FUEGO
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 13, 2007
- Messages
- 7,746
A comment from another poster in another thread about him amassing a large-ish portfolio but his kids not having any clue (so they would earn their own) got me to thinking.
A little background for me: 2 kids, age 3 and age 4.5. So no real worries yet. But we hope to be FIREd within 10 years and the kids will still be living at home during this period. In 10 years we will both be around 40, and I expect most other parents of children our kids' age will still be working. So questions will surely arise.
I have grown up relatively in the dark about what kind of assets my parents have. I know they save a lot, so I'm sure there is a good bit there in their portfolio, but I have no clue how much other than I could guess the number of digits within 1 number.
How have others here dealt with this issue?
Do you share everything with the kids or just general info (we are wealthy, we saved a lot of money, etc)?
Do you keep them relatively in the dark?
How do you communicate about your family's wealth (if at all)?
Any positive/negative effects of taking your course of action?
Does anyone have kids that feel entitled to some of your wealth now, or feel they are entitled to take an advance on their inheritance, so to speak?
If your kids know about wealth, have they caused embarrassing situations with family or friends by revealing some of this information (either inadvertently or intentionally)?
Any other advice?
A little background for me: 2 kids, age 3 and age 4.5. So no real worries yet. But we hope to be FIREd within 10 years and the kids will still be living at home during this period. In 10 years we will both be around 40, and I expect most other parents of children our kids' age will still be working. So questions will surely arise.
I have grown up relatively in the dark about what kind of assets my parents have. I know they save a lot, so I'm sure there is a good bit there in their portfolio, but I have no clue how much other than I could guess the number of digits within 1 number.
How have others here dealt with this issue?
Do you share everything with the kids or just general info (we are wealthy, we saved a lot of money, etc)?
Do you keep them relatively in the dark?
How do you communicate about your family's wealth (if at all)?
Any positive/negative effects of taking your course of action?
Does anyone have kids that feel entitled to some of your wealth now, or feel they are entitled to take an advance on their inheritance, so to speak?
If your kids know about wealth, have they caused embarrassing situations with family or friends by revealing some of this information (either inadvertently or intentionally)?
Any other advice?