Row 81039

Content Data

This page contains data entry 81039 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Raw Record

{
  "text": ">Do you really think that giving a significant amount of money to your children will actually help them become self-sufficient/independent future members of society?\n\nI think it depends on the child. Giving a developing child everything their heart desires is a dangerous practice. There is a certain amount of truth in the old adage, \"rags to riches to rags in three generations.\" However, passing on money to a responsible adult child is an entirely different thing.\n\nIf I do my job as a parent, then by the time my children stand to inherit this wealth they will know how to handle the responsibility that comes with it. The preparation is on me; the execution will be on them.\n\nThe most scarce and irreplaceable resource for every person is time. Those of us who are first-generation financially independent have to spend 20 to 30 years getting there. If the alternative is to tell my children \"tough luck, you have to start from zero as I did\" then, again assuming I raise them well with a proper work ethnic and so forth, it likely would take them 20 to 30 years to achieve financial independence on their own. That two or three decades -- as much as a third of one's life -- is a huge opportunity cost.\n\nGenerational wealth allows the beneficiaries to avoid that huge opportunity cost. That is what I think the money is useful for:\n\n1. It will allow my heirs to pursue more meaningful work, sooner, rather than feel pressure to do work they might hate just for the paycheck.\n2. It is useful for that purpose across generations. My children might be financially independent by the time I depart, but my grandchildren would benefit, as would their children, and so forth.\n3. It is useful to help others through charitable giving. I've always given a portion to select charities and expect my descendants to do the same.\n\nWarren Buffett has signed the \"giving pledge\" in which the bulk of his wealth will be given to charity upon his passing, but as I understand it, he still is providing his wife, children, and grandchildren each with $10 million. Different scale; same concept.\n\n>A highly regarded clinical pyschologist called Jordan Pieterson infers that the best thing you can do for your children, is to not help them.\n\nI'm familiar with Peterson's work. I do not see his advice on childhood development and child rearing as contrary to my estate planning, per above. If the situation were one where I was bequeathing large wealth to a minor child, then I could see the concern, but that's not the situation. My responsibility is (1) to entrust my wealth to responsible adults, and (2) to raise my children into those responsible adults, and I think Peterson would agree with that.\n\n>Teach them to be strong and useful members of society.\n\nI don't think forcing an adult child to start from zero on the path to financial independence is necessary to teach them to be strong and useful members of society. I just don't see things as that black and white, either in parenting or life in general.",
  "label": "r/investing",
  "dataType": "comment",
  "communityName": "r/investing",
  "datetime": "2024-05-24",
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}

Entry Information

• Entry ID: 81039
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000