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General Parenting Discussion
Reply to "If someone has too extravagant a party or home, would you not reciprocate?"
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[quote=Anonymous]I will relate this story, told by my financial planner friend. She had a couple come in for a meet and greet and financial planning session. Guy was partner at a well regarded law firm in DC. They lived in a 8-10 million dollar mansion in DC. Took fancy vacations. Had more fancy cars than there were people in the house. Had nannies, housekeeper, cook, etc. Also had zero savings. His firm offered an excellent 401k plan, and he had zero saved for retirement. His kids had no 529 plans (or any other college savings). After expenses, they were in the red by 3K a month. She made several practical (she thought) suggestions, to bring the financial situation under control. They wouldn’t make changes; too married to appearances. Anyway, saying all this, because you don’t really know what’s going on inside what appears to be a highly successful and wealthy household.[/quote]
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