Originally Posted by Hamachi
My parents, my sibling and myself are all self-made millionaires, all via different routes. (Dad saved and invested during the 80's/90's bull market and bailed out in 2000 because he was worried about Y2K. How funny is that?) Bro saved a large portion of his income. I was a successful entrepreneur. We share freely and not only does it make my folks proud, but also allows them to feel like they can lavish their money on themselves a little more since no one "needs" the inheritance. The tone of the conversation will vary by family, but I think your dad will be very proud.
I went the route of your brother: Saving and investing.
I have shared my salary and net worth with my mother in the hopes that she will feel more free to spend her money on herself and that she will not worry so much about something bad happening requiring nursing home care. (Yes, I would spend down my net worth to make sure she was comfortable.) She has very modest savings and lives on less than her SS income.
I do think she is proud and amazed; but, she also thinks I spend entirely too much money even though I live on a very small fraction of my current salary and am planning to live on less than 2% of my current portfolio after RE.
Unfortunately, I also shared my plans to RE which make her very uncomfortable since she is a child of the Depression who cannot really understand my eagerness to walk away from a good job
. (She does not really understand or trust the markets; CD's and her home are the only investments she has ever been really comfortable owning.)