Old money-

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Chatting with a pal living nearby a nice 1920's 6 acre 'mini estate' that is being knocked down and apart for a new cul-de-sac with the Mcmansions. The same family for all the years and they being quoted in the suburban paper with the desire to 'maximize financial security' for the next generation. Neither of us are money hounds, so no jealousy, but seems like this feeling is, and has always been very prevalent, but we're kinda thinking maybe with "maximize" it gets to be too much?
 
How much is the property worth ?

Nothing worse than old money getting squandered by family members that didn't earn it or have a concept of money.
 
I'm not from it but I am knee deep in old money on a regular basis. How it usually works, they have one maybe two successful generations followed a bunch of kids that had too much to be motivated to keep the ball rolling, or they follow something other than their predecessors and miss out on the chance to be brought in at a higher level with existing contacts that it would take a motivated person a lifetime to create on their own. As time passes the assets go one by one.

I know a couple living in the family mansion; 100 year old home, 12 bedrooms, 5 fire places. They rent half of the bedrooms out just to break even on the taxes and costs to keep the house running.
 
Originally Posted By: Miller88
We still have a lot of this happening around here - not sure where the money is coming from

out-of-state money
out-of-country money
bank(s) money
hedge fund(s) money
not-invested-in-stocks money
 
Never spend the principal. Use the proceeds to improve your life, but don't squander it.

I inherited a few bucks. It was enough to help me retire early. My kids will get about twice (In spending power) what I inherited. And neither of them have children, nor plan on any.

I guess that means they are free to spend it all. Maybe they should do what I would never consider, and buy annuities that pay for as long as you live. Bad investment.....But a good way not to run out of money, with a guaranteed income.
 
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