Anonymous
Post 10/03/2021 22:08     Subject: Re:If you are a trust fund kid, why do you work?
Because my trust fund (and paid off education) was a headstart, not enough to not work for life. I used it towards a down payment and some renovations on my home. If I had a bigger trust fund, I’d probably be doing something riskier or more freelance on my own. I am very grateful for everything I’ve been given though.
Anonymous
Post 10/03/2021 19:02     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:
Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”


I would have no problem answer "whatever I want."


Not PP, but honestly you would. It’s not like your friends are available to hang out with you during the day. They all work. If you don’t work you get a lot of weird looks while people try to figure out if you’re unemployed, lame or rich. You would enjoy it less than you think. Also if you start hanging out with other rich people you will find it’s a hyper competitive small place where people measure status in different ways, none of which are particularly interesting or important. Humans need work - or a really intensive hobby - or you will be both bored and boring. Personally I’ve always preferred to work so I can be more anonymous.
Anonymous
Post 10/03/2021 18:31     Subject: Re:If you are a trust fund kid, why do you work?
Anonymous wrote:The point is not to exhaust the trust but to continue to pass it down to the next generation. That's the ethic instilled by the grantor(s).


Exactly this. We have saved about half the amount of the trust on our own in retirement accounts. We expect kids to earn their own way and one day down the line when they become the beneficiaries use the trust for education, medical expenses, etc. They now have a separate account in their own names that can be used for housing or a wedding. Their choice on how to spend it.
Anonymous
Post 10/03/2021 15:46     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:
Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”


I would have no problem answer "whatever I want."


+1. I went through a phase where I made a lot of pottery, and I had no problem telling people that is what I did.
Anonymous
Post 10/03/2021 15:27     Subject: If you are a trust fund kid, why do you work?
*answering
Anonymous
Post 10/03/2021 15:27     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”


I would have no problem answer "whatever I want."
Anonymous
Post 10/03/2021 14:02     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:
Anonymous wrote:Let’s stay on topic. Being a trust fund kid means getting access to $$ at a young age, generally 21 and under. If you inherit $$ in your 30s or 40s, you were clearly never a trust fund KiD 🤨


So the OP is asking only kids 21 and under why they still work? Don’t think so.

And any parents who give their kids access to a trust that young are complete idiots.


My kids will not receive a dime until they turn 37. I set it up this way so they develop a work ethic and don't bleed our family money dry. They will be set with their financial spending habits by this age and it will likely make little difference to their lifestyle if we play our cards right. I expect them (all girls) to be educated, work, support themselves, and marry well (with pre-nump). They've known the expectations since birth since I never mince words around it. As of yet, they do not know they have a trust. I will inform them gradually as they get into their teens.
Anonymous
Post 10/03/2021 13:45     Subject: Re:If you are a trust fund kid, why do you work?
Anonymous wrote:I was told when I was 20 that I had a trust fund but that it wouldn’t be enough to not work. I also didn’t have access to it until I was 30. Growing up, I honestly thought we were middle class and was taught to value things like hard work, curiosity, learning new things, and being kind.

I ended up pursuing two graduate degrees while interning and trying out different career paths and now have a career I love in an industry that pays well and provides a great deal of flexibility. My husband also works, and we value teaching our kids the importance of giving to society rather than just taking from it.

I might retire early, but I truly like living my life this way and flying under the radar.


Exactly. Our kids don't know, and won't even know until they are older. They won't access the money until 30 or later, depending on what happens to us. We don't want them to think they don't need to work, get educated, etc. They're in college and high school now.
Anonymous
Post 10/03/2021 13:19     Subject: If you are a trust fund kid, why do you work?
IME trust fund kids feel a lot of pressure to not be useless and boring. But then they also become cynical about nonprofits and other professions that are supposed to “help.”
Anonymous
Post 10/03/2021 13:17     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:
Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”


I wrote this, it also, some trust funds are written very strictly and the beneficiary has limited access to funds.

For example, I am the trustee of my own trust and have a clause that says I don’t have to consider other resources when choosing how much to disburse to myself. I have to follow a hems standard, which stands for health, education, maintenance, and support. Which means I can’t take it out to buy a luxury yacht necessarily, though no one is policing me. I have the ability to leave my trust to whoever I want, so there are no remaindermen to sue me.

Other people might not be their own trustee, the trustee might be a relative who decides not to give them much, or a bank trustee who follows the terms strictly. My cousins have that and can barely get anything out. Also if a trust has designated remaindermen, and the terms on what you can take out our strict, then technically the remaindermen could try to sue you for spending too much.

So even though a friend may have a trust in their name worth millions, they might not be able to access those millions easily.

But I work because it’s embarrassing not to.


Yes, this. The people I know with trust funds have to live within strict guidelines as to what the money can be spent on, the amounts that are designated for certain milestones, levels of education, etc. The trust also has to be forwarded on to each subsequent generation, though all heirs receive their own trusts as they are born.
Anonymous
Post 10/03/2021 12:58     Subject: If you are a trust fund kid, why do you work?
To be an example to my kids. And to feel good about myself.

That said, I don't do anything demanding.
Anonymous
Post 10/03/2021 12:53     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”


I wrote this, it also, some trust funds are written very strictly and the beneficiary has limited access to funds.

For example, I am the trustee of my own trust and have a clause that says I don’t have to consider other resources when choosing how much to disburse to myself. I have to follow a hems standard, which stands for health, education, maintenance, and support. Which means I can’t take it out to buy a luxury yacht necessarily, though no one is policing me. I have the ability to leave my trust to whoever I want, so there are no remaindermen to sue me.

Other people might not be their own trustee, the trustee might be a relative who decides not to give them much, or a bank trustee who follows the terms strictly. My cousins have that and can barely get anything out. Also if a trust has designated remaindermen, and the terms on what you can take out our strict, then technically the remaindermen could try to sue you for spending too much.

So even though a friend may have a trust in their name worth millions, they might not be able to access those millions easily.

But I work because it’s embarrassing not to.
Anonymous
Post 10/03/2021 12:49     Subject: If you are a trust fund kid, why do you work?
Anonymous wrote:Let’s stay on topic. Being a trust fund kid means getting access to $$ at a young age, generally 21 and under. If you inherit $$ in your 30s or 40s, you were clearly never a trust fund KiD 🤨


So the OP is asking only kids 21 and under why they still work? Don’t think so.

And any parents who give their kids access to a trust that young are complete idiots.
Anonymous
Post 10/03/2021 12:46     Subject: Re:If you are a trust fund kid, why do you work?
I was told when I was 20 that I had a trust fund but that it wouldn’t be enough to not work. I also didn’t have access to it until I was 30. Growing up, I honestly thought we were middle class and was taught to value things like hard work, curiosity, learning new things, and being kind.

I ended up pursuing two graduate degrees while interning and trying out different career paths and now have a career I love in an industry that pays well and provides a great deal of flexibility. My husband also works, and we value teaching our kids the importance of giving to society rather than just taking from it.

I might retire early, but I truly like living my life this way and flying under the radar.
Anonymous
Post 10/03/2021 12:39     Subject: If you are a trust fund kid, why do you work?
Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”