I have thought about this a lot and discussed it with my partner a few times. Sometimes coming into great amounts of money at a young age can mean that a person ends up with no purpose and going off the rails.
I would help but certainly not give things to my kids on a platter.

I like Gordon Ramsay’s idea – that you help your children to get on their feet but don’t make it easy street for them. I would have loved to be able to give my children a 25% deposit on a property as it would have helped them greatly.

I think that’s fair enough.
Kids should be taught to work hard and not just get things handed to them on a platinum platter.

I think that’s a bit mean actually. If you have the good fortune to be rich then why notleave it to your children?

I will propable provide my kids with homes and some small allowance just to cover small expense. But that can change when I will be rich…then I will think more about it

I believe in helping my boys if they are struggling even though they are working hard. I know that if I hit the jackpot they wouldn’t accept anything from me unless I agreed to let them pay it back with regular payments. I’ve been told by them to use the money I have to live comfortably.

Everyone has own choice, I really like his philosophy get rid of it or give it away before you go.

I still like the idea of helping our kids out when we die, but if I was in his position to been able to give some of it away to different charities would be a good legacy to be remembered for.

I think it’s a great idea. This will definitely teach his children the idea of helping others as well as earning your own money through their own work not his!

Definitely a great choice so many people in need around the world

We can love on our kids in many different ways !

Ooohhh rough. I get the sentiment behind it, but why wouldn’t you want to help your kids out when you’re gone?

Everyone needs to understand the value of money and forging an independent life.

I’ve heard of this before, possibly Bill Gates, I love this idea of not making children feel entitled by having wealth. I think it’s a great idea to make sure their needs are taken care of and have enough for a house deposit when they’re old enough but not giving them so much that they can be reliant on that and not go out and do something for themselves.

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  • • mom93821 replied
    • 21 Aug 2021 , 8:31 am

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  A sense of entitlement can indeed be insidious.

It’s good to see some celebrities recognising wealth inequality and their responsibility to not perpetuate it. Their children are born into privilege and will have more opportunities than most can dream of, and I’m sure will not be left out of the will altogether.

I think there’s a middle road – I’d certainly finance their education (pretty expensive at times!) and give them a substantial amount towards their first home. And maybe establish a trust that kicks in if something unexpected happens (eg an accident that impedes their ability to study or work.). Beyond that, yeah, I’d be looking to make some charitable donations.

I’ve seen how windfalls of money can damage people and families so I understand what they are doing. We encourage our son to save and to have goals and work towards those financially. As an only child, he will obviously be entitled to everything we have and that’s okay. We’re not millionaires.

I think you should still leave an average amount to your kids. An average estate these days is at least 300-400k, split that amount between your kids.

If I could leave my kids set of for their entire life I would. I would ensure they were taken care of forever that’s my job as a parent, to take care of my kids. If I had 160mil I would have their houses payed off, money to live on and so they could enjoy life and not have to stress about money

I love the quote “if you die a rich person you’ve failed”. I often wonder at the extravagance (at least of those rich in the movies/media) who apparently have so much while others have so little….BUT using it before you die doesn’t necessarily mean it’s been put to GOOD use. Parents can squander money too! So I think for me the thing is to WISELY use your wealth before you die. That would mean something different for everyone, and for some it may mean providing for your children.

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  • • mom478886 replied
    • 20 Aug 2021 , 4:47 pm

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  Yep, taking a joy ride into space probably isn’t the best way to spend money if you want to make a positive impact on the world 😉