Author Topic: kids and networth  (Read 3407 times)

luigi49

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kids and networth
« on: February 14, 2014, 09:52:53 AM »
Do you guys tell your kids your networth?
Pros and cons?

Michread

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Re: kids and networth
« Reply #1 on: February 14, 2014, 10:46:39 AM »
Yes, because they are older (20 & 17) and need to see the big picture of how we got to be millionaires.  It's not by livin' large but living below our means.  Which translates to the lifestyle we're currently living, and how they get to go to college on our dime.

They need to know what a college education did for us, what science degrees helped us achieve and how that translates to them and all of our futures at this age of their lives. Um, and yes we still need to be frugal so they never have to worry about taking care of us, their parents in our old age.  So with their knowing is the discussion of many, many things over many years.  It's not just them knowing the $$.

2527

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Re: kids and networth
« Reply #2 on: February 14, 2014, 11:14:24 AM »
No.  They will probably gossip to their friends.  They don't have the context to understand money amounts. 

I wish I could think of a way to tell them so I could teach them money management as directly as I teach them how to brush their teeth and make their bed.   

arebelspy

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Re: kids and networth
« Reply #3 on: February 14, 2014, 11:20:05 AM »
Previous discussion on this topic here (anyone interested may want to read that thread): https://forum.mrmoneymustache.com/mini-money-mustaches/willdo-your-kids-know-your-net-worth/
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

luigi49

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Re: kids and networth
« Reply #4 on: February 14, 2014, 01:54:14 PM »
thank you mod.  just delete.  noticed it after I posted.

arebelspy

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Re: kids and networth
« Reply #5 on: February 14, 2014, 02:48:57 PM »
Topic locked, as requested.

Anyone wanting to discuss, feel free to discuss in this thread: https://forum.mrmoneymustache.com/mini-money-mustaches/willdo-your-kids-know-your-net-worth/
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

 

Wow, a phone plan for fifteen bucks!