If there’s one generation wealthier than ours, it’s The Bank Of Mom And Dad generation. Because our parents have had on average three decades longer to save and invest, it is only natural they have more money.
Therefore, as a shrewd son or daughter, one of your goals may be to extract some wealth from your parents while they are still alive. It may sound cruel or dishonorable. However, I can assure you that adult children have been doing this forever, especially in higher-cost areas of the country. Most just keep it a secret.
Further, given the vast amount of wealth that has been accumulated by The Bank Of Mom And Dad, more parents are willing to help their children financially while living as well. This isn’t a forced wealth transfer. This is a wealth transfer based mostly on love, followed by necessity.