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Passing down wealth to children?

 
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sbrownie84 View Drop Down
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    Posted: Aug 21 2014 at 8:02pm
I read an article stating Sting 's decision to not leave any money for his children Bc he wanted them to see the value of money and working hard to earn themselves. Do you believe the same?

Any stories of children who came from money not being a benefit to society?

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Gkisses View Drop Down
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Post Options Post Options   Thanks (5) Thanks(5)   Quote Gkisses Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:07pm
He can afford to. ..dont know of any black families who can or should tbh.
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Post Options Post Options   Thanks (10) Thanks(10)   Quote JamCaygirl Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:11pm
Black family categorically should not do this.... we need generational wealth to even the playing field for our descendants
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Post Options Post Options   Thanks (1) Thanks(1)   Quote sexyandfamous Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:22pm
My dad said that if he had money, he wouldn't leave it to his kids but to his great-grandkids instead because usually the kids blow it and the great-grandkids become paupers.
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Post Options Post Options   Thanks (4) Thanks(4)   Quote ms_wonderland Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:38pm
I wish my mother would and she's definitely not rich. Let her ass even cancel that life insurance policy and I'm putting her in a home.
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Post Options Post Options   Thanks (2) Thanks(2)   Quote sugabanana Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:39pm
Originally posted by ms_wonderland ms_wonderland wrote:

I wish my mother would and she's definitely not rich. Let her ass even cancel that life insurance policy and I'm putting her in a home.

WONDER!!!!LOL
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femmefatale85 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote femmefatale85 Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:39pm
Originally posted by ms_wonderland ms_wonderland wrote:

I wish my mother would and she's definitely not rich. Let her ass even cancel that life insurance policy and I'm putting her in a home.

Cry
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Post Options Post Options   Thanks (3) Thanks(3)   Quote melikey Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:47pm
I'm sure he invested millions in their upbringing already. It's not like they lived in public housing and went to mediocre schools.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:48pm
It makes sense. Sometimes people forget the entire point of parenting is to prepare your children for life. Part of life is being able to survive emotionally, physically and financially. If you give your kids enough money to live off of, then how will they learn how to survive? You need more than money to survive! You need to give your kids the tools they need to get by on their own, and the best way for them to get them is by having to fend for themselves so they can develop and mature into independent adults.

Like someone else said earlier, this is not really applicable to blacks. If I had that kind of wealth I would definitely pass it on to my kids. I would just do it in small increments that would start after the completion of a college education and end when they are in their 30s.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: Aug 21 2014 at 8:51pm
my brother said this.  he said his son would just give it away.

eta he's keeping it in the family tho.


Edited by PurplePhase - Aug 21 2014 at 10:46pm
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