Kids need money in their 20s-30s (esp when they have a young family, buying house, etc.). Waiting until they’re 60 to give them your inheritance, probably when they don’t need it anymore, is totally missing the point.
My children are 22 and 25. We are struggling with a lot of what you talk about here... finding the right balance between helping and supporting because we can vs. Forcing them to be fully independent. One is a lot closer to flying on her own. The other has had some pretty serious mental health struggles that have made it harder to withdraw financial support. We actually had a pretty serious conversation with him about money last night. This was a timely article. I'd be interested in reading more on how you're navigating this stage of life.
The thing that gets me about your list: most of these land because you spent twenty years doing the work. By 18 it is almost too late to start. The rules are easy, it's the everyday context that's the hard part. That is what I keep coming back to with younger kids.
Thank you for this. My kids are just a few years older so this is very relevant. Do you mind sharing the sum you gift to your kids quarterly? A couple years ago, we made the decision to gift our kids $50k each over a period of five years. Each January we’ve been putting $10k in an investment account and helped them invest in a low-cost index fund for future use.
Jordan, I find no surprise in the fact that we agree 110% on this matter. The theory is simple. To walk the path of healthy, transparent, supportive, generous, and abundant mentorship is a worthy challenge. Wealth without wisdom is often wasted. We must not only transfer a robust set of tools, but also the skills to know when and how to use them.
Kids need money in their 20s-30s (esp when they have a young family, buying house, etc.). Waiting until they’re 60 to give them your inheritance, probably when they don’t need it anymore, is totally missing the point.
(assuming you can do this while they are young)
If you haven’t read Die With Zero, check it out. Discusses this topic in great depth.
I have, great book
My children are 22 and 25. We are struggling with a lot of what you talk about here... finding the right balance between helping and supporting because we can vs. Forcing them to be fully independent. One is a lot closer to flying on her own. The other has had some pretty serious mental health struggles that have made it harder to withdraw financial support. We actually had a pretty serious conversation with him about money last night. This was a timely article. I'd be interested in reading more on how you're navigating this stage of life.
The thing that gets me about your list: most of these land because you spent twenty years doing the work. By 18 it is almost too late to start. The rules are easy, it's the everyday context that's the hard part. That is what I keep coming back to with younger kids.
Thank you for this. My kids are just a few years older so this is very relevant. Do you mind sharing the sum you gift to your kids quarterly? A couple years ago, we made the decision to gift our kids $50k each over a period of five years. Each January we’ve been putting $10k in an investment account and helped them invest in a low-cost index fund for future use.
Jordan, I find no surprise in the fact that we agree 110% on this matter. The theory is simple. To walk the path of healthy, transparent, supportive, generous, and abundant mentorship is a worthy challenge. Wealth without wisdom is often wasted. We must not only transfer a robust set of tools, but also the skills to know when and how to use them.