Spitballing here...
This is not meant to be a political post, but more of observation and perhaps something to ponder. I would suggest most here on this site are in a very small exceptional group, having LBYMs and having saved/invested to a point you are self sufficient and arguably "wealthy", at least at some relative level. I would also suggest that those of us here primarily in our 50's + will be the first generation to pass down some level of significant wealth to our heirs. Is this a good thing?? i wonder sometimes as I reflect on how I got where I am today and how to be the best steward with what I have been fortunate to accumulate.
Money does funny things to people. I have chosen not to talk about money/wealth specifics with friends and family. I have noticed that when certain friends know specifics about other friends, judgements arise... "Oh, he can pick up the bill, he can afford it", "why is he so cheap with all that money", etc. I have also heard people talk about inheritances they are counting on, almost as if they are "entitled to it" and sound like they can't wait for that person to die!
I grew up lower middle class, but was motivated by my life experiences to work hard/smart, and as an adult created enough wealth to be in the 1% club. I never once thought about or expected any kind of inheritance or included it in any part of my financial model. Despite living below our means, we have naturally provided for our family (4 grown kids) at levels of relative indulgences nether my wife or I had. While many of my friends were buying their 16 year olds new BMWs, I was buying my kids used $10K cars and felt like I was still spoiling them (I bought my first car from my sister for $150... 1973 Vega with bondo all over it and a burned out clutch!). My kids are now 24 - 31 and all have jobs, self sufficient and seem to have picked up the "right" values, but I still wonder sometimes if I have allowed them to experience enough "battle scars" for them to weather what life throws at them. Will a large perceived inheritance soften them further?
A saying from novelist G. Michael Hopf has always resonated with me...
"Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times."
Just wonder if most of us here are in the cycle of "Good times create weak men"? Hey, I suppose we all just do the best we can and hope it all works out...
This is not meant to be a political post, but more of observation and perhaps something to ponder. I would suggest most here on this site are in a very small exceptional group, having LBYMs and having saved/invested to a point you are self sufficient and arguably "wealthy", at least at some relative level. I would also suggest that those of us here primarily in our 50's + will be the first generation to pass down some level of significant wealth to our heirs. Is this a good thing?? i wonder sometimes as I reflect on how I got where I am today and how to be the best steward with what I have been fortunate to accumulate.
Money does funny things to people. I have chosen not to talk about money/wealth specifics with friends and family. I have noticed that when certain friends know specifics about other friends, judgements arise... "Oh, he can pick up the bill, he can afford it", "why is he so cheap with all that money", etc. I have also heard people talk about inheritances they are counting on, almost as if they are "entitled to it" and sound like they can't wait for that person to die!
I grew up lower middle class, but was motivated by my life experiences to work hard/smart, and as an adult created enough wealth to be in the 1% club. I never once thought about or expected any kind of inheritance or included it in any part of my financial model. Despite living below our means, we have naturally provided for our family (4 grown kids) at levels of relative indulgences nether my wife or I had. While many of my friends were buying their 16 year olds new BMWs, I was buying my kids used $10K cars and felt like I was still spoiling them (I bought my first car from my sister for $150... 1973 Vega with bondo all over it and a burned out clutch!). My kids are now 24 - 31 and all have jobs, self sufficient and seem to have picked up the "right" values, but I still wonder sometimes if I have allowed them to experience enough "battle scars" for them to weather what life throws at them. Will a large perceived inheritance soften them further?
A saying from novelist G. Michael Hopf has always resonated with me...
"Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times."
Just wonder if most of us here are in the cycle of "Good times create weak men"? Hey, I suppose we all just do the best we can and hope it all works out...