If you are rich, not just upper middle class
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Anonymous
Our kids are well aware of their privilege, but also want to be responsible and realize once again the privilege of being able to invest at a young age. Much of that comes from us teaching them finances, about living within your means and always trying to save a portion of income. They know they dont get everything they want (despite the fact we can easily afford it). But was just pointing out that you can still give kids some gifts during and after college and they can still establish themselves. |
Anonymous
My old boss his Dad was in a German Concentration Camp as a child. Barely survived. Came to America with nothing. My CEO originally went to school to be rabbi then decided to be come a college professor. He had two kids and wife became pregnant with twins and onr special needs. He needed more money than a non tenured professor salary at a CUNY college. He ended up being co-founder of a company that he sold for onr billion. His cut was 100 million. He stayed on at a five million salary and later company sold again and got another 50 million. His special needs son he was worried after he ages out of services and they pass away who will care for him. He came up with idea if I buy single family 5 bedroom homes I could put four adult special need people, have a full time employee manage house and each house with no mortgage on a perpetual trust where occupants just cover expenses could go on forever. He continues to invest his 200 million in his charity growing it, has got a lot of matching donations and his goal is to build 3,000 single family homes putting up 12,000 special needs adults. His wife and kids are all on Board. I worked for him for a decade. |
Anonymous
I find people who do this to be a certain type of awful. My parents don’t have money but if they did and did this I’d be furious. You can leave something to children and still makes an impact. I am mid thirties, self made almost 3 mil net worth so not rich |
Anonymous
"need" |
Anonymous
I don't care if your Richie Rich children have jobs or not. Just don't tell me that you aren't generationally wealthy because you "only" have $25 million, and don't tell that your kids will need to work because that's not enough to have a very comfortable life on. |
Anonymous
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Let’s put it this way. My 15 year old works a job that pays $13/hr. We have had several conversations regarding her goals, and she wants to make something of herself.
She knows that she will likely inherit something, she has no idea just how much. |
Anonymous
That must be nice. We did similar teaching about living within their means but education loans were still a necessity. Few kids are lucky enough to have parents like you. |
Anonymous
We built what we have from the ground up. We don't think it's good to just hand money to 20 somethings so they can sit around and do nothing. They will need to have ambitions and careers to access our wealth. It is to supplement their lives, not be the "be all end all" for them to be lazy Also, it won't be much generational wealth if nobody works. If 3 kids each have 2-3 kids, it won't last past that generation if nobody works. |
Anonymous
Our kids would be at schools they could afford if we didn't have enough saved. State U for $30K, they earn $10K per year, take $5K in loans and that leaves $15K for us to help with. Or you find a place even more affordable with merit. You don't take massive loans. You can do it with ~$60K at max, and if you really want, you can get that down to $30K (CC to 4 year, or find a place that wants to give merit). And if you take education loans, you live at home (if you can) for a few years and aggressively pay the loans off. We were married (so no living at home) but we lived very frugally for first 3 years to pay them all off. Talking brown bagging it for lunch 9 out of 10 days, and only eating out 1-2 times per month, driving older cars, no vacations, etc. |
Anonymous
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Our net worth is approaching $40M. Kids in middle and high school. Yes, I expect them to work and they’ve always known that. I’ve also been clear that they should not expect to inherit the lions share of our wealth. We’ll cover them through school but I’m not certain they’ll get anything after that and they know that too.
That much money was not meant to be inherited. |
Anonymous
Just make sure your wills specifies that your money will go to charity otherwise your estate taxes will be significant. Better yet, meet with an estate planning attorney and talk about your goals and thoughts. With your net worth and age you could end up with $100 million. |
Anonymous
Then what is the point of making that much money if not to pass down to your kids and their kids? |
Anonymous
Exactly! I get leave much of it to your favorite charities, but why work so hard (rarely does that type of money come from 9-5 jobs---you missed out on some of the family togetherness and your kids growing up) if you wont give them some of it? |
Anonymous
Charities are a scam. A vanishingly small percentage of money flows to the source of the problem the staff is trying to solve. That's why they're still in business - they never solve the problem. Look at the compensation for CEOs of major charities and see if you can justify giving money to that instead of funding a generational trust for your family. You're funding strangers' inflated lifestyles instead of your children's. |
Anonymous
Find a good local charity, that is directly impacting your local community. Those tend to put more $$ into the problems and less into the management. But my kids dont' need $25M each, they will be fine with $10-15M and the rest can benefit those who need it so much more. |