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Well let's just say, I am not overly frugal but do try to watch what I spend. Why, because we don't have a lot to spend, but I am not trying to leave my kids with a lot of inheritance. All I want to be sure of? there will be enough in my estate to pay off any bills I run up when enjoying my life on earth. 2 of our 3 kids do not need any money, so they are fine with us spending what we have.
What are your reasons for saving? or do you not care?
I'm very frugal by nature, but I still buy things that I want. I definitely want to leave some money for my children so they can start their savings account with something, but I don't know how much.
i both want to ensure my own financial security for the rest of my life and protect against certain things not going according to plan and i also want to leave my children enough money that they can choose to work, not work or choose to work a job of their preference without being concerned about the financial implications.
I find it interesting we talk about leaving our kids enough to help them through life, but for many of us, by the time we are no longer on earth our kids will be retired or close to it. Sometimes I think it is better to consider leaving most of our money to our grandkids instead of our kids. My daughter has an interesting theory and she has told her girls this: she says, I raised you, gave you all the advantages I could, put your through college so you could start a decent career and paid for nice weddings. I intend on spending my money now. Of course she has it to spend and will still, most likely have plenty left for her kids or grandkids.
I worry more about the money lasting if long term care becomes an issue, but I don't know, even with insurance that can ever be a certainty.
I find it interesting we talk about leaving our kids enough to help them through life, but for many of us, by the time we are no longer on earth our kids will be retired or close to it.
this is an issue that i have and that i intend to handle to my preferences with my kids. i want them to be able to enjoy the money right from the start and not have to wait until i drop dead.
By the time your kids are grown they won't have social security or medicare so you loving parents need to think about that. Most people will never be able to afford to retire. Today they mess with Medicaid tomorrow it's Medicare. This is what you people voted for. Wait until boy genius Ryan gets a chance to sharpen his pencil and try to tell us he has a better deal for the medicare group.
Hopefully, when it gets to that time, my kids will have the mean to support themselves in the manner in which they have been raised or better. If we have something to leave, then great.
I am doing my best to take care of my own needs and have a house to leave to my child when I go (as well as support them thru college/ they will have to get grants/ scholarships for tuition though)...
I think thats plenty.
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