Reply to Generational wealth. What's behind the obsession?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’ve paid for college, grad school and house down payments for my kids. And funded 529 plans for grandkids. However, there’s a line between being generous and overdoing it and taking away ambition. I don’t ever discuss my income or NW with my kids. Someday it’ll be a necessary conversation but until then I want everyone fully motivated. [/quote]

as a high net worth person you are doing your kids a huge disservice. My DH does our finances and brought our kids into them. when they were juniors in high school. My kids know how much we make, How much we spend, and how much we invest. My oldest is really into it and has his own investment account.  it actually kinda freaks my college aged kid out because he’s thinking “holy crap I’ll never make that”  They are both well aware now is what having a “working mom” when they were growing up meant and what a huge multiplier that has been for our family.

Finances are not a thing to hide from your children. [/quote]

I hear you. But, my kids are highly successful, have great families and don’t need money from me. Mission accomplished. I had cousins who amounted to less than nothing by being handed too much and expecting more. That was a big influence for me.

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Well i’ve pulled my kids into our finances since they were in high school. Both of my kids started investing in roths in HIGH school because we financially educated them.  Of course people can be successful, but are they maximizing their success? Do they truly understand how to manage money? Did they go to college with a fundamental understanding of what LTV means? How to read and understand a Closing Disclosure Statement or HUD1?  Do your kids know what a 1031x is and how that’s set up? Do your kids know how to negotiate interest rates and how to float a rate down without fees? Did your kids ask you to set up a custodial account to start investing in their roth when they were making money mowing lawns all spring summer and fall?  Didnyour kids know the difference between small-cap bs large-cap before HS graduation? Did your kid when the iran conflict broke out scramble to buy XOM on a hunch?

I’m not enabling my kids I’m empowering them to move early and quickly in the direction away from w2 wage slave dependency. My DH and I did it and we have given them the blueprint to do it too and do it better. My advice to them heading into college  has been to follow your passion,  but whatever you do carefully put every dollar to work and with a purpose. [/quote]

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