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Reply to "Vox article on inheritance"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance? [/quote] This. My parents were very middle class, and my sister I should inherit about $1m each. [/quote] :shock: [/quote] Listen, folks. Just because YOUR middle class parents are/were terrible with their money (thus leaving you little to nothing) doesn’t mean that other older people who were responsible and saved/invested their money throughout their lives (thus leaving an inheritance for their children - even *gasp* one million dollars!!!) were “rich” - they saved their money, now they have money! Some of you should try it. That being said, I am struggling to even get through that article. It is structured in such a bizarre, haphazard way that it reads almost like a stream of consciousness. I really miss editors.[/quote] My dad was a teacher and my mom a SAHM. I grew up solidly middle class. I will inherit probably $1 million. A lot of that money will come from the sale of my childhood home that my parents bought for $50,000 and is now worth $500,000 and my dad has been receiving a decent pension and healthcare for years. My parents spend very little money and have saved all of the SS money they have received. [b]So yes, it is possible to grow up middle class and still inherit a lot of money. [/b] [/quote] Yes, for the children of baby boomers that were fortunate enough to own a home that had massive appreciation in value. My parents also have a home worth $1m, but if they need to go to assisted living then the house will have to be sold to pay for that. [/quote] For middle class people a lot of inheritance is driven by whether your parents owned a home in an area where property values have increased coupled with how much (if anything) your parents end up spending on long term care.[/quote] I disagree about property values. The stock market has returned MUCH more than real estate (even in DC) the last 50 years. Agree about long term care. [/quote]
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