If you are rich, not just upper middle class

[Anonymous]

Anonymous wrote:Hoping to retire at 55 with $40 million or so. That will continue to grow after that. Only have one child. I couldn't care less whether she works or not. Her choice. But I know she will because that's her personality. She doesn't seem the type to do nothing. She's only in high school, but you can get that sense at this point.

My family was wealthy with a TRUST. Only 1 of the 4 children did anything with their life. Do not give your kids just enough to exist, that may be their default. Make them work.

[Anonymous]

Of course they will have to work. I’m not planning to leave all my money to charity but I don’t want my kids to turn out as vapid wastrels. They are expected to have a career or trade and be capable of standing on their own feet before they see any substantial gifts from us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

This is just emblematic of the tendency of people on this board (in the US?) to think it's never enough. Unless you spend a hefty portion, your kids can live off of the earnings from 25 million.

PP you replied to. No, I know they can't, because we spend our dividends and it's not a lot. That's because we deliberately chose high tech stock for growth, not Dividend Kings that generate large dividends. Our high tech stocks do not generate much in dividends.

And since we want to preserve the capital, and try to keep it at high risk for maximum growth potential, we're not going to sell our Apple and Netflix stocks for Coca-Cola or Hormel, you know. We invested because we believed in the companies we selected and we like high tech. This is what we know. I'll be dammed if I owe my fortune to an unhealthy fizzy drink But I love Apple products and I've been a happy user of Netflix ever since its mail-in DVD service, so I want to own stock in those ventures. Same for Amazon or Alphabet (Google). I only buy stocks from companies that I value and which have made my life easier.

So you like to pick stocks, got rich from it, and your strategy is to go for companies you feel an emotional connection with and whose products you enjoy?

Somehow I think you’re lying because that’s a dumb AF strategy, or you got very lucky playing the stock slot machine.

Did you happen to hold Netflix while the stock dropped 75% in 2021? Your net worth must be insanely volatile

[Anonymous]

My wife is set to inherit a boatload of money from her parents. Her parents sold their business in the mid 90s for 85M. Over the years, they have tried to manipulate some of her life decisions by suggesting it will impact her inheritance. She ignored them and just told them she will plan as if she is not getting one dime of the inheritance.

We have been fortunate over our careers to make a significant amount of money. They finally realized about ten years ago that this type of manipulation would not work. It has actually made the relationship healthier.

[Anonymous]

Yes they have to f***g work. My health has paid a heavy price for what we have achieved. I can't stand people who think just because they have wealth, their offspring can just "chill" and keep posting on Instagram etc.

[Anonymous]

Anonymous wrote:Yes they have to f***g work. My health has paid a heavy price for what we have achieved. I can't stand people who think just because they have wealth, their offspring can just "chill" and keep posting on Instagram etc.

Was it worth it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

This is just emblematic of the tendency of people on this board (in the US?) to think it's never enough. Unless you spend a hefty portion, your kids can live off of the earnings from 25 million.

Exactly. Ridiculous. This sounds like the poster whose husband invests in tech stocks and she’s delusional. Always telling people how easy it is.

[Anonymous]

LOL I’m pp and reading this thread and I was right it’s the annoying lady.

[Anonymous]

Do something but why the emphasis on a “career”? What’s the point in a career if you already have money? You have the freedom to do anything you want. Do something that’s constructive and you like , but the emphasis on it having to be a career doesn’t make sense.

[Anonymous]

I mean yes I expect them to start out working, have a career, etc but by the time they are 40ish if they want to slow down/have flexibility/travel etc. especially if raising a family then I don't care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have 8 figures net worth thanks to generational wealth. We both work jobs we love. That's what I want for my kids.

+1. I want my kids to have strong work ethic, goals, and growth-mindset towards the things they want to do. I think this results in greater purpose, meaning, and fulfillment in their lives. But the generational wealth allows them to pursue a greater variety of paths (like arts, public service, entrepreneurship) while maintaining a stable UMC standard of living for themselves and their kids.

Can you explain what you mean by growth mindset?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

You've got to be effing kidding me. I could stick $25 million in a 60- month CD at my credit union at 3.8% and pull more than $900k off it a year. No, I would not be working. Hell, if I earned a quarter of that amount off it, I wouldn't work.

This is why you people need to be taxed more. FFS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

This is just emblematic of the tendency of people on this board (in the US?) to think it's never enough. Unless you spend a hefty portion, your kids can live off of the earnings from 25 million.

PP you replied to. No, I know they can't, because we spend our dividends and it's not a lot. That's because we deliberately chose high tech stock for growth, not Dividend Kings that generate large dividends. Our high tech stocks do not generate much in dividends.

And since we want to preserve the capital, and try to keep it at high risk for maximum growth potential, we're not going to sell our Apple and Netflix stocks for Coca-Cola or Hormel, you know. We invested because we believed in the companies we selected and we like high tech. This is what we know. I'll be dammed if I owe my fortune to an unhealthy fizzy drink But I love Apple products and I've been a happy user of Netflix ever since its mail-in DVD service, so I want to own stock in those ventures. Same for Amazon or Alphabet (Google). I only buy stocks from companies that I value and which have made my life easier.

So you like to pick stocks, got rich from it, and your strategy is to go for companies you feel an emotional connection with and whose products you enjoy?

Somehow I think you’re lying because that’s a dumb AF strategy, or you got very lucky playing the stock slot machine.

Did you happen to hold Netflix while the stock dropped 75% in 2021? Your net worth must be insanely volatile

PP you replied to. Ha ha!

Sorry, I find your aggressive behavior so immature and insecure. I buy to hold. Volatility does not scare me at all. If it scares you, you should not be buying stocks.

Investing in companies one respects and appreciates can be a very sound strategy if you know your industry well and understand what sort of value each company is inherently bringing to market. This is what good investors mean when they say: "I buy what I like". And applying moral principles to my investing strategy is something I will never stop doing. I do not invest in tobacco, oil or spirits, or White Supremacist weirdos.

[Anonymous]

Anonymous wrote:The person I know with 9 figures made by growing their share of generational wealth through their own business success has trust funds for their kids that are enough for them never to work, but they've instilled a work ethic and strong sense of philanthropy in their kids. His kids are working but in low-income, high-reward jobs, like one is a teacher. I think their kids' money is as divorce- and creditor-proof as possible, and their wish for their kids is that they are happy and contributing to making the world a better place.

This 1000%

We are $30M. Our kids are not spoiled, but have their education paid for and know we will assist with the larger purchases in life. However they don't get access to this money unless they are "doing something" with their life. Oldest has been working in great job since college graduation, is frugal and can pay their own bills with 95% of their lifestyle. They use our funds to max the IRA and 401k at work and to save for a house.

But they live within a budget in an apartment they can afford on their own. We pay for vacations with us, got them a new car (think $40k not luxury). They pay for their own vacations if we are not part of it.
Basically live within their means, work hard or advance at work.

What our money does mean is they don't have to work 80 hour weeks with goal of advancing rapidly to simply make more $$ to live. They could select a non profit or lower paying jobs in future and know we would supplement if needed

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

Agreed!
The money is there to supplement, to allow them to be in a lower paying career (if desired)/work at non profits and still maintain a better lifestyle.
Just knowing you have $400k for a house downpayment and your kids education fully funded makes life much easier