Do you think that you owe your kids a good nest egg?

[ziggy29]

I've pondered a related idea before (possibly on this forum, I don't remember). I wonder if the disappearance of defined benefit pensions will accelerate the wedge between the "haves" and the "have-nots."

Not sure it accelerates the wedge -- but it may redefine what it means to be a "have".

 

[TargaDave]

We don't owe them an inheritance and we would not cut back to the bone to take care of them. That said, we hope to leave them a sizable estate. If I can speed up their FI I will gladly do it. Both kids are hard working, responsible and frugal.

+1 (younger one hasn't reached LYBM age but we're workin on it)

 

[Jay_Gatsby]

Too many people use this as an excuse to not give. Wouldn't 50 cents on the dollar be better for those kids than none?

By all means, research into a charity where your money makes the most impact, but don't NOT help out because some might be wasted (likely WHEREVER your money goes, some will be wasted).

Perhaps they do. I just can't stand getting ripped off in any context involving my hard-earned money. Unfortunately, the wasting of my tax dollars is out of my control.

 

[mh]

Too many people use this as an excuse to not give. Wouldn't 50 cents on the dollar be better for those kids than none?

By all means, research into a charity where your money makes the most impact, but don't NOT help out because some might be wasted (likely WHEREVER your money goes, some will be wasted).

personally, i think the concept of micro loans instead of the standard relief organizations is a better way of "donating" money. i bring it up because i think it's a valid option to consider if you want to help out the thirld world in some way. I think it's an underutilized option.

 

[donheff]

personally, i think the concept of micro loans instead of the standard relief organizations is a better way of "donating" money. i bring it up because i think it's a valid option to consider if you want to help out the thirld world in some way. I think it's an underutilized option.

I do micro loans thru kiva.org. i like knowing where my money is going.

 

[redduck]

Well said. Just about everyone would say the same thing as mbooth. It wasn't me, I worked hard, etc. etc.

It was everyone. It was you. It was me. We are all to blame.

OK, "We are all to blame." I just don't understand what this means. If YOU are to blame, and if you feel bad about doing whatever you are doing, could you just stop doing it? Or, conversely, could you start doing something differently that might be helpful? And, whatever action you stop (or take), how much of a difference is it going to make?

 

[arebelspy]

OK, "We are all to blame." I just don't understand what this means. If YOU are to blame, and if you feel bad about doing whatever you are doing, could you just stop doing it? Or, conversely, could you start doing something differently that might be helpful? And, whatever action you stop (or take), how much of a difference is it going to make?

It means I understand that my actions make a difference. It's my job to go out and vote. To advocate for what I believe. To practice civil disobedience. To serve on juries. And anything else I can to do all I can to improve my situation and society's as a whole.

Knowing I am to blame for all of this means I know that I need to be going and doing what I can to make a difference, because I do make a difference.

Things don't just "happen."

Your final sentence indicates you don't understand this, or don't agree. Most people would side with you. And most would say it's not their fault. And here we are.

 

[redduck]

Back on topic (at least for the moment)...

While I don't feel that I owe my children any sort of nest egg I do hope/plan on leaving them as much money as I can. Money, hopefully, can make their lives a bit easier, give them more options, and just relieve some of the stress that life brings. I'd like to think that they will be able to have more financial freedom in their lives than my wife and I have had (and, it hasn't been all that bad). I would hope that leaving the kids some sort of meaningful financial inheritance would enable them to make less financial compromises.

 

[Jay_Gatsby]

Back on topic (at least for the moment)...

While I don't feel that I owe my children any sort of nest egg I do hope/plan on leaving them as much money as I can. Money, hopefully, can make their lives a bit easier, give them more options, and just relieve some of the stress that life brings. I'd like to think that they will be able to have more financial freedom in their lives than my wife and I have had (and, it hasn't been all that bad). I would hope that leaving the kids some sort of meaningful financial inheritance would enable them to make less financial compromises.

I'm all for giving my child(ren) financial freedom. They might as well get to enjoy an even earlier retirement than me, or go into a field that doesn't pay much because they actually love what they do (e.g., archaeology, anthropologist, etc....)

Like everyone else here, I just want to make sure they don't squander whatever I leave them. This is where good estate planning comes into play.