Reply to The insanity of 1%er East Coast parents and college

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[quote=Anonymous][quote=Anonymous]I had a client with a net worth of $20MM+.  Client was crazy worried about his DC's university and career prospects.  I asked why worry (given the net worth).  Client responded that the $20MM can vanish in a heartbeat.

However, realistically, a Harvard degree's worth is more likely to vanish in heartbeat (because of drugs, mental breakdown, lack of ambition).[/quote]

Anyone who think 20MM can vanish "in a heartbeat" is doing it wrong.

My parents are worth about that and they have two kids with a ton of issues (no careers of note, drug/alcohol problems, divorce, etc.) and they still don't worry their money will vanish. And that's even with helping my siblings out a lot. Once you hit 5MM you gain a lot of freedom in how you invest and protect your assets. Even with problem children you don't have worry about much with 20MM. Also you can do what my parents are doing and view your charitable giving as your legacy instead of assuming your kids will be it (I'm the successful child but as as a result I genuinely do not need their money).[/quote]

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