets that LEGALLY BELONG to the HEIRS. So... How is debt not inherited? 🤔
@@minaso81307 The heirs are not responsible for paying debt greater than the value of the estate. If the debt is greater than the value of the estate, they will receive nothing in the end but are not on the hook for the difference.
You can't "pass on" debt, technically. But it'll potentially eat into to the estate. Funeral expenses are also crazy, so if someone's in more debt than they're worth and they die, the family could be left with nothing and have to pay for the funeral out-of-pocket.
@todddammit4628 - Yes, I learned from Dave Ramsey that what you OWN has to stand for what you OWE, and that CAN mean, like you say, if debt is more than net worth, there might be nothing left. I don't believe creditors can go after life insurance, though.
Almost everyone is cremated now, do to expense, even if the person had a burial plot. The “industry” did that to themselves. As did all the finance in charge of the economy. Just one way to cut thousands in costs.
Michael I'm 69, owned my own Business for 35 years sold it and now retired. I worked sometimes 60~70 hrs per week to make my payments to the Mortgage to the Business property and house, Baby Bommers really just don't only have luck we have a work ethics that this generation doesn't have! A house isn't always the best investment, between taxes,utility bills, repairs it only a break even ( I know I owed houses since 1979) And I made money on some and lost too! You have CDs at 5% or gold or stocks that's investments My advice work your ass off, get a second job, learn how to repair some small projects to save money instead of Angi list, sacrifice some expensive travel and have parties on your deck instead, my first house in79' I had a 14% morgage rate so please don't cry about th 6.5% You want it work for it! Walt
Exactly! We also bought a house at a time when the interest rate was 14%…(& our credit was great)…my husband & I both laugh when we hear people griping about the interest rates today.
Yep. My husband's first mortgage was 14%. You are correct on the lack of work ethic. They can not put their phones down and want to spend time playing Cosplay pretending they are superheroes.
I worked in CA and was making good money and an ah Director came in. He was a total nut job so I decided to just move to the Midwest since it was clear I could not retire in CA. I managed to buy a house in MN (nice neighborhood) before prices and interest rates went crazy. I have that ah to thank because if I stayed sure I could have made more money but I would have missed buying a house at reasonable prices / interest rates. I'm enjoying my fireplace watching Michael :).
I’m glad it worked out for you and you’re happy with your decision at the end of the day it’s all about what works for each individual or family but c’mon you’re in MN 🤷♂️ I’m gonna pass on the annual polar vortex I’ll pay the CA premium for now
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
You don’t inherit or have to pay another adults’ debt unless you co-signed for/with them. A creditor can file a lien against a deceased’s estate, but surprisingly they rarely do that (don’t see the public notice in the paper soon enough?). When my in-laws passed, I was surprised that even the hospital did not file a lien against their estates for the expenses that Medicare didn’t pay for their final days in the hospital. Bob S.
Add to all of this the trend to have single parent households. No dad, no duel income, only poverty and government dependence and the problem grows worse every year as our system encourages poor choices and single parent families...
The cost of living is ridiculous and just getting worse by the day. I've mentioned this in other videos, but I own my home and cars outright, in 2024 just to keep my home and cars insured, and taxes paid, it now cost me $825 a month, and that's before I've headed/cooled and lit my home, or left my driveway in my cars. Two years ago it was around $500 a month in taxes and insurance. Next year, I'll be surprised if it doesn't cost $1000 a month. That's going we weigh heavily in retirement, if the economy doesn't prevent everyone from retiring.
How about a base level sale where corporate investors or VRBOers are not allowed to purchase....say $300,000 or less, only legally allowed to be purchased by "live in" buyers. No rentals, no VRBO, no "second" properties.
I don’t know why people think they will pass their debt onto their kids, since that’s not legal. We’re not Japan, with multi-generational loans. That said, maybe what they mean is that their debt would subtract from the inheritance their loved ones receive.
I know several 30 somethings living with parents and they are not planning for future just ordering on Amazon and eating out while parents foot much of the bill.
Working guy advice only! Rule number one don’t pay rent! Do the van 🚐 24 hour gym life thing it works! I basically lived and worked at the Orlando International airport and was banking paychecks in the late 1990’s. And ate in just about any restaurant I wanted just don’t drive around unless you have to! If you do find yourself paying rent (that means you failed) don’t buy anything unless it comes with dividends. Sit 🪑 and sleep 🛌 on blowup furniture 🪑 It’s a place to sleep until you get your van 🚐 built!
My life partner , She owns a business in Palm Beach. And we just had to move because the lease expired. They literally doubled the rent. And now we're trying to find a 2000 square foot unit. The prices are literally insane. They're starting at about 3.5k to 5k a month.... For a crappy unit. A nice unit is running above 5K.
This is what I've seen when I've played the "look at zillow in the country" game. Generally the job market locally is garbage if the homes are affordable
It is not so much the time period you were born in but the proper preparation (education etc) and mindset/discipline you have in your life. Many boomers are broke. Nobody at any age is too good to stay with relatives/others if it is necessary or makes financial sense.
I just came from TJ Maxx and Marshall's. And there were over 50 people on each line waiting to pay. How can they be making a choice between rent and food if they are spending all that money frivolously?
absolutely. Costa coffee amazes me, the prices they charge and whole families going there for lunch! Growing up my family would eat out 1 or 2 times at most
When my father passed my mom called his credit card companies and worked out a deal. First the interest stopped. "You can't tax a dead man" that is law in New York. She worked out that she would pay 1/3 of what he owed and the companies took it.
You did great… except that the 2/3 of remaining debt will be paid by others. It may be spread out among thousands of other borrowers, but they will be paying it. There is no free lunch.
Greetings from northern CA! Love your videos Michael. Keep ‘em coming. I’m moving to safety harbor Florida at the end of the year. Cannot wait to get out of this hellhole of a state. And don’t worry, I’m one of those rare conservatives left here. I won’t be bringing lunatic politics to your beautiful state.
Married couples pay each others' debt. Other than that, single individual's debt is paid from their assets' values upon death. Remainder of debt is written off. Of course, a company's write-off cause their fees to rise. So, in the super-long run, yes, we "pay" their debts.
I am going to add to that it's the older baby boomers who got lucky. Those of us who are referred to as "trailing-edge baby boomers" born in '60 - '64 are having just as many challenges as the Gen-Xers right behind us. The oldest of the boomers were born in 1946. There's a 20-year difference between them and those born in 1964. I was born in 1960. My peers and I have nothing in common with the older boomers except that we've always been thrown into the same category.
Very true. I don’t like the age category thing. They use too big a spread. A boomer is 60-78 years old. That could be a parent and child ages. They talk about all the old boomers will be dead soon. I’m like excuse me, I’m 66. Not dying tomorrow. Sorry to disappoint.
I agree; I was born in 1962. My financial situation would probably be a lot better if I didn't divorce the first time. He is successful, but my second husband was a financial infant. I really didn't start making enough money to save until the past five years. California is so expensive (except fresh produce). I had to move away to live off my measly pension, because I became too overwhelmed and stressed out to work in the public school system after Covid. I don't own a home and don't know if I ever will now.
-3 degrees here. Called around Florida to maybe find something to rent for a couple months. South Fl is booked and rents are crazy. So Ill stay here. I can afford to stay here.
No, you won’t inherit debt unless you consigned a loan or the deceased person fraudulently took out loans in your name or something. This is probably a marketing tactic to sell whole life insurance. And this is why financial education is so important.
I asked my attorney about whether children would have to pay a deceased parent’s debt. It apparently depends on the state. In certain states there are old laws on the books about this that says yes, but the laws are not enforced. I wonder if the states that are broke will someday enforce these laws? Scary!
There are some states with filial responsibility laws, but even in states that don’t have that, obviously the estate has to pay off debts so if there is an inheritance it comes out of that. As it should, but people don’t understand that. I’m not an attorney but I’ve lost a whole bunch of family members in the past few years and if someone depends on your home for Housing maybe talk to an attorney about making them a joint tenant with rights of survivorship to keep the house out of Probate at least
Simple. Creditors won't waste their time going after people that don't have money. But if they think you have assets they absolutely will go after you.
Credit card debt is not passed down...only liable if you are a joint user....however creditors came come after the deceased party if they left behind any assets like cars or boats
I think the part about “we’ve never seen housing prices double in 10 years” is wrong. In fact they’ve on average doubled each decade for at least 5 or 6 decades if you look up the data going back from 1973-1983-1993-2003-2013-2023. I think we have a year or two of stagnant home prices but then a reacceleration and we’ll probably be around an average of $800k per house nationwide by 2033. It’s ironically a function of the national debt which also doubles like clockwork every decade. So as people vote themselves more money it only makes housing prices go up as that’s kind of the reservoir for America’s money sloshing.
Boy are you making a lot of assumptions. I'm a baby boomer and I'm living check to check with a college degree. It took me five years to pay off my education. This delayed my ability to own a home and move forward with my hopes and dreams. Therefore I lost the equity that I could have been building in the home. So what he says is a fallacy. People do your research. This gentleman may know exactly what he's talking about, but a lot of it rings untrue.
No, you do not have to pay your parents' cc debt. If a probate is opened, the cc company can get in line, if there's money available. Also, they often accept like 20% of the actual amount. Still, if there's no money and no offer to pay, there's nothing to be done.
Debt doesn't pass to the heirs. The estate is liquidated and any assets are used toward the debt. After that, the creditors are on the hook for the unpaid balances, not the heirs.
I’m so envious of you guys that have parents who were/are good with money. Both my parents are in debt and will have nothing to leave to me our their grandchildren. Wish I could rely on that in the future for my kids college but I’ll probably have to work my full time job until I’m 70 😢 I know I'm not entitled to anything and I'm happy for my friends that get homes and a lot of money but...
Non lawyer here. Debt left behind will only be against the deceased estate The estate will include assets and liabilities. Debt will not be against he heirs personal assets. Sorry I don't qualify but have experience as estate planner
Credit card companies typically don’t pursue debt when someone dies. I asked when my mom passed (I assumed we should pay it off out of her estate) the lawyer said “I don’t think she’s gonna worry about the hit to her credit score “.
It annoys me when people say, use parents to fund house deposit, use parents to move back in. Hell no. I’m well past living with other grown ups. We don’t all have the cash people think we have. Young adults need to work out their own problems.
Yes because they go home to Mommy and Daddy and many rest on their laurels. Indulge themselves then say they can't afford to move out. So many live with parents they are not motivated to leave a lot are doing it. Use to be that would be embarrassing now its kind of the norm.
@@ildyivy I see first hand kids living with parents and indulging by ordering on amazon, starbucks, eating out they can afford while living with parent but if they saved that money they could move out. Priorities.
The taxes on these overpriced homes these days makes it seem like an impossibility to keep them, if they are inherited by the average person. You may inherit a “free” honeymoon, but the taxes are as high as a mortgage payment, or worse!
When my Dad died my attorney told me that his credit card and medical debt was not my responsibility. I did not pay them nor did anyone ever come after me.
I had been following your vids for some time, but this one really set me back as you are talking about matters which you clearly don't understand, debt, life ins, etc. C'mon man !
When my mother passed the creditors requested a copy of her death certificate to stop sending bills and invoices for her debts…unfortunately she did a reverse mortgage so the bank took the house and sold it eventhough we had a buyer 😡
It Only GETS WORSE FROM HERE... ruclips.net/video/fEqeIKZlC4Y/видео.html
Michael, it wasn't a great time in history. They just out voted their children and ran up a ton of government debt they are leaving to their children and grandchildren.
Every time there was some great government program that helped them out a lot. Once they were done with it, they just voted it away, so their children and grandchildren never benefitted from it.
Now they are buying all the houses and renting them to their children and grandchildren at exhorbitant prices. They are a horrible, selfish generation that thinks of nobody but themselves.
Pension funds next to get hit!
Many are waking up to the fact that they are seriously drowning. This year is going to be historic.
The CBDC will freeze everyone's money and dribble back just enough so you won't starve ... if you are lucky.
The direction is still the same. Downhill
Michael, I'm a lawyer in Washington State. Technically, no, no one "inherits" debt, but creditors can sue the deceased person's estate and take a judgment.
Yes, you inherit liens, etc
Or if someone co-signed with the decedents loan, then that person can be responsible when decedent passes.
Bitcoin should level out the wealth, as any smart Millenials will not store wealth in multiple houses.
@@cypherlock01no, liens are placed on property, not on people. People do NOT inherent liens.
Creditors claims are recognized via Probate Court, when a person has a Will. There are Notice as well as response deadlines. These are Estate claims. Intestate claims, i.e. No Will, obviously, there is no Probate.
Probate takes time, months, some States, (CA for example) it can take years.
* TRUSTS are different, never made public, no Probate, an Executor (s) have responsibilities to dispose of all matters.
No personal liability to pay deceased debts, in either scenario.
as a european who recently moved to florida... the cost of living here is batshit insane! I make what I considered decent money in europe, here its barely enough to pay for rent and quality food. im spending triple on rent and double on food! no idea how most peope even get by here. Im getting the hell outta here as soon as my lease is over
Yeah people come here to the US based on Hollywood type ideas. America used to be a great opportunity, but it is not anymore. Most average people barely make it paycheck to paycheck. 😢
Move to Europe again if Florida is no worth it...
I own a house in Naples and one in Boca Raton. The cost of living in America is close to free. Ask any Canadian about the cost of living in Florida.
You have no Idea how many Americans are moving to Europe...
My rent went up $15 to $656 (no rent control or government subsidy). I'm staying put in the cold, boring midwest.
I just left Florida as a nurse making $82,000. When a single woman is unable to live off of $82,000….something is wrong. I am age 59. Might move in with dad in Wisconsin. He’s age 85.
I’m sure he would be thrilled to have his daughter back…I would.😊❤
I'm at 100k and still can't buy a house in FL
I make 80k per year and can not afford to live in Idaho anymore. House prices have literally quadrupled here in 6 years. As an electrician, I'm faced with the choice of downsizing to a single bedroom apartment for $1800 per month or moving out of state. I can't afford to renew my current lease for $800 more per month. Californians are buying up Idaho and pushing out the locals. The average local makes 50k. The cheapest houses are over 300k. I've never seen so many people with full-time jobs moving in with family or moving into trailers, parked in someone's backyard.
Idaho now has one of the worst ratios of local incomes vs cost of living and some of the worst traffic in the US. I'm over it. I cant pay California prices with Idaho wages. I'm moving to the Midwest in a couple months, most likely Kansas or Missouri.
@@Brandon_Nelson92 Sorry to hear that. Your problem is the Californians causing those house prices to quadruple, like our problem in Florida with Northeasterners buying up properties here in Florida, making it unaffordable for the locals. Stinks.
@@Brandon_Nelson92man, Idaho? It’s happening in TN & SC, as well.
I paid off my home in 2004. However my property taxes have gone up every year. Now my property taxes are astronomical. I wanted to be independent in my retirement, as in fiscally responsible. Property taxes for more government and insane salaries. We better wake up fast.
Please make sure you have filed for all available exemptions. You should already have a homestead exemption. If you are a senior or disabled, etc., be sure to file for those exemptions as well.
Not all states are alike when it comes to exemptions.@@newmamaful
Property Tax is THIEVERY by Government!
I'm solid in my belief that property-tax rises should be limited to the inflation-rate being targeted by the Fed.
Property tax is why I left the USA. Did you know most other countries have little to no property tax? I pay $400 a year in Spain and it doesn't go up! Not in 10 years!!
I think a lot of people are going to end up on the streets living in their cars from this mess
Have you looked around? Its already happening.
minus the car because they will defautlt on that too
Already!
In some jurisdictions, one can go to jail for this and end up with a criminal record.
Nothing but gloom and doom since 2020 I hope we can see some light at the end of the tunnel soon.
Im disabled. Got priced out of being able to rent 8 years ago after spinal surgery. Been sleeping outdoors in my truck for those 8 years, cant find a job that pays enough to rent, need to be making a lot here in California to afford rent, its been out of control for the past 20 years. And the news is telling me that our government can find housing for illegals, but there's nothing for citizens?
@markcurranjr7366 - Sorry about your situation. Yeah, housing for illegal immigrants while Americans are homeless. Ain't that somethin'?
Thank Biden
Yep
I hope your vote counts next election.
Break the law repeatedly.
Free room, board and health care...
Heard there's cable tv also
SAY IT AGIAN! " YOU CANT JUST HAVE A WORKING POPULATION WORKING JUST TO PAY THE RENT OR JUST TO PAY THE MORTGAGE AND NOT BUY OTHER THINGS. THERES MORE TO THE ECONOMY THAN JUST REAL ESTATE. ALL OTHER BUSINESSES NEED TO BE THRIVING AS WELL FOR THINGS TO BE BALANCED AND BE WORKING WELL"
The rent is too damn high!
Depends where you chose to live may God allow you to prosper this year
@@marklapierre2163Rent in small towns is crazy expensive too, it's not just larger cities any longer.
@@marklapierre2163do you even rent?
Move to Mexico. Been paying $400 USD a month for a nice 2 bedroom furnished apartment with a pool for over 8 years.
@@Resmith18SR No habla Espanol!
Alot of people are really struggling. But there are also people that dont want to lower their lifestyle.
Bingo, it’s just people that want to live a lifestyle their income doesn’t allow.
Looking at the monthly mortgate payment for MIDDLE CLASS homes in neighborhoods around me is utterly shocking. Any middle class person thinking this is reasonable or they'll be able to make these monthly payments long term is dreaming. It's absolutely ridiculous.
No more middle class soon
My Father in law called me a while back and told me that his house is ours when he passes away. Problem is he has refinanced it 3 or 4 times so he owes more than the original loan from 35 years ago. It's now worth more than it owes but it cracks me up that he says it like he's leaving us a great thing. Truth is he is leaving us a 25 year debt!! 🙄
😆
As long as the rent covers the mortgage, no problem, bro !
🤦♀️No, that is not how that works! I can only assume that he didn’t create a trust, put all assets inside, create a will, living will, and make the most responsible educated individuals successor trustees, and durable power of attorneys.
No other individual is responsible for your father’s debt. In fact, if your family knows very little about how our system works (because there is no living trust, no successor trustee, etc., your father’s entire estate will be put in the probate court and carved up like a Thanksgiving turkey for 2+ years making money for lawyers. If you planned on buying your father’s house, then you would have to refinance (or pay off) his reverse mortgage on his home to free it from the contract(s). Geez! Please people, school yourselves on money, financing, debt, estates. You don’t have to be a lawyer to be a successor trustee, to learn to manage save an estate from an extremely predatory legal and finance system. *Note; if your loved one goes into a nursing home, without the cash to pay the monthly bills, all assets must be drained and all Social Security, Pensions and Medicare is signed over to the nursing home and the loved one is also put on Medicaid. So, make comprehensive plans before (you will need that durable power of attorney and living will with you designated to make all healthcare decisions). *Remember, none of the people invested in asset grabbing are benevolent, none are your friends! Not the doctors, the bankers, the lawyers, the judges, or the peons pushing the paperwork that don’t understand what they are collecting their paychecks from.🤗
@@vickijohnson9367 I agree with you but my point is he thinks he is leaving us something grand and all he is leaving behind is a 25 year mortgage. It's in Puerto Rico so the process may be slightly different and possibly a bigger headache than what you mention. I have asked my wife to tell her parents but at the end of the day, if he doesn't get his affairs in order and the lawyers, banks and commonwealth of Puerto Rico take it all I don't really care. Am currently 100% debt free and I'm not to eager to pay his mortgage anyway.
@@helpyourfellowhuman Just remind him there is lien on his property, putting the property in a trust with successor trustee will allow the successor trustee to take care of the property (one way or another) without putting the property in the government’s hands. If he can’t acknowledge that or can’t understand that, then he may have some form of dementia and is becoming incompetent to handle financial affairs. Living trusts are living trusts, even in Puerto Rico. They are created by an estate attorney. They are relatively inexpensive (no more than $1500-$2000, or you are being ripped off.), and the owner of the trust puts the assets inside the trust. Even reverse mortgage holders allow the asset to be inside the trust. Trusts don’t die, only trustees die. You might not care, but if his survivors knew they would not have to experience the probate courts and the loss associated, they should at least know, they don’t have to. Some people just like to put their heads in the sand when it comes to being prudent around death and assets, I’ve seen it many times, from banking’s perspective. If people are not proactive, the system is designed to siphon everything off, sad but true. Wishing your family all the best!
As a late year boomer even the crappy jobs had great insurance and would include family. Finding a job took days. Could find a beater car for a few hundred to get around. 200 for car insurance and not a month. A year for the lowest kind. Just buy another clunker when one dies. Take it to a shredder for cash.
Good old days,my friend.
Yes I know! And that was only 10 years ago! Wtf is the world turning into. Imagine next 10 years it’s going to be hell on earth.
@@jim9930 I needed one at 16 to go to work. Ended up my mother's chauffeur and did the grocery shopping til she went into a home. Got too much when a surgery went wrong and she went senile. Was working, married and woken up at 3 am pretty regular with her freaking out. I'm the only one out of 4 girls to stay in the state as much as I wanted to leave. Course they're in crappy states too but the oldest is a golddigger on husband 5.🤦 Would never take our calls. After 10 years we gave up on her.
What Mike seems too forget is his Parents are Boomers and he will get his Inheritance soon. Also, what he forgets too mention is us Boomers worked for 10 bucks an hour compared to 25 plus bucks today. Bottom line is Millenials never could save a dime. FYI, Interest rate when we purchased our home 11.5%, Get over it, Whiners.
If you could find a job. Late boomers had to compete with all the older boomers. Getting a job at McDonald’s was like winning the lottery. And if you could get more 15 hours a week you were doing really good.
I'm a baby boomer and yes, own my home. Second home. I agree that we are a lucky generation and the generations after have it much harder. Rents are absolutely astronomical and so is housing and insurance. One thing though, we always lived not just within our means, but under our means. Never bought a new car. Owned a modest house that wasn't upscale. Now it's upscale everything. It's all about luxury and upscale. Vacation, shoes, purses, makeup, haircuts, clothing, restaurant meals, cell phones, electronics, media services. It's all got to be upscale. Baby boomers weren't about that. I still have formica cabinets and countertops. The horror! :D No mortgage though!
Yea, I got those, too. I don’t even like granite. I have to laugh though at the “luxurious laminate” flooring they’re using to replace all that carpeting in the “renovated” apartments they double the price on. Give me a break. That’s linoleum. 🤣🤣🤣
Those counters are back in style 😉. Granite Tile floors are frigg’n awesome if you ever find sell off’s I get it cheap here and use it in every bath design I do. Small space cheap floor and gorgeous Granite. By cheap I mean a tile was $100 and now it’s $5 but I would only ever need 100 square ft. Or less.
@@Jenesaisquoi44 Everything old is new again. 😄 Formica is cheap but it lasts forever, at least it has in my 20+ year old home. 👍👍 I'm not a fan of granite but I do like quartz. So expensive though.
We have all watched the house shows on HDTV. I loved the one with the real estate lady showing homes and some of the comments the potential buy made. I know the show was sort of a scam, but if the house didn't certain upscale improvements, they weren't interested. At that time Granite counter tops were a must. Formica, hell no.
@@iworkout6912 and it’s still a design buzz word - hardwood, stainless and granite with a fireplace - ding 🛎 sold! Strong elements sound fancy and we all wanna feel fancy once but I don’t love granite counters. I did one kitchen and the huge pc broke on install - that sux. The next kitchen was a penthouse in Toronto so it needs the buzz words. I prefer a stainless steel commercial counter but I tried them all at least once.
If it gets to where your only choice is to feed the family or pay the rent, that’s when it’s time to merge families together. It’ll be crowded but at least everyone will have food on the table & a roof over their heads if they all put their earnings together.
Like a tenant union?
@@MereAYT neo-serfdom more like...
Already happening around here! Bunches of people with mom and dad kids, aunts, uncles, cousins, etc! I see houses with three bedrooms and eleven people!
I think that moving isn’t always the solution because if there aren’t good jobs then you’re in trouble! I lived in Las Vegas and it was dead in the water for jobs. This was a decade plus before the pandemic! 2008 and houses everywhere but nothing thriving, no mental healthcare or programs for kids with disabilities (my son is autistic)!
Bought my home in 2009! Did a refi and now at 2.9% 😊and I’m not giving that up for 8% living someplace with jobs paying less than what I’m getting now!
@@EroticOnion23😊we already live in a system of 100% theft 😢the USA Republic was taken over 100 years ago by ☠️private☠️corporate☠️power☠️
🛑STOP legalized bribery
Insurance is a scam -the government does and should cover major disasters and have open markets on regular home insurance 😝otherwise our government is USELESS 😛which it is fellow serf🤣
the Fed has been doing major propping up of the housing market ;housing would be dirt cheap without the FED rigging the markets and my property tax 😠serf tax would be way lower without all this rigging of the markets🙉🙊🙈Pure 100% Theft😠
My baby boomer friends and I constantly agree with each other that we saw the best years of our country.
Im 51 but I love boomers. My house and several muscle cars I bought 25 years ago were bought from boomers at a great price. They were never the type to fk people over.
The 80’s were everything!……
@@Gary0017 The 80's were awesome.
Booners definitely enjoyed the best job market. Us Gen-X'ers benefited from the Boomer job market by living the best time to be a child!
I am not convinced of that. A lot of my millennial coworkers did much better financially starting out in tech then I did as a boomer could ever imagined. Even factoring inflation, they are making in their first years more than I did a decade or so in.
I’m a single mom. Since few months ago, with prices gone up on everything, I only spend money on bills and food. That’s all. Not even joking, bills and groceries ( no takeouts, no going out to restaurants) just groceries… I’m so tired of this 😢
Why choose to be a single mom?
Why ask a dumb question @@dcg590
Sadly, just donating genetic material doesn’t magically make men fathers in any high capacity other than conception and conception alone.
@@dcg590I chose to get out of 17 years long marriage, decided to not get into it again. Have been doing just fine, until last few months when my salary and child support don’t stretch as much as it used to….
Grass not greener on the other side?
My husband and I are boomers and just retired. We have built and owned 3 homes. First one we lived in 5 yrs. And sold. Built second and paid it off in 5 yrs. We currently live in the 3rd one that we built with cash 17 yr ago. Weve been debt free since our mid 40s. We have savings, a small pension, and our home is worth over 350,000 dollars. Thats because homes our cheaper in the state we live in. I feel bad for the younger generations.
which state are yall living in?
Well done!
I do to some degree, but they also want free education from the taxpayers, not cool to my hubby and I since we worked 2 jobs and my hubby has always worked 55 plus hours a week, we are blue collar, never went to school, couldn’t afford it.
No sympathy for the lazy younger generations. If they worked like you and I have, they would be rolling in money.
@@geraldkoth654 while im definitely not defending anyone trying to game the system or is lazy, it's just statistically not true that present inflation adjusted wages are the same as 30 years ago. Wages have stagnated while housing and near every other market/commercial items have increased at a FAR greater rate.
Multi-generational households used to be the norm. I'm not sure why you consider this a bad thing. Families used to take care of each other, some working outside the home bringing in income, while some stayed at home caring for children and elderly. I don't think it's all that great when everyone has to own their own home. The economy can't support it.
We should help our families before it's too late. I wish I could help my father now. He always let us kids live with him rent free. It was a struggle for him. He worked produce 59 years. Lost his last home by filing bankruptcy in a ponzi scheme (Hard money loan). The suspect was convicted & went to prison. His name is Mark Alan Helsing. Orange County Ca. So people beware of the criminals. Day passed from heart failure
Debt doesn't get passed to your heirs. It does get passed to your estate, and it can keep your heirs from inheriting assets you owned, like a house. But if all your assets are sold and it's not enough to cover your debt, the rest gets wiped away.
was going to say the same thing
There has to be a way of hiding assets in an LLC so that they aren't considered direct assets of the estate but assets of a company.
Isn't this why people buy homes into a trust to keep debts from getting access to it
Lawyer here in Florida. The only way to protect your assets is putting all of your properties and assets into a living. Trust this avoids probate completely.
Debt CAN get passed to your heirs!! If the creditors collect from the ESTATE, which is the assets that LEGALLY BELONG to the HEIRS, then instead of inheriting ASSETS, you will inherit NOTHING. So yes, you CAN inherit debt.
I quit college in 1978 and started my own business. Interest rates were 18-20%. A 22 yr old starting out could not get a loan at any rate. Still self-employed at 67 and it was not easy.
You are exactly right correct. I was born in 1956. I couldn’t be any more fortunate. The Viet Nam war draft ended when I was a senior in high school. I was born in the first turning. I will also live through the fourth turning with all of you. I hope to live through the transformation. Good luck. I hope to see you all on the other side.
1956 was a very good year to be born. We grew up in the last of the Great America!🇺🇸 Feeling so sad that my grandchildren will never know what it was like…🙁
I'm 60 years old. I've bought and sold three houses. I will never buy a house again. I don't have a credit card or a car payment. I live in a part of the country that is affordable for me. There are a lot of places like this; just do a little research, people.
You flipped houses. Which aided in the rise of rent and housing prices, most probably in gentrified neighborhoods that displaced the poor and black. Flippers and AirBnBers are a huge problem in addition to Wall Street buying up neighborhoods and increasing the rent. Greed is the achilles heel of the USA. BOOOM!
I'm 60 also and just retired. Sold my house now looking to move out of Massachusetts. Where do you live?
When you talk about baby boomers having it easy. I started working construction at the age of 11 I worked weekends holidays and after school . Summer's work work and home Saturdays. That's how I worked my entire life. I saved my money and invested. No one gave me anything. It was not about luck....this guy is clueless about babyboomers..
I agree with you. I believe he's saying this b/c he lives in a really rich area of the country. I worked my butt off too, sometimes 7 days a week. And started work at age 8 selling vegetables door to door. Then when older was a waitress. Then on from there, worked hard my whole life. No one handed me anything. How would these younger people now like it if interest rates were 18-20% to buy a house? How would they like to be drafted into war? How would the young women like it if they weren't allowed credit cards unless they were married? In 1974 the law was changed so that single women could have their own credit cards.@@kenrichard5824
@@jerrypowers7671I'm an real estate investor among other things. I suggest buying a house in Pittsburgh. I just bought a move in ready house there for only 41k cash.
It might depend on the state but when my mother died, I sent back all bills with a copy of her death certificate. I was never responsible for her debt or medical bills
You're not responsible for the debt. Her estate is if she had one.
~ 🦋
I'm one of those lucky old baby boomers. Grew up in the postwar era with two caring parents during an innocent time of US history. My dad lost his family home and quite literally everything they owned in the depression and fought in WW2. Mom never had much. But they provided me and my brother with a loving and stable home and a sense of security. Dad's health was not great and he died when I was in my early 20s. They made do. There wasn't anything to inherit. I worked through high school and college incurring no debt, got married and raised my kids the same way. Now they are doing the same for their kids. And I'll do what I can to give the family a leg up. Yeah, I think its harder today for the reasons you always describe. But everyone today wants (demands?) a lifestyle that they think is owed to them. Times may get a lot harder and average folks may have to figure out for themselves what is really valuable and what is just tinsel living only in their social media world.
Well said. That's the experience of many of us. Anyday now they can quit telling us how much certain entertainers or athletes are worth. Maybe they could pass the hat .
Amen to that! We did it the same way through sacrifice, struggle and doing things for ourselves instead of depending on the Government.
Post war 2 boomers have had it a lot harder than the younger boomers. Had to work our butts off for everything. I'm tired of hearing how we all had it made, because we weren't given anything. And most of us are not rich like younger people seem to think. There are rich boomers of course. But every generation has it's rich, it's middle and it's poor. I'm tired of being lumped into one category by younger people because they feel sorry for themselves.
agree, baby boomers had a decision either work a dad’s factory and just get by or go to college and pay for it yourself, most baby boomers were the first to graduate college so we didn’t have to work in dads factory, it paid off and many served in Nam on top of it, its not being in the right place at the right time, I worked for everything I own.
Agreed, but there's also more needs of this generation (cell phone, internet, etc.) which weren't around 30 years ago. Education is also up 10 fold or more. These things that cost more and more money while wages have at best remained stagnant can be a bit tougher for the younger generations, but there are definitely plenty of people living well beyond their means.
Hi Michael,
The very biggest advantage of being a Baby Boomer is having a parent who lived through the Great Depression.
My mother's father lost everything (his entire business and house).
This memory instills the discipline of caution.
And respect for money, and fear of debt.
Very old fashioned these days.
45 years ago I had less than $5K to my name.
Now I'm married 35 years,
We live in a 55+ community (in Delaware)
Paid $500k cash for the house.
No car loans.
Only one credit card - balance paid in full monthly.
Everything in life is about attitude.
👍👍
Exactly!! 👍🇨🇦
I was raised by baby boomers who are cautious and hard working, but it takes more than just a certain attitude. My dad was a factory worker and easily bout a 3 bedroom home for $22,000 in 1973. He made very average wages. He said the payment only ook about 20% of his monthly wages. That same home right now is $300,000. Young people cannot do near as much as Boomers did with their wages. I agree with this video, boomers were in the right place at the right time. It's no one's fault. It just is. The people in power hold the puppet strings of the economy trends, not the regular people. "We the people . . . " like the constitution states has not been honored for decades. But please understand that young people on a wide scale will never thrive in this current economy, many boomers do not empathise or believe this.
@@kimkaragiannis848 Not everyone got that opportunity. Spouse & I married very young & bought our first home using my husband’s VA mortgage benefit. Our mortgage was 13% in 1979! Can’t say every boomer had it easy.
The problem with moving to cheaper areas there aren't a lot of job opportunities. I have been doing this since 2004 moving back and forth to my grandparents house as a millennial.. Honestly, I'm sick of it at this point.
When mom went into a nursing home I was careful NOT to sign any papers that would have made me responsible for paying when her money ran out (and it did after 4 years).
So what happened to her when her money ran out?
She went on state medicade, and had to move to a shared room with another client. Basically the same care. There was a legal hang up and it took the nursing home a while to ever get paid by medicade. Totals were something like 250K of mom's money and 50K from medicade till she died. When she went in 7 years ago cost was 200/day. I'm sure it's higher now. @@vaughnmcmillan8400
Smart
@@vaughnmcmillan8400 When the money runs out, they attach the person in the nursing home assets (if there are any, and there shouldn’t be to begin with unless you just like feeding the private equity beasts that bought up our healthcare industry.)
If you (in the nursing home) own nothing, other than that bank account that was paying the hedge fund’s nursing home, then they get all income (usually just social security assigned to the nursing home, then Medicaid is added). But, if you (the victim in this scenario) were in more than the basic bare bones nursing home, you get transferred to the bare bones one. Before any of you get involved with parasitic finance, you really should go exploring their territory, especially their heavily invested in “healthcare” for the baby boomers. Our system is seriously creepy, not that you can necessarily avoid it, at the end. It can be minimized if you have true knowledge, insight and the fortitude of Job.
@@vaughnmcmillan8400 momma got ran out too
Michael, the problem with cheaper areas are described in The World According to Briggs videos. those areas have no jobs, bad education and healthcare or high crime. there are reasons areas are cheap. the issue is employers don't want to pay workers a living wage and are eliminating jobs where they can. even in rural MI where i live the grocery stores have gone to self checkout but the food isn't cheaper for the consumer. the Dollar Stores get by with as few employees as possible and don't pay well plus NO benefits. back in the day Henry Ford said he paid his works well so they could buy things including his cars! shocker! what a concept.
Not really. Briggs has covered some places I have lived and most of it just isn’t true. Yes, if you move to a tiny town there are less jobs, but if you are interested in moving research on your own, don’t believe Briggs.
Yes, employers not increasing pay in line with increased profits for the past 30 years, is now destroying society. Those increased wages were stolen as profit. Now, wages have fallen so far behind employees necessities that even a well paying job is not viable. Unless prices come way back down then we are looking at complete collapse of western society.
@@katydid2877 Briggs bases his findings on national stats and data and so see no reason he is wrong.
That is not true. There are hundreds of other mid-sized cities in the USA that are not in California that have jobs. They may be a lot colder in the winter, but they have jobs.
I quit being an agent due to so many people trying to buy above their level. Renters are even worse. Most people today have champagne taste on a beer budget. It’s staggering to me how vanity, image, etc dictate how much money people will waste on that bs. It’s the cause of most of these foreclosures and renters exiting apts. buy smart and make do with you an affordable easily and more up over time if you progress. Otherwise leverage everything you can muster and enjoy it for the short time you’ll be able to.
What's staggering is the amount of luxury apartments going up in areas of high need for middle class living. That's disgusting. not the renters. Gentrification is real
@@CC-br9qg investors compile market data and invest large amounts of money in what that data says the growing need is. If that need is apts for a certain income level then they follow the data and build that. Nothing wrong nor disgusting about filling the need for highly desired homes or apts. gentrification is just a slur for improving a desirable area. If people don’t improve areas then eventually the whole city is a 3rd world ghetto. Who likes ghettos?
We've seen major increases across the board for rent, food and utilities; they are at least twice as high as a year and half ago. This hyperinflation has left the less haves bearing the burn of the burden. My primary concern is where to invest and increase the $449k that I have left without taking any risks. I'm here for ideas🙏
May be unable to offer personalized investment guidance. However, I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 4 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today
@georgeh Mind leaving info of your advisor here please?
She's known as a 'HEATHER LEE LARIONI'. So easy and compassionate Lady. You should take a look at her work.
Thank you for sharing. it was easy to find her, then I scheduled a phone call with her. She seems proficient considering her résumé.
You can't inherit debt. That doesn't keep the creditor from asking and making you think that you need to. Also, yeah creditors do get paid before any inheritance though.
I'm referring to unsecured debt, not a mortgage.
You inherit liens on property you are willed, etc
Not necessarily. In 2011 Citi bank tried to sue me for $20,000 that my mom owed when she died. They sued me but after 2 years they lost.
@@cypherlock01 no, the lien is on the asset. It’s not your lien, unless you are on it. Do you own the asset? NO, it has a lien on it!🤦♀️ #1 Every asset you or anyone else owns should be in a revocable living trust. Why, you ask? Because trusts don’t die, therefore the state, the government, the courts, the lawyers are not involved in the death of the trustee. The trust owning the assets (with or without liens) does not die, those set aside as successor trustees “manage” the assets and any liens, debts etc. You don’t assume liability for liens, the collateral is the asset. Sell asset, the lien is paid, if there is money left over it is distributed as the will describes. If there is only debt with nothing left over, then it’s a bank write off. That’s what their insurance on the loans are for! No one is taking a hit! You don’t think for one moment they lend money on assets without backend insurance do you!? A successor trustee is just a manager shutting down a person’s economic life, nothing more nothing less. You pay all the bills out of the estate, if the estate runs out of money to pay the debt, oh well, that’s the way the ball bounces. This entire system is just an artificial banking creation. You don’t see Jamie Diamond sweating, do you?
When I got out of high school I moved into an efficiency apartment with a friend. Then into a 3 bedroom house with 5 guys I didn't know, then a 1 bedroom apartment with 2 friends. Shared rent.
There always a different way.
Living with my parents didn't work out well.
Brother at 18 and Buddy's house at 20 and BT his Grandfathers House at 21 same as rent BUT a 1918 house Fine..😁
My younger son had to move back in with us, because the rents in Phoenix have doubled
They did. Started about 2-3 years ago. After I sold my house I was going to rent a studio that was $745 in 2020. By the time I sold in 2021, it was $1200. So I moved to the midwest. I do track Tempe rents though, cause I’d like to move back. Some are a tiny bit lower and some offer a month free, stuff like that. But, overall, they are ridiculous.
@@katydid2877 I laugh at how many people leave Arizona….then want to move back. Most of them.🌵😎✌🏽
Thanks for your content Michael! I was one of the lucky ones that got an increase, but that still wasn’t enough. My company laid-off over 300 employees in 2023. They also had to change the health benefits as part of there cutbacks. My health benefits went up by $300 a month 😥. On top of that my property taxes went up $400 a year, HOA went up $20 a month, car insurance up $40 a month, home insurance $700 a year. Not to mention everything else that’s up. My 3% increase is actually a 5% decrease for 2024. 😥 keep informing us Michael! Thank You!
You are not alone. This is the world we live in now as citizens of the US.
Health insurance $300 a month? I live in MA, husband is an iron worker, health ins is $9 an hour. $360 A WEEK.
I feel bad for the younger generation, because we have social media to compare ourselves to, and we tend to keep up with the joneses
I live in my Toyota Prius. Have been living this way for 8 years. I saved up so much money that I am now financially free for the rest of my life.
sounds miserable
I don't think I could do it, I have a bad back... But shout out to you for the commitment, that's pretty cool!!
2 of my neighbors are over 60 yrs old and one of their grown kids,in each case has now moved in ..now street parking in worse😢
that chart clears up a lot for me, i have been feeling like we are living in an alternate reality for about 2 years now with people saying "arnt you glad you didn't buy" and the other half talking about low inventory and lowering interest rates and how prices are going to fly upward again. w.t.f. who's going to pay the rent when prices move up again?
You shouldn’t inherit any consumer debt when someone passes away if you didn’t co sign on the debt. Any debts will go against the estate and will be be paid with any assets so you might not inherit any assets when everything is settled.
It’s just some people guessing about how our system of money, assets and debts work, versus how it really works. They just have no experience with the system (but they might want to study how it works, especially if they are going to use debt, assets, and what is called “money”.)
They don’t understand money at all, because of all the propaganda around what it actually is. It would be better for our society to know the truth, then they wouldn’t say such ridiculous things about it. They have to do some research on what a modern connected finance system is. When you “finance” anything, what is it you are doing? Now you understand the private finance industry (FED included) that runs our economy!🤑
Michael, debt cannot be passed down from one person to another. Of course, creditors would like you to believe otherwise and many actually will attempt to collect when, legally speaking, they cannot. Beware of the scammers, hucksters, and charlatans who say otherwise. The only exception would be if two names (for example, a husband and wife) appear on a joint credit account that is commonly shared.
Yes, Debt CAN be passed down in the simple way of collecting from the ESTATE, which are the assets that LEGALLY BELONG to the HEIRS. So... How is debt not inherited? 🤔
@@minaso81307 The heirs are not responsible for paying debt greater than the value of the estate. If the debt is greater than the value of the estate, they will receive nothing in the end but are not on the hook for the difference.
In your example, it would be the estate itself that is being sued in some manner, not the heirs.
😊bofa😅😂😊
You can't "pass on" debt, technically. But it'll potentially eat into to the estate. Funeral expenses are also crazy, so if someone's in more debt than they're worth and they die, the family could be left with nothing and have to pay for the funeral out-of-pocket.
@todddammit4628 - Yes, I learned from Dave Ramsey that what you OWN has to stand for what you OWE, and that CAN mean, like you say, if debt is more than net worth, there might be nothing left. I don't believe creditors can go after life insurance, though.
People need to start looking into those cheaper ways to do funerals, like being buried naturally in the parks they’re making now, or the trees, etc.
Almost everyone is cremated now, do to expense, even if the person had a burial plot. The “industry” did that to themselves. As did all the finance in charge of the economy. Just one way to cut thousands in costs.
Michael
I'm 69, owned my own Business for 35 years sold it and now retired.
I worked sometimes 60~70 hrs per week to make my payments to the Mortgage to the Business property and house, Baby Bommers really just don't only have luck we have a work ethics that this generation doesn't have!
A house isn't always the best investment, between taxes,utility bills, repairs it only a break even ( I know I owed houses since 1979)
And I made money on some and lost too!
You have CDs at 5% or gold or stocks that's investments
My advice work your ass off, get a second job, learn how to repair some small projects to save money instead of Angi list, sacrifice some expensive travel and have parties on your deck instead, my first house in79' I had a 14% morgage rate so please don't cry about th 6.5%
You want it work for it!
Walt
You may have had a 14% morgage rate but I'm sure that your house in 1979 did not cost $300,000 or more. Big difference.
Exactly! We also bought a house at a time when the interest rate was 14%…(& our credit was great)…my husband & I both laugh when we hear people griping about the interest rates today.
Yep. My husband's first mortgage was 14%. You are correct on the lack of work ethic. They can not put their phones down and want to spend time playing Cosplay pretending they are superheroes.
@@phillipsmall7674 Yes the house price to income ratio was much more advantageous back then
I worked in CA and was making good money and an ah Director came in. He was a total nut job so I decided to just move to the Midwest since it was clear I could not retire in CA. I managed to buy a house in MN (nice neighborhood) before prices and interest rates went crazy. I have that ah to thank because if I stayed sure I could have made more money but I would have missed buying a house at reasonable prices / interest rates. I'm enjoying my fireplace watching Michael :).
I’m glad it worked out for you and you’re happy with your decision at the end of the day it’s all about what works for each individual or family but c’mon you’re in MN 🤷♂️ I’m gonna pass on the annual polar vortex I’ll pay the CA premium for now
lol - it is cold outside - hey enjoy it as long as you can CA is a great place to live. I miss San Diego. @@mikebravo4545
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
In a similar boat - thinking about moving back to the Midwest but from Florida. Due to an ah I met recently. I was already thinking of leaving Florida due to the fact that that rents keep going up year after year. Now, this is the final straw
All by design
You don’t inherit or have to pay another adults’ debt unless you co-signed for/with them. A creditor can file a lien against a deceased’s estate, but surprisingly they rarely do that (don’t see the public notice in the paper soon enough?). When my in-laws passed, I was surprised that even the hospital did not file a lien against their estates for the expenses that Medicare didn’t pay for their final days in the hospital. Bob S.
Add to all of this the trend to have single parent households. No dad, no duel income, only poverty and government dependence and the problem grows worse every year as our system encourages poor choices and single parent families...
The cost of living is ridiculous and just getting worse by the day.
I've mentioned this in other videos, but I own my home and cars outright, in 2024 just to keep my home and cars insured, and taxes paid, it now cost me $825 a month, and that's before I've headed/cooled and lit my home, or left my driveway in my cars. Two years ago it was around $500 a month in taxes and insurance. Next year, I'll be surprised if it doesn't cost $1000 a month.
That's going we weigh heavily in retirement, if the economy doesn't prevent everyone from retiring.
How about a base level sale where corporate investors or VRBOers are not allowed to purchase....say $300,000 or less, only legally allowed to be purchased by "live in" buyers. No rentals, no VRBO, no "second" properties.
I don’t know why people think they will pass their debt onto their kids, since that’s not legal. We’re not Japan, with multi-generational loans.
That said, maybe what they mean is that their debt would subtract from the inheritance their loved ones receive.
I know several 30 somethings living with parents and they are not planning for future just ordering on Amazon and eating out while parents foot much of the bill.
Working guy advice only! Rule number one don’t pay rent! Do the van 🚐 24 hour gym life thing it works! I basically lived and worked at the Orlando International airport and was banking paychecks in the late 1990’s. And ate in just about any restaurant I wanted just don’t drive around unless you have to! If you do find yourself paying rent (that means you failed) don’t buy anything unless it comes with dividends. Sit 🪑 and sleep 🛌 on blowup furniture 🪑 It’s a place to sleep until you get your van 🚐 built!
My life partner , She owns a business in Palm Beach. And we just had to move because the lease expired. They literally doubled the rent. And now we're trying to find a 2000 square foot unit. The prices are literally insane. They're starting at about 3.5k to 5k a month.... For a crappy unit.
A nice unit is running above 5K.
Everyone should have a trust setup to avoid the debt vultures from raiding the estate and avoid probate.
Home prices can fall 50% and they will still be at 2012 levels!! Let that sink in.
I bought a home in 2012 for $70K that would sell today for $325K. It would take a 78% drop to get back to those prices (Northern Nevada).
@@daytondave3034 I paid $135,000 for my house in 2011 - worth @ $650,000 now. Arizona🌵is #1 for growth in USA.
Thank You for all the information and keeping us in the now.
What's the job market like in "more affordable" cities? No point in having cheaper rents if there are no jobs.
This is what I've seen when I've played the "look at zillow in the country" game. Generally the job market locally is garbage if the homes are affordable
Inflation is ruining everyone who isn’t rich lives. It sucks!
It is not so much the time period you were born in but the proper preparation (education etc) and mindset/discipline you have in your life. Many boomers are broke. Nobody at any age is too good to stay with relatives/others if it is necessary or makes financial sense.
You're so right, you can't take it with you. I've never seen a hearse towing a U-Haul.
I just came from TJ Maxx and Marshall's. And there were over 50 people on each line waiting to pay. How can they be making a choice between rent and food if they are spending all that money frivolously?
absolutely. Costa coffee amazes me, the prices they charge and whole families going there for lunch! Growing up my family would eat out 1 or 2 times at most
@@garethwilliams4467 we had dinner out once a month at most. It was always a treat and was something we talked about later.
@@JBoy340a I meant one or two times PER YEAR. Seriously! The youth today may have challenges, but by god they moan
Rent here in Tucson has gone up +50% since the rent moratoriums were ended.
When my father passed my mom called his credit card companies and worked out a deal. First the interest stopped. "You can't tax a dead man" that is law in New York. She worked out that she would pay 1/3 of what he owed and the companies took it.
You did great… except that the 2/3 of remaining debt will be paid by others. It may be spread out among thousands of other borrowers, but they will be paying it. There is no free lunch.
If her name was not on the credit card she wouldn’t of had to pay them anything
I’ll bet!
Greetings from northern CA!
Love your videos Michael. Keep ‘em coming.
I’m moving to safety harbor Florida at the end of the year. Cannot wait to get out of this hellhole of a state. And don’t worry, I’m one of those rare conservatives left here. I won’t be bringing lunatic politics to your beautiful state.
@lilbrother45 -- Thank you for leaving the lunatics (in) politics behind! Enjoy Safety Harbor. 🦩
The problem is that people want to drive new fancy cars, eat out everydays, compulsive spending on Amazon, but when it comes to bills people cry foul.
Married couples pay each others' debt. Other than that, single individual's debt is paid from their assets' values upon death. Remainder of debt is written off. Of course, a company's write-off cause their fees to rise. So, in the super-long run, yes, we "pay" their debts.
My husband’s student loans were forgiven when I sent a copy of the death certificate to the loan entity. Very thankful for that.
So everyone else absorbed it. Thanx so much 🤡
I am going to add to that it's the older baby boomers who got lucky. Those of us who are referred to as "trailing-edge baby boomers" born in '60 - '64 are having just as many challenges as the Gen-Xers right behind us. The oldest of the boomers were born in 1946. There's a 20-year difference between them and those born in 1964. I was born in 1960. My peers and I have nothing in common with the older boomers except that we've always been thrown into the same category.
Very true. I don’t like the age category thing. They use too big a spread. A boomer is 60-78 years old. That could be a parent and child ages. They talk about all the old boomers will be dead soon. I’m like excuse me, I’m 66. Not dying tomorrow. Sorry to disappoint.
@@katydid2877😂😂😊
I agree; I was born in 1962. My financial situation would probably be a lot better if I didn't divorce the first time. He is successful, but my second husband was a financial infant. I really didn't start making enough money to save until the past five years. California is so expensive (except fresh produce). I had to move away to live off my measly pension, because I became too overwhelmed and stressed out to work in the public school system after Covid. I don't own a home and don't know if I ever will now.
-3 degrees here. Called around Florida to maybe find something to rent for a couple months. South Fl is booked and rents are crazy. So Ill stay here. I can afford to stay here.
Auto insurance is at the highest rate here in FL also. I’m on my way out soon.
No, you won’t inherit debt unless you consigned a loan or the deceased person fraudulently took out loans in your name or something.
This is probably a marketing tactic to sell whole life insurance. And this is why financial education is so important.
You are a very good person, through and through. I'm glad I found you on youtube. You care about others.
I have progressive just got my renewal $933 vs $952 last renewal, I’ll take it at this stage in the game 💯
I was told to have enough insurance too leave my family if I die
Your helping our country. The people should elect you to pass bills.
Michael, glad you got that cheaper rental because we like watching your videos.
I asked my attorney about whether children would have to pay a deceased parent’s debt. It apparently depends on the state. In certain states there are old laws on the books about this that says yes, but the laws are not enforced. I wonder if the states that are broke will someday enforce these laws? Scary!
There are some states with filial responsibility laws, but even in states that don’t have that, obviously the estate has to pay off debts so if there is an inheritance it comes out of that. As it should, but people don’t understand that. I’m not an attorney but I’ve lost a whole bunch of family members in the past few years and if someone depends on your home for Housing maybe talk to an attorney about making them a joint tenant with rights of survivorship to keep the house out of Probate at least
Most estates pay the debts. Then the children get what is left over.
So it is all about perception. You might get nothing.
Simple. Creditors won't waste their time going after people that don't have money. But if they think you have assets they absolutely will go after you.
Credit card debt is not passed down...only liable if you are a joint user....however creditors came come after the deceased party if they left behind any assets like cars or boats
I think the part about “we’ve never seen housing prices double in 10 years” is wrong. In fact they’ve on average doubled each decade for at least 5 or 6 decades if you look up the data going back from 1973-1983-1993-2003-2013-2023. I think we have a year or two of stagnant home prices but then a reacceleration and we’ll probably be around an average of $800k per house nationwide by 2033. It’s ironically a function of the national debt which also doubles like clockwork every decade. So as people vote themselves more money it only makes housing prices go up as that’s kind of the reservoir for America’s money sloshing.
I am a Canadian but sure enjoy listening to you. You make it so easy to understand. Thanks
Boy are you making a lot of assumptions. I'm a baby boomer and I'm living check to check with a college degree. It took me five years to pay off my education. This delayed my ability to own a home and move forward with my hopes and dreams. Therefore I lost the equity that I could have been building in the home. So what he says is a fallacy. People do your research. This gentleman may know exactly what he's talking about, but a lot of it rings untrue.
No, you do not have to pay your parents' cc debt. If a probate is opened, the cc company can get in line, if there's money available. Also, they often accept like 20% of the actual amount. Still, if there's no money and no offer to pay, there's nothing to be done.
Fargo ND is a great place to live with a hot economy. But it's quite cold right now.
Yes, brisk. But, good people.
Snow.
The rent has tripled, while wages have gone up 4-5x, in my 1990s case of being in my 20s
Debt doesn't pass to the heirs. The estate is liquidated and any assets are used toward the debt. After that, the creditors are on the hook for the unpaid balances, not the heirs.
Fn 24° here...this video actually warms me up!!
I’m so envious of you guys that have parents who were/are good with money. Both my parents are in debt and will have nothing to leave to me our their grandchildren. Wish I could rely on that in the future for my kids college but I’ll probably have to work my full time job until I’m 70 😢 I know I'm not entitled to anything and I'm happy for my friends that get homes and a lot of money but...
I'll be working till I'm 80 too. Mostly though because I hate not having something to do.
@@godzilladestroyscities1757 I understand that. Honestly, I think my Dad is depressed no longer working.
Non lawyer here. Debt left behind will only be against the deceased estate The estate will include assets and liabilities. Debt will not be against he heirs personal assets. Sorry I don't qualify but have experience as estate planner
Credit card companies typically don’t pursue debt when someone dies. I asked when my mom passed (I assumed we should pay it off out of her estate) the lawyer said “I don’t think she’s gonna worry about the hit to her credit score “.
I live in Palm Beach County with extremely high property taxes and zero property rights and an oppressive code enforcement that loves high fines.
How much are the property taxes there mine is over 4k a year I'm not in Florida
It annoys me when people say, use parents to fund house deposit, use parents to move back in. Hell no. I’m well past living with other grown ups. We don’t all have the cash people think we have. Young adults need to work out their own problems.
Yes because they go home to Mommy and Daddy and many rest on their laurels. Indulge themselves then say they can't afford to move out. So many live with parents they are not motivated to leave a lot are doing it. Use to be that would be embarrassing now its kind of the norm.
At my age 69 I love to go see my grandsons and I love them to come visit for a couple of weeks but I would go crazy with all of them Living here!
@@ildyivy I see first hand kids living with parents and indulging by ordering on amazon, starbucks, eating out they can afford while living with parent but if they saved that money they could move out. Priorities.
Thanks, Michael!
The taxes on these overpriced homes these days makes it seem like an impossibility to keep them, if they are inherited by the average person. You may inherit a “free” honeymoon, but the taxes are as high as a mortgage payment, or worse!
Prices are going up in the Northeast. Nothing sells at asking price. Everything over asking price.
When my Dad died my attorney told me that his credit card and medical debt was not my responsibility. I did not pay them nor did anyone ever come after me.
Oh no just everyone else with higher rates
I had been following your vids for some time, but this one really set me back as you are talking about matters which you clearly don't understand, debt, life ins, etc. C'mon man !
I just went to wholefoods bought bread, soup and water for a week and it was almost 100 bucks.
Why you buying water? Biggest scam of them all. They just fill it with tap water.
It would be cheaper to buy one of those fancy water filter pitchers and use your own water if you're worried about quality.
@@carolbagwell6769 I recently moved to just south of flint.
I have no intention of drinking the water.
You’re not gonna tell me you don’t know how to make soup😂
When my mother passed the creditors requested a copy of her death certificate to stop sending bills and invoices for her debts…unfortunately she did a reverse mortgage so the bank took the house and sold it eventhough we had a buyer 😡
Definitely love your stuff.. I hear a lot of the economic ninja in your content
Love economic ninja
I make $30k a year and I am still saving money. Of course, I need to cut off many things.