I’d pick one thing for each child is to pay on something like house, student loan, credit card payoff. Id probably not give them the cash but equal amounts.
give each kid equally, say 350k total 200k for themselves and 150k in trust for their future kids ... what a selfish husband and wow how generous she is giving 10k to each kid ... life changing
They are concerned about $40,000, when they received 3.5 million, regardless of how much of that is locked up right now, it would be enough to retire on if they wanted to retire tomorrow. It sounds like they did not set themselves up for retirement so it’s sort of funny to be so concerned about giving them $10,000 each, when they would have received $10,000 just put it on their house, which is likely what at least three of their kids will do
I know! My thoughts exactly. I kind of feel like they are not only selfish but also controlling. $40k is a drop in the bucket for what the parent inherited. They ought to give them each at least $100,000. They would still have over 3 million dollars.
First step: Set up college accounts for each grandchild. Personal experience: both of us had parents who were generous with us during their lifetimes and we really appreciated it. Both of us always worked 50 hr/wk jobs and we were always careful with money. Our current net worth is higher than that of any of our parents during their lifetimes. Also, my sister received more from my parents than I did and it did not bother me because of the difference in our circumstances.
My grandkids will not have their inheritance until age 30. I don’t want to be responsible for college. I want hopefully mature adults to know what to do with money.
Second caller, Kell has 5 rental houses "not worth that much but owns outright", brings in $4,200/mo. her income from her job $88,600k, has $175,000 in savings. The advice from Ken was concerning to me, like he thought she has enough and just go enjoy your money, give it away, etc., There was a lot of focus on financial fear/insecurity as if that is why Kell wanted to take a bigger leap in her investment. I am sure Kell is thinking about making sure to have a good nest egg for retirement and that is her goal. She still has a ways to go. Better to not start spending her savings yet.
We are working on our will now so I’ve been talking with the boys. I think if my husband dies first I want to give them a little nest egg to improve their lives while I live out my days. We both retired early and have each other set up pretty good.
A lot of interrupting on Rachel’s side. I think she’s just excited hoping she’s gonna settle down as the show proceeds . Seems awfully frustrating to Ken.
I’d pick one thing for each child is to pay on something like house, student loan, credit card payoff. Id probably not give them the cash but equal amounts.
give each kid equally, say 350k total 200k for themselves and 150k in trust for their future kids ... what a selfish husband and wow how generous she is giving 10k to each kid ... life changing
They are concerned about $40,000, when they received 3.5 million, regardless of how much of that is locked up right now, it would be enough to retire on if they wanted to retire tomorrow. It sounds like they did not set themselves up for retirement so it’s sort of funny to be so concerned about giving them $10,000 each, when they would have received $10,000 just put it on their house, which is likely what at least three of their kids will do
I know! My thoughts exactly. I kind of feel like they are not only selfish but also controlling. $40k is a drop in the bucket for what the parent inherited. They ought to give them each at least $100,000. They would still have over 3 million dollars.
First step: Set up college accounts for each grandchild. Personal experience: both of us had parents who were generous with us during their lifetimes and we really appreciated it. Both of us always worked 50 hr/wk jobs and we were always careful with money. Our current net worth is higher than that of any of our parents during their lifetimes. Also, my sister received more from my parents than I did and it did not bother me because of the difference in our circumstances.
My grandkids will not have their inheritance until age 30. I don’t want to be responsible for college. I want hopefully mature adults to know what to do with money.
Second caller, Kell has 5 rental houses "not worth that much but owns outright", brings in $4,200/mo. her income from her job $88,600k, has $175,000 in savings. The advice from Ken was concerning to me, like he thought she has enough and just go enjoy your money, give it away, etc., There was a lot of focus on financial fear/insecurity as if that is why Kell wanted to take a bigger leap in her investment. I am sure Kell is thinking about making sure to have a good nest egg for retirement and that is her goal. She still has a ways to go. Better to not start spending her savings yet.
To the first caller . . Why not do both?? Give each 20k each to Invest; then they split remaining balance on your passing.
We are working on our will now so I’ve been talking with the boys. I think if my husband dies first I want to give them a little nest egg to improve their lives while I live out my days. We both retired early and have each other set up pretty good.
The money that I inherit is mine. My husband doesn’t get the final say over it!
Just give each of them a couple of $1000 dollars, a nominal amount. Whatever they do with it is whatever they do.
so selfish 3.5 million and you say 1k
A lot of interrupting on Rachel’s side.
I think she’s just excited hoping she’s gonna settle down as the show proceeds . Seems awfully frustrating to Ken.