Passing down wealth to children?
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Printed Date: Jul 14 2020 at 7:38am
Topic: Passing down wealth to children?
Posted By: sbrownie84
Subject: Passing down wealth to children?
Date Posted: Aug 21 2014 at 8:02pm
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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? |
Replies:
Posted By: Gkisses
Date Posted: Aug 21 2014 at 8:07pm
| He can afford to. ..dont know of any black families who can or should tbh. |
Posted By: JamCaygirl
Date Posted: Aug 21 2014 at 8:11pm
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Black family categorically should not do this.... we need generational wealth to even the playing field for our descendants |
Posted By: sexyandfamous
Date Posted: Aug 21 2014 at 8:22pm
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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. |
Posted By: ms_wonderland
Date 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. |
Posted By: sugabanana
Date Posted: Aug 21 2014 at 8:39pm
WONDER!!!!
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ms_wonderland wrote:Posted By: femmefatale85
Date Posted: Aug 21 2014 at 8:39pm
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Posted By: melikey
Date 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. |
Posted By: uppitynegroid
Date Posted: Aug 21 2014 at 8:48pm
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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. |
Posted By: PurplePhase
Date Posted: Aug 21 2014 at 8:51pm
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my brother said this. he said his son would just give it away. eta he's keeping it in the family tho. |
Posted By: naturesgift
Date Posted: Aug 21 2014 at 9:13pm
| Why wouldn't I leave my kids money? The real issue is passing down values to my children solid steady, educational values on money, love and living... All parents pass down their {money values} to their children if they are positive or negative |
Posted By: ThoughtCouture
Date Posted: Aug 21 2014 at 9:25pm
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extreme... |
Posted By: Sang Froid
Date Posted: Aug 21 2014 at 9:25pm
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I want my kids to enjoy life. Working hard is for the birds.
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Posted By: naturesgift
Date Posted: Aug 21 2014 at 9:44pm
| Rich people still have to work to maintain their wealth- I seen Paris Hilton in a Carl's jr. commercial ( I am not sure if that was for money or fun) but look at countless kids who were born into wealth and now not doing so well |
Posted By: newdiva1
Date Posted: Aug 21 2014 at 10:18pm
My exact thoughts. I'm sure his children had a first class education and have made excellent connections thru networking. They are poised to get paid. |
Posted By: ModelessDiva
Date Posted: Aug 21 2014 at 10:39pm
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stupid..give money away to strangers rather than to your own flesh and blood... everything would be left to my kids...or at least kept in the family. I understand and agree with wanting them to work hard, but more than likely they wouldn't even receive anything until they are well over 40... I doubt anyone would laze their entire life away because they know when they turn 50 they're gonna get "paid"...that's a long time to be broke... |
Posted By: newdiva1
Date Posted: Aug 21 2014 at 10:56pm
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as far as black folks. I feel like if we have it ...it is our duty to pass down whatever wealth we amass. fucc what white folks are doing. this would be a start to closing the wealth gap. Ion care if it's only a 10g CD. whatever it is pass it down to a responsible child. |
Posted By: newdiva1
Date Posted: Aug 21 2014 at 11:01pm
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Big Mama (great gramma) didn't want her children to have the house and land so she made no will. My gramma is still hurt behind that. She said she worked that farm as a child just as hard as anybody. The fact that she didn't want us to have it because she was feeling spiteful is just awful. She said even if she didn't want us to have it...keep it in the family. She could have willed it to cousins or summin'. When I think of that house (with hand made furniture) and all that land. My heart hurts. There is some back story but my gramma won't go that deep into it. I do know that my great gramma was a hard woman to her children. All her children have told me the same stories. A shame. I said all that to say that even if you have ungrateful children. Leave your stuff to somebody in your family. |
Posted By: PurplePhase
Date Posted: Aug 21 2014 at 11:32pm
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land should always stay in the family. |
Posted By: bunzaveli
Date Posted: Aug 22 2014 at 8:09am
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Posted By: newdiva1
Date Posted: Aug 22 2014 at 8:13am
IA. smh. gubberment got it when big mama passed. we were all hurt and pissed that she let "The Man" get it. |
Posted By: Merin
Date Posted: Aug 22 2014 at 8:38am
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H and I are both getting our parents houses. They are currently worth about 1 Mill each. |
Posted By: newdiva1
Date Posted: Aug 22 2014 at 8:51am
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*sips haterade* just kidding. may I ask what city/state or country? |
Posted By: callmeDEva
Date Posted: Aug 22 2014 at 8:52am
This. It took me years to learn money management. My parents didn't exactly teach me that. Money was always there so I didn't appreciate the value of a dollar. Had they passed any wealth to me after graduating HS, it would have been squandered easy. |
Posted By: callmeDEva
Date Posted: Aug 22 2014 at 8:54am
And this. When I acquire the acres of land my grandfather owns, I'm going to put it in my will that my son cannot under any circumstance, sell it. If we don't build a house out there, it needs to be passed down until someone uses it. |
Posted By: Yardgirl
Date Posted: Aug 22 2014 at 2:12pm
| It is very important to pass down wealth. I see the Syrians, Chinese, Indian and White communities here (in Jamaica) doing it and it's only cemented their position as business leaders. Blacks need to do the same. |
Posted By: ThoughtCouture
Date Posted: Aug 22 2014 at 4:19pm
and.you.know.this...
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Posted By: ms_wonderland
Date Posted: Aug 22 2014 at 6:00pm
Lol is it a touchy subject to make sure that is intact? She never got me that Gerber grow up plan I would've wanted. But nah I already had the convo with her. She would be horrified if my sis or I ended up destitute once she's gone. |
Posted By: aNgElIc*SoUl
Date Posted: Aug 22 2014 at 6:07pm
| My grandparents house and land was sold because my greedy ass aunt wanted money. None of the other siblings got anything, she said it was because she was power of attorney. That sounds like bullshyt to me, but they didn't care to look into it so.... |
Posted By: PurplePhase
Date Posted: Aug 22 2014 at 7:35pm
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my grandmomma wanted to be so sure the land stayed in her/great granddad's family that she wrote my mom out of the will when mom married my dad lol. Just in case something happened to both of them and it ended up in his/dad's family. She willed it to the grandchildren. |
Posted By: afrokock
Date Posted: Aug 23 2014 at 3:17am
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but yall dont believe in buying houses which in the past 30-40yrs has played a significant part in perpetuating/increasing/creating generational wealth |
Posted By: ThoughtCouture
Date Posted: Aug 23 2014 at 4:01am
orly? that's in the bhm handbook???
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Posted By: afrokock
Date Posted: Aug 23 2014 at 5:24am
 couldnt believe my own eyes |
Posted By: ms_wonderland
Date Posted: Aug 23 2014 at 7:11am
| I think buying a house is a must. My mom sold the "family" house and bought her own to make sure we didn't have to deal with problems and greed associated with dividing things up once she's gone. I'm extremely thankful for that because she really didn't want to but she couldn't avoid all the messes she's seen after other peoples funeral. |
Posted By: newdiva1
Date Posted: Aug 23 2014 at 7:54am
| I want a house but at the same time I honestly don't want the responsibility that comes with owning one. I don't intend on having children so "passing something down to mine" is not the issue. |
Posted By: afrokock
Date Posted: Aug 23 2014 at 8:33am
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Posted By: afrokock
Date Posted: Aug 23 2014 at 10:29am
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Posted By: Diane (35)
Date Posted: Aug 23 2014 at 10:34am
TC one time long ago i thought i read a post from you saying you'd rather rent than own, saying home ownership was a trap and many ppl dont realise it. I swear it but you were in a condo at the time and i believe you're in a house now? I dont understand why my parents would just give me the land while they're alive
takes too long for wills to be probated in Jamaica. I think i may go to them with that argument. |
Posted By: afrokock
Date Posted: Aug 23 2014 at 10:35am
| I think she meant mortgaging |
Posted By: Diane (35)
Date Posted: Aug 23 2014 at 11:26am
| mmmmhhhhmmmmm yes the pitfalls of having a huge mortgage for decades to come. |
Posted By: Diane (35)
Date Posted: Aug 23 2014 at 11:45am
| I need to buy a piece of land in a certain area in kingston, then build a fuqq shop and count the cash. this is my dream. cause that's one business that cant done in Jamaica, 'member i tell you that. I have the AC hookup already. |
Posted By: Yardgirl
Date Posted: Aug 23 2014 at 11:57am
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Posted By: Diane (35)
Date Posted: Aug 23 2014 at 12:03pm
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say what you want yard! you know its true. i visited my country friend at a newly completed one and he said, omg ive been here 3 hours and the amount of time that buzzer has buzzed persons in its crazy. Theres a reason a certain "guest house" has four properties and is STEEL looking to buy more land on the same road! When i build it i shall name it after you!!
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Posted By: ThoughtCouture
Date Posted: Aug 23 2014 at 12:28pm
oh no i'd rather own of course. i was probably speaking on the mortgage trap many fall for taking out a mortgage on a home worth more than they can really afford. and as a result, the vast majority NEVER pay any mortgage off ever in life. anyway, i never lived in a condo...i was in another house (which i paid too damn much for...rolls eyes). personally, if i had it to do over again, i'd have skipped my first fancy smancy home and started with something i could pay off completely in less than 5 years...but i own another home now. i just paid it off earlier this year...hallylooooyah!!!!!!!!!!!! *praise dances and twirls*
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Posted By: ThoughtCouture
Date Posted: Aug 23 2014 at 12:29pm
yep yep!
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Posted By: Diane (35)
Date Posted: Aug 23 2014 at 12:41pm
afro was on it!
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Posted By: ThoughtCouture
Date Posted: Aug 23 2014 at 12:47pm
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oh and to be clear...i think it's fine to take out a huge mortgage on investment properties...shyt that's is bringing in income and you can do a real p and l on. but on something that falls at the base of maslows pyramid...i'd personally rather not. |