Reply to If you knew you would inherit $6M, would you do things different?

Forum Index » Money and Finances

Reply to "If you knew you would inherit $6M, would you do things different?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Money is so much more useful when you are younger. We inherited some money a couple of years ago at the age of 50. Our kids were already in college/about to start college. We already owned a house etc.

We don’t really need this money as we had saved for college and retirement without knowing we would eventually inherit, and we don’t benefit from it like we would’ve when we were younger (we had some student loans, bought in a not great school district etc.).

I don’t have a direct answer for you but this experience has made us rethink how we can use the money to support our kids while they are in their 20s and 30s rather than just having them inherit it once they are settled and have less need for the money. [/quote]

Very very true!  This is why we are following the "die with nothing" mentality, and gifting away while we are alive.  Our 20 something kids had college fully funded, and grad school (if/when they need it) as well.  We start them out with a new car upon college graduation (think $35K+ vehicle, will last them at least 10 years), and we gift them $38K yearly (19K*2).  So they can max their ROTH and 401Ks and save for a house downpayment.  They know any future grandkids will have their education fully funded.  They will be able to buy a home that is an easy commute to work for them (and their spouse) so they have a higher quality of life.  They will be able to afford the home also in a good school district (or use private).  Take away those worries and they are set for life, even if we don't give anything else (they will be getting much more).  Because fact is $$$ when you are starting out is worth so much more than when you are 50-60+.  It can change the trajectory of your life

[/quote]

Totally agree. We had friends whose parents would pay their annual country club membership every year (plus many other things). Such a nice quality of life thing. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics