Reply to When do you tell kids about family money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So much hoarding. Does no one ever spend a dime on things that bring joy or do you all just hoard so the next generation can hoard [/quote]

We spend plenty on "things that bring joy".

Own two homes, both worth $3M+ and both recently renovated (dont even ask how much that was), own 3 cars--most recent cost $95K, mostly travel Business class now and take 6-7 trips each year (most recent was 16 hour flight in business class---so about $8K roundtrip), gift the kids each $38K/year, also bought the recent college grad a new $40K vehicle, have about 1K bottles of wine and growing (yes we drink it, we also like adding more as we travel and explore) and the list goes on and on.  Will spend even more once we are retired (in a year or so).

Still will be leaving $5-10M for each kid possibly more (or giving the "more" away to more charities)
[/quote]

Thanks for answering this OP; I was wondering the same thing. I recently projected how much we will be worth at retirement (plus what we will inherit) and realized we should consider spending more NOW. This is a great answer.

As for how to talk to your kids.... based on your answer here, I think they know. My parents started talking about it when they retired, so you could do the same. Just know, it wasn't a surprise how much money they had even though they were very frugal my whole life. [/quote]

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