We're pretty rich but live a very frugal lifestyle with a low burn rate. We've always told the kids we are lower middle class versus their friends and they better do well in school to hopefully have a better life than us. Having a part time job during high school was expected. We're actually easily upper class in terms of net worth. Two times they were surprised were: --When we got them $5,000 used Toyotas at age 16 as their first car as a surprise. --Told them they actually have a college fund as a senior in high school and they should be able to finish 4 years of college debt free. Now that they are both in college, not sure how and when we would share with them that we'll have funds to help them towards owning their first house and start maxing their retirement funds at an early age. We already matched them $1-for-$1 with their roth IRA since age 16. So our strategy was Stealth Wealth even with our kids.
Wow! I never thought of doing a parent matching, that is great! I really like how this is an example of 'hiding' it from your kids, hopefully it worked and set them off to a great start.
Fulfillment doesn’t have to come from working for "the man". Purpose can be found in creativity, relationships, self-growth, or simply enjoying life. Productivity isn’t the only measure of a meaningful existence.
I totally agree with you... I am FIRE.... And once I was set financially.... I lost all interest in my career.... I was OK with it before fire... not in love but I appreciated it... Post FIRE lost sll interest & planned a strategic layoff to get my golden handcuffs... Now my job is managing my money & I do love it.
The truth is you and most of us are doing it just for the money like serfs. We have had the time or ability risk our financial future to try things and see what gives us fulfillment. That is why when you get money, it can show you if what you are doing is your life purpose/interest.
@SingleCHILDLESSHappyMovement well.. I definitely don't consider myself a serf... I was an executive level highly compensated employee and had phenomenal benefits . I did used to like the challenge and I always loved my colleagues.. if my working years were "serfdom," then it was a pretty nice ride that made me wealthy & took me all over the world... Make no mistake I am super grateful for my corporate career.... I am just done with it now got rich .. got older and looking for new challenges and interests....
Definitely a good point. Some wealthy parents are able to pull this off. As a broader issue, what about helicopter parents and the parents who do not prepare their children for independence? So, the kids end up living at home way past the due date because mom makes their meals, cleans their clothes and room, wipes their butt essentially babying them as adults? These stay home kids that do not strive to support themselves and manage to learn a skill and support their own life. Kind of a related condition but it seems to happen right on down through various economic levels not just rich folks. I also find these types of kids make terrible partners, boyfriends, girlfriends, spouses...do a video on that!
Hikikomori? I think sometimes the world has become too competitive. You are asked to run a marathon with only the top 50% 'making it'. So what happens to the rest? Some of it is probably from too much babying.
@@BeatTheBush I suppose. It's not necessary to excel or achieve a high level of education to be successful enough to support oneself. Parents have to help children to find their passion or at least an initial passion that they can pursue to have an independent life. Be a firefighter, a teacher, an electrician, a baker, anything. No need to be a doctor or lawyer. Just get off the butt, turn off the video console and get out there. I see a lot of parents who DO NOT encourage their teenagers to even get a part time job and make a few $$. That's crazy to me.
1. Don't let the know how rich you are 2. Don't let them know there is a trust fund coming They would've learn the life lessons and be a productive member of society by then and hopeful able to instill that into their kids too.
Hi BtB, I get your point around trust fund babies that don't try to utilize their economic situation to do something. However, I hope both you and anyone else watching this video understand that you cannot expect to understand or know someone else's situation from an outsider's perspective. I would not assume just because someone is young and not doing something "productive" with their time, that they are a trust fund baby. I was not a trust fund baby as I grew up very poor however our economic situation improved where I could live at home with my parents without having to pay. In my situation during my 20s, the outsider's perspective was that I was living at home and going to college for 9 years and failing classes because I was being "lazy" and playing video games with all my time. People thought I was freeloading off of my parents because I didn't have a job or pay bills or etc. I wasn't being "lazy". I have mental health issues: major depressive disorder (or known as really bad depression thats always present) and PTSD / trauma from my childhood because I grew up in an environment where I simply wasn't given the resource to succeed but had high expectations with severe consequences (I was beat and yelled at). When a kid is taught that nothing they do is good enough and that trying is not enough because getting the correct outcome matters, they learn to give up on themselves and on trying in life. That is me. I ended up graduating however not with the degree I wanted due to my low grades (as a result of the mistakes I made). Several years ago, I ended up landing a job at a decent place and getting a decent engineering job, despite not being qualified for it. Today, I still work at this job and I am working on getting a bachelors degree in electrical engineering. This is my life and how I'm trying to make the best of it. I don't need the approval of outsiders/strangers who have no understanding or empathy for my personal struggles. I've gotten countless criticism over the years from people who thought they knew what was best for me. But, it is my life and I will make the decisions that work best for my situation because at the end of the day, its me who has to deal with the consequences, not other people.
Clearly, I over simplified why being given everything would make someone lazy. Even if a child was given $30k a month, they certain could have other issues at play such as the environment at home. Here I am summarizing what I know indirectly as something that occurs often and want to discuss a possible solution.
The classic case of Stoicism versus Epicureanism: The Stoics cared about virtuous behavior and living according to nature, while the Epicureans were all about avoiding pain and seeking natural and necessary pleasure. If an individual doesn't learn, they'll become a bum - Simple as that.
“A person often meets his destiny on the road he took to avoid it.” update it, a person meets his destiny working 9 to 5 for corporation to sustain a mediocre living.
Carefully run your hand on the inside of the tire sometimes there's metal cables or glass shard and be careful of the tire irons don't pinch the tube putting the tire on
I didn't think of that. Yeah, sometimes the tires have metal wires that might break and poke towards the inside. But then those are only for high speed car tires?
I would NOT be lazy if I was handed enough money to be lazy. It's a matter of having enough interests/hobbies to stay occupied, or perhaps you want to devote your time to pursuits that are hard or impossible to make money on.
I think hobbies can get boring if you do not push the boundaries hard enough. That's just my own opinon on how to live, my ideals, etc. might not fit for everyone.
@@BeatTheBush Fair enough. Personally I have so many passions where money is the only thing standing in my way, so I don't think getting bored is in the cards for me.
Jackie Chan and 50 Cent unfortunately had to deal with the concequences of not realizing giving their kids growing up everything they needed only set them up for failure as adults.
@@BeatTheBush Fair enough, though once has grappled to find the root cause - for future incidents, it might be prudent to then weigh other options like a new tube, or a professional repair for such a critical component in most bikes and cars.
I mean, the point in having a trust fund is that you don't have to work for anything, right? Work is optional. If I want to stay home reading, watching UA-cam, and solving math problems all day, that's my prerogative. I don't owe anyone anything, and have no obligation to participate. Well, maybe morally I do, in the sense that I could be using my money to help people, but realistically, no one is going to do that beyond donating a token amount (say 2% of one's net income), not even successful people in high-impact positions like medicine or law.
Then you have people like me and John Lear who were lovingly *disinherited* and we devote our lives to conspiracy theories and having big mouths and bad attitudes.
Now you have me wondering about how many boring youtubers are trust fund babies. (not you of course). And then there are those who just stay enrolled at a University forever.
@@BeatTheBush I worked at a community college as an advisor faculty and was blown away when doing a grad application for someone getting their like 6th associate degree😬
wouldnt it be to make them ambitious? like you see a lot of rags to riches stories and usually it is the poor people who has the most ambition in life. if someone is already rich and you teach them to be ambitious, then they would want more power. more money = more power. like soft power, controlling people via media or hard power via weapons. hard power is in a standstill right now until someone invents a way to counter nukes
you speak ill of laziness but people world wide are keeping slaves to do work they don't want to do and those people are the ones who usually prosper. who got rich in the making of America? the slaves that worked non stop or the lazy masters sitting around drinking tea? you are too concerned with pride and ego
We're pretty rich but live a very frugal lifestyle with a low burn rate. We've always told the kids we are lower middle class versus their friends and they better do well in school to hopefully have a better life than us. Having a part time job during high school was expected.
We're actually easily upper class in terms of net worth.
Two times they were surprised were:
--When we got them $5,000 used Toyotas at age 16 as their first car as a surprise.
--Told them they actually have a college fund as a senior in high school and they should be able to finish 4 years of college debt free.
Now that they are both in college, not sure how and when we would share with them that we'll have funds to help them towards owning their first house and start maxing their retirement funds at an early age. We already matched them $1-for-$1 with their roth IRA since age 16.
So our strategy was Stealth Wealth even with our kids.
Wow! I never thought of doing a parent matching, that is great! I really like how this is an example of 'hiding' it from your kids, hopefully it worked and set them off to a great start.
Fulfillment doesn’t have to come from working for "the man". Purpose can be found in creativity, relationships, self-growth, or simply enjoying life. Productivity isn’t the only measure of a meaningful existence.
Of course. I guess I forgot to mention what kind of work.
Well said
I totally agree with you...
I am FIRE.... And once I was set financially.... I lost all interest in my career.... I was OK with it before fire... not in love but I appreciated it...
Post FIRE lost sll interest & planned a strategic layoff to get my golden handcuffs...
Now my job is managing my money & I do love it.
You get that fu money and have this itch to quit at the drop of a dime. But great you got your severance.
Yeah, me too. I lost interest in my career after FIRE and do not miss it all!
The truth is you and most of us are doing it just for the money like serfs. We have had the time or ability risk our financial future to try things and see what gives us fulfillment. That is why when you get money, it can show you if what you are doing is your life purpose/interest.
@SingleCHILDLESSHappyMovement well.. I definitely don't consider myself a serf... I was an executive level highly compensated employee and had phenomenal benefits . I did used to like the challenge and I always loved my colleagues.. if my working years were "serfdom," then it was a pretty nice ride that made me wealthy & took me all over the world...
Make no mistake I am super grateful for my corporate career.... I am just done with it now got rich .. got older and looking for new challenges and interests....
Definitely a good point. Some wealthy parents are able to pull this off. As a broader issue, what about helicopter parents and the parents who do not prepare their children for independence? So, the kids end up living at home way past the due date because mom makes their meals, cleans their clothes and room, wipes their butt essentially babying them as adults? These stay home kids that do not strive to support themselves and manage to learn a skill and support their own life. Kind of a related condition but it seems to happen right on down through various economic levels not just rich folks. I also find these types of kids make terrible partners, boyfriends, girlfriends, spouses...do a video on that!
Hikikomori? I think sometimes the world has become too competitive. You are asked to run a marathon with only the top 50% 'making it'. So what happens to the rest? Some of it is probably from too much babying.
@@BeatTheBush I suppose. It's not necessary to excel or achieve a high level of education to be successful enough to support oneself. Parents have to help children to find their passion or at least an initial passion that they can pursue to have an independent life. Be a firefighter, a teacher, an electrician, a baker, anything. No need to be a doctor or lawyer. Just get off the butt, turn off the video console and get out there. I see a lot of parents who DO NOT encourage their teenagers to even get a part time job and make a few $$. That's crazy to me.
Wait, was the engagement announcement video removed from the playlist?
Yup it was, probably his fiance complained. Strange because in the video, he didn't say enough about her for us to know who she is.
Yeah, he probably unlisted it. Which is fine because most of the people who would've cared saw it already.
Gaining experience is extremely valuable.
1. Don't let the know how rich you are
2. Don't let them know there is a trust fund coming
They would've learn the life lessons and be a productive member of society by then and hopeful able to instill that into their kids too.
There will be signs. lol.
No human life is really wasted, but people got wasted sometimes.
Great video BTB! Would love to see your desk setup because you’ve got a good attention to detail.
Like this one: ua-cam.com/video/z6pngqQCi0g/v-deo.htmlsi=Wq7RzOWvXW2WB4CE This is 1 year ago so I have a few new things.
Hi BtB, I get your point around trust fund babies that don't try to utilize their economic situation to do something. However, I hope both you and anyone else watching this video understand that you cannot expect to understand or know someone else's situation from an outsider's perspective. I would not assume just because someone is young and not doing something "productive" with their time, that they are a trust fund baby. I was not a trust fund baby as I grew up very poor however our economic situation improved where I could live at home with my parents without having to pay. In my situation during my 20s, the outsider's perspective was that I was living at home and going to college for 9 years and failing classes because I was being "lazy" and playing video games with all my time. People thought I was freeloading off of my parents because I didn't have a job or pay bills or etc. I wasn't being "lazy". I have mental health issues: major depressive disorder (or known as really bad depression thats always present) and PTSD / trauma from my childhood because I grew up in an environment where I simply wasn't given the resource to succeed but had high expectations with severe consequences (I was beat and yelled at). When a kid is taught that nothing they do is good enough and that trying is not enough because getting the correct outcome matters, they learn to give up on themselves and on trying in life. That is me. I ended up graduating however not with the degree I wanted due to my low grades (as a result of the mistakes I made). Several years ago, I ended up landing a job at a decent place and getting a decent engineering job, despite not being qualified for it. Today, I still work at this job and I am working on getting a bachelors degree in electrical engineering. This is my life and how I'm trying to make the best of it. I don't need the approval of outsiders/strangers who have no understanding or empathy for my personal struggles. I've gotten countless criticism over the years from people who thought they knew what was best for me. But, it is my life and I will make the decisions that work best for my situation because at the end of the day, its me who has to deal with the consequences, not other people.
Clearly, I over simplified why being given everything would make someone lazy. Even if a child was given $30k a month, they certain could have other issues at play such as the environment at home.
Here I am summarizing what I know indirectly as something that occurs often and want to discuss a possible solution.
@@BeatTheBush i understand but unfortunately, I've certainly met other people who are quick to judge.
The classic case of Stoicism versus Epicureanism: The Stoics cared about virtuous behavior and living according to nature, while the Epicureans were all about avoiding pain and seeking natural and necessary pleasure. If an individual doesn't learn, they'll become a bum - Simple as that.
He is thinking ahead to his 5 future kids - thats good!
19
“A person often meets his destiny on the road he took to avoid it.”
update it, a person meets his destiny working 9 to 5 for corporation to sustain a mediocre living.
If it doesn't pay enough, it's important to do everything you can to increase that income.
Carefully run your hand on the inside of the tire sometimes there's metal cables or glass shard and be careful of the tire irons don't pinch the tube putting the tire on
I didn't think of that. Yeah, sometimes the tires have metal wires that might break and poke towards the inside. But then those are only for high speed car tires?
I would NOT be lazy if I was handed enough money to be lazy. It's a matter of having enough interests/hobbies to stay occupied, or perhaps you want to devote your time to pursuits that are hard or impossible to make money on.
I think hobbies can get boring if you do not push the boundaries hard enough. That's just my own opinon on how to live, my ideals, etc. might not fit for everyone.
@@BeatTheBush Fair enough. Personally I have so many passions where money is the only thing standing in my way, so I don't think getting bored is in the cards for me.
Jackie Chan and 50 Cent unfortunately had to deal with the concequences of not realizing giving their kids growing up everything they needed only set them up for failure as adults.
I think if a parent grew up in a poor family they might have this urge to spoil their children to give them everything they never had.
Yeah happens! Better is your children don't know you are rich 😂
What's the cost of a new inner tube for your e-bike? Shouldn't that be weighed against all the time and frustration you put in?
Cost is not an issue. Finding the root cause is worth $1000.
@@BeatTheBush Fair enough, though once has grappled to find the root cause - for future incidents, it might be prudent to then weigh other options like a new tube, or a professional repair for such a critical component in most bikes and cars.
I think parents can be so irresponsible you should be able to afford to pay for your kids their whole life in case something happens
I mean, the point in having a trust fund is that you don't have to work for anything, right?
Work is optional. If I want to stay home reading, watching UA-cam, and solving math problems all day, that's my prerogative. I don't owe anyone anything, and have no obligation to participate. Well, maybe morally I do, in the sense that I could be using my money to help people, but realistically, no one is going to do that beyond donating a token amount (say 2% of one's net income), not even successful people in high-impact positions like medicine or law.
Yup. A trust fund will do that to most people.
Cool I dont have a trust fund lucky me!
Good video. I suffer from major complacency syndrome. Except I am not a trust fund baby. I guess I was born lazy.
People do not have infinite will power. I try to reduce friction or use mind tricks to get myself to do anything.
trust fund baby here. my asian parents would kick my ass if I was lazy. solution: have asian parents.
tiger moms would be pretty scary. do it or you'll get disowned deal?
Then you have people like me and John Lear who were lovingly *disinherited* and we devote our lives to conspiracy theories and having big mouths and bad attitudes.
Sounds like an older person who doesn't give a f and just says what they want. Very good for longevity.
Being disinherited is a bitter pain but it gives you a great sense of humor. 😁
Now you have me wondering about how many boring youtubers are trust fund babies. (not you of course). And then there are those who just stay enrolled at a University forever.
Funny you mention those who keep on getting degrees. It is a learning in an academic setting an addiction?
@@BeatTheBush I worked at a community college as an advisor faculty and was blown away when doing a grad application for someone getting their like 6th associate degree😬
wouldnt it be to make them ambitious? like you see a lot of rags to riches stories and usually it is the poor people who has the most ambition in life. if someone is already rich and you teach them to be ambitious, then they would want more power. more money = more power. like soft power, controlling people via media or hard power via weapons. hard power is in a standstill right now until someone invents a way to counter nukes
Yes, that sounds about right. But how is the question.
What about your doge coin you still holding it ?
Make a video about dogecoin
I try not to but if this comment gets more than 100 likes, I'll reconsider making an update.
Are you dogecoin millionaire again?
this is a weird take video.
you speak ill of laziness but people world wide are keeping slaves to do work they don't want to do and those people are the ones who usually prosper. who got rich in the making of America? the slaves that worked non stop or the lazy masters sitting around drinking tea? you are too concerned with pride and ego
Certain types of work is not worth slaving over. I too would be lazy when confronted with a dead end job or just work I do not like.
@ that is how Americans feel about the shitty jobs they have to work.