Would you rather: inheritance vs. private school

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:On what planet is a good idea to give any kid a $1 million inheritance? Way to destroy their ambition, drive and motivation to do anything for themselves.

$1M isn’t all that much anymore.

Folks, cut it with the “$1M isn’t much these days.” It
Gives you and this forum a bad reputation...

DP. It’s a big headstart, but it is hardly live off that for the rest of your life or anything near it. Someone with $1M coming is still going to have to figure out their own career, etc.

[Anonymous]

#1. My kids don't need private. Privates need my kids.

[Anonymous]

Anonymous wrote:Someone with $1M coming is still going to have to figure out their own career, etc.

Oh noes, figuring out a career and life path with that kind of financial safety net is the worst!

[Anonymous]

#2 because I went to private K-12 and I'd rather have had that experience plus $500,000 when my parents die than not have had that experience but get $1m.

[Anonymous]

Anonymous wrote:

Anonymous wrote:On what planet is a good idea to give any kid a $1 million inheritance? Way to destroy their ambition, drive and motivation to do anything for themselves.

My brother is worth 500 million (I'm worth about 10K -- maybe because i spend too much time here instead of founding unicorns?). He is leaving all of it to his 2 children. They know it. Children did not go to college and when I ask why, they say they don't need it. I told them that when the job market gets hard, it is better to have an education. Their answer, "things won't get hard for us with the shit load of money we have!"
I would invest in their education. But who knows? It's easy to make self posturing decisions based on what ifs. Perhaps if I had the 500 million, I would think differently and allow them to pursue passions rather than a degree to support themselves.

Sounds like your brother did a terrible job of raising his kids and structuring their trusts

[Anonymous]

Anonymous wrote:

Anonymous wrote:Someone with $1M coming is still going to have to figure out their own career, etc.

Oh noes, figuring out a career and life path with that kind of financial safety net is the worst!

It’s not the worst at all. The point is OP’s kids can’t twiddle their thumbs and expect a $1m trust to earn enough interest to sustain them for life. They’ll still have to earn a living.

[Anonymous]

We do private. We will be able to help kids with very decent down payments on a house some day or money toward a business if they prefer. We also, unknown to them, will pay for their kids to attend private school if they want them to and all of college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:On what planet is a good idea to give any kid a $1 million inheritance? Way to destroy their ambition, drive and motivation to do anything for themselves.

Funny you say this.

My kids have a trust ... they get a small amount at 28, another small amount at 32 and the bulk at 35.

My lawyer said ... your crazy but I’ll write it up that way.

Why crazy - that’s fairly typical

[Anonymous]

Pp we are doing

28, 35 and 45

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Someone with $1M coming is still going to have to figure out their own career, etc.

Oh noes, figuring out a career and life path with that kind of financial safety net is the worst!

It’s not the worst at all. The point is OP’s kids can’t twiddle their thumbs and expect a $1m trust to earn enough interest to sustain them for life. They’ll still have to earn a living.

What kind of career risks can you take with a $1M safety net vs. a $500K safety net vs. none at all vs. student loan debt?