White Millennials are about to start inheriting a lot of money…

[Amerikan Melanin]

Grandfather (my moms dad) came over here from Kingston, in the 40s. Worked his way up. Started his own cleaning business. Eventually married (my grandmom), and bought a home. Had four kids (3 boys, one daughter, my mom the 3rd oldest). My gpop, bought his home, 4 more houses, and a boarding house, they eventually turned into a hotel.

Passed each one of those homes off to an uncle (who were all, gettin money, in their own right). One unc retired a higher-up (Mack Trucks). Other uncle, finished school (with a psychology degree), youngest uncle, was big-time in the streets (limos, trips, hoes, vacations, on his dime), til he eventually gave that life up, and had a successful run, self-employed. Stories for days, different women, fast lives (70s, 80s, early 90s), those 3.

My mom, college-educated (but never money savvy, nor my dad). Her and my pops buy their own home, pops gets into drugs (crack), loses our home (90s). Every last one of my relatives, fukks up the properties (somehow, someway), my gpop left them (hotel included, which 2 uncles, were into together). That turns into bickering, and in-fighting, til it's lost. My gpop, attempts to gift my parents a property, but they don't want the added responsibility. (this is prior to them losing their own home).

Last property left in the fam, is my gpop house (their father). Hindsight, knowing they fukked up, uncles and mom, discuss doing right, by the grandkids, and leaving the last house to us. Eventually tho, they resettle on selling the house for a quick, cash-grab (mid 2000s). Not a dollar of equity left, after all my gpop accomplished (off the muscle), himself. Money blown, from when they sold his house.

I was an older teen, but I could just remember him looking at my mom, and uncs, on some

I didn't know what the MJ smiley meant then, but damn he had it, looking back, toward his kids, during those twilight years.

This type of shyt, is what young black folks today, are up against, when it comes to their families, SMH.

I bet you Gpop was so busy working he didn’t instill those financial lessons into his kids. That story is heartbreaking.

 

[Formerly Black Trash]

Me and my brother should inherit a couple homes with some land. I own one and strategizing on how we can keep my wife's peoples land in our name now too.

These white folk cutthroat out here and many of her fam got bought out for chump change years ago. It's amazing because they own generational land and homes, but now they want to come in and gentrify it since it right near the main downtown district.

I'm like, yall can't let this shyt happen or continue ...but what do you do when all the kids moved out and never came back, and the people left behind struggle and need the money .

My grand dad took out a reverse mortgage on his
And my uncle did some shady shyt and took out a second mortgage on my grandmas

 

[the bossman]

my dad was taking equity out my parents house to use the funds to build a mansion in ghana in a city far from accra that nobody will care to go to when he dies

am I the only one who had to read this 2 or 3 times to understand what breh wrote here

 

[tuckgod]

Meanwhile, the worthless nikkas acting like white millennials all their lives will be living in homeless shelters when their poor parents pass.

 

[tuckgod]

am I the only one who had to read this 2 or 3 times to understand what breh wrote here

The house belonged to his parents but his father committed the act

 

[CreepyMcCreeperson]

I’m living in my mother’s inherited home right now, and my father is giving his home to my sister and I to split when he dies. My mom and step dad moved to a 55 plus community.

Most of my friends, including my soon to be fiance don’t have parents who own property. It hasn’t been a part of our culture. My girl’s mom is sitting on over $100K in crypto, rents a luxury apartment at the age of 60, has no will, and refuses to get an insurance policy.

Compare that to one of my former white friends:

One couple lived in his father’s 2 family home on one side until they saved up, bought a home, sold it, bought a better home, sold that and their business, and now has 4 acres in Virginia. They both worked full time until he started his business.

 

[Rawtid]

I guess it’s a luxury because estate planning should be top of the list if you consider having / have children.

Though that presupposes existing wealth…

This is the ultimate goal, but if you can't get there, at least stabilize your finances so you can gain some consistency with your saving and investing. Then pass on those lessons to your children, so at the very least they learn how to keep the things they've earned.


As a single parent, I've narrowed my focus to paying off my own debt, teaching my daughter good financial habits, and positioning myself to match any of her savings/investing contributions. Even if I don't get the point of leaving her something, she definitely won't have to deal with paying off my debt or stuff like that when I die.

 

[tuckgod]

I got 4 properties incoming... one in NY, one in Sarasota, a vacation home in the DR & a mansion in Haiti.

I cant imagine my parents being dead though.

I'm gonna be crying while counting up the check.

I hope they leave everything to charity

 

[Hater Eraser]

nikkas rather rent and complain about landlords though

 

[the bossman]

take out reverse mortgage to finance long term care/funeral expenses. We’ve lost houses in major cities and land in the south. Generational wealth GONE.
It’ll make ya hotter than fish grease.

This shyt is something that needs to be talked about between our current generation and our parents much earlier.

The fact is Long term care is not cheap in America. If you don't plan to have your folks live with you as they get up there in age or they have no retirement funds to tap into then there needs to be some other realistic plan put in place. Otherwise your folks will have no choice but to basically give up their paid off house as collateral to fund their long term care

Yall brehs are more internet savvy than your folks. The info is out there. Share knowledge with your folks so things don't réach this point.

 

[Bruce LeRoy]

These fukking idiots in my family took out a loan after my grandmother died and couldn't pay it back and had to sell the house My grandparents bought this house 10-15 years after they migrated to Cali and they owned a large piece of land around it where my grandmother basically had a little farm of plants, chicken, etc.

Took that money out just to get their drug fix and go on vacations... SMH... [My aunt who lived right next door had a house and property on the other half of this field and fukked it off doing the same thing BTW, but she's a junky... They basically had a whole block they owned and fukked it off to white people... everytime I visit my dad in the central valley, I drive by there to see what these cacs did to that property,... My grandmothers house basically has a damn wooden fortress built around it.

That's not even the worst of it, the property that they inherited in the south somewhere in Mississippi...i, they got duped out of that and got peanuts for it by some big corporation.

 

[Luke Cage]

This in my imo, is the biggest contributor to the wealth disparity.

White people can buy property, have it appreciate in value over their lifetime and leave it to their kids.

But black people have a great challenge doing this because, banks don't finance in black neighborhoods, meaning you can't get that loan to renovate and keep your house is good condition. and even if you did, the bank won't approve the loan for the people trying to buy your house beyond a certain amount, so unless people are paying cash, you are limited in how much you can sell it for.
So you 4 bedroom, 3 bath property might only be worth 200K, whereas a white person with the exactly same type of house, can get 800K for theirs.

This is further exacerbated by zoning and redlining. So a bank doesn't even have to inspect your house to devalue it. They just see your zip code and are like, nah. You could legit be a great neighbor with nice amenties like any gated suburb, and a white guy lving near a trailer park and a highway will still get a higher loan, because the black population on your side of town is higher.

 

[SNG]

This is why the black family unit is important. My dad and my aunt 7 years ago inherited there mothers and sold it for 800,000 3 years ago and split that 50/50. My aunt was able to pay off her mortgage and buy an investment condo and made 200,000 on top of that and she's only had it for 2 years. My parents have there house paid off which it's worth a million dollars and my dad is still sitting on that 400,000 and looking to invest in a triplex with me and my brother.

 

[get these nets]

Nothing surprising about the topic. Everybody is dealt a different deck of cards, and you've got to play with whatever hand you have.

 

[datnigDASTARDLY]

This shyt is something that needs to be talked about between our current generation and our parents much earlier.

The fact is Long term care is not cheap in America. If you don't plan to have your folks live with you as they get up there in age or they have no retirement funds to tap into then there needs to be some other realistic plan put in place. Otherwise your folks will have no choice but to basically give up their paid off house as collateral to fund their long term care

Yall brehs are more internet savvy than your folks. The info is out there. Share knowledge with your folks so things don't réach this point.

I hear you, but some of these old nikkas are truly set in their ways. Even though everyone around them dying off....for some reason they think the lord gon come and save the day or some shyt

I'm not joking, I know people in their 60-70s that still don't have a will and literally refuse to talk about it . They got multiple kids that will fight for what they think is owed to them, but don't have a pot to piss in. Yet they wanna yell and fight over grandma's old ass rocking chair