Money amplifies character, it doesn't change it

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Jul 31, 2020
1:13:51pm

cougaman Truly Addicted User

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cougaman

Bio page: cougaman
Joined: Mar 11, 2006
Last login: Jun 9, 2024
Total posts: 69,059 (4,603 FO)

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Messages

Author

Time

POLL: Let's say you have a $10MM nest egg to pass on when you die. How much would you give to your kids?

Odysseus Head Gamemaker

7/31/20 8:31am

My parents are leaving 10% to charities, and another 10% for us to do same.

ReyOso

7/31/20 8:35am

Just so you know when the time comes cougarclub is a charity

cougarfann888

7/31/20 8:36am

It might be on their list. Wouldn't surprise me.

ReyOso

7/31/20 8:37am

10% - so basically they're making you pay tithing on it?

Eddie

7/31/20 8:38am

I'd try to burn through it having amazing experiences with them.

Blueto

7/31/20 8:37am

Whatever is left when I'm gone.

Eddie

7/31/20 8:41am

There’s not a single trust fund kid I’ve met that I thought “you seem like

maxpowers

7/31/20 8:41am

It depends on where they are when I die. If they’re in a good place financially and in their relationships with

Pimpin4Paradise

7/31/20 8:43am

Your post went the opposite way I was expecting

Great38

7/31/20 8:54am

Cash? Very little. If it is an operating business that they are involved in, then the whole thing.

CDV

7/31/20 8:44am

With 10M, I would hope I would have started some charitable foundation of sorts.

OPINIONS

7/31/20 8:46am

Typically $10m can go tax free.

jkccoug

8/1/20 10:02am

Probably half. They'll get whatever's left that I don't give to the Church.

Santos L. Halper

7/31/20 8:48am

My FIL always says if there is money left when they die, he planned it wrong.

Great38

7/31/20 8:52am

30% to kids, 20% charity, 25% to extended family and friends and 25% to other.

greatbam

7/31/20 8:52am

My wife's grandparents are leaving their fortune behind in the form of a family

Hambone

7/31/20 8:53am

My wife’s grandfather tried that. Was sold off by the time he had been dead 2 years.

Zedhead

7/31/20 9:07am

Just put it into the will that this can't happen. For 1 generation.

greatbam

7/31/20 9:29am

That's what I would do. Just specify that if the property is sold within 50

Hambone

7/31/20 9:32am

My mother’s uncle did that with a huge cabin in Montana. 100 year legacy.

Nat Gas Man

7/31/20 2:53pm

I'd make it dependent on them doing something worthwhile with their lives.

boogers

7/31/20 8:56am

I always thought that if I had a bunch of money like that...

Eddie

7/31/20 9:03am

All of it - I love my kids more than a charity or a church.

ClackamasCoug

7/31/20 9:24am

??? 2M should take them a long way. I guess it depends on how old they are when

cougaman

7/31/20 9:40am

I guess everyone's different. 10 isn't much - 100 changes the scope a little.

ClackamasCoug

7/31/20 2:43pm

I think age is a bigger factor. 100K when I was 18 years old could have been

cougaman

8/1/20 9:28am

I went to a conference once where a guy talked about 20-30 year plans and how

crack

7/31/20 9:48am

RE: I went to a conference once where a guy talked about 20-30 year plans and

85fan

7/31/20 1:33pm

Depending on the number of kids, $10m is not that much.

jbob

7/31/20 10:27am

Hopefully I am not such a cheapskate during my lifetime

Plato

7/31/20 11:45am

My kids are young so hard to say, but they seem awesome

Medute

7/31/20 12:46pm

Money amplifies character, it doesn't change it

cougaman

7/31/20 1:13pm

That's a good way to put it.

crack

7/31/20 1:19pm

Yep. Not only character, but it also magnifies both strengths and weaknesses.

Division Bell

7/31/20 2:10pm

Well $10MM is not that much money...

CoachSpeak

7/31/20 1:49pm

It’s life changing money for pretty much everyone.

OPINIONS

7/31/20 1:53pm

It might change your life but it is not something that generations will live on.

CoachSpeak

8/1/20 8:22am

You can't retire at 35 on $2.5 million? Which planet did you say you're from?

spoxjox

7/31/20 2:11pm

Take 500K and buy a modest home, then live off of 2 million nest egg without a

cougaman

7/31/20 2:28pm

From what I've seen, in Utah $500k will buy you much more than a modest home.

spoxjox

7/31/20 2:30pm

It won't buy you an extravagant home though. If I got 2.5 million, I'd find a

cougaman

7/31/20 2:39pm

So you can live a little better than modestly on it...

CoachSpeak

8/1/20 8:32am

I was just saying you could easily retire on it.

cougaman

8/1/20 9:22am

The conversation had been in part about how the windfall ruins the lives...

CoachSpeak

8/1/20 8:24am

So as you noted there are a bunch of exceptions to it...

CoachSpeak

8/1/20 8:40am

Seriously. What on earth?

Gerald-DeGroot

8/2/20 8:18pm

If you had $2.5m tax free, you could put it in income stocks yielding 7%

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