Reply to When do you tell kids about family money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes i know I sound obnoxious and this is why I could never discuss the topic in real life.  And can only do this anonymously.

To answer some questions, neither of us grew up rich.  Grandparents made their money later in life (after our kids were in elementary school and we had didn’t need extra money).  Don’t get me wrong - they did everything right.  Gave their kids an appreciation for the value of hard work and a debt free education.  They (both sets of grandparents) were wonderful.  One set made enough later in life to set up the $2m trusts for their grandchildren.  So we were raised very well but without any expectation of generational family wealth. So I can’t look to our experiences when we think about what to do with our kids.

I don’t expect to tell my kids how much they stand to inherit right away because I want them in their 20’s to work hard to establish themselves.  I do wonder how people prepare kids to think about using money appropriately as a tool. What do you talk about?  How do you teach them responsibility?  Instill a strong work ethic?   But with the knowledge that they will have to manage substantial funds earlier in life than they earn it.

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You keep acting like this is some massive wealth that will mean they’d be tempted to not work if they knew about it now.  It’s not that much money.  You’re overthinking it.  Don’t talk them about it at all.  It’s your money, it’s not their business until it’s their money.  When you pass they can figure it out.  [/quote]

Um, if I were a confused 25 year old, unhappy with my job, knowing I had $2 mill would absolutely impact my choices. I don’t think every young adult would rationally assess that $2 milll isn’t enough to change their lifestyle. [/quote]

2 mil would change most people’s ambitions for sure. Would change my life if I inherited 2M now at 30, which if I added it to my current 1.3M would become over 3 and then would have a decent chance of being $6M at 40. I wouldn’t need to worry about earning lots of money since the nest egg would be large enough to compound like crazy on its own. I could quit and find a chill career. I wouldn’t worry about AI automating us all out of a job. Life would be so much easier with another 2M right now [/quote]

This!! It definately lets you make different choices....a job you really like, a house that has a shorter commute so you can spend more time with family, knowing you don't have to worry about retirement and can just save for kids college [/quote]

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