Spend it ! or save it for the kids ??

Big Pete · #1 (**permalink**) 17th June 2008, 06:43 PM

Hi

I was explainning to a old friend i bumped into today , about my plans to quit the rat race early and spend the kids inheritance

He was a little shocked and thought i should work longer and ensure my kids get a whacking great wedge of money when i snuff it ..

Now having covered this elsewhere i figured be good to know what peoples general view is on the subject. Hence why i have elected to start a poll.

So vote away ..
Me i am of the opinion its my money i sweated ducked and dived to make the money , so i am going to spend spend spend ..
Also none of us know when we going to die and life is to short and working til 65 and then be to old to be able to enjoy it fully,, is bad business in my eyes

kaz101 · #2 (**permalink**) 17th June 2008, 08:19 PM

I don't have any kids but I've told my parents to spend it all since they worked hard all their lives for everything they have.

Another question that's come up with some friends is that do they leave their money to their kids (which is a LARGE amount) if they think that their kids can't handle it. They are thinking that their kids have to prove in some way that they are competent to handle so much money and be able to make it grow.

Regards,
Karen

Bevdeforges · #3 (**permalink**) 17th June 2008, 08:25 PM

Be happy you live somewhere that you have the choices! In France you can't disinherit the little *******s - even if they've run off and deserted their "dear old" Mum or Pop.

My Dad's favorite t-shirt/bumper sticker was "I'm spending my kids' inheritance!" And bless him, he's entitled to it. He earned it, he should spend it. He never figured to live as long as he has - and he's in a home now at government expense. I'm glad he spent it while he could enjoy it.
Cheers,
Bev

Wils & Nance · #4 (**permalink**) 18th June 2008, 09:41 AM

Sorry......but I'd leave a little.....I know what it's like to be getting nothing !
Nance

sgilli3 · #5 (**permalink**) 18th June 2008, 10:05 AM

Im all for spending...the majority of it!!
I need to save some some money for my nursing home though !!!

synthia · #6 (**permalink**) 19th June 2008, 12:06 AM

The real problem is that you don't, I hope, want to be a financial burden to your kids when you are older. It's hard to make the money end just when you do, unless you intend to do it in the reverse order! You also need to be sure any final bills, like disposal of your body or maybe your kids travel to take care of your things, all that stuff will be covered. Other than that, spend it. Although leaving something for the grandkids education would be a nice gesture.

Bevdeforges · #7 (**permalink**) 19th June 2008, 06:10 AM

Quote:

Originally Posted by synthia

The real problem is that you don't, I hope, want to be a financial burden to your kids when you are older. It's hard to make the money end just when you do, unless you intend to do it in the reverse order! You also need to be sure any final bills, like disposal of your body or maybe your kids travel to take care of your things, all that stuff will be covered. Other than that, spend it. Although leaving something for the grandkids education would be a nice gesture.

Ah, but see you're assuming the American way of life. Elsewhere there are national health insurance, national pension plans and state sponsored tertiary education.
Cheers,
Bev

BabsM · #8 (**permalink**) 19th June 2008, 06:51 AM

We have supported our kids throughout our married lives, even still had them living with us until after they were 30. We have scrimped and saved to give them a good start. I think we've done our bit to help them stand on their own two feet...now its our time.

Besides,we would rather the taxman didn't get any more of our money!