Comments on: The lament of the trust fund baby … http://7million7years.com/2009/03/23/the-lament-of-the-trust-fund-baby/ How to make 7 million in 7 years ... Sat, 11 Feb 2012 22:32:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Adrian http://7million7years.com/2009/03/23/the-lament-of-the-trust-fund-baby/comment-page-1/#comment-2507 Adrian Tue, 24 Mar 2009 13:23:13 +0000 http://7million7years.com/?p=1893#comment-2507 @ Sara/Steve - Thanks for the comments! @ Sara/Steve – Thanks for the comments!

]]> By: Steve http://7million7years.com/2009/03/23/the-lament-of-the-trust-fund-baby/comment-page-1/#comment-2506 Steve Tue, 24 Mar 2009 02:32:14 +0000 http://7million7years.com/?p=1893#comment-2506 Nice Posting Adrian. I don't know if I could have said it any better. You see, I have witnessed and heard ,so many people always talking about and in many cases (doing)providing for their Grown children. It saddens me as I personally know of a few cases where Kids become depend ant on these hands outs , and never grow to be self disciplined. They therefore, end up doing little to nothing as they wait for that inheritance money to filter to them. Its always wonderful to know people love their kids enough to want to provide the best for them, but I believe the best you can provide them is that education. I will provide for my kids ,but in a limited way (financially) as I try to instill a sense of responsibility in them. Nice Posting Adrian. I don’t know if I could have said it any better.
You see, I have witnessed and heard ,so many people always talking about and in many cases (doing)providing for their Grown children. It saddens me as I personally know of a few cases where Kids become depend ant on these hands outs , and never grow to be self disciplined. They therefore, end up doing little to nothing as they wait for that inheritance money to filter to them.
Its always wonderful to know people love their kids enough to want to provide the best for them, but I believe the best you can provide them is that education.
I will provide for my kids ,but in a limited way (financially) as I try to instill a sense of responsibility in them.

]]> By: Sara http://7million7years.com/2009/03/23/the-lament-of-the-trust-fund-baby/comment-page-1/#comment-2508 Sara Mon, 23 Mar 2009 19:56:54 +0000 http://7million7years.com/?p=1893#comment-2508 I totally agree with your observations. My father grew up VERY poor - his home had a dirt floor and he slept on a couch or the floor growing up. This motivated him to work very hard, become successful and, unfortunately for me, spoil his children. I had so many problems with money while I was growing up and in college (durring which time my father paid all my expenses and gave me a considerable allowance). I got married right out of college and soon afterwards my husband quit working to go back to school. I had to support the both of us on a tiny salary. To this day I am so, so glad it happened. I feel were it not for such a huge, paradigm-shifting event, such as going from being fully provided for financially to being the sole provider for 2 people on a small salary, I might always have been bad with money. Having all financial support pulled out from under me at once was so dramatic a situation that it consumed all of my focus - I became obsessed with personal finance and investing. I'm now quite happy with my financial successes and my family still can't believe that my financial behaviors could change so drastically. It's because of this that I'm determined my kids will know the value of a dollar. No allowances! If they want to go shopping or out to the movies with friends, or go to a concert, they're going to have to work for it. And I want to be sure they never take their quality of life for granted and understand that a roof over one's head and 3 meals everyday costs quite a bit. I feel like a lot of things in my early life would have been easier if I'd learned those lessons earlier. I totally agree with your observations. My father grew up VERY poor – his home had a dirt floor and he slept on a couch or the floor growing up. This motivated him to work very hard, become successful and, unfortunately for me, spoil his children. I had so many problems with money while I was growing up and in college (durring which time my father paid all my expenses and gave me a considerable allowance). I got married right out of college and soon afterwards my husband quit working to go back to school. I had to support the both of us on a tiny salary.

To this day I am so, so glad it happened. I feel were it not for such a huge, paradigm-shifting event, such as going from being fully provided for financially to being the sole provider for 2 people on a small salary, I might always have been bad with money. Having all financial support pulled out from under me at once was so dramatic a situation that it consumed all of my focus – I became obsessed with personal finance and investing. I’m now quite happy with my financial successes and my family still can’t believe that my financial behaviors could change so drastically.

It’s because of this that I’m determined my kids will know the value of a dollar. No allowances! If they want to go shopping or out to the movies with friends, or go to a concert, they’re going to have to work for it. And I want to be sure they never take their quality of life for granted and understand that a roof over one’s head and 3 meals everyday costs quite a bit. I feel like a lot of things in my early life would have been easier if I’d learned those lessons earlier.

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