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Billionaire Says Her Kids Arenít Fit for Inheritance
http://finance.yahoo.com/ ^

Posted on 03/13/2012 8:12:05 PM PDT by jakerobins

If you ask the rich about the biggest problem created from their wealth, they will usually say their kids.

Most of today’s self-made rich didn’t grow up with money (surveys show 75% of millionaires didn’t inherit their wealth). And today’s rich parents expect their kids to grow up with middle-class values– just as they did.

[More from WSJ.com: When Mom Goes Viral]

It’s a noble goal. But when those parents are flying the kids around on a private jet or giving them a Mercedes for their Sweet 16, it should come as no surprise that their kids lack the same work ethic and hustle as a middle-class kid.

And so wealthy parents today face an inevitable choice: leaving boatloads of money to kids who aren’t good with money.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Australia/New Zealand; Miscellaneous; News/Current Events
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Entitled kids having to come up without Millions....Welcome to the "Real World"
1 posted on 03/13/2012 8:12:08 PM PDT by jakerobins
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To: jakerobins

Bookmark for later. Sounds REALLY interesting!


2 posted on 03/13/2012 8:15:05 PM PDT by originalbuckeye
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To: jakerobins

Bookmark for later. Sounds REALLY interesting!


3 posted on 03/13/2012 8:15:35 PM PDT by originalbuckeye
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To: jakerobins

They don’t deny their kids anything and they wonder where these kids get their entitlement attitudes.


4 posted on 03/13/2012 8:23:30 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: jakerobins
Guess this is usual, but I know a story of the unusual. Friend of mine has a brother who went from redneck country to Harvard for an MBA(30 + years ago). He met and married a girl and whose father is one of the Fortune 500. He worked hard and had a lot of success from his hard work, and I am sure the people he met through his in-laws didn't hurt.

The amazing thing is their son. In 3d grade he started a newsletter and sold it to classmates for a nickel. He hustled all his life, and in HS started a lawn service in their upscale neighborhood, which he worked himself. He finally got a huge client list and hired guys to help. Soon, he was scheduling and running a rather large lawn svc--bought modern equipment and was all business.

When he went off to university, he bought his own car, instead of looking for dad or grandpa to get it. Good student, finished and now successful in his own right. Unusual, but true.

vaudine

5 posted on 03/13/2012 8:27:21 PM PDT by vaudine
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To: jakerobins
And so wealthy parents today face an inevitable choice: leaving boatloads of money to kids who aren’t good with money.

but where will organizations like the Sierra Club, PETA, and Code Pink get their funding?

Not to mention the campaign coffers and pockets of Democrat politicians who love to relieve folks of the money someone else earned.

6 posted on 03/13/2012 8:29:18 PM PDT by digger48
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To: jakerobins
There's an old saying that goes (and I paraphrase) "If you can, give your children enough money so they can do something with their lives but not so much money that they don't have to do anything".

I take that to mean that if you have the means, it is is acceptable to pay for your children's education and maybe give them a downpayment for their first house or to start their own business. But if you give them so much that they don't have to work at all, they become shiftless bums with a warped sense of entitlement - liberals.

For those who become wealthy, keeping their children from being spoiled is probably the biggest challenge. It is disconcerting to see young people tooling around in a Mercedes that they didn't earn and being a ski bum in Vail, Colorado or being a beach bum in West Palm Beach, all on their parents dime. This is not conducive to raising solid citizens who grow up to make their own contributions to society.

On the other hand, wealthy parents who force their children to make it on their own are perceived as being selfish and cruel.

It's not easy to strike the proper balance when you are wealthy and raising children.

7 posted on 03/13/2012 8:30:21 PM PDT by SamAdams76 (I am 64 days away from outliving Phil Hartman)
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To: jakerobins

Just don’t give it to the government or leftwing causes PLEASE


8 posted on 03/13/2012 8:32:53 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: vaudine
Problem is that if a kid tried to do that today, the government would shut him down if he didn't get all the now required expensive permits, licenses, inspections, waivers, and insurance, and file tax and FICA information for his employees.

Just look at the war on kiddie lemonade stands and cookie booths and you'll see what I mean.

9 posted on 03/13/2012 8:33:40 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: jakerobins

She could adopt me...


10 posted on 03/13/2012 8:35:25 PM PDT by Keith in Iowa (Willard Romney, purveyor of the world's finest bullmitt. | FR Class of 1998 |)
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To: SamAdams76

There was a show called “Lottery changed my life” on the other day. It was insanity writ-large for some of them.

They mentioned that one lady had started giving her kids $1000 a month in allowance, not counting the ATV’s. She had to trade it in later and cut back on everything else.


11 posted on 03/13/2012 8:37:14 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: jakerobins

Put some new clothes on their backs; give them each a C note and tell them not to come back until they can take you out to IHOP for breakfast.


12 posted on 03/13/2012 8:40:03 PM PDT by YHAOS (you betcha!)
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To: digger48

“And so wealthy parents today face an inevitable choice: leaving boatloads of money to kids who aren’t good with money.
but where will organizations like the Sierra Club, PETA, and Code Pink get their funding?

Not to mention the campaign coffers and pockets of Democrat politicians who love to relieve folks of the money someone else earned. “

You got that right. They raise trustfunder Frankenstein monsters.


13 posted on 03/13/2012 8:40:56 PM PDT by headstamp 2 (Liberalism: Carrying adolescent values and behavior into adult life.)
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To: Keith in Iowa

And if she wants a daughter, she can adopt me along with you.


14 posted on 03/13/2012 8:41:53 PM PDT by peggybac
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To: SamAdams76

Don’t tell your kids how much money you really have...


15 posted on 03/13/2012 8:47:10 PM PDT by DB
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To: peggybac

I want enough money so I can throw away a bar of soap after I wear the letters off.


16 posted on 03/13/2012 8:49:13 PM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: YHAOS

It seems to me that, when they receive that C-note, they can take you to breakfast right away.


17 posted on 03/13/2012 8:59:24 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: jakerobins

75% of millionaires didn’t inherit their wealth.

My grandfather, a poor junk dealer who had a sliver of land in KY, died and in his will he stipulated that anyone listed who lived better than he did should get nothing, the remainder to go to any relatives listed who lived in similar or worse conditions than he. If no one qualified then the estate would be given to Salvation Army. He was careful not to leave any relative out.

He lived as a poor man in a shack that could barely stand but he had some luxuries like a phone, electricity an outhouse and a water line. His land was filled with stuff he had traded for and bought over 60 years.

His estate was valued at 2.5 million and the relatives started fighting each other over the terms and who was qualified etc.

My dad wanted nothing and didn’t join the battle but I never did hear the outcome as we were military and were out of the country for a number of years after grandpa’s death. My dad is sure that none of the relatives would qualify as they all lived better than grandpa did.

Grandpa’s entire fortune was a result of collecting what most would consider junk. He traded bought and sold for years. 2 million was cash and the .5 million was estimated value of the remaining junk strung around his plot of land.


18 posted on 03/13/2012 9:12:12 PM PDT by Joan Kerrey
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To: jakerobins

Is she looking to adopt?


19 posted on 03/13/2012 9:15:29 PM PDT by Boogieman
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To: vaudine

I’ve known a few like that, too. They are, however, not as numerous as the rich kids who can’t figure out to make money the old fashioned way - knowing only how to spend money.


20 posted on 03/13/2012 9:16:01 PM PDT by SatinDoll (No Foreign Nationals as our President!)
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