Baby boomer sparks outrage over his money advice for young Aussies

A Boomer has drawn outrage for saying young people should work hard and stop buying coffees if they want to build their wealth after revealing his $40million fortune. 

The 83-year-old was stopped on the streets of Sydney by homebuyer assistance company Coposit on the weekend.

He was asked how much money he had saved when he made the candid admission about his astronomical wealth. 

‘I have assets of about $40million,’ he told the interviewer in a TikTok video.

‘That’s quite a lot, how did you accumulate such a large amount?’ the interviewer asked him.

‘Work hard,’ he replied.

The man revealed he was a lawyer as a younger man before he began investing in properties and became a hotelier.

He then said the cost-of-living crisis ‘doesn’t worry us particularly’.

The interviewer asked the man if he had any ‘tips or tricks’ to save money.

‘I think, probably, if you can do away with your couple of coffees a day and things that are not necessary, then it all helps,’ he said.

‘Eating out and doing those sorts of things that you don’t need to do … just watch how you spend your pennies, that’s the main thing.’

His advice struck a chord with many social media viewers criticising the 83-year-old.

‘Why is it they always think that by skipping a coffee people will suddenly have tens of thousands of extra dollars lying around?’ one asked.

‘Buying up real estate, leveraging off that to buy more is not working hard … it’s called greed,’ another agreed.

‘The asset class denies entry by pushing up prices. No-one needs more than one house to live in or $40million.’

‘This video is evidence why we need an estate tax so we can reduce income tax,’ a third said.

‘He is going to pass on $40mllion of assets tax free. We need to reward work by taxing inheritences.’ 

Another said the ‘boomers had it easy’, and fired back at one man’s suggestion they just ‘worked hard without moaning about it’.

‘This generation works harder, longer hours, more unpaid overtime and families need both parents working,’ they said.

‘It’s not hard work, it’s cost of living and wealth inequality.’

While the baby boomer generation refers to those born from 1946 to 1964, the term ‘boomer’ often refers to older generations lecturing the young. 

Others leapt to the elderly man’s defence, accusing young Australians of ‘playing the victim’.

‘He’s not lying,’ one woman claimed.

‘Our generations didn’t do Euro summers, Afterpay, Ubereats, credit cards, subscriptions, new cars, designer brands, expensive gym memberships, tap and go … it all adds up.’

‘He said he worked hard. Give the man a break, jealous people here,’ another said.

‘People hear the same thing time and time again but fail to listen and act and just want to play the victim,’ a third added.