Born Free, Looking to Pass it On

[Friendish Friends]

Hello! I've been lurking for a few years and am glad to have found a group of folks interested in LBYM and FI!


I was born into generational wealth (not enough that you'd have heard of my family though!). Fortunately, my family is classic Millionaire Next Door, so although I was made aware of my 6 figure investment account in my 20s, my first thought was 'if I'm careful, that could one day be a 7 figure account!'



About a decade later I inherited a 7 figure portfolio. I was surprised, but was so thankful that the earlier generation gave me this gift, that I knew I'd want to do the same for my (not yet existent) children.


Now that my kids do exist, I'm still building the portfolio by spending less than the income it generates. And I'm keeping my day j*b to keep me involved in the world and a chance for conversations with grown ups!



It's funny to type this all out, as I'm so quiet about this IRL. But this forum has been such a great help since I found it, and I'm ready to add my voice.

 

[Dtail]

Welcome to our wonderful forum. Sounds like your in the right place. A potential challenge for you could be to keep your children anchored down in the correct mindset on monies.

 

[RunningBum]

Nice story, welcome!

 

[athena53]

Welcome! Yes, you'll find kindred spirits here. You're fortunate not only because of the inheritance but because of the members of your family who showed you how to preserve wealth.

I have a nephew who stands to inherit multi-millions; he's 33 now. He has a good job and an MBA from Georgetown. His parents, who made the fortune, pretty much worked till normal retirement ages as they wound up the business. I figure his two kids are free to choose any field they want- social work, concert pianist, kindergarten teacher- without worrying about what kind of income it will provide, Very freeing.

Some of my friends on FB use the word "millionaire" as a pejorative. Little do they know I'm a (low) multi.

 

[eastnortheast]

It is good that you understand the power of money, but also the power of doing the right thing with it.

There are so many stories of people who come into money via inheritance, lottery, signing a big contract, etc, who, just a few years later, are completely broke.

Looking forward to hearing more from you.

 

[The Cosmic Avenger]

Some of my friends on FB use the word "millionaire" as a pejorative. Little do they know I'm a (low) multi.

With friends like that, who needs enemas?

No need to put "(low)" in there! It still counts! I sat there not too far in the past and said to myself "Holy $#!+, we hit $2M (in retirement funds)...we're multimillionaires!" But yeah, the only people that know are my wife and I and our bankers.

And now the ER forum!

 

[Chuckanut]

Welcome. I hope you learn how to keep and increase your wealth.

I also hope that you will adopt the spirit of Noblesse Oblige and use your good fortune to help those who are not so fortunate.

 

[omni550]

Welcome.

Looking forward to hearing more from you.

omni

 

[SumDay]

This post made my day. Welcome to the group, and thanks for being a good citizen of the world.

 

[Clone]

With friends like that, who needs enemas?

Is this an actual question? Or are you speaking figuratively? Or rhetorically?

 

[Chuckanut]

Some of my friends on FB use the word "millionaire" as a pejorative. Little do they know I'm a (low) multi.

In my neck of the woods if you bought a small 3 bedroom 2 bath 1600 sq ft tract about 10 years ago during the crash, and avoided taking out loans against the increasing equity but every dollar you take home, you are a millionaire even if your job consists of riding the garbage truck 5 days a week.

 

[Friendish Friends]

Thanks all for the warm welcome! So many good points brought up!



Kids: Yes, I am working to be an example for my kids, but to also avoid the temptation to try and control them. Just because passing on wealth is important to me, doesn't mean it will be important to them. My focus is to allow them to make their own decisions (and mistakes) just as my family has trusted me. That being said, trust funds are paid out in increments over decades, so they should have several chances to blow a chunk and still get a second chance!


Responsibility: The phrase 'to whom much is given, much is expected' has rattled around my brain for years. No one put this pressure on me, it has been part of finding out where I fit when the pressure of 'I have to make a living' disappears.



I've settled on a career supporting charitable organizations, and I'm finding my way in my own giving. I've found the resources and stories at

www.boldergiving.org

a good place to start being more mindful in my own giving.


Friends: Yes, staying quiet can be hard when people you know are making sweeping statements about 'rich people'!




I'm looking forward to participating more and glad to be in a place where people celebrate each other's financial freedom!