Reply to When do you tell kids about family money?

Forum Index » Money and Finances

Reply to "When do you tell kids about family money?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We are not wealthy in a way that kids know about it. We do go on nice vacations but middle class home/cars/clothes etc.  Public school.  Kids are not particularly spendy.  I don’t think they ask for more than if we were a middle class family with ok assets.  They do make judgements (not worth it at that price).  We have told them that we will pay for college. Our eldest is at an Ivy with the concomitant costs.  Our youngest will likely choose similar.

When do we start teaching them about how to deal with inheriting relatively large trusts.  From their grandparents alone they will get $2M each.  They don’t know about this.  From us, they will likely inherit at least that much, probably closer $5M each.  I wonder how we should be parenting differently to keep them grounded.  Right how they are great kids - hard working and planning on taking care of themselves in the future - and I want to see it continue.  [/quote]

Not sure why you feel it necessary to coddle your kids with large amounts of inheritance. Are they incapable of making it on their own? Do they lack the skills, ability, and intellect to self-sustain? This is a parenting failure 101. “Give a man a fish, and you feed him for a day; teach a man to fish and you feed him for a lifetime.” DH and I prefer the latter strategy and our kids have been better off for it.

You should be using your accumulation of wealth to establish scholarships for the greater good of society. This is what we have done. As a result, we have not only raised three fantastic, independent, and successful kids, but we’ve also funded full-ride scholarships for over 300 other rising young stars in the past 20 years. Wouldn’t you and your kids feel better having done that?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics