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You’re telling me a little money (relatively speaking) up until say 25 years old is going to destroy the relationship I ha e with my child?
People more “experienced” than me said I couldn’t retire in my 20s - yet here I am many years later....still retired with more money than I started with.
At what point will people start listening to me a little?
Maybe start a few more threads about the same thing?
I see most rich and smart people have high expectation from their children. They don't give money to their children freely and easily. They want their children to have good education and want their children to be like them or better than them.
For young adults, when they have money given to them easily, most of them become lazy and just want to spend it extravagantly. Easy comes, easy goes.
I never said I’m giving money freely and easily. Certain metrics will need to be met...just as young athletes need to meet certain performance metrics to get paid (granted, with amounts of money that really could turn a young unprepared person’s life upside down).
I would simply be supplementing life to allow for my child to have a chance at doing what they’re passion about...with no worries about how much it pays or how much debt they need to cover. Wanna be a physician? Great. Work hard for their young adult life and want to chase a dream of doing some artsy farts stuff...knock yourself out.
You’re telling me a little money (relatively speaking) up until say 25 years old is going to destroy the relationship I ha e with my child?
People more “experienced” than me said I couldn’t retire in my 20s - yet here I am many years later....still retired with more money than I started with.
At what point will people start listening to me a little?
I never spoke to your relationship with your child. I said giving cash to young people causes more harm than good, from the many, many times I've seen it tried.
You're talking about something you've never experienced - setting up a trust for a child in an attempt to better their life. I've seen that happen many times, you have no experience with it. If we're talking about the mechanics of retiring on poverty level incomes I'll more than happily take advise from you, given you have experience. Given we're talking about the benefits or drawbacks of setting up trusts for young adults, listen to me, given I do have experience.
The idea posed in this thread is simply a bad idea. More often than not it will negatively impact the young person in question. Again, if you want to help young people, encourage them to get a college degree with little debt. All data we have shows very clearly that is the most effective way to grow a lifetime net worth.
I never spoke to your relationship with your child. I said giving cash to young people causes more harm than good, from the many, many times I've seen it tried.
You're talking about something you've never experienced - setting up a trust for a child in an attempt to better their life. I've seen that happen many times, you have no experience with it. If we're talking about the mechanics of retiring on poverty level incomes I'll more than happily take advise from you, given you have experience. Given we're talking about the benefits or drawbacks of setting up trusts for young adults, listen to me, given I do have experience.
The idea posed in this thread is simply a bad idea. More often than not it will negatively impact the young person in question. Again, if you want to help young people, encourage them to get a college degree with little debt. All data we have shows very clearly that is the most effective way to grow a lifetime net worth.
There’s no way we can make a blanket statement about money that applies to MY child and their decision making process that I will have helped develop. Like I said, my goal is to steer my child toward not being materialistic...
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by eddiehaskell
You’re telling me a little money (relatively speaking) up until say 25 years old is going to destroy the relationship I ha e with my child?
People more “experienced” than me said I couldn’t retire in my 20s - yet here I am many years later....still retired with more money than I started with.
At what point will people start listening to me a little?
People will listen when you actually make sense and not be vague. I told you show us you entire budget and cash flow and assets as well as how it will all play out over the next 60 years and that will clear up a lot.
Instead we get multiple threads from you, vague answers, a lot of “I know more than all of you put together even though you have way more years of life experience than me”responses.
I understand if you don’t do this. You might not want to reveal all this because of privacy. But until you do and it stands up as not risky and sustainable, you don’t carry much credit.
Many years from when you first posted I too have more money, say 5 bucks. Look how successful I am.
The people with experience know “you don’t know what you don’t know” many people like homeless people can say they are retired and years later they are still here.
Your track record is too short. You have not weathered any major hardships yet.
There’s no way we can make a blanket statement about money that applies to MY child and their decision making process that I will have helped develop. Like I said, my goal is to steer my child toward not being materialistic...
Best of luck to you then. I hope if you risk a few hundred thousand dollars of your own money, that you are successful. My years of experience seeing this attempted many times does tell me this idea will most likely fail.
So we assume they’re mature enough to do college in high school, but they can’t possibly be mature enough to handle finances? Why do we baby our children financially?
"Maturity" is a very poorly defined concept because people label behaviors as "immature" based on their own (biased) expectations of what "mature" behavior should be, which is usually socially constructed/traditionalist/arbitrary.
A better question would be, how likely is an individual to blow through a large sum of money quickly if they are given the opportunity?
Based on the poor money management of so many that end up becoming "statistics", I'd venture to guess it's in the neighborhood of 40% at least. You can probably reduce that somewhat if you teach money management, but there are some things that it is harder to teach (for example, is it OK to take more money out for a house downpayment "just one time", etc.?)
My point was simply that most parents push their children to conquer the most difficult subject matter possible yet we (as in many posters in thread) assume that they are inherently incapable of grasping basic finances.
There's book smart and street smart and while teenagers have brains that are very capable of being extremely book smart, their brains are also still developing the street smart part of higher level function, which studies show often doesn't fully come online until age 25 or so.
Why doesn't the county allow 14 year old kids taking college classes to buy alcohol?
Why doesn't the country allow 14 year old kids taking college classes to buy cigarettes?
Why is there an age of consent for sexual activity?
Why are states pushing the ability to get an unrestricted driver's license later and later? (And why do parents pay insane rates for auto insurance when they have a teen driver in their household?)
It's because those teens who are often quite good at spitting out the correct answers in a classroom struggle to make good decisions outside of it.
Honestly, I'd crave attention just as much as him if I had no job.
I mean, there's only so much TV to watch and interwebs to surf before someone becomes completely bonkers and insane!
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