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I would vote for not leaving your son much of anything. However, as others have stated, if you do leave something, don't leave it directly, do it thru a spendthrift trust. It sounds to me like you've done what you can for him during your life. You don't owe him anything in death. By the way...

At 31, had recently married and started career in my late 20's. Had negative NW around -$50K, due to student loans, credit cards, etc. Now at mid-40's, I measure NW in mid-seven-figures. Wish I'd had a nice jump start on saving like some of you, but at least I play a pretty mean game of catch up.

Couldn't agree more. I'm not RE'd yet, but I am FI and could pull the trigger anywhere from right now to 10 years from now. Really just depends on what lifestyle I'd like to have and where I'd like to live. I like to keep friends and family in the dark about our finances. No point in rubbing it...

Hasn't this been the case over the past few decades? Most folks can't retire until they're in their 60's or even 70's. As far as I can tell, that's been a reality for some time now. Maybe the difference is that people have very different lifestyle expectations than they did 30 years ago.

Well, let me help you out a bit here. My income is well north of your example. Some of your description fits, while much of it does not. 20 years ago it started out with wife being the saver and me being the spender. I grew up poor in a hand-to-mouth environment, so had no clue how to handle...

Basically, the survivor will have substantial control of the trusts. The trusts really exist for two reasons: (1) taxes; and (2) In case neither of us survives. If she survives, I trust my wife to do the right thing, and she trusts me to do likewise.

In our present plan, we each leave each other everything. There are some trusts that make sure some assets go to benefit certain family members. But, in general, wife and I trust that if one of us goes before the other, the survivor should have 99% flexibility to act as they see fit. And to be...

I knew somebody had to call me petty. That's okay, I know its petty, but that's how I feel. Most people don't "need" the money. However strapped for cash anyone might be, they would still survive if they never got an inheiritance from anyone. In my book, inheiritance is about two things: (1)...

Thanks for all the responses. This is such a touchy subject. It forces you to start really thinking about and making judgements about your relationships, which ones are true, which are reciprocal, and which are actually pretty superficial (regardless of blood relation). Also, I can't help...

After posting back and forth with Maurice on this topic, I thought I'd start a thread. We don't have kids, we're 40-something, and with insurance proceeds, we'd have a substantial sum to leave behind. So, not planning on going anywhere anytime soon and definately planning to spend it all, but...

To your point on reduced spend, I think one of the challenges in general for us is figuring out what our FIRE spend would be. For now, I'm assuming wife would want to replace our income - I'd hate to think of her greiving and having to worry about money at the same time. Also, my extended family...

Thanks for the response. We have a lot of life insurance on me because we are a single income family - my wife could never generate anything remotely close to my income on her own. Also, though we are +$1mm liquid at this point, much our NW is in r.e., including our home and she does not want to...

We have a lot in common. No kids either, so we have a little fun spoiling our nieces and nephews. Question for you on estate planning, since you're my long lost twin brother and neither of us has kids. With insurance, our estate would amount to a pretty significant figure (more than double our...

Seriously now, do you really think the amount of money you have makes you more shallow or more stupid or more prone to cheating? Do you believe everything you read? I think a lot of crap gets published because hey, some writer needs to come up with an interesting headline. And the media is...

To the points on lifestyle, stress, etc., it's something I am constantly reevaluating. In the not too distant past, wife pointed out to me that I was becoming an unhappy SOB and that I either needed to make some changes in the way I work (and play) or get off the treadmill. Right now, I've been...

Welcome. I'm also a fellow NYer who recently joined. And congrats on the NW, I think so far your stats are the best I've seen yet, especially given your age. My NW is pushing $4mm, bonus-driven income in the high six-figures, occaisionally breaking seven, but I'm mid-40's. Plan on working well...

Thru-out much of my adult life, I've had the opportunity to observe up close and personal, the habits of extraordinarily successful people. And I came away with the same conclusions - however much money they had, they always took the spending or saving of money very very seriously, far more...

Well, I guess I'm the proverbial mmillionaire everybody is talking about. I have a NW between $3-4mm, age 46, married, no kids, and nowhere near retiring or feeling like I could retire and maintain my lifestyle. But, far from being whiny about it, as this spat of recent millionaire articles...

All great suggestions... and yes my French is indeed rusty - I remember how to say this stuff perfectly well, but writing it down in a hurry is a whole other matter.

Okay, sorry, I've got one more thing. Call it my New Yorker fashion bias, but this is a subject of tourist ridicule in NYC and most major Euro cities: If you're over the age of 18, leave the bright white sneakers and jogging suits at home. I say this as a very seasoned traveler. Parisians...

Correction: Je ne parle pas beaucoup de France. Clearly my French is rusty.

Have a great time. Paris is one of my all-time favorite destinations. By all means attempt a little French. Or at least learn to say (in French) that you do not speak much French (Je ne pas parle beaucoup de France). This way you get points for attempting the language, but at the same time...

Sounds like you suffer from the same NYC curse that I do - mid-40's, wife, no kids, seven-figure investment accts and NW, high-six-figure income, no real hobbies or interests outside work. Most people on this board would say that you've got more than enough to retire on, but they would probably...

I think I'd have to say, I'm definately a piler. I'm piling it up as fast as I can, with the objective of semi-retirement / career transition in about 10 years at 55. I'm also piling it on as fast as I can because knowing that I "could" pull the trigger actually makes w*rk a lot more tolerable...

That seems like a massive generalization. From what info are you drawing - keeping in mind that what you see in the media, for better or worse, is hardly much of an indication of anything. To humor your point, if it were true, I'd guess that many athletes in general, come from humble...