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Reply to "When do you tell kids about family money?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My dad always told us this: - the money is a safety net, not for keeping up with the Jones' - never touch the capital, it takes 1.43 dollars to replace it for each dollar spent - the goal is to keep it going for later generations - general ok uses for it are education, health, and buying a home - safe/conservative low-fee investments only (SPY, etc.)[/quote] Thank you. This is great. [/quote] Yes, if done correctly (ie your kids have a job/career and function as if they don't have a trust fund, except for education and house downpayment and any major medical issues--yes I realize those are huge perks, but they still work hard and make good money themselves and don't live a life of luxury unless their job enables it) and you can easily keep the money going for generations. [/quote]
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