Thanks for hosting this week. It's a good thing you filtered out the weak stuff. Good luck!
This is sort of a comment about the over 30s vs under 30s, but mostly a belated response to the inheritance post...
I have quite a different persepective than most of the people who regularly respond to this site. I am not a PF blogger (or any blogger really) and I have a trust fund. I am eternally grateful for this "live inheritance" for a few reasons...(1) it has allowed me to go to the schools of my choice, including grad school. (2) It allows me various short term opportunities I would not otherwise have (i.e., travel, helping out friends and in-laws in a crunch, feeding a 150lb dog, etc). (3) most importantly it made me think about my finances at a young age.
I was informed I had this money when I was 18 and all responsibilty for it was handed over to me, including taxes, management etc. Since then I have been expected to pay my own insurance, taxes, tuition, auto expenses, everything.
My family (the over 30s) expect that this money will be not only saved but built upon and passed on to the next generation. The realization of the real costs of living that were handed over to me with this trust fund made me work harder than ever.
I would like to suggest two things regarding inheritance to all of you that are saving so hard for the future -
(1) If you have saved enough to pass some on to your children/grandchildren, pass it on while you are alive and they are relatively young so they can benefit from your hard won financial wisdom as well as your savings.
(2) Most importantly, give them all the responsibilty that comes with the money when it is handed over.
(of course you might want to ease them into it a bit more than my dad did. He simply called me a few months after I graduated highschool and said "My accountant said you didn't pay your taxes last year, you better get that straightened out!")
PS this is my first time participating in a blog so sorry if a bit unpolished. thanks everyone for writing so much and so well about something I love and loathe to deal with...Money!
Tankmartin,
Thanks for speaking up. Your perspective is certainly different from most of the people who write/read about money.
The most important thing I get from your comment, and from discussions we've had in other venues, is that people with a lot of money ALSO have to think, plan, and prioritize their spending and their saving.
Most of us here are working toward becoming financially free. Your message is an important one: Even after you become wealthy, you still have many of the same concerns and responsibilities you had while you were getting there.
Thanks for reading, and for commenting.
TBH
PS. How much does it cost to feed a 150 pound dog?
Food per month for the 150lb dog? well...that is almost too embarrassing even for a PF blog...but
okay, a forty lb bag of high quality generic brand food at a socially resposible big box store - ie Costco - is $17.00...and during his present growth spurt he has been eating 6-8cups per day...if the math is doable have at it. For all my other budgeting I just still do not want to know what the actual tally is...not that you really wanted to know. Congrats on the not pregnant thing (best blog post EVER!!!)
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