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(Business News Daily)   Millionaires want hard-working children. Willing to pay top dollar for them   (businessnewsdaily.com) divider line 46
    More: Amusing, PNC Wealth Management  
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2538 clicks; posted to Business » on 14 Jan 2013 at 10:31 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-14 10:42:36 AM  
The belief that each generation should be responsible for creating its own wealth was the reason for high estate taxes in the past. Now, not so much.
 
2013-01-14 10:46:52 AM  
I think it was Bill Gates who said he wanted to give enough to his children that they could do anything, but not enough that they could do nothing.
 
2013-01-14 10:51:37 AM  
Probably the most important money my parents ever gave us was the down payment on our house when we were newlywed.  That (then) $15k probably represents more than half of our net worth since.

It was a good investment on their part.  I'll do the same with my kids.  But my kids also got the same present for their high school graduations that I did- Luggage.
 
2013-01-14 10:57:12 AM  
little lebowski urban achievers?
 
2013-01-14 11:05:50 AM  
They don't really need the big payout when mom and dad die. They were born on 3rd, and their connections will carry them home.

the rest of us were born in the parking lot 20 blocks away.
 
2013-01-14 11:15:16 AM  

unyon: ***snip***

It was a good investment on their part.  I'll do the same with my kids.  But my kids also got the same present for their high school graduations that I did- Luggage.


I went to college right out of HS (paid for by my grandmother, but I had a PT job), but had no desire to be there, flunked my first semester, and moved back in with my dad. My dad said I would have to get a job if I wanted to live there, so I did. Then he wanted other restrictions on when I could come and go, in addition to doing all of the chores around the house. I said, hell no, he responded with my house, my rules, so I moved out. After a year of working full time during the day and partying my ass off at night, I decided I didn't want to work in restaurants for my entire life. So I signed up at a technical college and took classes that would transfer to a 4 year school. Grandma agreed to pay for school as long as I kept my grades up (My grandparents had been saving since I was born specifically for my college education). Ended up with my undergrad degree 3 years later (took max summer and winter break classes to finish early). I am exceedingly fortunate and thankful for the help that my family, mostly my grandparents, were able to provide. There is no way I would have been able to buy a house or go to grad school when I did without the assistance I received.

TL;DR - Helping your kids not be saddled with crippling debt is great, but giving them money to screw around with probably isn't helping in the long term.
 
2013-01-14 11:17:16 AM  

SuperT: They were born on 3rd...the rest of us were born in the parking lot 20 blocks away.


So we were born on 23rd St?
 
2013-01-14 11:21:42 AM  
i202.photobucket.com

/hotlink
 
2013-01-14 11:23:02 AM  
An ivy league education and one tiny million dollar loan or two is all the sniveling blueblooded bastards get these days.

It's inhuman.
 
2013-01-14 11:29:02 AM  
I had a bud who's dad was a pretty successful self made multi millionaire, he was a busy busy dude, even when he was off work, he wasn't.  I liked picking his brain as much as possible, but it wasn't easy because, well, he was busy.  My buddy, well, he was too busy farking off to learn much.

/would have liked to have had that knowledge to access
//could understand my buddy though
///if I had that kind of life, I might have taken it for granted too
 
2013-01-14 11:45:39 AM  
No they're not.
 
2013-01-14 12:00:24 PM  
Its a hard knock life, for Farkers.
 
2013-01-14 12:10:16 PM  

unyon: But my kids also got the same present for their high school graduations that I did- Luggage.


Lucky bastid...I got $100 and the offer of a ride to the recruiter's office.

/not kidding
 
2013-01-14 12:19:10 PM  
Now my parents are retired they now are completely living it up, whereas they were relatively penny pinchers when I was a kid. I shouldn't expect much of an inheritance. They worked for that though and gave me all of the benefits I could need to be successful. Because of their generosity, I started off with more opportunity than probably 99% of the world's population.

But I have a bunch of friends though who don't realize how blessed they are. One, in particular, drives me bonkers. She's unemployed in the field she chose to study, but her parents gave her a very low level job (until she "proves" herself) through their multi-million dollar company. Her husband is a city employee. They live in a gorgeous house, drive ridiculous cars, have a maid, a gardener, yada yada.

None of that bothers me. In fact, good on her! What bothers me is that she doesn't realize that this ISN'T normal living for someone with her and her husband's salary. She acts like her parent's contributions have nothing to do with her standard of living and that any couple making $80k/year could afford a $600k house with 3 luxury cars in one of the nicest suburbs of NYC. She even railed on about the Occupy movement and how they should just "get jobs". This coming from someone who has been continuously fired over the years and only has a job because of Daddy.

Some people need a serious reality check.

I have another friend who is the heiress of a very popular company (if I said it, you'd know it - they are worth hundreds of millions). Her grandparents use the money as power over their children - its really sick. I mean, they start wars between the family factions. Basically, if you don't do as grandpa says, you're cut off. She didn't want to play that game. So, she lives with her husband in a small townhouse in bumblefark Maryland with 4 children (she just had twins) and her and her husband work full time and barely make ends meet. I give her a lot of credit though. She's much happier now that she isn't a part of that game. Meanwhile, her sister, who would give Paris Hilton a run for her money in "usefulness" lives in a multimillion dollar home and basically hasn't worked a day in her life because she does what grandma and grandpa want her to do.

Money can make people twisted.
 
2013-01-14 12:34:29 PM  
Inherited wealth is the key to 'making it' in America.

very few do it on their own without alot of 'help'. wink.

ole' bushie boy's removal of the Estate tax (designed to reduce the liklihood of an Aristocracy establishing itself in our Nation) sure helped them out alot.

that is America's dirty little secret. come here and you'll get rich one day.
 
2013-01-14 12:35:38 PM  

lemurs: The belief that each generation should be responsible for creating its own wealth was the reason for high estate taxes in the past. Now, not so much.



you can't thank Bushie boy Jr. for that one. he was always looking out for his rich friends and their mice.
 
2013-01-14 12:36:19 PM  

unyon: Probably the most important money my parents ever gave us was the down payment on our house when we were newlywed.  That (then) $15k probably represents more than half of our net worth since.

It was a good investment on their part.  I'll do the same with my kids.  But my kids also got the same present for their high school graduations that I did- Luggage.



cold, man. lol
 
2013-01-14 12:37:02 PM  

SuperT: They don't really need the big payout when mom and dad die. They were born on 3rd, and their connections will carry them home.

the rest of us were born in the parking lot 20 blocks away.



born on third. how true. one of America's many dirty secrets.
 
2013-01-14 12:38:23 PM  

nmemkha: An ivy league education and one tiny million dollar loan or two is all the sniveling blueblooded bastards get these days.

It's inhuman.



yea, its tough all over. lol
 
2013-01-14 12:39:40 PM  

Stone Meadow: unyon: But my kids also got the same present for their high school graduations that I did- Luggage.

Lucky bastid...I got $100 and the offer of a ride to the recruiter's office.

/not kidding



wow, i bet you were really feeling the Love.
 
2013-01-14 12:42:17 PM  

Lollipop165: Now my parents are retired they now are completely living it up, whereas they were relatively penny pinchers when I was a kid. I shouldn't expect much of an inheritance. They worked for that though and gave me all of the benefits I could need to be successful. Because of their generosity, I started off with more opportunity than probably 99% of the world's population.

But I have a bunch of friends though who don't realize how blessed they are. One, in particular, drives me bonkers. She's unemployed in the field she chose to study, but her parents gave her a very low level job (until she "proves" herself) through their multi-million dollar company. Her husband is a city employee. They live in a gorgeous house, drive ridiculous cars, have a maid, a gardener, yada yada.

None of that bothers me. In fact, good on her! What bothers me is that she doesn't realize that this ISN'T normal living for someone with her and her husband's salary. She acts like her parent's contributions have nothing to do with her standard of living and that any couple making $80k/year could afford a $600k house with 3 luxury cars in one of the nicest suburbs of NYC. She even railed on about the Occupy movement and how they should just "get jobs". This coming from someone who has been continuously fired over the years and only has a job because of Daddy.

Some people need a serious reality check.

I have another friend who is the heiress of a very popular company (if I said it, you'd know it - they are worth hundreds of millions). Her grandparents use the money as power over their children - its really sick. I mean, they start wars between the family factions. Basically, if you don't do as grandpa says, you're cut off. She didn't want to play that game. So, she lives with her husband in a small townhouse in bumblefark Maryland with 4 children (she just had twins) and her and her husband work full time and barely make ends meet. I give her a lot of credit though. She's much happier now that she i ...



anyone who thinks money is going to 'save them' or bring happiness has another think coming...........
 
2013-01-14 12:48:30 PM  
Despite a desire for their kids to make it on their own, nearly all of the millionaires surveyed - 91 percent - are doing more for their kids then their parents did for them.

Umm...
 
2013-01-14 12:52:02 PM  

Lollipop165: She even railed on about the Occupy movement and how they should just "get jobs".


Anyone who says that really needs removed from their job, stripped of their assets and possessions, and given $30K in debt to service.
 
2013-01-14 12:52:13 PM  

Linux_Yes: Stone Meadow: unyon: But my kids also got the same present for their high school graduations that I did- Luggage.

Lucky bastid...I got $100 and the offer of a ride to the recruiter's office.

/not kidding

wow, i bet you were really feeling the Love.


It was liberating, actually. I already had a full-time summer job and ended up moving out about a week out of HS. Never went back except for short visits. Worked my way through college (easy to do in the early 70's). Started a career and family in due time and eventually retired.

Along the way I put both my kids through public universities and bought each a good used car, and made sure they understood that when they graduated they would be on their own. Getting them to that point debt free, but with the skills to make their own way in life, was my gift to them. Each now has their own families and is well into their own careers, so I am pleased with the outcome.
 
2013-01-14 01:07:10 PM  
Providing a safety net is the backbone of a good family, but you should let your kids fail, first, before stepping in to help pick them up
 
2013-01-14 01:17:39 PM  

Stone Meadow: Linux_Yes: Stone Meadow: unyon: But my kids also got the same present for their high school graduations that I did- Luggage.

Lucky bastid...I got $100 and the offer of a ride to the recruiter's office.

/not kidding

wow, i bet you were really feeling the Love.

It was liberating, actually. I already had a full-time summer job and ended up moving out about a week out of HS. Never went back except for short visits. Worked my way through college (easy to do in the early 70's). Started a career and family in due time and eventually retired.

Along the way I put both my kids through public universities and bought each a good used car, and made sure they understood that when they graduated they would be on their own. Getting them to that point debt free, but with the skills to make their own way in life, was my gift to them. Each now has their own families and is well into their own careers, so I am pleased with the outcome.


you think any of us will be able to afford university for our kids? tuition will probably double every 5 years for the rest of time.
 
2013-01-14 01:27:12 PM  
They should be sure to have them working at the banana stand. Make them The Manager and ensure there is always money in said banana stand.
 
2013-01-14 01:32:30 PM  

Lost Thought 00: Providing a safety net is the backbone of a good family, but you should let your kids fail, first, before stepping in to help pick them up


I sincerely believe this as well. My wife's family always gave their kids bailouts regularly. Neither of them even made it through college. The only bailout I got from my family was an abandoned house and a "you have to keep the place running yourself. I'm not coming to help." I'm not knocking it, but that place was a MESS! At this point I've put a little under half the value of the house AND property into repairs to keep it running, including a new well, roof, heating system and deck as well as shingling and interior work (walls, floors, a new ceiling once I get the kitchen repaired). Probably the best bailout one could get.

I let my kids hurt themselves after warning them once not to do that or they'll hurt themselves. Not playing with chainsaws hurt, just the little things, but a few hard knocks is good for them.
 
2013-01-14 01:32:49 PM  
Almost all you will learn in College can be learned with the library and internet. You go to college for the networking. If I did it over, I would keep the contact info of Everyone I Met In College - dorm floor, parties, ENG101, everybody.
 
2013-01-14 01:33:43 PM  

SuperT: you think any of us will be able to afford university for our kids? tuition will probably double every 5 years for the rest of time.


[notsureifserious.jpg]

I wouldn't count on that coming to pass. Bubbles have a way of breaking just when least expected. For instance, California's Assembly just (last week) proposed freezing tuition at our public colleges and universities for 7 years.
 
2013-01-14 01:38:11 PM  

roc6783: I am exceedingly fortunate and thankful for the help that my family, mostly my grandparents, were able to provide.


Your grandparents may have helped you find the skills to make you self-sufficient but your parent(s) provided you with shelter and food to survive otherwise you couldn't afford on your own. It's not as visible as the money for college, but you wouldn't be where you are without their protection.
 
2013-01-14 01:54:45 PM  
The article said the survey included people with assets of over one million. One million is chump change these days, especially in large world-class cities and coastal areas in the US. I sincerely doubt a truly wealthy person (old money) would have/take the time to fill out a survey like that.

The nouveau riche are often very proud of their own bootstrappy selves.
 
2013-01-14 02:19:07 PM  

Dear Jerk: Almost all you will learn in College can be learned with the library and internet. You go to college for the networking. If I did it over, I would keep the contact info of Everyone I Met In College - dorm floor, parties, ENG101, everybody.



That sounds like something an uneducated person would say.

As a poor person, raised by a single parent in "Smallville", Indiana; I clawed my way out of there and made something of my life. Going to college was one of the best learning experiences I've ever had, and I'm a better person for doing it. Yes, I'm sure there are people who can self-educate themselves into a fairly knowledgeable person. However, time and experience required for a particular field of study is greatly reduced through a college education.
 
2013-01-14 02:21:30 PM  

Linux_Yes: anyone who thinks money is going to 'save them' or bring happiness has another think coming...........


Contents Under Pressure: The article said the survey included people with assets of over one million. One million is chump change these days, especially in large world-class cities and coastal areas in the US. I sincerely doubt a truly wealthy person (old money) would have/take the time to fill out a survey like that.

The nouveau riche are often very proud of their own bootstrappy selves.


You might find this an interesting read:

Secret Fears of the Super-Rich
 
2013-01-14 03:07:50 PM  

Parthenogenetic: Linux_Yes: anyone who thinks money is going to 'save them' or bring happiness has another think coming...........

Contents Under Pressure: The article said the survey included people with assets of over one million. One million is chump change these days, especially in large world-class cities and coastal areas in the US. I sincerely doubt a truly wealthy person (old money) would have/take the time to fill out a survey like that.

The nouveau riche are often very proud of their own bootstrappy selves.

You might find this an interesting read:

Secret Fears of the Super-Rich



very good article.
 
2013-01-14 03:12:05 PM  

Stone Meadow: Linux_Yes: Stone Meadow: unyon: But my kids also got the same present for their high school graduations that I did- Luggage.

Lucky bastid...I got $100 and the offer of a ride to the recruiter's office.

/not kidding

wow, i bet you were really feeling the Love.

It was liberating, actually. I already had a full-time summer job and ended up moving out about a week out of HS. Never went back except for short visits. Worked my way through college (easy to do in the early 70's). Started a career and family in due time and eventually retired.

Along the way I put both my kids through public universities and bought each a good used car, and made sure they understood that when they graduated they would be on their own. Getting them to that point debt free, but with the skills to make their own way in life, was my gift to them. Each now has their own families and is well into their own careers, so I am pleased with the outcome.



its interesting how events may seem at one stage of life turn out to be something entirely different at another. it seems, with hindsight, that things were never as good or as bad as we tend to remember them. our memories distort i guess.
 
2013-01-14 03:24:13 PM  
You know , I don't know anyone who has 'made it' who didn't do it all by themselves since all of their parents etc mostly didn't have a pot to piss in.

Of course pretty much all of those people started their own companies after many years of working for others.
 
2013-01-14 03:49:14 PM  
Meh - in my limited experience with wealthy parents; it's pretty darn hard for their kids not to be successful.

The truth is, if a kid has lots of advantages, even a perfectly average kid can be a very successful adult. I dated a girl who had a brother-in-law that was three years older than me and graduated from my university who had started his own company - right out of college. At first, I was blown away. I really looked up to the guy.

Over the next few years, I got to know him a bit better, and his company was really taking off. I don't know the specifics but he had a factory and some specialized equipment that produced specialized mechanical parts that were used in all sorts of industrial settings. Naturally, his parents were absolutely proud of his success. And I was blown away at how some kid out of some no-name-college would put this all together.

As it turns out, his Dad was an upper-level manager at a large company that purchased lots of specialized mechanical parts. His first client? It was his Dad's company. How'd he get the loan to start the business? His parents funded it. It took him over a year to get a second client! Without being hand-held, without funding from his parents, without getting a contract he couldn't have gotten without being the son of the guy who decided who to buy from - he'd have gone out of business. In fact, he'd never had the idea or the ability to enter the business.

In that situation, a lot of people could be successful. Successful parents really pave the way for their children. You have to really screw up to not be a productive member of society.

I have a similar story, but less extreme. The CTO of a fairly successful small-mid sized software company (~80 people) had a pretty stupid daughter. I met her at the company parties. Cute, but a ditz. She went off to college and dropped out. Instead, she went to beauty school. For most people, this is not a very glamorous career path. After she graduated, she worked for a year (presumably to gain experience) and then the CTO paid to open the daughter's own salon. I know about this because it was plastered all over the office and part of our Christmas bonus was gift vouchers.

I don't know if the girl was any good at cutting hair. But I do know, without her successful parents, she'd be some nobody cutting hair, barely scrapping by. With successful parents, that same girl gets thrust into the role of successful business owner, and has a whole slew of different opportunities available to her.

In both cases, even if their companies fail; they'd be in a position to walk into a role at another successful company they'd have spent decades climbing 'the ladder' to reach. And if you ask them, they'd tell you they worked hard to start their own business. Unless you knew, they'd never mention the pivotal role their parents played. And if you asked their parents, they'd say, 'Oh well, of course parents want to help their kids; but we just helped 'open the door' they did the work!'.
 
2013-01-14 03:55:08 PM  

padraig: I think it was Bill Gates who said he wanted to give enough to his children that they could do anything, but not enough that they could do nothing.


It's from the other billionaire, Warren Buffet
 
2013-01-14 09:07:53 PM  

Fark_Guy_Rob: Meh - in my limited experience with wealthy parents; it's pretty darn hard for their kids not to be successful.

The truth is, if a kid has lots of advantages, even a perfectly average kid can be a very successful adult. I dated a girl who had a brother-in-law that was three years older than me and graduated from my university who had started his own company - right out of college. At first, I was blown away. I really looked up to the guy.

Over the next few years, I got to know him a bit better, and his company was really taking off. I don't know the specifics but he had a factory and some specialized equipment that produced specialized mechanical parts that were used in all sorts of industrial settings. Naturally, his parents were absolutely proud of his success. And I was blown away at how some kid out of some no-name-college would put this all together.

As it turns out, his Dad was an upper-level manager at a large company that purchased lots of specialized mechanical parts. His first client? It was his Dad's company. How'd he get the loan to start the business? His parents funded it. It took him over a year to get a second client! Without being hand-held, without funding from his parents, without getting a contract he couldn't have gotten without being the son of the guy who decided who to buy from - he'd have gone out of business. In fact, he'd never had the idea or the ability to enter the business.

In that situation, a lot of people could be successful. Successful parents really pave the way for their children. You have to really screw up to not be a productive member of society.

I have a similar story, but less extreme. The CTO of a fairly successful small-mid sized software company (~80 people) had a pretty stupid daughter. I met her at the company parties. Cute, but a ditz. She went off to college and dropped out. Instead, she went to beauty school. For most people, this is not a very glamorous career path. After she graduated, shiat depends on how much your parents are willing to help you. Just because people have money doesn't mean they do everything for their kids. Yes paying their bills and sending them to college until they can make it on their own is a huge leg up, but it is still vastly different from doing those things plus giving them their first job or investing in a business for them. Both are advantages of course, but not all wealthy parents are willing to actually give their kids jobs or hook them up with someone who can.

I've known a lot of upper middle class or rich kids who haven't done much with their lives despite the money and help because they either don't have a direction or their parents were so busy with work, they never took an active role in their kids lives and encouraged them to do anything, etc. Sure some of it is laziness and the lack of "hunger" that non-rich people have, but some of it is just a general sense of being lost or in some cases being unaware of how to do things on your own because your parents always took care of it for you.

Of course it's easy to just say boohoo to that, but sometimes it sounds like people think having money means your life is super easy and perfect which isn't always the case. You can't buy genuine

skill, talent, confidence, or know-how. I suppose you can keep throwing money into it until something sticks though...
 
2013-01-14 10:02:22 PM  
Are these the " (greater than) $1,000,001.00 in total assets" kind of millionaires or the "billions and billions" kind?

"...Specifically, 84 percent are paying higher education costs, 61 percent are buying their kids cars and 45 percent are contributing to the down payment of a home. ..."

Of course they are paying more for their kids' schooling than their parents did. It costs more than it did 20 years ago.

What kind of car? Brand new Benz or something reliable and secondhand?

I would want to help my kids buy houses too. Especially after paying all that money for their school and then watching them not able to find work. Especially especially if the kids were really trying and failing as opposed to half-assing it and expecting me to make up for it.

If these people who think their kids should make it on their own had a chance to vote the estate taxes back to where they were 60-70 years ago, how would they vote?
 
2013-01-15 03:38:57 AM  

Fark_Guy_Rob: As it turns out, his Dad was an upper-level manager at a large company that purchased lots of specialized mechanical parts. His first client? It was his Dad's company. How'd he get the loan to start the business? His parents funded it. It took him over a year to get a second client! Without being hand-held, without funding from his parents, without getting a contract he couldn't have gotten without being the son of the guy who decided who to buy from - he'd have gone out of business. In fact, he'd never had the idea or the ability to enter the business.

In that situation, a lot of people could be successful. Successful parents really pave the way for their children. You have to really screw up to not be a productive member of society.


---

Exactly. It can be even more subtle than that: little things like having parents who know to give you guidance about saving money, applying to colleges, or finding summer internships, can go a long way. As a kid these things may seem annoying and easy to take for granted, but just being introduced to that mindset puts you ahead of many of your peers. Granted, your parents don't need to be rich to do these things, but you still need to be fortunate to be born to them.
 
2013-01-15 10:17:36 AM  
SuperT: They don't really need the big payout when mom and dad die. They were born on 3rd, and their connections will carry them home.

That's how Mitt Romney did it. He was able to leverage his family name and connections and milk them for all they were worth, while simultanously himself on the back for "giving away" his inheritance from his father.
 
2013-01-15 10:29:04 AM  

Contents Under Pressure: The article said the survey included people with assets of over one million. One million is chump change these days, especially in large world-class cities and coastal areas in the US. I sincerely doubt a truly wealthy person (old money) would have/take the time to fill out a survey like that.

The nouveau riche are often very proud of their own bootstrappy selves.


Why does this lie keep being repeated?

A million is over twenty years incime PRE-taxes for the median household. It is ten years pre-tax income for those earning 100k which is what, the 95th percentile?

Factor in taxes and costs that cannot be avoided regardless of frugality and a million in assests is simply not an achievable amount of savings for the average family.

It isn't servants feeding you grapes wealthy, but if you think it is chump change you are woefully out of touch.
 
2013-01-15 11:25:30 AM  

Barricaded Gunman: while simultanously himself on the back


The whole thing?
 
2013-01-15 08:50:10 PM  
Goddammitsomuch.
 
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