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]

IMO you have raised your kids incorrectly if by age 20 you are not fully discussing NW with them. If them knowing you are worth something makes the kid unmotivated there is a lot more at play[/quote]

How many millions are you worth? 20 is pretty young to just reveal it all, especially if you're not a very spend heavy family. [/quote]

Kids were 17 and 22 when our NW increased greatly (from $15M to $35M+ with more likely to come).  They knew we were doing well, but they were not spoiled and did not get everything they wanted, they still had to live within a budget, yes they got a car to drive and it was nice, but not nearly as nice as many of their friends/cohorts at HS, etc.  But with the transaction happening, it would have been strange not to discuss the details with them.  They are fiscally responsible, smart kids, and highly motivated on their own.  This transaction didnt' change them, except they know they will never have to worry about living a good life, as long as they work hard (by that we mean have a job and not be on drugs/lazy not working or just sitting at home doing nothing).  It's easier to work hard and be motivated knowing you don't have to worry about how to pay the bills or having student loans. 
So yes, we are not a very "spend heavy family" but we did start spending more after the transaction and the kids now have trusts.  We thought keeping them informed and educating them about finances at that level was better than hiding it from them.

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