Comments on: Lessons for rich kids http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/ Trying to live large ...one step at a time Mon, 15 Mar 2010 23:14:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Carnivals of the week | LivingAlmostLarge http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/comment-page-1/#comment-1724 Carnivals of the week | LivingAlmostLarge Thu, 26 Jun 2008 17:51:24 +0000 http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/#comment-1724 [...] Also participated in the 4th Finance Fiesta @ Pinching Copper with Medical Costs in Retirement. And the 65th Money Stories @ the Dividend Guy with Talking to One’s Parents.  Also participated in the 158th Carnival of Personal Finance @ Mrs Micah with Lines of Division.  And Kids and Money @ Money Hacks with “lessons for rich kids“. [...] [...] Also participated in the 4th Finance Fiesta @ Pinching Copper with Medical Costs in Retirement. And the 65th Money Stories @ the Dividend Guy with Talking to One’s Parents.  Also participated in the 158th Carnival of Personal Finance @ Mrs Micah with Lines of Division.  And Kids and Money @ Money Hacks with “lessons for rich kids“. [...]

]]> By: Simon http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/comment-page-1/#comment-1721 Simon Thu, 29 May 2008 14:17:51 +0000 http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/#comment-1721 Starting this whole thing with a new family on the way, i am still trying to work out how to guide them in such a way as to be as independant as i was as a teen into adulthood so that they can make it on their own without resorting to coming home after college (although that is some 20 years down the line). I wont say my Mother wasnt philanthropic after i left school with a nice donation to help pay off some bills (which i am slowing paying back to her rather than the student loans company), but other than that i believe that i made it through hard work, determination, skill and a healthy dose of luck, without having to mooch off my parents as we see with many kids my age and younger these days. However i know right now my wife and i, as well as our parents and grandparents arent anywhere near the ultrarich folks discussed in the piece. It does seem like a fine line. I believe through our prudence and money earning abilities that we have the ability to give our kids practically anything they want, but i dont know if i want them to really know that as they grow up. Its certainly something that keeps me thinking how i will play my cards throughout their upbringing and i am sure it will develop as they grow and i grow in understanding as well. Starting this whole thing with a new family on the way, i am still trying to work out how to guide them in such a way as to be as independant as i was as a teen into adulthood so that they can make it on their own without resorting to coming home after college (although that is some 20 years down the line). I wont say my Mother wasnt philanthropic after i left school with a nice donation to help pay off some bills (which i am slowing paying back to her rather than the student loans company), but other than that i believe that i made it through hard work, determination, skill and a healthy dose of luck, without having to mooch off my parents as we see with many kids my age and younger these days. However i know right now my wife and i, as well as our parents and grandparents arent anywhere near the ultrarich folks discussed in the piece.

It does seem like a fine line. I believe through our prudence and money earning abilities that we have the ability to give our kids practically anything they want, but i dont know if i want them to really know that as they grow up. Its certainly something that keeps me thinking how i will play my cards throughout their upbringing and i am sure it will develop as they grow and i grow in understanding as well.

]]> By: chris http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/comment-page-1/#comment-1723 chris Thu, 29 May 2008 02:50:20 +0000 http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/#comment-1723 Thank you so much for finding this article. I saw it on Tuesday and tried to find it for someone today and couldn't. I think it overall is an excellent article. To reply #1, I don't think you can paint everyone in a one dimensional way. However, I believe that in general, many families are terribly afraid they and their children will be pereceived as poor, so they try to keep up with the Jones family. Again, it's not a one size fits all, but very probably one size fits most. Thank you so much for finding this article. I saw it on Tuesday and tried to find it for someone today and couldn’t. I think it overall is an excellent article.

To reply #1, I don’t think you can paint everyone in a one dimensional way. However, I believe that in general, many families are terribly afraid they and their children will be pereceived as poor, so they try to keep up with the Jones family. Again, it’s not a one size fits all, but very probably one size fits most.

]]> By: Jim ~ mydebtblog.com http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/comment-page-1/#comment-1722 Jim ~ mydebtblog.com Wed, 28 May 2008 20:43:09 +0000 http://www.livingalmostlarge.com/2008/05/28/lessons-for-rich-kids/#comment-1722 I don't think it is fair to generalize that all middle class are trying to give their children what they didn't have. If anything I think there is a fine line in the middle class, part is striving to become upper class, the rest are being absorbed into the lower class. It is a matter of values, morals, and integrity that drives success. I've seen the documentary you're referring to, Born Rich. These children are born into old money that is maintained in the family through charity and work. Some of them were not even aware of their parents’ financial status growing up. The sad part is that a lot of these children don't grow up with personal struggle since nothing is out of reach for them. When it comes to college students who graduate school and then move back to the nest, there should be a line drawn. Short term, roughly 6 months, with expectations they are to find their independence. Some people will take advantage of a situation if given the chance. Why has government assistance programs like wellfare, food stamps, and housing grown? This is partly why the lower class stays the way it does. People who cannot take care of themselves are infants. Look around at how many teenagers working today. The number has gone down because there is a huge sense of entitlement and expectation like never before. I don't think rich kids are the problem in society today. I don’t think it is fair to generalize that all middle class are trying to give their children what they didn’t have. If anything I think there is a fine line in the middle class, part is striving to become upper class, the rest are being absorbed into the lower class. It is a matter of values, morals, and integrity that drives success.

I’ve seen the documentary you’re referring to, Born Rich. These children are born into old money that is maintained in the family through charity and work. Some of them were not even aware of their parents’ financial status growing up. The sad part is that a lot of these children don’t grow up with personal struggle since nothing is out of reach for them.

When it comes to college students who graduate school and then move back to the nest, there should be a line drawn. Short term, roughly 6 months, with expectations they are to find their independence. Some people will take advantage of a situation if given the chance. Why has government assistance programs like wellfare, food stamps, and housing grown? This is partly why the lower class stays the way it does. People who cannot take care of themselves are infants. Look around at how many teenagers working today. The number has gone down because there is a huge sense of entitlement and expectation like never before. I don’t think rich kids are the problem in society today.

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