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

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Aug 1, 2020
9:28:49am

cougaman Truly Addicted User

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

a game changer. 100K when I retire would be almost nothing. 2M should change anyone's life unless they are crazy rich. It is less significant at retirement than if they are in their 30s.

2M is life changing. It will take a person a long ways. It may not be "generational wealth", but if used wisely by everyone can change things significantly for generations.

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cougaman

Bio page: cougaman
Joined: Mar 11, 2006
Last login: May 5, 2024
Total posts: 68,665 (4,449 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.

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.

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.

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?

8/2/20 8:18pm

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

jkccoug

8/1/20 10:08am

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