This controversial couple is spending their kids' inheritance on luxury vacations – find out why and if Boomers are entitled to splurge!
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In a world where the term 'Boomer' often comes with a side of controversy, a Victorian couple's decision to spend their children's inheritance on globetrotting adventures has sparked a fiery debate about financial priorities, generational differences, and the concept of 'Boomer privilege'.
Leanne and Leon Ryland, a well-off couple from Victoria, have made headlines and ruffled feathers by openly declaring their intention to use their hard-earned savings to see the world's wonders, rather than leaving a financial legacy for their two adult sons. With an impressive $170,000 already spent on trips to destinations like Machu Picchu, India, Sri Lanka, and the Maldives, the Rylands are the embodiment of the 'SKI' philosophy – Spending Kids' Inheritance.
Their story, which was featured on SBS Insight, has ignited a conversation about whether Boomers are entitled to enjoy the fruits of their labor or if they have a responsibility to provide for the next generation. The Rylands' approach to retirement is not unique; they are part of a growing trend of older Australians who are choosing to live their golden years to the fullest.
The couple's financial journey began with a visit to a financial planner before retirement, who advised them to take advantage of their wealth while they could. After a lifetime of saving, investing in property, and building a healthy superannuation, the Rylands decided to shift their mindset from saving to spending. They now run a Facebook group called 'SKIclub', where like-minded retirees exchange travel tips and stories.
Leanne Ryland's philosophy is clear: 'Spend now, because if we don't spend it, you know he gets it,' she said, referring to her son. 'In another 10 years we won't be climbing the Great Wall of China. We won't be going up Machu Picchu. We've gotta do it now because what else is there?'
The Rylands' stance has been met with mixed reactions. Some social media users have branded them as 'entitled' and 'selfish,' criticizing their environmental impact and perceived lack of concern for their children's financial future. Others, however, see the Rylands as a symbol of a generation that has earned the right to enjoy their success.
Interestingly, the Rylands' own son, Alex, supports his parents' decision, stating, 'It's their money. They've worked hard their entire life... so I think they should be able to do whatever they'd like with it.'
The debate extends beyond the Rylands, with other Boomers like Lorna Shuker sharing their stories of financial independence and success without parental assistance. Shuker, who came from a poor family, worked her way into a comfortable life, buying and selling million-dollar properties. She offers a critique of younger generations, suggesting they lack budgeting skills and desire instant gratification, as evidenced by their use of services like Afterpay.
This raises important questions for our members: Is it fair for Boomers to prioritize their own enjoyment over leaving an inheritance? Are younger generations unfairly judged for their financial habits? And what does this mean for family dynamics and expectations?
As we navigate these complex issues, it's essential to consider the diverse perspectives and experiences that shape our views on inheritance, entitlement, and the value of experiences over material wealth. Whether you're a Boomer enjoying your well-deserved retirement or a younger person building your financial future, the conversation around inheritance and spending is one that affects us all.
We invite you to share your thoughts and experiences on this topic. Do you believe in the SKI philosophy, or do you think it's important to leave something behind for your children? How do you balance the desire for adventure with financial responsibility to your family? Join the discussion in the comments below and let's explore the many facets of this modern financial dilemma.
Leanne and Leon Ryland, a well-off couple from Victoria, have made headlines and ruffled feathers by openly declaring their intention to use their hard-earned savings to see the world's wonders, rather than leaving a financial legacy for their two adult sons. With an impressive $170,000 already spent on trips to destinations like Machu Picchu, India, Sri Lanka, and the Maldives, the Rylands are the embodiment of the 'SKI' philosophy – Spending Kids' Inheritance.
Leanne and Leon Ryland are spending their children's inheritance on luxury holidays and plan to keep doing so. Credit: YouTube / SBS Insight
Their story, which was featured on SBS Insight, has ignited a conversation about whether Boomers are entitled to enjoy the fruits of their labor or if they have a responsibility to provide for the next generation. The Rylands' approach to retirement is not unique; they are part of a growing trend of older Australians who are choosing to live their golden years to the fullest.
The couple's financial journey began with a visit to a financial planner before retirement, who advised them to take advantage of their wealth while they could. After a lifetime of saving, investing in property, and building a healthy superannuation, the Rylands decided to shift their mindset from saving to spending. They now run a Facebook group called 'SKIclub', where like-minded retirees exchange travel tips and stories.
Leanne Ryland's philosophy is clear: 'Spend now, because if we don't spend it, you know he gets it,' she said, referring to her son. 'In another 10 years we won't be climbing the Great Wall of China. We won't be going up Machu Picchu. We've gotta do it now because what else is there?'
The Rylands' stance has been met with mixed reactions. Some social media users have branded them as 'entitled' and 'selfish,' criticizing their environmental impact and perceived lack of concern for their children's financial future. Others, however, see the Rylands as a symbol of a generation that has earned the right to enjoy their success.
Interestingly, the Rylands' own son, Alex, supports his parents' decision, stating, 'It's their money. They've worked hard their entire life... so I think they should be able to do whatever they'd like with it.'
The debate extends beyond the Rylands, with other Boomers like Lorna Shuker sharing their stories of financial independence and success without parental assistance. Shuker, who came from a poor family, worked her way into a comfortable life, buying and selling million-dollar properties. She offers a critique of younger generations, suggesting they lack budgeting skills and desire instant gratification, as evidenced by their use of services like Afterpay.
This raises important questions for our members: Is it fair for Boomers to prioritize their own enjoyment over leaving an inheritance? Are younger generations unfairly judged for their financial habits? And what does this mean for family dynamics and expectations?
As we navigate these complex issues, it's essential to consider the diverse perspectives and experiences that shape our views on inheritance, entitlement, and the value of experiences over material wealth. Whether you're a Boomer enjoying your well-deserved retirement or a younger person building your financial future, the conversation around inheritance and spending is one that affects us all.
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