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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that  for future generations as well.

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Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working. [/quote]

You've got to be effing kidding me. I could stick $25 million in a 60- month CD at my credit union at 3.8% and pull more than $900k off it a year. No, I would not be working. Hell, if I earned a quarter of that amount off it, I wouldn't work.

This is why you people need to be taxed more. FFS.[/quote]

DP:  why do "we need to be taxed more"?  I have that much in cds/cash alternatives, and plenty more in the market.  All of it was taxed at 30-50% combined fed and state.  I have paid plenty in taxes.  The interest dividends are taxed at 40-50% for fed/state.  I think we have paid enough and will continue to do so

However 900k per year spread across 2-3 kids is not enough for them to not work.  Not if they want their kids to do activities and attend college and grad school and actually retire.  Because once you need to start using the principal you ain't getting 900 k per year [/quote]

If you don't think $900k/3= $300k per year is enough to live a comfortable life, do activities, and send your kids to college, and retire, I don't know what to tell you, but about 95% (literally) of American families are making less than that. Also, with that kind of annual return ( Note: that's the return **if i parked $25m in a CD**--it would average almost 2x that amount in the market) there would be no need to touch the principal, so.

Seriously, get your head out of your a$$.

You have more money than you know what to do with. The income equality in this country is a major public policy failure. [/quote]

Agree it's more than most have.  But $300K is not that much in a HCOLA, if you want your kids to attend college and grad school (that you pay for).  If they kids work and earn $100-200K (them and their spouse) and add in the $300K then that is much more comfortable.  But I wouldn't have my kids stop working with only $300K/year coming in, not with inflation.  That would be stupid.  I prefer they use that to supplement their lifestyle.  Also, even if it was $5M/year coming in, I'd want them to work/have a passion/goals in life/somehting to do daily that does good for them and society.  Not just sitting around
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It's also not enough to buy a yacht! So I guess it's not enough.

Honestly, do you even listen to yourself?[/quote]

So you'd want your kids to quit their jobs if they had $300K coming in from a trust? You wouldnt' require them to still have a job/contribute to society?  You wouldn't want your grandkids to have a better lifestyle? [/quote]

I don't care if your Richie Rich children have jobs or not. Just don't tell me that you aren't generationally wealthy because you "only" have $25 million, and don't tell that your kids will need to work because that's not enough to have a very comfortable life on. [/quote]

Our kids will "need to work" because we are not just handing them $$$$ so they can sit on their asses and do nothing with their lives.  The money we have is to supplement their lives, provide education for their kids and future generations, pay for any extra therapies/healthcare expenses and provide nice vacations. It's there to help them buy a home in a good school district that is closer to their jobs, so they have more family time (think a 15 min commute versus 1 hour), to take nicer vacations.  They already have a huge leg up knowing they don't have to save for college for their kids.  If they were to try to live the lifestyle they want and not work, the money wouldn't be there for generations...it would be pissed away for no reason.  However, if you manage it smartly, it will be there for generations to come.  [/quote]

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