10-19-2020, 04:58 PM
(10-19-2020, 03:10 PM)crimsonghost747 Wrote:(10-19-2020, 10:33 AM)fenders53 Wrote: [quote='crimsonghost747' pid='22358' dateline='1603119846']
.These are exactly the kind of things I'm talking about. It would be absolutely unrealistic to let go of the majority of your assets now, since you'll need them for another 40 years. And she probably wouldn't even know what to do with half of your portfolio right now. But $1000 that pays for her car repair now is probably worth to her much more than having that $1000 as part of inheritance. It's the small things that make a difference when you're young.
Definitely agree 100%
My wife and I are NOT college educated, we surmised early on that we were quite fortunate to have gotten as far as we have w/o degrees. We figured that our children would need at least a 4 year degree to compete in their environment. We felt compelled and obligated to pay for it as part of raising them. They both worked all through High School and were required to put $500 per quarter into a Roth IRA for 5 years (until age 21) and just leave it alone (all world fund).
Money doesn't mean as much when we are older, the young ones do need it more especially if raising a family. My daughter wishes to move and what they would like is somewhat out of their price range. We offered to make up the difference but S-I-L is too proud. I told them if it makes them feel better, they can pay us back at sometime.
We'll see how it all shakes out.
My view of money is that it provides freedom. Freedom to spend a little more than you otherwise might or the freedom to walk away from a job you hate and know you have backup security.
Great thread.