Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-25-2008, 09:49 PM   #21
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,146
Quote:
Originally Posted by brewer12345 View Post
Al, is there some equivalent of a mortgage burning party in your immediate future?
When our daughter graduated I gave her a piece of string to hold onto while holding the other end myself. She was wondering what was going on when I whisked out a pair of scissors and with a cry of "TA DAHHHHH" I ceremoniously cut the string
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan 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 03-25-2008, 09:53 PM   #22
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,146
Replying to the original post, I would love to be in a position of being able to gift money to our children (and hope to get there, all being well). I think I would do it by donating to IRA's or the like, and treating them to vacations etc.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 03-25-2008, 09:59 PM   #23
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
After college graduation (1972) I was at my parents' house for 3 weeks.

They paid for dental work (minor) and 'go to work' clothes; all of which was stated to be a loan. My graduation present was a bus ticket from AL to NJ to my job. A few weeks later they wired me $500 to buy a car.

About 2 years later, I stopped at their house on a transfer to a new job site. I recall sitting at the kitchen table, signing $100 travelers checks until it was decided that the amount was sufficient.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 03-25-2008, 10:01 PM   #24
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by hankster View Post
For the past several years, my parents have been giving me and my two brothers between $5k and $10k per year. They want to see us enjoy the money while they are still around as opposed to leaving a larger estate when they pass on.
Quote:
Originally Posted by 73ss454 View Post
What's the saying, better to give with warm hands and not cold ones.
My folks did that for several years for my siblings. They gave them 'a little here, and a little there' to help them along in their lives....with their homes...their kids....schooling...etc. That way my folks got to actually see my siblings enjoying the money, as opposed to waiting for them to receive the money through my folk's estate.

I always had a better job with better benefits than my siblings ever did, so I never really needed or wanted any money from my folks. I was all for them giving my share (if any) to my sibling to help improve their quality of life. Now, over the past few years, my Mom has been insistent on paying for some of my vacations each year, as well as occasionally a few of my new toys (tools, garden stuff, etc). I don't need it, and I try to talk her out of it, but she insists on giving.......but I think it makes her happy to be able to see me enjoying it.

She hasn't really caught on yet....but I pay for some of her vacations and most of her day-trips.....so it's pretty much an even wash.
__________________
Goonie is offline   Reply With Quote
Old 03-26-2008, 10:37 AM   #25
Thinks s/he gets paid by the post
 
Join Date: Nov 2007
Posts: 1,052
Quote:
Originally Posted by hankster View Post
For the past several years, my parents have been giving me and my two brothers between $5k and $10k per year. They want to see us enjoy the money while they are still around as opposed to leaving a larger estate when they pass on. We would like to do this for our two kids as well. My brothers and I are old enough to do smart things with it like build our nest eggs for ER (oldest brother is already ER'd). Has anyone else here done this for their kids? If so, do you give in a certain way that helps to assure the money has a better chance of enriching their futures rather than being spent at the local boat dealer (examples: place the money in a Roth IRA in their name, in an ESA for grandchildren, or even in a separate account to help with a down payment on a home?) We want to encourage wise use of the funds without necessarily giving with some kind of strings attached.
I'd suggest setting up Roth IRA's for them. Also any 529 plans you can as well. If it were my money, I'd also offer them up money to plan a family vacation that included you. Giving them money is great, but spending time with them on vacation will be remembered.
__________________

__________________
Art G 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Charitable Giving........ FinanceDude Other topics 5 04-25-2007 11:11 PM
standard on living or living with basic in US Enuff2Eat FIRE and Money 14 12-30-2005 11:35 AM
Thanks (for) giving greg Other topics 10 11-29-2005 01:41 PM
Ever wonder about giving up perks saluki9 Young Dreamers 20 02-28-2005 06:05 AM
Giving to Charity Mountain Mike Other topics 11 02-18-2005 06:14 PM

 

 
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.