Mountain_Man
Dryer sheet wannabe
Curious to learn what the impact of wealth and ER had or is having on children and grandchildren.
Mountain_Man
Mountain_Man
Impact of Wealth or ER on Children & Grandkids
- Thread starter Mountain_Man
- Start date
KB
Thinks s/he gets paid by the post
First of all, I'm still working.
My father was an airline pilot, and had to retire at 60 which was considered an Early retirement when he retired in 1980.
As his child, I have benefited from his gifting over the years. As a very smart investor, his portfolio doubled last year. Since he is trying to keep the estate taxes below the limit (1.5M I think), he has gifted the maximum in the past few years (11K from both him and my mom to the 3 of us). He will continue to do this.
His gifting will enable me to ER. Other wise as a single parent of 2 kids, I would be working until at least 65.
My kids are benefiting from a more financially stable family than if we were just living on my salary.
My father was an airline pilot, and had to retire at 60 which was considered an Early retirement when he retired in 1980.
As his child, I have benefited from his gifting over the years. As a very smart investor, his portfolio doubled last year. Since he is trying to keep the estate taxes below the limit (1.5M I think), he has gifted the maximum in the past few years (11K from both him and my mom to the 3 of us). He will continue to do this.
His gifting will enable me to ER. Other wise as a single parent of 2 kids, I would be working until at least 65.
My kids are benefiting from a more financially stable family than if we were just living on my salary.
retire@40
Thinks s/he gets paid by the post
- Joined
- Feb 16, 2004
- Messages
- 2,670
Time is one of the top 3 most important words to those in ER (the other 2 being health and wealth).
Being semi-ERd, I can spend more time with my family. It's the accumulation of the little things that I have done with my family that have or will have (I hope) long-term benefits.
There is no greater medicine than spending time with your kids. I see it with other kids that have been brought up by a nanny or that have a mother and father that care more about their career than their family. I see it in the playground when those kids tend not to do as well in school and tend to be more of the trouble-makers because it is their way of getting the needed attention they don't get from their parents.
I don't let wealth get in the way of our quality family time (not that I have that much wealth to begin with). We can be just as happy having a picnic at our local park as we would be enjoying a meal at the Skylon Tower at Niagara Falls, and we've done both. I try to show my child that the time we spend together is infinitely more important than the money we spend together. I thank God every day that so far my wife and I have had the time to raise a good kid.
Being semi-ERd, I can spend more time with my family. It's the accumulation of the little things that I have done with my family that have or will have (I hope) long-term benefits.
There is no greater medicine than spending time with your kids. I see it with other kids that have been brought up by a nanny or that have a mother and father that care more about their career than their family. I see it in the playground when those kids tend not to do as well in school and tend to be more of the trouble-makers because it is their way of getting the needed attention they don't get from their parents.
I don't let wealth get in the way of our quality family time (not that I have that much wealth to begin with). We can be just as happy having a picnic at our local park as we would be enjoying a meal at the Skylon Tower at Niagara Falls, and we've done both. I try to show my child that the time we spend together is infinitely more important than the money we spend together. I thank God every day that so far my wife and I have had the time to raise a good kid.
Wealth:
One day our kid saw Quicken's portfolio summary screen and uttered the observation "Holy #$%@, is that how much money we have?!?" I differentiated with "We parents have money, you don't" and then explained that what looked like a lot wasn't very much when it had to last for as long as 80 more years.
I also told her that what we can afford is a lot different than what's worth having. And she's always participating in our discussions about saving money, shopping hard, and living simply.
So she knows that we're doing OK. She realizes that while we'll cover her child-raising necessities, her life's luxuries are gonna come from the income that SHE produces. And we've told her that there won't be anything left when we're gone.
ER:
She knows we're always there for her. Field trips, projects, homework help, and other assistance are almost always available. She knows that we're much better rested and much less likely to snap with irritation (like the occasional good ol' workday). She knows that we have plenty of time to do things by ourselves and to teach her our skills. She knows that we'll help her resolve her school problems, but whining about school will just result in our offer to homeschool!
One day our kid saw Quicken's portfolio summary screen and uttered the observation "Holy #$%@, is that how much money we have?!?" I differentiated with "We parents have money, you don't" and then explained that what looked like a lot wasn't very much when it had to last for as long as 80 more years.
I also told her that what we can afford is a lot different than what's worth having. And she's always participating in our discussions about saving money, shopping hard, and living simply.
So she knows that we're doing OK. She realizes that while we'll cover her child-raising necessities, her life's luxuries are gonna come from the income that SHE produces. And we've told her that there won't be anything left when we're gone.
ER:
She knows we're always there for her. Field trips, projects, homework help, and other assistance are almost always available. She knows that we're much better rested and much less likely to snap with irritation (like the occasional good ol' workday). She knows that we have plenty of time to do things by ourselves and to teach her our skills. She knows that we'll help her resolve her school problems, but whining about school will just result in our offer to homeschool!
cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
So far and for the forseeable future, the only impact is that my son will have his dad around almost 100% of the time, and his dads primary focus will be not on his job, but on raising him.
As far as wealth, I suspect he'll never know we're "rich" until we kick off in 40-60 years and leave him with the means to retire early on his own. Hopefully he'll take the hint and do the same for his babies.
As far as wealth, I suspect he'll never know we're "rich" until we kick off in 40-60 years and leave him with the means to retire early on his own. Hopefully he'll take the hint and do the same for his babies.
J
JOhn Galt
Guest
I hope that I made up in some way for all of the time
I missed with my kids. All of them were born during my
full blown workaholism. It took a toll. They're all grown now and although I see them pretty often, I still miss
having little kids around.
It's interesting that a lot of folks thought I was "rich"
for a very long time (maybe even now). Never was and
really never got close. Anyway, whatever we don't use
getting through the days of our lives will be left to all
my children.
JG
I missed with my kids. All of them were born during my
full blown workaholism. It took a toll. They're all grown now and although I see them pretty often, I still miss
having little kids around.
It's interesting that a lot of folks thought I was "rich"
for a very long time (maybe even now). Never was and
really never got close. Anyway, whatever we don't use
getting through the days of our lives will be left to all
my children.
JG
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