Too much money?

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My parents, like many others at the time, married soon after WWII in England.

My father worked shiftwork, my mother raised a family of 3 (a 4th child died before his 2nd birthday) we had enough, Food, a roof over our head (rented), an old car that would take us on vacation once a year. Life was good, but only good enought to get by.

I knew from an early age that when I left school, 'I' would have to support MYSELF!

I did not do well at school. I have a learning disability (dyslexia, which was not understood at the time) so the problem of 'how could I make money' was ever present as I was growng up.

By luck, and allowing luck to play a roll, and by hard work, I have been quite successful.
But along the way there have been hard times, to the point where I could not always aford to eat what I wanted to eat, or heat the house to a comfortable level.
In return, I have learned the value of money.

My wife also knew some hardship growing up, and as a result had her only child late in life, when she had some financial stability. Our daughter had the opportunity of a good education and support during university, but learned 'money does not grow on trees'

As a result she pursued her career and did not have her child until she was almost 40 (now or never!)

Our daughters partner (of 15 years) comes from a family pretty much just like ours ie. Parents worked hard, and had 1 child late in life.

We all love our grandson. BUT we realize he will grow up in circumstances VERY differant to ours or our children. In that, if things play out as they should, He has got one heck of a lot of money coming his way before he gets old!

Will he REALLY learn the value of money if he does not have to?

Having not had money (I won't use the word poor) has given me insight, and empathy for those people that work hard but still struggle financially. It has also taught me to be resourceful.

It is my hope our grandson will learn these values from his parents, but fear he may already be too far removed from that reality understand.

Just my random thoughts.
 
I grew up in a rural area, and I don't think it made them appreciate money--if money had been handed to most of the people I knew then, it'd be wasted on smokes/booze/cars.

I don't think one has to grow up poor to learn how to be resourceful. it helps, but I don't think it automatically leads to financial wisdom.
 
The problem with too much money, is you won't see money mismanagement so easily. Waste will have less impact on your budget, and may go unattended.
 
I have that concern for my grandkids and kids also. I worked in a tractor factory nights so I could go to college. I worked with a company for ~ 38 years and climbed the success ladder. My children will never know or need to endure the effort I went through. Ed
 
You'll probably learn more about your grandson's future path after he reaches age 16. Will he be interested in getting a part-time job while he's in school? Even if kids get adequate support from their parents at that age, you'll see if he has a desire to earn some independent money.

All four of my kids got decent part-time jobs while they were HS students, and that work ethic followed them through college and well into their careers. All are very successful in different fields. I think children take these type of working ethic cues from their parents. Lazy or uninspired kids usually will follow similar type parents.

If a young person shows initiative in school AND also in getting a job at an early age, that's likely a kid who won't let an inheritance go to his head.
 
Expat, you'll never know. All you can do is try to raise the kid with good values, guide them the best you can and care for them.

I know we struggle with one income and 4 young kids. We have what we need and don't do nearly the things other families in my area do, nor have as much stuff. My kids will learn the value of a dollar if they like it or not. LOL.
 
I think it depends more on how they are raised than if they had money or not as a kid. There are good and bad kids of all income levels. Even poor kids will go blow the money on a pair of sneakers and never appreciate the value of money but just want something flashy to impress their friends.
 
Originally Posted By: Eddie
I have that concern for my grandkids and kids also. I worked in a tractor factory nights so I could go to college. I worked with a company for ~ 38 years and climbed the success ladder. My children will never know or need to endure the effort I went through. Ed

That's the problem. Too many people baby their children, their children do need to endure. They need to value money and make it rough on them, even if you don't have too. They need it. Both my kids could not get a phone until they could pay their own phone bills. It's not that we could not afford it. It was a lesson and it was explained this was a two year deal. They both have paid their phone bills since 14 years old and sometimes it was all the money they made, but it was a lesson, how bad do you want a phone and if you want more you have to work more. Same with car insurance when they wanted to drive. Too many people think they are being generous with their kids and they are really setting then up for disaster. My son moved out at 18 and works at a bank and has his own place. My daughter is now 17 and has several thousand in the bank and still pays her phone and car insurance. It's what you don't do that prepared them for real life and to value good deals, how to manage money and what it means to pay their way. I see way to many people supporting their kids in their 20s and the worst part, both parties think it's acceptable. I couldn't give my son money at this point, he wants to make his own.
 
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Have the child get a job and earn their own money, then they will appreciate it more.

At 15 years old I was unloading grocery trucks at 7 AM on Saturdays and Sundays.
 
Should anything happen to me and oilBabe before the kids are 35, our money goes into trust.

They can't have it all at once until 35. It's set up to pay college to a point and that's about it.

Want them to have some skin in the game and not have big money just handed to them before they've had some time to live.

No full tuition payments from the parents, no sports cars, etc.

I earned scholarships and worked through two degrees. I think the kids should do the same.



Originally Posted By: expat
My parents, like many others at the time, married soon after WWII in England.

My father worked shiftwork, my mother raised a family of 3 (a 4th child died before his 2nd birthday) we had enough, Food, a roof over our head (rented), an old car that would take us on vacation once a year. Life was good, but only good enought to get by.

I knew from an early age that when I left school, 'I' would have to support MYSELF!

I did not do well at school. I have a learning disability (dyslexia, which was not understood at the time) so the problem of 'how could I make money' was ever present as I was growng up.

By luck, and allowing luck to play a roll, and by hard work, I have been quite successful.
But along the way there have been hard times, to the point where I could not always aford to eat what I wanted to eat, or heat the house to a comfortable level.
In return, I have learned the value of money.

My wife also knew some hardship growing up, and as a result had her only child late in life, when she had some financial stability. Our daughter had the opportunity of a good education and support during university, but learned 'money does not grow on trees'

As a result she pursued her career and did not have her child until she was almost 40 (now or never!)

Our daughters partner (of 15 years) comes from a family pretty much just like ours ie. Parents worked hard, and had 1 child late in life.

We all love our grandson. BUT we realize he will grow up in circumstances VERY differant to ours or our children. In that, if things play out as they should, He has got one heck of a lot of money coming his way before he gets old!

Will he REALLY learn the value of money if he does not have to?

Having not had money (I won't use the word poor) has given me insight, and empathy for those people that work hard but still struggle financially. It has also taught me to be resourceful.

It is my hope our grandson will learn these values from his parents, but fear he may already be too far removed from that reality understand.

Just my random thoughts.
 
Survival of the fittest. If they can't learn to cope with their surroundings they will either adapt or fail miserably.

Either way, it's out of your control and all up to them and what they value.

When I was growing up, my parent's were too busy babying my older alcoholic brother and the other who was doing drugs and getting females pregnant. Very little care or time was given to me, so I realized that if I wanted to make something of myself, I needed to do it FOR MYSELF.

To this day my eldest brother is still suckling money off my mother and his own children (now in their 20's) have no respect for him. The other committed suicide leaving three kids behind because he could not learn to take responsibility for his own actions. He believed my parents should support him in his poor decisions.

I had moved away from that mess several years ago with my GF. We have a good relationship and we can rely on each other to take care of each other. Our life isnt' perfect, but we have enough to get by...with a little extra to spend time with friends and take trips. We live in a wealthy part of Vancouver and have no debt between the two of us.
 
In my opinion, it's rare to gain a true respect for money without early training and understanding the real value of money. That goes hand in hand with earning money and working hard at a young age.

Originally Posted By: Mr Nice
At 15 years old I was unloading grocery trucks at 7 AM on Saturdays and Sundays.


Growing up on a farm we called that "vacation".
 
I never gave my kids an allowance. Sometimes they would complain that their friends got one. I would ask what do you need? A baseball glove? A bicycle? I would buy them all that, but if they wanted pocket change they had to work for it. They had all kinds of jobs. Whatever I did it worked. Oldest two boys have bought houses, my daughter is working her way through university and my youngest son is a teacher.

It may seem harsh to not give them more than the basics but it pays off big time in the end.
 
With money, there is an opportunity to take risks and learn how to grow wealth on top of wealth; but also the chance that it spoils them too.

If there are lessons (and mistakes) earned early with a portion of money, there are less chances to make huge mistakes later, especially if your plan is to eventually dump the money on them later after they are adults. You are better off they learn about the stock market and either lose $10k or double it when they are teenagers then learnig that lesson with the $100k you leave them when they're 25.

If you really don't give them money though, one way to read this is you are wanting them to be no better than you. Not necessarily a bad thing, but it is a missed opportunity.

All this being said, no matter what you choose, chances are your kids are going to hate you throughout their teenage years, and possibly dissapoint you.
 
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Originally Posted By: raytseng

All this being said, no matter what you choose, chances are your kids are going to hate you throughout their teenage years, and possibly dissapoint you.


If your teen kids don't occasionally hate you, you are not really parenting.
 
I must be the only one that just doesn't care.

If my daughter blows it all, so be it. If she is wise enough to realize what she has when my wife & I pass and preserve it, great.

I come from a long line of farm families that think future generations should be tied to the land, work 20 hour days, and retire when you die.

You can lead a horse to water folks...
 
How much money is "too much" money ?

If I had worthless grandchildren, I would drive around the poor areas of the USA in food truck and help feed low income folks. If grandkids get mad.... I'll just say F you, this is my hard earned money put to good use. I'm serious, I'll be more than happy than to feed hungry folks. Lots of poverty in USA.

$50,000 in turkey breast sandwiches is better than a $50,000 car for grandchild.


http://www.sun-sentinel.com/local/browar...1105-story.html
 
Originally Posted By: supton
I grew up in a rural area, and I don't think it made them appreciate money--if money had been handed to most of the people I knew then, it'd be wasted on smokes/booze/cars.

I don't think one has to grow up poor to learn how to be resourceful. it helps, but I don't think it automatically leads to financial wisdom.


Drive, desire, and perseverance are qualities that don't discriminate between poor and wealthy. I believe these are instilled by your family.

Meant to add I agree supton.....must be the New Englander in me. Grew up rural on small farm.
 
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Originally Posted By: Mr Nice
How much is "too much" money ?

If I had worthless grandchildren, I would drive around the poor areas of the USA in food truck and help feed low income folks. If grandkids get mad.... I'll just say F you, this is my hard earned money put to good use. I'm serious, I'll be more than happy than to feed hungry folks. Lots of poverty in USA.

$50,000 in turkey breast sandwiches is better than a $50,000 car for grandchild.

http://www.sun-sentinel.com/local/browar...1105-story.html

We gave our son and daughter a good education. Our daughter is a nurse with a masters (=Nurse practitioner) and the son is a computer engineer. We give the Grandchildren presents when they are small. We give them nominal amounts of money (couple hundred per year) and pay a portion of one grandson's private school. Beyond that there is no expectation that we will leave a sizeable inheritance. We intend to give most of it to WORTHY charities like Salvation Army and Bethesda Mission (local)
 
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