Replies to This Discussion

Permalink Reply by Parkdota on October 21, 2010 at 17:24

I love the fact that the teachers are benefiting with pay raises and bonuses. I've read both Desoto and Red River Parish are doing this.

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Permalink Reply by Stevew on October 21, 2010 at 19:52

Jack,

Your 3rd person howling has finally pried open my wallet and I made my first donation to this board. It's very small this month, because I mentioned it to my wife when she was nearly finished with our regular monthly giving. I'll spring for another donation next month.

I also loved reading Linda Whatley's posts about grandchildren. I have 5 grandkids and leaving them a legacy of values is very important to me. I used to know an S. Whatley when I was a kid. Maybe they are related. All of us are if we go back far enough.

Logger

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Permalink Reply by kittycatmama on October 22, 2010 at 3:00

Regarding leaving money to kids and grandkids. I have seen a lot of them squander lg. amounts because they acquired it when they turned 18. I know of one multimillionaire who left grandkids trust funds that pay out great every month, but ONLY if the kid has a job. It doesn't have to be a high powered job, the kid has to work. All his grandkids work. Some work at min. wage even at 40, but they drive super expensive vehicles. The old guy made his money the hard way by working his way up the ladder. He wanted to make sure none of his heirs just sat around doing nothing for the rest of their lives and living off their trusts.

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Permalink Reply by Jack Blake on October 22, 2010 at 3:33

It's sad that some kids/adults do squander what is given them. JB has one kid who he hopes will turn around one day. A college grad who does menial jobs (when he does work)so he can smoke his weed without getting drug tested. I don't allow him to live in or lay around my house. JB don't give him Jack! 25 years old and a f@#$ up!
The only good thing to come from him being a dick weed, is his younger siblings see what a f&%* up he is and they don't want to be like him.
JB is sad............. Please pray for JB's screw up kid.....................

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Permalink Reply by Parkdota on October 22, 2010 at 4:25

I notice a generational skip sometimes in monetary responsibility meaning that if one generation worked their fingers to the bone and saved up a fortune their kids sometimes reap that benefit while not learning the same skill set that enabled their folks to do so well. It’s tough if one does well not to spoil their kids as they want their children not to "suffer" the way they might have. However, giving or spoiling without making the kids earn it in some capacity is doing them a disservice. It's a really tough balancing act.

In my testamentary trust I installed clauses based on education and work. I also put that if an heir is to drop out of high school and/or commit felonious behavior then they get nothing.

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Permalink Reply by Rosebud on October 22, 2010 at 14:25

I think the worst thing a parent can do as far as teaching a child responsibility is make them believe money grows on trees. As a kid, I remember being jealous of other teenagers who seem to have everything - now I'm truly thankful I grew up learning to be a good manager.

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Permalink Reply by Linda Whatley on October 22, 2010 at 21:32

Ditto on that Parkdota and Rosebud........ I agree completely. And, JB, I'll be praying for your "messed up" kid.

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Permalink Reply by kittycatmama on October 23, 2010 at 4:55

Right on. I learned at a very young age how to manage money. I was working full time on weekends and summers by time I was 13. I loved the money I made and would stop and think before I spent it on expensive clothes. As a result I only buy 75% deals today. I am a nightmare for car dealers, but I always get the deal. Learned young. Worked my way through college too. Had great parents who paid my first 2 yrs. and then I paid the last 4 yrs. Parents would have paid then, but I refused. Made my folks have a lot of respect for me

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Permalink Reply by Parkdota on October 23, 2010 at 6:49

Kittycatmama, I remember when I was 14 working on concrete crews. I was soft, my hands would bleed, and my gloves would ruin. I remember the 1st time I had to buy a pair of gloves for the job I hated. The gloves cost $5 and at the time I was making $4.75/hr. I thought, I gotta work an hour+ at this terrible job just to buy one pair of gloves so that I can continue working this job. It was an eye opener for sure. Ever since then I equate buying things that way.

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Permalink Reply by Linda Whatley on October 23, 2010 at 8:05

You got my respect Kittycatmama.......

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Permalink Reply by kittycatmama on October 23, 2010 at 4:52

Parkdota, Now that is COOL. Makes the heir take responsibility

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