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l think it's very interesting...As someone who's grown up poor (and I do mean poor), the concept of monetary inheritance has NEVER existed in my family b/c we've never had the means to do so. However, my position is much more different now b/c I've worked very hard at work, and in a few years, my total net income and wealth will be very high.
I'm pretty conservative in my spending, and aside from student loans, I don't have any other financial obligations. I don't foresee this changing anytime soon...
Growing up, I had to to work part time in both high school and college to help support myself. I grumbled throughout those years, but in retrospect, I think those years of hard work and having to partially provide for myself really did teach me a lot about finances, discipline, and hard work. I had no money bequeathed to me. Whatever came into my hands was the result of physical labor and discipline...
This gives me a lot to think about in the future when I have children...
I just read a rather interesting article on yahoo.com (definitely not my source of the most serious news).
It was about a list of several very wealthy people in society who have decided not to leave their millions to their children:
Bill Gates
Warren Buffett
Jackie Chan
Nigela Lawson
Bernard Marcus (co-founder, Home Depot)
This got me thinking...
If you were in their positions, would you leave your amassed wealth to your children? Why or why not?
If you have been on either the giving or receiving end of a generous inheritance (and "generous," of course, is subjective), do you have any regrets?
If I remember correctly, they are all leaving SOMETHING to their kids to give them a leg up in life, they just aren't leaving the bulk of their fortune to them.
I think this is a wise plan actually.
Ideally, you want to leave your kids in a position to build wealth for themselves.
My apologies! I meant to place this in either the Nonromantic Relationships or Finances Forums. It was accidentally posted in the Relationships Forum. Please move it to the correct forum. Thanks!
My apologies! I meant to place this in either the Nonromantic Relationships or Finances Forums. It was accidentally posted in the Relationships Forum. Please move it to the correct forum. Thanks!
No prob, erdocjolly. It's now in Personal Finance.
.
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We have told our 3 adult children that they will have a paid for house and 2 paid for vehicles. Anything over that will be gravy! We have been very blessed and I'm sure there will be a little gravy for the kids and grandkids.
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