How are you preparing your children for downward mobility?

[Anonymous]

Live below your means and teach them the value of getting a good education, hard work, saving money and finding the right partner in life.

[Anonymous]

Anonymous wrote:Also make sure your kid does not marry down. Your kids (and grandkids) life will be much more difficult than it needs to be if they make a bad choice for marriage. Don't let them fall for the idealistic nonsense that the financial position of their spouses family does not matter.

100% agree with this. Which is why I care about where they go to college and where they get first jobs, beyond finding things that make them happy.

[Anonymous]

Cost of living, housing prices, and the cost of college and private schools have gone up astronomically while salaries are basically the same as they were thirty years ago. That is the problem.

[Anonymous]

And private schools encourage rich kids find jobs to “help people” and “be happy” rather than be rich. These kids will probably end up being less wealthy but more satisfied than their parents. However, these same kids won’t be able to afford to send their kids to private schools.

[Anonymous]

Anonymous wrote:Also make sure your kid does not marry down. Your kids (and grandkids) life will be much more difficult than it needs to be if they make a bad choice for marriage. Don't let them fall for the idealistic nonsense that the financial position of their spouses family does not matter.

This is a big one. Teach them to marry someone with the same work ethic and ambition and to at least consider their family circumstances. Specifically, avoid marrying someone who must care for their parents or other family members. It's OK if they don't come from family money, as long as their family is self-sufficient and not a burden on a young couple. There is nothing worse than trying to support your parents, pay your student loans, pay for daycare, and save for your kids' college all in the same few decades.

[Anonymous]

Anonymous wrote:And private schools encourage rich kids find jobs to “help people” and “be happy” rather than be rich. These kids will probably end up being less wealthy but more satisfied than their parents. However, these same kids won’t be able to afford to send their kids to private schools.

No, but their grandparents will.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also make sure your kid does not marry down. Your kids (and grandkids) life will be much more difficult than it needs to be if they make a bad choice for marriage. Don't let them fall for the idealistic nonsense that the financial position of their spouses family does not matter.

This is a big one. Teach them to marry someone with the same work ethic and ambition and to at least consider their family circumstances. Specifically, avoid marrying someone who must care for their parents or other family members. It's OK if they don't come from family money, as long as their family is self-sufficient and not a burden on a young couple. There is nothing worse than trying to support your parents, pay your student loans, pay for daycare, and save for your kids' college all in the same few decades.

God you people are all so freaking vapid. I hope you never have a stroke or other unexpected debilitating accident that suddenly renders you a burden to your carefully laid out social engineering. Then again, with values like yours, I'm sure your kids will just put you in a dark home somewhere.

[Anonymous]

I’m not really but we live below our means.

I have an only and am confident he will do as well as us, and knows that it’s smart to live below your means. We have time and money to help him achieve and he already invests in stocks at 12 years old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also make sure your kid does not marry down. Your kids (and grandkids) life will be much more difficult than it needs to be if they make a bad choice for marriage. Don't let them fall for the idealistic nonsense that the financial position of their spouses family does not matter.

100% agree with this. Which is why I care about where they go to college and where they get first jobs, beyond finding things that make them happy.

It won’t be your choice. I know many people from the top colleges who never really made it and are bitter in middle age. I married a waiter at 24. My father wasn’t happy, he didn’t want me to have to struggle. I knew he wasn’t going to be a waiter forever and he wasn’t. His work ethic is remarkable. He works for a high tech company. His parents were in the 1% and money in trusts pays for everything the children need, School, camps, activities, when first started out they bought us a house. Sadly they died recently. They left a generation skipping trust which is the first time we knew they were part of the 1%, not just wealthy.

I wouldn’t have guessed his parents were in the 1% because they never bought showy cars or the usual trappings of wealth. They were good people and that counts for a lot. If you find love before 30 you will not know how successful he’ll be. Or that the successful man won’t lose everything.

My advice is to make sure there are no drug or alcoholic issues and he gets along with his family. Marry for love. Find good family people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also make sure your kid does not marry down. Your kids (and grandkids) life will be much more difficult than it needs to be if they make a bad choice for marriage. Don't let them fall for the idealistic nonsense that the financial position of their spouses family does not matter.

This is a big one. Teach them to marry someone with the same work ethic and ambition and to at least consider their family circumstances. Specifically, avoid marrying someone who must care for their parents or other family members. It's OK if they don't come from family money, as long as their family is self-sufficient and not a burden on a young couple. There is nothing worse than trying to support your parents, pay your student loans, pay for daycare, and save for your kids' college all in the same few decades.

You are terrible. I had to/choose to take care of my MIL. She was very kind and loving to me. Of course I'd help her any way I can and set a good example for my kids.

[Anonymous]

For our DCs we're trying to set up a good financial base now, like adding our teens as authorized users to our credit card so they will have good credit instead of no credit. They're able to work for our businesses and we open IRAs for them after 14. They have some iBonds bought back when interest rates were crazy. I'm considering starting a custodial investment account for them. Things like that so they have a cushion to tap into after graduation, but aren't asking for money from their parents. I think the dynamic will feel different for them and they'll feel more independent. And hopefully make good choices.

[Anonymous]

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

Kinda sorta. Signed a boomer on the cusp of gen x

[Anonymous]

Anonymous wrote:We are planning to pay for their college, wedding, down payments. In addition to this we have two rental properties in a highly desirable area, each property generates 6k/month, they will get one each to help with their lifestyle plus a 5 mil inheritance after we pass. In addition to this, teaching them that life is expensive and they should pick high paying career options and manage their money well, even after doing all this there is always luck. Parents always want the best for their children but luck is a factor we can't control. At the end of the day, may they be healthy and happy wherever they are.

With todays life expectancy they might not have much time to enjoy the 5 mil (I mean how long seniors live nowadays)

[Anonymous]

Anonymous wrote:I’m not really but we live below our means.

I have an only and am confident he will do as well as us, and knows that it’s smart to live below your means. We have time and money to help him achieve and he already invests in stocks at 12 years old.

That's what we are doing also. Individual stocks and crypto for us as oppose to 529 or real estate.
I don't see too many other ways to keep up with the money printing.

[Anonymous]

I entered college when the US became a service oriented economy. The high paying high skilled PC manufacturing jobs in my area were moved to a low tax, low labor rights state and then ten years later 3/4 of those jobs were sent to Taiwan. I've learned to live with a flexible economy model. There's always something new to pivot to. The cities and suburbs I have visited and even small towns on college tours seem to be doing just fine. I don't see America in decay with my eyes.