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As a Boomer I agree with your grandfather.
Millennials are frequently spoilt, annoying and entitled brats.
He didn't mean it specifically for the millennials but for the kids in general. Maybe you didn't get what he actually means. He wanted to suggest that money hoarding isn't necessary, it should be spent.
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I believe that what your grandfather meant is it is better for most kids (capable or spoilt, of any generation) to stand on their own two feet and make their own fortunes rather than to expect an inheritance.
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