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If you were rich...
welshfoxy
Posts: 6,985 Forum Member
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Would you be there as a backup for your children at all times, or would you have them make their own way in life like you did?
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welshfoxy
Posts: 6,985 welshfoxy
Posts: 6,985
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They need to find the value of things. Working, saving and sometimes going without will be good for them.
Meh I might put the lottery on tomorrow now
This doesn't always work. Alot of the lucky kids I grew up with were hugely under-motivated, as they knew they'd get the car, the allowance, the house all paid for. It kind of scr*wed them up being 'owned' that way, and none of them have achieved what their parents did, which is slightly ironic as it was all so well-meant.
You are very correct. I can understand that there's the potential for that to happen.
However, in my personal experience, my parents have given the best they can and I appreciate it immensely. I've honestly never felt as though I don't need to bother making an effort and my parents have done very well to instil values and the idea of work ethic in me. I can only hope that if or when I have children, they too would feel the same.
Luck of the draw, actually.
Private School Sex Scandal
That risk I can deal with, Knives, Guns & Drugs is another thing.
Same here, though they would have to appreciate it and still work hard if this doesn't happen with some rich kids that is down to parenting or lack thereof not instilling values.
I would love to have the money for my children to have a private education and would like not too have to worry about money, pay off the mortgage and have a few thousand as a buffer however I don't think I would like to be rich rich, that may sound strange
Great, but don't tell them about the trust funds until they're in their late 20's....
As long as it was used for education/training or starting a business, or buying a house - whyever not!?
I'd leave money in trust for them to get in increments aged 18, 21 and then the majority of it at 25 when, hopefully, they'd have learned to stand on their own feet.
That's the age my OH got the majority of his (not massive) trust fund and, in combination with an inheritance following the death of his mother, it meant he was able to buy the house we live in outright.
However, I wouldn't leave them struggling or penniless either, if there was something they needed and I believed they'd made an effort to achieve it themselves as well, I'd probably get it.
Followed by this.
Growing up, they would have to 'earn' their pocket money/allowance with chores and I would encourage them to get a saturday job when they are old enough to supplement it. Again a lesson that if you want more you have to work for it.
I would assist in buying their first home, not pay for it outright, but povide a big enough deposit so they have a manageable mortgage - I think having to budget to pay a mortgage is a good life skill and to a certain extent a motivator to push ahead in ones career to earn more
When they are 'settled' as adults I would like to think I could close the wallet to a large extent, having given them the advantages of a good start. I would still come forward with help for the big things like weddings, and the emergencies that life throws up.
But after, hopefully doing all I can to give them a good start and, again, hopefully instilling a work ethic and the skills of budgeting, I have to admit I would not exactly be too forthcoming with cash if they started calling back before payday for a bit of cash to see them through.