Anonymous
10/31/2024 13:26
Subject: Re:When do you tell kids about family money?
I stand to inherit a good deal of money someday but I don’t think about it or plan for it because thinking about it would mean my parents are gone and I get teary just thinking about it. They created their wealth on their own and we are doing our best to do the same. My parents are already very generous. If someday I get a windfall the real beneficiaries will be my children and maybe their children. Much of my parents estate will go to charity and I’d like to do the same.
Anonymous
10/31/2024 08:05
Subject: When do you tell kids about family money?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I hate posts like this. The OP is humblebragging plain and simple. It doesn’t matter how they live - their kids aren’t idiots. They know their parents and grandparents have money and that they stand to inherit it. There’s no way they don’t.
Not necessarily. I grew up solidly middle class but have done well as an adult - to tune of having $10mm at 46.
We still live in the house we bought in 2013. Have 2 Chevrolets in the garage. We fly premium economy on United.
My children have no idea how much money we have.
The the OP - I’d suggest not direct giving until they are married with children of their own. You can help with school, help with down payment, first car, etc, but don’t give them money until they are more established. The risk is all your money ends up their nose if they are given a lot of money too soon.
If someone gave me $2mm when I was 25, it would have been a disaster. If someone gave me $2mm now, it would become part of my portfolio.
Is this considered a lot of $$? Just curious bc that’s is not in my circle.
You can retire at any age with $10mm.
That’s $300,000 a year withdrawing 3%.
Anonymous
10/31/2024 07:48
Subject: When do you tell kids about family money?
I have to laugh at the posters who keep talking about millions of dollars not being a lot of money. So insecure. All of you.
Anonymous
10/31/2024 07:47
Subject: When do you tell kids about family money?
Anonymous wrote:My sibling has this kind of money. He will tell them after college or graduate school. In fact, he is having them take out loans for college…then he will pay it off after they have their education and launch their chosen careers.
Well that’s pretty dumb.
Anonymous
10/30/2024 09:09
Subject: When do you tell kids about family money?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I hate posts like this. The OP is humblebragging plain and simple. It doesn’t matter how they live - their kids aren’t idiots. They know their parents and grandparents have money and that they stand to inherit it. There’s no way they don’t.
Not necessarily. I grew up solidly middle class but have done well as an adult - to tune of having $10mm at 46.
We still live in the house we bought in 2013. Have 2 Chevrolets in the garage. We fly premium economy on United.
My children have no idea how much money we have.
The the OP - I’d suggest not direct giving until they are married with children of their own. You can help with school, help with down payment, first car, etc, but don’t give them money until they are more established. The risk is all your money ends up their nose if they are given a lot of money too soon.
If someone gave me $2mm when I was 25, it would have been a disaster. If someone gave me $2mm now, it would become part of my portfolio.
Is this considered a lot of $$? Just curious bc that’s is not in my circle.
10 million is a lot of money to basically anyone who is not a billionaire
Anonymous
10/30/2024 08:49
Subject: When do you tell kids about family money?
My in-laws sold their business in the late 90s for a boatload of money and my spouse was 27 at the time. Both parents are still alive. We have no clue what their net worth is but if they made reasonable investments it should have increased many times over during the last 25 years. From day one, we decided to assume that we would not see a dime. We have created a substantial nest egg of our own. With our daughter, we have tried to instill the same lessons.
Anonymous
10/30/2024 08:22
Subject: When do you tell kids about family money?
So much hoarding. Does no one ever spend a dime on things that bring joy or do you all just hoard so the next generation can hoard
Anonymous
10/30/2024 07:56
Subject: When do you tell kids about family money?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I hate posts like this. The OP is humblebragging plain and simple. It doesn’t matter how they live - their kids aren’t idiots. They know their parents and grandparents have money and that they stand to inherit it. There’s no way they don’t.
Not necessarily. I grew up solidly middle class but have done well as an adult - to tune of having $10mm at 46.
We still live in the house we bought in 2013. Have 2 Chevrolets in the garage. We fly premium economy on United.
My children have no idea how much money we have.
The the OP - I’d suggest not direct giving until they are married with children of their own. You can help with school, help with down payment, first car, etc, but don’t give them money until they are more established. The risk is all your money ends up their nose if they are given a lot of money too soon.
If someone gave me $2mm when I was 25, it would have been a disaster. If someone gave me $2mm now, it would become part of my portfolio.
Is this considered a lot of $$? Just curious bc that’s is not in my circle.
Yeah it is. Especially at their age. You should look outside your circle sometimes.
Anonymous
10/29/2024 23:15
Subject: When do you tell kids about family money?
Anonymous wrote:Anonymous wrote:I hate posts like this. The OP is humblebragging plain and simple. It doesn’t matter how they live - their kids aren’t idiots. They know their parents and grandparents have money and that they stand to inherit it. There’s no way they don’t.
Not necessarily. I grew up solidly middle class but have done well as an adult - to tune of having $10mm at 46.
We still live in the house we bought in 2013. Have 2 Chevrolets in the garage. We fly premium economy on United.
My children have no idea how much money we have.
The the OP - I’d suggest not direct giving until they are married with children of their own. You can help with school, help with down payment, first car, etc, but don’t give them money until they are more established. The risk is all your money ends up their nose if they are given a lot of money too soon.
If someone gave me $2mm when I was 25, it would have been a disaster. If someone gave me $2mm now, it would become part of my portfolio.
Is this considered a lot of $$? Just curious bc that’s is not in my circle.
Anonymous
10/29/2024 23:01
Subject: When do you tell kids about family money?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I would increase your charity giving considerably. You are hoarding wealth.
You literally have NO CLUE how much they are giving to charities
If their children will have 2 trust funds of $2-6M each, it’s not enough.
That is your opinion but not fact.
Anonymous
10/29/2024 22:40
Subject: When do you tell kids about family money?
Not to burst your bubble but those are not huge amounts of money.
We do live a nice lifestyle - UMC/UC neighborhood, public schools, nice vacations, nice cars, etc.
My kids will probably inherit 5-10m each when we die. They all know they are not rich rich. Rich defined as family money allowing them not to work.
We do live a nice lifestyle - UMC/UC neighborhood, public schools, nice vacations, nice cars, etc.
My kids will probably inherit 5-10m each when we die. They all know they are not rich rich. Rich defined as family money allowing them not to work.
Anonymous
10/29/2024 20:35
Subject: When do you tell kids about family money?
Anonymous wrote:I knew at 13 I would get some money after my great grandfather died. I got it when I turned 18 . At 20 I got more once my great grandmother died and at 40 I got more once my grandpa died. I should get more after my grandma and parents and aunt pass. At 40 I decided to retire early. I have since gone back to work very part time to stay busy . My family has always been frugal. No one would ever know how much we are worth.
So you knew from an early age that you could coast and be a trust fund kid. How inspiring!
Anonymous
10/29/2024 20:34
Subject: When do you tell kids about family money?
My sibling has this kind of money. He will tell them after college or graduate school. In fact, he is having them take out loans for college…then he will pay it off after they have their education and launch their chosen careers.
Anonymous
10/29/2024 20:33
Subject: When do you tell kids about family money?
That’s not a lot of money, OP. You’ll be shocked when you hear what your kids’ college classmates are inheriting.
Anonymous
10/29/2024 20:32
Subject: When do you tell kids about family money?
When they are adults after age 25.