The “great wealth transfer,” in which baby boomers pass their money down to their kids, is expected to benefit millennials in a big way. That isn’t true for everyone, though.

One millennial admitted that he was shocked after discovering the actual amount of money his parents had during his life, despite thinking differently. Posting online, he claimed that he’d always known his parents had done fine financially but was flabbergasted after going through some of their tax documents and realizing that they’d withheld a lot of information about how much money they’d made.

He found out his boomer parents were actually millionaires after having to ‘bootstrap’ his way through life.

In his post, he explained that during the ’90s, his parents did pretty well for themselves. They owned a large farm, and his dad had a couple of businesses, but he and his siblings were raised not to expect a lot of material possessions. As a teen, he was forced to work and earn his own money so that he could buy the brands of clothes he actually wanted.

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Later in life, he had to make his own way in the world. “I joined the Army for the GI Bill in the early ’00s and was deployed,” he recalled. “I joined for the GI Bill because I was told there would be no educational help from them unless I lived at home, paid rent, and went to the local community college.” 

Despite going to school, living through a recession and a pandemic, and just facing general life challenges, he and his siblings received little to no financial support. The most his parents ever did was give them $100 Walmart gift cards during particularly difficult times. He still holds a grudge for the way they completely cut off his sister when she got pregnant outside of marriage at 27 years old.

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The man and his siblings all make good money now, but he recently realized just how much help his parents withheld all those years.

Now, at 40, he offered to help his parents clean out their garage and found some pretty shocking information in the process. He came across tax documents that proved they made a minimum of $2 million each year between 1995 and 2001. They retired in 2002 and were able to make millions of dollars off the sale of their farm.

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He doesn’t know what to think now. His parents own some property and have some investments, but he has no idea what their net worth entails. “I knew they were doing OK, but they have always talked like they were on the brink of losing everything,” he shared.

Before he realized how deep his parents’ pockets were, they also purchased a six-figure RV and “gleefully bragged” about spending the inheritance money one would have expected to go to their kids and grandkids on it, making their pattern of unhelpful behavior multigenerational.

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Parents aren’t obligated to help their kids, but it’s greatly appreciated when they do.

It’s important to raise self-sufficient children who understand that they need to work hard to earn a living. Parents who neglect to teach their children this would be doing them a disservice and not preparing them for the real world. Still, it’s equally crucial to find a balance between teaching them independence without forcing them to struggle if they don’t have to.

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Data from the Pew Research Center showed that just 53% of Americans believe the elusive American dream is still achievable, while 41% think it was possible in the past, but not anymore. Greater numbers of people are coming to recognize that the idea that you can do anything if you work hard enough is nothing but an outdated and harmful belief.

Boomers grew up in a very different economic environment than millennials did, and they experienced a lot of advantages their children don’t have. In many cases, what was once affordable and easy for them is now a challenge. Parents don’t have to dole out money to their kids, and this man’s parents weren’t required to give their kids all of their millions, but knowing your parents have your back in times of need can make all the difference.

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Nia Tipton is a staff writer with a bachelor’s degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.