Today baby boomers have a different mindset than that of their parents. They no longer feel it is important to ensure that they leave their offspring a financial inheritance. Instead, they believe that passing on their values in life and inspiring their grandchildren to follow their dreams, is more important in helping the next generations realise their worth as individuals.
As a baby boomer, you could follow what others baby boomers are doing, which is to create a video and document your life to leave as a gift to your children and to be passed down through the generations, so that each person knows where their roots were generated from, what values their parents or grandparents had and why they possessed these values.
You may think that perhaps these videos and documented evidence will eventually be lost but with the new technology such as Dropbox where you can load your documents for free (up to a certain amount and certainly enough for you personal needs) onto the internet cloud, where you can access it from anywhere in the world, that thought becomes a thing of the past.
“Family fortunes potentially are not as great as they were six, seven years ago … Putting money in market and watching it go up is not the rule any longer,” said Stacy Francis, a personal-financial adviser in New York and founder of Savvy Ladies, an organization aimed at teaching women about money.
“It’s about being smart about where you put your money in the market,” she said.
“You can give a child a fish but you can also give a child a fish and teach them how to fish in the future,” Francis said. “We see it over and over again, the same story – individuals coming into a lot of wealth and not knowing how to manage it. That wealth being potentially squandered,” Francis said. “That’s what people don’t want to have happen in their family.”
There are still many baby boomers who do want to leave some financial security for their off spring but may not have the money to do so. There is always the opportunity to turn that situation around in many ways and by creating an income online is one such way. With money being an issues and many of the programs online charging an inordinate amount of money, you could use a free online marketing course to create a web business.
Why a web business?
Because, if you focus on one web business and feed it daily, whether by using plugins or whatever new means arrive, then it will create a value which you can sell. That is an amazing way of creating a financial inheritance. If you don’t want to create a website, you can buy a website already to go and with tutorials.
More articles on Baby Boomers
Conclusion on baby boomers leaving unusual inheritances
Maybe you are like me and wish that the technology we enjoy today was around in our grandparents time. We would know so much more about our ancestors and could pass this onto our own children or grandchildren. Yesterday for instance, I was walking and chatting with my granddaughter, when she mentioned that she ould like to go to university for Project Design. Little did she know that her great grandfather was a commercial artist and probably today would be classified as a graphic designer/project designer.
As someone who is classified in the baby boomers category, I have to admit that reading the press, you would think there was nothing but doom and gloom in the world. But, it all depends on how we look at life, I personally think that we live in exciting times with opportunities for everyone and especially baby boomers.