Reply to If you are rich, not just upper middle class

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Of course they will have to work. I’m not planning to leave all my money to charity but I don’t want my kids to turn out as vapid wastrels. They are expected to have a career or trade and be capable of standing  on their own feet before they see any substantial gifts from us.[/quote]

This. I have one who's struggling to find himself in his mid 20s even though he has a master's degree. I believe even gifting him the annual gift limit would hamper this, much less millions.[/quote]

We waited until our children were fully launched and succeeding on their own before we started giving them cash gifts. Now they are smart enough to invest those gifts or put them into 529 plans. If we had given it to them right out of college that would have just been subsidizing them.[/quote]

Well some of us have kids who took that money, right out of college and funneled it into their ROTH iras and 401Ks and future home downpayment, and still have good jobs and are advancing just as if they didnt' have "funds coming in".  They want to make something of themselves and don't want handouts.  We are happy they are saving well for their future.  [/quote]

You are very lucky! Right out of college most kids, like mine, are concerned about their onerous education loans and not thinking about retirement. [/quote]

Our kids are well aware of their privilege, but also want to be responsible and realize once again the privilege of being able to invest at a young age.  Much of that comes from us teaching them finances, about living within your means and always trying to save a portion of income.  They know they dont get everything they want (despite the fact we can easily afford it).  
But was just pointing out that you can still give kids some gifts during and after college and they can still establish themselves.  [/quote]

That must be nice. We did similar teaching about living within their means but education loans were still a necessity. Few kids are lucky enough to have parents like you. [/quote]

Our kids would be at schools they could afford if we didn't have enough saved.  State U for $30K, they earn $10K per year, take $5K in loans and that leaves $15K for us to help with.  Or you find a place even more affordable with merit.  You don't take massive loans.  You can do it with ~$60K at max, and if you really want, you can get that down to $30K (CC to 4 year, or find a place that wants to give merit).  
And if you take education loans, you live at home (if you can) for a few years and aggressively pay the loans off.  We were married (so no living at home) but we lived very frugally for first 3 years to pay them all off.  Talking brown bagging it for lunch 9 out of 10 days, and only eating out 1-2 times per month, driving older cars, no vacations, etc.  [/quote]

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