tag:blogger.com,1999:blog-37147734.post655164261624412011..comments2024-02-05T03:19:36.585-05:00Comments on Living Almost Large: Helping children out?Living Almost Largehttp://www.blogger.com/profile/06594523259748625997noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-37147734.post-3043603870124893102007-07-25T23:04:00.000-04:002007-07-25T23:04:00.000-04:00I actually have a couple of friends who are like t...I actually have a couple of friends who are like that with trusts as well. And they are not bad people nor are the spendthrifts. I think it depends on the family and individual. <BR/><BR/>So it may not be a bad thing. I readthe Millionaire Next Door, very nice. But there was a very rich doctor in the book who drove a mercedes for 20 years. That I'd like to emulate. <BR/><BR/>I do not want to have money and not spend it.Living Almost Largehttps://www.blogger.com/profile/06594523259748625997noreply@blogger.comtag:blogger.com,1999:blog-37147734.post-69703169230317704492007-07-25T12:20:00.000-04:002007-07-25T12:20:00.000-04:00Hi,My SO and I are at opposite ends of the scale o...Hi,<BR/>My SO and I are at opposite ends of the scale on this one :-) My parents have helped me a little - rent through university, small loans (<1k) when I needed it etc but not on an ongoing basis, and I was always very grateful when it happened and knew I could count on help if something happened, but I am also proud to be self-sufficient. <BR/><BR/>My SO, on the other hand has a LOT of private income from her parents - her 'pocket money' is more than my salary :-) The house we live in was paid for in full out of savings etc. It's mainly due to share income and trust funds set up a long time ago. However, she works hard, earns well and takes care of her money. We don't live an extravagent life (we have fun though!) and we make the most of the opportunities that money brings. Her parents always make sure that the family money is spent on sensible things by her and her two brothers. So, I think it can be done with common sense, and good teaching from the parents.jo-lesshttps://www.blogger.com/profile/12870486590091632175noreply@blogger.comtag:blogger.com,1999:blog-37147734.post-39248529483658806792007-07-24T20:12:00.000-04:002007-07-24T20:12:00.000-04:00Ooo .. I really suggest you read: The Millionaire ...Ooo .. I really suggest you read: The Millionaire Next Door by Stanley & Danko..One of my favourite PF books, ever.<BR/><BR/>It talks about the EOC (Economic Outpatient Care) that parents give to their grown children, and how it doesn't seem to ever teach them how to manage their money as they get older. In fact, the children come to DEPEND on this extra gift per year as a source of income, rather than as a gift.<BR/><BR/>The only truly successful/wealthy millionaires who manage to pass on their frugal values to their kids, are the ones who basically live a very simple, middle-to-low class life, and create a false sense of scarcity. By doing this, kids learn that money matters, and they tend to grow up and become frugal, budget, etc as all part of their nature, vs. the ones that had parents who gave them everything their hearts desired, AND gifts every year/subsidization of their living, etc.FB @ FabulouslyBroke.comhttps://www.blogger.com/profile/12966672580040786485noreply@blogger.com