bunnybunny
Confused about dryer sheets
- Joined
- Jul 14, 2019
- Messages
- 6
Both my spouse and I are healthy and in our late 30, and our child is only 1, so hopefully we're a long way off about this.
But anyone can be hit by a bus, so...
In case of your sudden death, what do you guys plan to leave for your children?
I've read that Bill Gates and Warren Buffett do not intend to leave money for their children and have them make their own way. I definitely understand the argument for this, in terms of the valuable life lessons that the struggle can teach. On the other hand I wouldn't want my daughter to take on too much debt at a young age and struggle for her entire life.
There is always the trust method as well. Some money at age 20, 25, 35, 45, whenever you think they are mature enough to handle it. I think it's hard to say how people would react to sudden wealth in their early 20s. I think some would do very well; they might take the money and go all-in on education or philanthropy or research or entrepreneurship. Others might just go down the hookers and cocaine route. I think it would be tough to judge. Even among older adults, there are countless stories of lottery winners in their 40s and beyond blowing their wealth and committing suicide. Sudden wealth is a tough thing to handle for a lot of people and that scares me enough to think that maybe the "leave nothing" method is the way to go. But it of course goes against my very instinct as a father and provider.
So, what are your plans? Put them on Easy Street, or die with nothing? Or something in the middle?
But anyone can be hit by a bus, so...
In case of your sudden death, what do you guys plan to leave for your children?
I've read that Bill Gates and Warren Buffett do not intend to leave money for their children and have them make their own way. I definitely understand the argument for this, in terms of the valuable life lessons that the struggle can teach. On the other hand I wouldn't want my daughter to take on too much debt at a young age and struggle for her entire life.
There is always the trust method as well. Some money at age 20, 25, 35, 45, whenever you think they are mature enough to handle it. I think it's hard to say how people would react to sudden wealth in their early 20s. I think some would do very well; they might take the money and go all-in on education or philanthropy or research or entrepreneurship. Others might just go down the hookers and cocaine route. I think it would be tough to judge. Even among older adults, there are countless stories of lottery winners in their 40s and beyond blowing their wealth and committing suicide. Sudden wealth is a tough thing to handle for a lot of people and that scares me enough to think that maybe the "leave nothing" method is the way to go. But it of course goes against my very instinct as a father and provider.
So, what are your plans? Put them on Easy Street, or die with nothing? Or something in the middle?