Reply to "$5 Million is a Nightmare... the Poorest Rich Person in America."

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Reply to ""$5 Million is a Nightmare... the Poorest Rich Person in America.""

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[quote=Anonymous][quote=Anonymous][quote]Also, for us having one kid versus two, it simplifies a lot of things because we are one-and-done regarding college, so even if our kid winds up at an 80k/yr college, we just have to find a way to pay for it for 4 years and then it's over. It changes how we think about it. [/quote]
What if your kid goes to medical school, law school or other expensive grad school?[/quote]

What if they do? Is your fear that if you don't have at least $20m (or more I guess) then you won't be able to fund endless education for your child? Presumably if my kid was going to law, medical, or business school, we'd look look into financing it in an intelligent way that would involve some funding from us as well as some loans for them that were reasonable based on their career plans and trajectory. I am a lawyer so understand some of the dynamics here and how to do it in a way that doesn't totally handicap you with loan payments for the rest of your life.

I would also dissuade an kid from attending a professional school like that without working for at least a couple years first.

Also, my kid has been saving and investing since she was 5 years old, is extremely financially literate, and will make smart choices. She's not going to flounder and then demand we pay for law school for her when she can't figure out what to do with her life at age 30, which is I guess the fear some people have (also you can just say no in that situation, and it would probably be the right parenting decision as well as the right financial choice).

Is the issue that some people think that if you don't have an obscene amount of wealth, you will be bankrupted by your children or your own poor financial planning? Do you see how there is an alternative to that possible outcome, maybe?[/quote]

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