I'll keep the tradition alive.
My parents never inherited anything and won't have anything to leave me.
If I have more money than I can spend when I am older, I will just give it to my children before I pass.
It doesn't make sense for any large amount of money to ever be inherited unless a rich person dies unexpectedly young.
X-Runner wrote:
I'll keep the tradition alive.
My parents never inherited anything and won't have anything to leave me.
If I have more money than I can spend when I am older, I will just give it to my children before I pass.
It doesn't make sense for any large amount of money to ever be inherited unless a rich person dies unexpectedly young.
This is an unfathomable mindset to me, but I guess I'm in the minority here.
You guys don't care about your family legacy/name? You think each new generation should start at zero? What kind of peasants are you? Very sad!
400mBro wrote:
so sorry wrote:If only they'd invested some of that money in your education then you might have been able to use an apostrophe.
I'm posting on my phone, asshat
The crux of the biscuit is that you'd have to have an advanced degree to use an apostrophe on a smartphone.
I'll get around exactly a million dollars.
and at that point I will no longer have to work...I plan to keep working but I'm sure perspectives change.
Paulie heh heh heh wrote:
400mBro wrote:I'm posting on my phone, asshat
The crux of the biscuit is that you'd have to have an advanced degree to use an apostrophe on a smartphone.
Wow, a TYPO! Get over it.
hukkkkk wrote:
I'll get around exactly a million dollars.
and at that point I will no longer have to work...I plan to keep working but I'm sure perspectives change.
This is a good attitude. I will keep working but will downshift into something more enjoyable / rewarding.
Not to nitpick, but $1 million is not enough to stop working altogether. You cannot live off low-yield returns if you invest (2-3% annually) and if you just use it to live you could blow through it in 2 years
400m wrote:
hukkkkk wrote:I'll get around exactly a million dollars.
and at that point I will no longer have to work...I plan to keep working but I'm sure perspectives change.
This is a good attitude. I will keep working but will downshift into something more enjoyable / rewarding.
Not to nitpick, but $1 million is not enough to stop working altogether. You cannot live off low-yield returns if you invest (2-3% annually) and if you just use it to live you could blow through it in 2 years
the inherited million plus the $3 million I have saved so far will put me over the top
400mBro wrote:
X-Runner wrote:I'll keep the tradition alive.
My parents never inherited anything and won't have anything to leave me.
If I have more money than I can spend when I am older, I will just give it to my children before I pass.
It doesn't make sense for any large amount of money to ever be inherited unless a rich person dies unexpectedly young.
This is an unfathomable mindset to me, but I guess I'm in the minority here.
You guys don't care about your family legacy/name? You think each new generation should start at zero? What kind of peasants are you? Very sad!
You didn't really read my post.
I mentioned giving money to your children before you die.
That builds a family legacy. That starts the next generation with something.
Waiting until you are 50 or 60 years old old to inherit doesn't help you get somewhere in life. You're established by then.
An 80 year old with $10M in the bank isn't going to be able to spend it. So pass it down early.
Inheritance happens after death. It should be passed on before then.
X-Runner wrote:
400mBro wrote:This is an unfathomable mindset to me, but I guess I'm in the minority here.
You guys don't care about your family legacy/name? You think each new generation should start at zero? What kind of peasants are you? Very sad!
You didn't really read my post.
I mentioned giving money to your children before you die.
That builds a family legacy. That starts the next generation with something.
Waiting until you are 50 or 60 years old old to inherit doesn't help you get somewhere in life. You're established by then.
An 80 year old with $10M in the bank isn't going to be able to spend it. So pass it down early.
Inheritance happens after death. It should be passed on before then.
How do you plan on "passing it down?" The IRS limits cash gift contributions to $14,000. That's nice but would cover rent for about 6 months.
The IRS doesn't limit anything.
Some amounts may be subject to tax but it doesn't limit anything.
And there are plenty of ways to work around the taxes.
Also, a million dollars pre tax is worth more to you at age 30 then two million at age 60.
Money is to be spent and can be spent better by the young.
X-Runner wrote:
Money is to be spent and can be spent better by the young.
Typical millennial . . . me, me, me . . . it's all about me.
Better spent . . . wrote:
X-Runner wrote:Money is to be spent and can be spent better by the young.
Typical millennial . . . me, me, me . . . it's all about me.
What generation are you in?
400m wrote:
Ill probably get a solid middle class inheritance ($2-$4 million) from my parents, which is low considering what most in my friends circle are getting.
I don't understand how this is "middle class". This has upper class written all over it if you ask me. (And that's fine. I mean, I'm happy for your good fortune, but it is certainly not typical of the middle class I live(d) in.)
My folks are going to have to work until they die because neither they nor I have the money to support them not working. My Dad raised 3 kids on $29-$32K per year. Their house is paid off - just recently - , but they have never made more money than that.They are turning 60 years old and I am in my mid-30's.
Be Real wrote:
400m wrote:Ill probably get a solid middle class inheritance ($2-$4 million) from my parents, which is low considering what most in my friends circle are getting.
I don't understand how this is "middle class". This has upper class written all over it if you ask me. (And that's fine. I mean, I'm happy for your good fortune, but it is certainly not typical of the middle class I live(d) in.)
My folks are going to have to work until they die because neither they nor I have the money to support them not working. My Dad raised 3 kids on $29-$32K per year. Their house is paid off - just recently - , but they have never made more money than that.They are turning 60 years old and I am in my mid-30's.
I live in a major metropolitan area where "starter homes" are at least 800k in desirable areas. If you live in Dallas or Phoenix or wherever, I guess having that much isn't necessary. But where people actually want to live, it is.
I'm single and childless and make six figures. I could not conceive of bringing children into the world on less than 30k. Quite honestly, it is irresposible.
400m wrote:
Be Real wrote:I don't understand how this is "middle class". This has upper class written all over it if you ask me. (And that's fine. I mean, I'm happy for your good fortune, but it is certainly not typical of the middle class I live(d) in.)
My folks are going to have to work until they die because neither they nor I have the money to support them not working. My Dad raised 3 kids on $29-$32K per year. Their house is paid off - just recently - , but they have never made more money than that.They are turning 60 years old and I am in my mid-30's.
I live in a major metropolitan area where "starter homes" are at least 800k in desirable areas. If you live in Dallas or Phoenix or wherever, I guess having that much isn't necessary. But where people actually want to live, it is.
I'm single and childless and make six figures. I could not conceive of bringing children into the world on less than 30k. Quite honestly, it is irresposible.
But you wouldn't know, because you've never been. Plenty of people make it work because that's what they had to do. They didn't have to have the iPhone, 100mb/sec, Acura, Kayano XXVIII, $14 manhattan lifestyle; they focused on surviving and raising kids.
If I inherit anything, it will probably be $100-200k; a nice bit of cushion. I'm assuming my parents will have ~$5M when they're retired at 70 in a few years. They'll give most of it away and probably set up education funds for their grand kids. Fine by me. Their parents passed on little more than a $200k house and the old cars. I don't need or expect anything grand from them.
There's no legacy to be found in money; legacy, class and character are wayyy beyond that.
kruder & dorfmeister wrote:
400m wrote:I live in a major metropolitan area where "starter homes" are at least 800k in desirable areas. If you live in Dallas or Phoenix or wherever, I guess having that much isn't necessary. But where people actually want to live, it is.
I'm single and childless and make six figures. I could not conceive of bringing children into the world on less than 30k. Quite honestly, it is irresposible.
But you wouldn't know, because you've never been. Plenty of people make it work because that's what they had to do. They didn't have to have the iPhone, 100mb/sec, Acura, Kayano XXVIII, $14 manhattan lifestyle; they focused on surviving and raising kids.
If I inherit anything, it will probably be $100-200k; a nice bit of cushion. I'm assuming my parents will have ~$5M when they're retired at 70 in a few years. They'll give most of it away and probably set up education funds for their grand kids. Fine by me. Their parents passed on little more than a $200k house and the old cars. I don't need or expect anything grand from them.
There's no legacy to be found in money; legacy, class and character are wayyy beyond that.
Well, I thank my lucky stars my family never had to "just survive."
"There's no legacy to be found in money"
This kind of thinking is what keeps families poor / survival - mode forever.
400m wrote:
Be Real wrote:I don't understand how this is "middle class". This has upper class written all over it if you ask me. (And that's fine. I mean, I'm happy for your good fortune, but it is certainly not typical of the middle class I live(d) in.)
My folks are going to have to work until they die because neither they nor I have the money to support them not working. My Dad raised 3 kids on $29-$32K per year. Their house is paid off - just recently - , but they have never made more money than that.They are turning 60 years old and I am in my mid-30's.
I live in a major metropolitan area where "starter homes" are at least 800k in desirable areas. If you live in Dallas or Phoenix or wherever, I guess having that much isn't necessary. But where people actually want to live, it is.
I'm single and childless and make six figures. I could not conceive of bringing children into the world on less than 30k. Quite honestly, it is irresposible.
At first, I thought you were just unaware. Now, you sound like a privileged brat. To label my parents as irresponsible, let alone the hundreds of millions of parents in the world who have kids on less than $30k, is nothing more than elitism. That town that I lived in that you labeled undesirable had two high schools - each with graduating classes of over 350. My folks bought their house for $70,000 in the mid-80's. It is worth about double that now.
I have lived in a few metropolitan areas as well. Fixer-upper houses where I am now can still be found for around $50k. Nicer, remodeled homes in the thriving, trendy areas are closer to $180k. We're consistently rated a top city for millennials to move to, we have pro sports, and having lived in Chicago and Denver I prefer it here.
after i got my inheritence i will buy all the rights to track and field events and let noone else watch them
holy i guess im pretty naive but I had no idea that 2-4 million dollar inheritances were so common. Or is this LRC being liars? I always figured a good inheritance would be like 50k or something.
My mom is retired from a pretty middle class job but my dad makes good money and will probably work for a while longer. I have no idea what my siblings and I would inherit from them but I'd rather not find out for as long as possible anyways
cant be unseen wrote:
holy i guess im pretty naive but I had no idea that 2-4 million dollar inheritances were so common. Or is this LRC being liars? I always figured a good inheritance would be like 50k or something.
My mom is retired from a pretty middle class job but my dad makes good money and will probably work for a while longer. I have no idea what my siblings and I would inherit from them but I'd rather not find out for as long as possible anyways
In aboslute terms, it is probably well above average for a typical American. BUT you must also remember that the "average" American is a room-temperture IQ freak with no money sense, so I'm really not focused on them.
Where I come from (nice suburb of a major city) it's not at all uncommon to have friends that common from very wealthy families, I'm talking $10-$100 million range. So my inheritance is low compared to my social circle.
It does NOT make me a deadbeat. My parents do not help me in any form whatsover in my current situation, save for a nice dinner once a month a few hundred bucks on the holidays.