Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-07-2013, 03:14 PM   #61
Thinks s/he gets paid by the post
seraphim's Avatar
 
Join Date: Mar 2012
Posts: 1,492
Casuallly ask your dad his opinion on investments, and the figure come out in the conversation.
__________________

__________________
"Growing old is no excuse for growing up."
seraphim is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-07-2013, 03:46 PM   #62
Full time employment: Posting here.
 
Join Date: Apr 2009
Posts: 731
I am managing and investing most of my father's money for him, so I pretty much know what he has. It was set up as a trust when mom died - he gets all the income. But his financial outlook on life is about 40 years out of date - costs have risen and his perception of expenses and what people make has not. So I don't tell him or my sibling anything other than I am doing okay and have enough to live on if I'm careful. I say the same to my sibling. My mother died a few years ago - I could have told her anything.

My father would think I was making enormous money if I had said $50K/year (as a salary). Safer not to say, and I'm retired anyhow.
__________________

__________________
Retired July 2, 2010 at 62. My only regret is that I couldn't do it sooner.
thinker25 is offline   Reply With Quote
Old 05-07-2013, 07:59 PM   #63
Recycles dryer sheets
cranberryjoe's Avatar
 
Join Date: May 2013
Location: Western US
Posts: 114
I never shared specific net worth numbers with my parents, just that I was doing well. Once during my early career I shared my salary info with them, which at the time was more than what they were making combined. They were proud. They would be proud today knowing that the modest inheritance they left helped pull up my retirement date by about 2 years, although when I shared with my dad 8 years ago that I was hoping to retire at 55, he frowned and advised me to work longer to be sure I didn't run out of money.

I would avoid sharing specific amounts if it's likely they would be told to other family members. Suddenly you might get a lot of visitors letting you know how good they've been to you over the years!
__________________
Grow older, not up
cranberryjoe is offline   Reply With Quote
Old 05-07-2013, 09:02 PM   #64
Recycles dryer sheets
 
Join Date: May 2013
Posts: 213
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.
__________________
RenoJay is offline   Reply With Quote
Old 05-10-2013, 10:28 AM   #65
Full time employment: Posting here.
 
Join Date: Apr 2006
Posts: 925
Quote:
Originally Posted by Hamachi View Post
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.)
__________________

__________________
If there's one thing in my life that's missing; It's the time I spend alone
Sailing on the cool and bright clear waters; There's lots of those friendly people
Showin me ways to go; And I never want to lose your inspiration
CoolChange is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:00 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.