Reply to Is it normal to have no idea about family money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m 25 and I never talk about money with my parents, they live very modest lives and I have no idea what their net worth is, but growing up I knew for a fact my mom came from a wealthy family (both her parents are dead now). I don’t know how much but I think it was in the 10’s of millions in the 80’s. Someone in my family mentioned a generation skipping trust but I only heard that once and never was mentioned again. I feel awkward asking them and don’t want to come across as entitled but am naturally curious, was the money lost, or is it sitting somewhere? I’m making good money for my age and already own a home with no help from family so it’s not that concerning but just very curious. My parents have never had issues with paying bills but they live very modestly living in a tiny condo and don’t seem to spend much. I had 40k in student loans when graduating college as well (paid off on my own). Part of me thinks the money was lost due to mismanagement. [/quote]

This sounds made up.  Depending on how many tens of millions in the 80's, that could well be $1 billion+ today if just invested the S&P.  Unlikely that your parents are billionaires and live in a tiny condo and not even a modest SFH.  On the other hand, people who live modestly are unlikely to waste or mismanage a huge inheritance.  The tens of millions in the 80s was likely a fantasy - your parents probably have a couple million today and are saving it for retirement and end-of-life care.[/quote]

I’m not sure about this, it’s possible that the rumors are correct, but I do have experience in my own family with the rumor mill inflating the true value of family assets. What seemed “rich” back then wasn’t all that much by today’s standards. [/quote]

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