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I guess I'm in the minority in that I would love to leave my kids with a fortune, with the hopes that they would build upon it. Wealth gives you options and I would love to leave future generations with more options and opportunities than we had.
Good plan if you want to spoil your children. When people don't have to work hard since they know a big payday is coming, guess what - they don't. They will live it up and blow it all on stupid stuff and there will be nothing left for the generation after them. There is ample evidence that this is how it tends to turn out.
My parents didn't have nearly the money needed to pay for my college. I joined the Army and went later on the GI Bill. To be honest, I would much rather they'd saved me the buck a day like this article suggests than put me through college!
Yea, my parents had seven kids and didn't pay for anyone's college. Even if they'd wanted to, it would have been impossible on a Master Sergeant's pay. Most of us joined the military after high school, and a couple of us went to college on the GI Bill. A couple others enrolled but didn't get far.
Good plan if you want to spoil your children. When people don't have to work hard since they know a big payday is coming, guess what - they don't. They will live it up and blow it all on stupid stuff and there will be nothing left for the generation after them. There is ample evidence that this is how it tends to turn out.
Sometimes children grow up spoiled and sometimes they don't, it depends on how they're raised. I've met some pretty humble and hard-working adults with trust funds, and I've met some incredibly entitled, lazy and self-absorbed adults from working class backgrounds.
Our plan is not to provide our kids with wealth for the sake of wealth. Our primary objective is to work to instill in our family a spirit of generosity and service, of morality and social justice, of ambition and intellectual rigor. We would also like to provide them with the financial security to send their kids to college debt-free, deal with medical crises, weather economic recessions, etc. If that's something that you could realistically provide for your family, why wouldn't you at least try?
Sometimes children grow up spoiled and sometimes they don't, it depends on how they're raised. I've met some pretty humble and hard-working adults with trust funds, and I've met some incredibly entitled, lazy and self-absorbed adults from working class backgrounds.
Our plan is not to provide our kids with wealth for the sake of wealth. Our primary objective is to work to instill in our family a spirit of generosity and service, of morality and social justice, of ambition and intellectual rigor. We would also like to provide them with the financial security to send their kids to college debt-free, deal with medical crises, weather economic recessions, etc. If that's something that you could realistically provide for your family, why wouldn't you at least try?
Agreed, I think it comes down to more how they were raised than just simply the family background or the money passed on. You can see those behavioral differences even between kids raised within the same family, often because they were treated differently. Some very poor or middles class families "spoil" their children or some of their children, at least in relative terms.
I also agree with your take in the second paragraph. I wouldn't deliberately take anything away from them and use that as the one lesson for them to make something of themselves. I want them to have every reasonable advantage for the future.
Why is failure to do this a reason to hate your parents? What does this have to do with Boomers at all?
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