You won it but do you think your kid should have to earn it??Prev Topic Next Topic

New Topic New Poll

Shelby Mustang

United States
Member #149,814
December 9, 2013
644 Posts
Offline

Feb 10, 2014, 7:00 pm

So if you won a jackpot would you make out a will (after you got settled in your money of course) that said your kid(s) would get all or even some money. Do you think they wouldnt have a work ethic if they knew one day they were going to cash in big someday? How would you handle that particular situation?
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
Offline

Feb 10, 2014, 9:15 pm

People appreciate money and things more if they work for them.

You don't do anybody a favor by giving them free stuff. You just make them lazier and more demanding.

Kids should be given any inheritance after they have made it on their own in life.
Teddi

United States
Member #142,493
May 13, 2013
1,394 Posts
Offline

Feb 10, 2014, 11:31 pm

Even though winning the lottery means I didn't earn that amount of money, I've certainly worked really hard before that point. I would definitely leave them money but they would have to earn it...there would be stipulations in the trust fund. Graduate from HS, x amount. Graduate with honors, x+y amount. Living expenses for and college tuition covered. Etc etc etc. For each milestone completed, comes a reward. Enough to keep them from struggling but not enough so that they end up spoiled. A condo or townhouse paid for if they get a job, for the life of the job. Doesn't matter what the pay is because their basic expenses would be covered. It's learning and growing as a productive member of society that matters. And they won't appreciate anything if they never have to work. If they quit their job, all funds stop and they have to find another place to live.

As long as they're responsible and abide by the stipulations, they will never have to worry about losing their home, or any of the big financial stressors we have. They'll have security but they will also have responsibility. Win win.
dallascowboyfan

Oklahoma
United States
Member #82,389
November 12, 2009
6,374 Posts
Offline

Feb 11, 2014, 9:26 am

They would have to earn it, my 16yr just started working on weekends at the grocery store I am a true believer as parents we have to instill work ethics. My father told me when I was 17 yrs old not to depend on anybody even him (thanks dad) the reason he said not him was because him & mom would not always be there one day they would pass away(and they did RIP).

Hubby and I told our boys not to depend on anyone for anything even us. My oldest understood but my 15yr he thought we were telling him we would not take care of him(he get's that from his father side) I told him no sweetie we just want you to be able to provide for yourself because mommy & daddy will not always be here. He finally understood after a few hours lol like I said he get's it from his father.

I Love Pink & Green 1908
bigbear29

United States
Member #145,261
August 1, 2013
1,740 Posts
Offline

Feb 11, 2014, 9:37 am

They should still go to school and may-be take up finance so they will know what to do with the money as far as making it last forever. Also, tell your kids not to watch the show, Rich kids of Beverly hills, a very dumb show.
HoLeeKau

Idaho
United States
Member #94,279
July 17, 2010
2,453 Posts
Offline

Feb 11, 2014, 10:28 am

Like the rest of you, I'd be concerned they'd turn into ne'er-do-wells. They'd get enough to pay for college without having to work. They could go as long as they wanted as long as they went full time, passed all their classes, and earned degrees at appropriate intervals. No dinking around.

The big chunk would be held in trust till they were at least 30, or until 5 years after their last payment for college -- so if they went for advanced degrees till they were say 28, they wouldn't get the big chunk till they were 33 -- , so that they'd be forced to do something productive to make their own way in life for a few years between college and the inheritance.

I doubt I'd leave them the full amount of my estate if I had won a huge jackpot. I think 3 or 4 million each is plenty to set them up for a really comfortable life, and the rest would be left to a charity.
Shelby Mustang

United States
Member #149,814
December 9, 2013
644 Posts
Offline

Feb 11, 2014, 11:33 am

Quote: Originally posted by bigbear29 on Feb 11, 2014
They should still go to school and may-be take up finance so they will know what to do with the money as far as making it last forever. Also, tell your kids not to watch the show, Rich kids of Beverly hills, a very dumb show.

LOL I watched an episode of that show and is where I got the idea for the question. I can't believe that one girl's father is worth 3 billion dollars. He'll be taking care of her for the rest of her life
jrosina

New York,
Panama
Member #73,076
April 4, 2009
3,498 Posts
Offline

Feb 11, 2014, 5:13 pm

I have a different Plan...(Of Course no one in their right mind is going to leave their lottery money to a Kid!!) You see I already Raised my son not to be a free loader, a moocher, And stood back to see if it took; and by Golly it did!

I nugged him out of the house when he was 18, so he worked and put himself through College, he and His Best friend Bert, a childhood friend, moved in a place...Then He decided he, was going to get Married.

and left his Buddy, and well that marriage did not turned out too good..

However all through this, He kept his Job and he is very Responsible...Now he has some Ideas for Business.....

So I would give him a portion of my Winnings while alive!! Just to see how he Handles himself!! and so he would not have to Borrow the Money from a Bank!

forget what "they" say about you. What you say about you?...

Now, does it count??

*Jr$ina
SergeM

Economy class
Belgium
Member #123,694
February 27, 2012
4,035 Posts
Offline

Feb 11, 2014, 6:14 pm

It depends how much you won. You probably should not give them a fortune, they just might start with cigarettes, alcohol and hard drugs. Giving nothing is rather cruel.

Talking of work ethic, that reminds me the independant people that didn't pay me in the past for done work. (...) How about pay ethic?
Artist77

United States
Member #121,739
January 16, 2012
8,843 Posts
Offline

Feb 11, 2014, 6:24 pm

Quote: Originally posted by HoLeeKau on Feb 11, 2014
Like the rest of you, I'd be concerned they'd turn into ne'er-do-wells. They'd get enough to pay for college without having to work. They could go as long as they wanted as long as they went full time, passed all their classes, and earned degrees at appropriate intervals. No dinking around.

The big chunk would be held in trust till they were at least 30, or until 5 years after their last payment for college -- so if they went for advanced degrees till they were say 28, they wouldn't get the big chunk till they were 33 -- , so that they'd be forced to do something productive to make their own way in life for a few years between college and the inheritance.

I doubt I'd leave them the full amount of my estate if I had won a huge jackpot. I think 3 or 4 million each is plenty to set them up for a really comfortable life, and the rest would be left to a charity.

I would do the exact same thing but make it 7 years after the last degree.
luckyshoes

Canada
Member #79,500
September 2, 2009
6,583 Posts
Offline

Feb 11, 2014, 6:29 pm

They ll get theirs the same way I got mine....I had to be 30 yrs old and a college grad with 2 degrees.

Theres no substitute for hard-work.

Back Home Again
mikeintexas

Texas Panhandle
United States
Member #136,837
December 20, 2012
1,660 Posts
Offline

Feb 11, 2014, 8:51 pm

"People appreciate money and things more if they work for them."

Truer words were never spoke. My first car cost fifty bucks and my pop helped me fix the transmission, overhaul the carb and do some body work. I finally could travel to work where I couldn't before b/c we lived so far out in the country. Worked all that summer, bought a newer car, a hot rod. Dad really didn't want me to buy it, but I really wanted it. The down payment cost me what little I had saved, but I was working that summer so I was going to have a paycheck coming. I worked f/ the county and they paid once a month and I needed some rear tires in order for my car to pass inspection but didn't have the cash. Dad bought them for me - as a loan- and I burned the tread off even before I got paid. (left some great lookin' scratch marks, though) I had to replace those tires and I assure you, I laid off the accelerator after that! With the payment to my pop, tires, gasoline and car payment, I was broke until the next payday.

I don't have children, so my opinion doesn't count f/ much, but from that hard lesson I learned, I'd say yes, kids need to learn the value of a buck.
psykomo

United States
Member #4,877
May 30, 2004
5,289 Posts
Offline

Feb 11, 2014, 9:25 pm

Quote: Originally posted by Shelby Mustang on Feb 10, 2014
So if you won a jackpot would you make out a will (after you got settled in your money of course) that said your kid(s) would get all or even some money. Do you think they wouldnt have a work ethic if they knew one day they were going to cash in big someday? How would you handle that particular situation?

SM: ??? if U won a "BIG" JP>>>>>>>>>$$$$$$$

SM: ??? so U won a $$$$ JP>>>>>>>>>bigRsml

SM: ?? RU going 2 rush out & git ah PHD n 1 yer!

SM: ??? ?????????????????????????????????????

SM: DON't try 2 Control UR KID'$$$$$$!