Reply to Are there any downsides to marrying into a rich family?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Hmmm I’m surprised people suggesting that in-laws having $20m is “controlling” level of money. In-laws by definition are going to be older, maybe already retired and if not they’re close to it. So that $20m is likely as big as it’s getting and probably reflects a lifetime of high earnings. My parents have this, and it’s because my dad in his thirties started making the equivalent of around $700k to $1m per year in his peak earning years (20 years). So yes they have a nice primary house in the suburbs that’s now worth $4m (they bought it forever ago but like everyone in their generation have benefited from real estate increases) and a second condo. And they drive Lexus and bmw type cars. And they travel when they want and don’t worry about money and they paid for college and grad school for me and my sister, plus gave us both down payments. So absolutely wealthy. But they’re not anywhere near being able to fly private or more importantly, to lord enough money over us kids that we could quit our jobs and live in $3m homes paid for by my parents. Basically. $20m is enough to help out the kids get started on a great financial and educational start (no debt, good degrees, first homes) but the rest from there is on the kids. [/quote]

It’s enough to provide you with a large down payment and pay for grandkids to attend private school.  Also nice gifts, clothes for the grandkids and expensive family vacations.  This might be immaterial to you, but it’s a huge financial benefit and a lifestyle that likely couldn’t be lived without the financial help from the parents/in-laws.  It’s still life changing money.  [/quote]

I didn't say it wasn't life changing money.  But it's not enough that you have to worry about not building your own assets, having to live in a trust-owned house, or having a spouse who doesn't work because their parent floats them 100%, or having inlaws who effectively own you.  The types of things people above are citing as why it sucks to marry into a rich family.  At $20m assets, your inlaws maybe offer to buy you a first house for $800k, or a big down payment on a larger house. But you (the kids) are still financially self sufficient enough that if you don't like the strings attached to that offer, you can say no. [/quote]

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