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If you pass your money down to your kids, and not make them earn it like you did, then yes they are and will be spoil brats. Nothing worst than parking beside some 20s kid driving a BMW showing off and going to go layout in the sun while somebody who working 16 hours a day driving around in a Ford Pinto. Put a clause in your will, telling them how to earn it the right way and be Humble about it. Pushing it in peoples face like the Crapdashians does makes the public want to throat punch them.
Interesting. So there is a wide path between inheriting money and a reality tv family. So basically my late and husband and I didn't really like the concept of inheritances mainly because it seems like trying to control people from the grave.
Now my 20 somethings are not stupid so while they may not know our net worth the recognize they have privileges. the fact that they will graduate without student loans was a tip off, lol. Now I was also blessed to have parents that could cover my tuition and while i didn't have the proverbial "skin in the game" I was very aware that I had responsibilities.
So exactly what does akid have to do to "earn" an inheritance. hopefully by the time someone kick's the bucket they will have an idea of their kids characteristics. My sons have manage (so far) to be wonderful young adults, they have their normal boneheaded moments but I really can't help it if someone has a problem because they have to work 18 hours a day while they go on a vacation to London.
and I'm damn sure not going to put clauses in my wills simply because someone has to work and drive a middle class job. lol, I worked 18 hour days so they would have the opportunity to layout in the sun.
Being poor successfully requires a specific skill set you develop over time. You are forced to prioritize and learn how to save. If you are wealthy, you just buy what you want when you want it. So some skills the wealthy never needed to develop. This leaves the wealthy without the skills they need if they suddenly find themselves poor.
I guess I could say I'm "jealous" of the Silent and Boomer generations for having been able to live long lives where abundance had no known consequence. My Boomer mother simply wipes her hands off and announces "I've paid my dues!" and "Well, I won't be around then!" as my generation grapples with scientific discussions around concepts like human-induced "Holocene Extinction".
Man, to live a day without worrying... now that would be a luxury..
Worry free? Not in my lifetime or my parents. The Silent Generation grew up during the depression and WWII was a paycheck. My father worked WPA jobs 2 summers when he was in high school. He got those jobs because his father died in 1929 when he was 10.
The Boomers watched the Korean War, the Cold War, waited in line for gas during the oil embargo, and got slapped with obscene mortgage rates.
Interesting. So there is a wide path between inheriting money and a reality tv family. So basically my late and husband and I didn't really like the concept of inheritances mainly because it seems like trying to control people from the grave.
Now my 20 somethings are not stupid so while they may not know our net worth the recognize they have privileges. the fact that they will graduate without student loans was a tip off, lol. Now I was also blessed to have parents that could cover my tuition and while i didn't have the proverbial "skin in the game" I was very aware that I had responsibilities.
So exactly what does akid have to do to "earn" an inheritance. hopefully by the time someone kick's the bucket they will have an idea of their kids characteristics. My sons have manage (so far) to be wonderful young adults, they have their normal boneheaded moments but I really can't help it if someone has a problem because they have to work 18 hours a day while they go on a vacation to London.
and I'm damn sure not going to put clauses in my wills simply because someone has to work and drive a middle class job. lol, I worked 18 hour days so they would have the opportunity to layout in the sun.
YOU WORKED! so you reap the rewards of those long hours. So passing it on to your kids who doesnt work is teaching them what? Be nice if we all could graduate with out being in debt, its one of those silver spoon families. Again what basic skills are you teaching kids who doesnt know how to manage money, pay bills base on what they got coming in from working, making wise choices between light bill or water bill. The luxury of having not to sweat a dime or looking at the bank statements is mind blowing, and yet to show the world that you deserved that luxury. I bet if you give a poor family million bucks, they would get the needs first and save the rest for later in life needs, you wont find them blowing it on a boat. They know what is consider priority vs wants. I bet these "Richy Rich" Kids wouldnt survive a day in the real world job market, or build a bird house. Thing we call Skill sets of life.
Worry free? Not in my lifetime or my parents. The Silent Generation grew up during the depression and WWII was a paycheck. My father worked WPA jobs 2 summers when he was in high school. He got those jobs because his father died in 1929 when he was 10.
The Boomers watched the Korean War, the Cold War, waited in line for gas during the oil embargo, and got slapped with obscene mortgage rates.
I lived 100 miles from Harrisburg at the time. Shut your windows and stay inside when the wind was blowing from that direction. Right.
Sure, I know about the Depression. My grandfather worked in a mid-sized midwestern city factory. My grandmother quit school after the 8th grade, worked to support her parents through the 1930's. They had to put off the wedding for a few years, but eventually settled down and raised a large family in half a duplex. Grandfather died in 1969. Grandma was well kept on that factory pension for the next 32 years.
Can't imagine many high school dropouts working at a low skill factory job getting a defined benefits plan like that these days.
My wife and I both graduated debt free from college in 2010 thanks to our respective parents. I currently work ~45 hours per week and am going to school part time for an MBA (which I am paying for). My wife works about 80 hrs/week as a resident MD.
I guess we don't have any skill sets in life. Perhaps I should have learned to be a janitor or some other profession geared towards people with 80 IQs so I could learn how to survive a day in the real world job market.
We will probably inherit somewhere just north of 8 figures and have no plans of blowing it on a boat.
Your working that the difference. The ones still living at home blowing the parents money because they are to stupid to teach them real world life skills, thinking they can just buy their way out of everything like a politician. Think the kid who went to mexico because he was to rich and stupid to understand what he did comes to mind.
Texas 'affluenza' teen who killed four...
YOU WORKED! so you reap the rewards of those long hours. So passing it on to your kids who doesnt work is teaching them what? Be nice if we all could graduate with out being in debt, its one of those silver spoon families. Again what basic skills are you teaching kids who doesnt know how to manage money, pay bills base on what they got coming in from working, making wise choices between light bill or water bill. The luxury of having not to sweat a dime or looking at the bank statements is mind blowing, and yet to show the world that you deserved that luxury. I bet if you give a poor family million bucks, they would get the needs first and save the rest for later in life needs, you wont find them blowing it on a boat. They know what is consider priority vs wants. I bet these "Richy Rich" Kids wouldnt survive a day in the real world job market, or build a bird house. Thing we call Skill sets of life.
You'd be dead wrong.
Actually lottery winners have already disproven that little fact. Often times when wealth is dumped on the poor, they blow it all. which is why you find so many young NBA player flat broke after they retire. So many come from poor backgrounds then lose their minds when they start getting multimillion dollar paychecks. throw in a few baby mama drama and it's a age old story.
Do you actually believe that as obnoxious as the Kardashians are they don't know EXACTLY how much they are worth or where there money is going???
You seem to think that if a kid is not doing time at Mcdonalds, they some how are sitting on the couch eating bonbons??
lol
Now I graduated with no debt (thanks mom and dad) and recognized the best way to thank them was to get a good job. When they died as was well into adulthood and inherited NYC real estate, when I go if I don't sell it, kids get it. Now since they are already in their mid 20's I'm fairly confident in their ability to survive.
Not sure how you equate being Rich with not knowing how to survive???
lol remember media stories like the "affluenza" kid sell newspapers and air time. They usually bare little resemblance to real life.
Now I'm not talking about the uber 1% of the world. The generational, mega ones. I can't even begin to understand that.
When time permits I hope some will take the opportunity to watch 'born rich',(Jamie Johnson) it's a documentary that compliments some of the view points here.
The creator of this documentary is himself from a prominent family...And in his own way has questioned the choices and standards set upon the wealthy. I admired his tenancity to expose the reality of this cloistered existence....
Some of the young and rich really are arrogance to the tenth degree.
So if you get the chance...Watch it. It's worth a penny of your time
Being born rich is a responsibility. I see no reason to be biased against that person.
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