An Australian couple reportedly spent a lot of money on luxuries during their retirement. Some people criticized them for not giving their sons more money.
Leon and Leanne Ryland reportedly saved a lot during their working years, and now they’re enjoying the high life.
According to the couple, they are part of a trend called “Spend your Kids’ Inheritance,” which involves not passing down your wealth to your offspring.
Leanne said they had to change their savings mindset to enjoy their golden years.
During an interview, she said they have done all they can to ensure their financial well-being, and they’re not able to spend all their money on luxuries.
However, they needed to do it now because, in another 10 years, they won’t be able to climb China’s Great Wall.
They reportedly won’t be visiting Machu Picchu. Instead, they have traveled the world and created an online group for older Australians to discuss their retirement savings.
The couple also joked that their sons would only be able to inherit the items they bought on their trips.
She urged her sons to spend their inheritance, saying that if they don’t, they’ll know that he will get it.
Alex, who appeared in the audience, supported his mother’s decision, as he believed that his parents have worked hard to get what they have, and he would not mind if they use all of it.
He said that he doesn’t need the money from his parents, and he’s already self-sufficient. He also noted that he got a good deal when he purchased a house from them. Although the Ryland family is reportedly all in agreement about how to spend their wealth, some people in Australia reportedly had different ideas.
People in Australia urged Leon and Leanne to be more charitable toward their sons so that they can have a secure and prosperous future. They noted that as a parent, I will always prioritize the needs of my children above my own needs. It’s amusing that many parents would boast about how they spend their inheritance, which often comes from their parents.
One person said that families should work together to improve the lives of their children. Others called the Boomers selfish and referred to them as “evil” for not wanting to pass down their wealth to their offspring. However, there were some individuals who believed that the Ryland family should do what they wish.
According to some individuals, no one should expect to receive an inheritance, as such gifts are merely a windfall. People who have worked hard for their money should be allowed to spend it as they wish. According to Finder data, a third of Australians are anticipating receiving an inheritance.
Around two in five of the respondents stated that they would rather receive an inheritance as a present than wait until the family member passes away.
According to Sarah Megginson, a financial expert at Finder, an inheritance at a young age can provide parents with a chance to see their grandkids or children enjoying the gift, as well as give them more opportunities to use the money for something great.
It’s important to consider your financial needs and the tax implications before making an inheritance. According to the data collected by Finder, about 10 percent of Australians expect to receive an immediate inheritance, while another 13 percent believe that they’ll get a lump sum in the next couple of decades.