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Thread: Enough money so one's kids never have to work

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    Default Enough money so one's kids never have to work

    I read an article recently about Warren Buffett and all the money he's leaving to Bill Gates. Buffett said something about how his kids will not be left so much that they'll never have to work. He didn't go into why, but I know it's something about how work builds "character" or whatever.

    And then I remember several years ago hearing on the radio that Melanie Griffith was talking about why she was working so much, and she said it was to have enough money that her kids would never have to work. Which most likely means that her kids will turn out to be very Paris Hilton-like.

    What about you? If you're ever wealthy, would you leave your kids enough money that they could be complete goof-offs the rest of their lives and still be comfortable? Or are you one of those who thinks work builds "character" or whatever?

    Me personally? Well I don't like kids and have no interest in ever having any, so this question doesn't apply to me. But as to which I'd want to happen to me if my parents were filthy rich, I realize I'm extremely shallow and superficial. As long as I was having a good time, I'd have no interest in working, or doing anything for that matter. Give me a PS2 and a computer and I don't care if I ever see another human being again.

    "Hey ladies. I'm Ben. Wanna take a ride on the Stud Machine? Chiseled 6'2", 240 lb frame. Ex-male stripper (until I had to quit cause I was making the ladies too wild). Women call me "Big Ben" in bed, if you know what I mean. Wanna see why? Leave me a message."

    And "submit". Now I can....NOOO!! NOT MY REAL PIC!! I WANTED TO USE THE ONE I FOUND ON THAT GAY PORN SITE!! HOW THE @#$% DO I EDIT IT?? WHAT THE @#$%!!!!!

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    Featured Member lunchbox's Avatar
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    Default Re: Enough money so one's kids never have to work

    More of a DD question.

    Buffet doesn't believe in the transfer of extreme wealth between generations. It's part character building. He's stated that mainly he doesn't believe people should be granted the kind of power extreme wealth gives by virtue of birth.

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    Default Re: Enough money so one's kids never have to work

    Depends on how much they kiss my ass.

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by lunchbox
    More of a DD question.

    Buffet doesn't believe in the transfer of extreme wealth between generations. It's part character building. He's stated that mainly he doesn't believe people should be granted the kind of power extreme wealth gives by virtue of birth.
    Might makes right. It's a bad thing when it's in the wrong hands and you're on the receiving end of it. It's good thing when the wrong hands are yours. Meaning, I curse wealthy people who are uppity, selfish, etc, but only because I can't join in the fun LOL.

    And what's a DD question?

    "Hey ladies. I'm Ben. Wanna take a ride on the Stud Machine? Chiseled 6'2", 240 lb frame. Ex-male stripper (until I had to quit cause I was making the ladies too wild). Women call me "Big Ben" in bed, if you know what I mean. Wanna see why? Leave me a message."

    And "submit". Now I can....NOOO!! NOT MY REAL PIC!! I WANTED TO USE THE ONE I FOUND ON THAT GAY PORN SITE!! HOW THE @#$% DO I EDIT IT?? WHAT THE @#$%!!!!!

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    God/dess Deogol's Avatar
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    Default Re: Enough money so one's kids never have to work

    Dollar Den = DD

    I agree - kids should learn how to create value in a society.

    Paris Hilton's father and mother should be shunned for raising such an idiot.

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    Default Re: Enough money so one's kids never have to work

    Oh hell no. My kids are going to learn about work.
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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by Deogol
    Dollar Den = DD

    I agree - kids should learn how to create value in a society.

    Paris Hilton's father and mother should be shunned for raising such an idiot.
    Oh come on, none of you would love to just spend your whole entire life goofing off and living a hedonistic life only for yourself? Maybe I'm just not as emotionally developed as most people, and have never developed any interest in anything other than......goofing off

    "Hey ladies. I'm Ben. Wanna take a ride on the Stud Machine? Chiseled 6'2", 240 lb frame. Ex-male stripper (until I had to quit cause I was making the ladies too wild). Women call me "Big Ben" in bed, if you know what I mean. Wanna see why? Leave me a message."

    And "submit". Now I can....NOOO!! NOT MY REAL PIC!! I WANTED TO USE THE ONE I FOUND ON THAT GAY PORN SITE!! HOW THE @#$% DO I EDIT IT?? WHAT THE @#$%!!!!!

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    Default Re: Enough money so one's kids never have to work

    If I were to be filthy rich and have a kid or two, they are going to learn how earn things in life. So, yes. They're working.

    Spoiling is a big no-no.

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by Vyanka
    If I were to be filthy rich and have a kid or two, they are going to learn how earn things in life. So, yes. They're working.

    Spoiling is a big no-no.
    Hey, I'm the biggest spoiled mama's boy you've ever met, and I turned out great! Only problem is now that I'm a grown up (or supposed to be one) there's no one left to take care of me anymore. Which sucks.

    "Hey ladies. I'm Ben. Wanna take a ride on the Stud Machine? Chiseled 6'2", 240 lb frame. Ex-male stripper (until I had to quit cause I was making the ladies too wild). Women call me "Big Ben" in bed, if you know what I mean. Wanna see why? Leave me a message."

    And "submit". Now I can....NOOO!! NOT MY REAL PIC!! I WANTED TO USE THE ONE I FOUND ON THAT GAY PORN SITE!! HOW THE @#$% DO I EDIT IT?? WHAT THE @#$%!!!!!

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    Default Re: Enough money so one's kids never have to work

    Then, you're one of the few.

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    Default Re: Enough money so one's kids never have to work

    We have a trust fund for Makayla. She can use it for whatever she wants. If it's for school, then the fund gets disbursed based upon the cost of the school...semester by semester. If she forgoes school and all...she'll still get the money in the account...but not until she turns 31.

    I don't believe in giving your children everything they want. I want Makayla to learn how to manage money and work. A lot of the "rich kids" couldn't tell you what a credit card bill is...and when they are given all of the wealth, they run through it like water and have no clue as to how to put the money back.

    I believe that Warren Buffet gave his kids each $1 million on their 21st birthdays and let them spend it any way that they wanted. A couple followed his lead and built up a nice nest egg (not spending, but investing the money wisely) while the others blew it all within a year...only to find out that they're not getting any more than what they got. That was a good lesson for them.

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    Default Re: Enough money so one's kids never have to work

    I don't think working, in the sense of exchanging labour for money, builds character (could you guys be any more Protestant?) I do think, however, that our society is structured in such a way that without it one will (almost) inevitably slide into a downward spiral of depression. I would want my hypothetical children to work for that reason - that otherwise I really think they would be unhappy. If money was no object I would like for my hypothetical children to be able to do something they loved, whether or not they got paid for it, or had to simply pour money into the project nonstop.

    A couple followed his lead and built up a nice nest egg (not spending, but investing the money wisely) while the others blew it all within a year...only to find out that they're not getting any more than what they got. That was a good lesson for them.
    I don't know - I think it might have been a better lesson if they were informed of these "rules" from the beginning. Personally I hear that and think it is kind messing around with other people's lives and expectations, and it makes it worse that they are his children. In theory you are meant to help and encourage your kids, not put them through silly tests of "character" (read: spendthriftiness) and set them up for failure.
    I have taught that the sky in all its zones is mortal and its substance was formed by a process of birth

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by Jenny
    I don't think working, in the sense of exchanging labour for money, builds character (could you guys be any more Protestant?) I do think, however, that our society is structured in such a way that without it one will (almost) inevitably slide into a downward spiral of depression. I would want my hypothetical children to work for that reason - that otherwise I really think they would be unhappy.
    I never worked during High School. Was a huge mama's boy and was babied by my mom and grandma. I was unhappy then but it was only because of school because I never fit in and didn't like being around other people. Still don't actually. But I didn't realize how good I had it. Then when I got out of HS I lived with my grandma for like 2 years, just taking the bus to Blockbuster, renting a movie or a video game....just goofing off. They were still the happiest years of my life, because I never had to do anything I didn't feel like doing. Except for worrying about what would happen to me if something happened to my grandma and there was no one to take care of me, it was a great time for me. So I think that disproves your statement about needing to work or you get depressed.

    "Hey ladies. I'm Ben. Wanna take a ride on the Stud Machine? Chiseled 6'2", 240 lb frame. Ex-male stripper (until I had to quit cause I was making the ladies too wild). Women call me "Big Ben" in bed, if you know what I mean. Wanna see why? Leave me a message."

    And "submit". Now I can....NOOO!! NOT MY REAL PIC!! I WANTED TO USE THE ONE I FOUND ON THAT GAY PORN SITE!! HOW THE @#$% DO I EDIT IT?? WHAT THE @#$%!!!!!

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by CaptainQuantum
    They were still the happiest years of my life, because I never had to do anything I didn't feel like doing. Except for worrying about what would happen to me if something happened to my grandma and there was no one to take care of me, it was a great time for me. So I think that disproves your statement about needing to work or you get depressed.
    I'm not so sure about that, babydoll - I mean, based on your posts here I don't know that the "best years of your life" were necessarily laden with joy. And again - the idea that not needing to do anything doesn't mean you get to do anything, and neither of those things means that one is happy.
    I have taught that the sky in all its zones is mortal and its substance was formed by a process of birth

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by CaptainQuantum
    Oh come on, none of you would love to just spend your whole entire life goofing off and living a hedonistic life only for yourself? Maybe I'm just not as emotionally developed as most people, and have never developed any interest in anything other than......goofing off
    It depends upon your definition of "goofing off." If someone gave me one million dollars, I'd be looking to buy an established business where the owner(s) will retire in a year or two - and will be willing to spend that year or two teaching me how to keep that busines running on a successful basis.

    But this is my definition of "goofing off." There would be very few specific businesses available which I'd personally consider to qualify as "goofing off" for me. Yet, there would be a few available which meet my criteria. Ater reading SW, though, purchasing and running a SC would never qualify as "goofing off" for me - way too much freakin' work involved, if you're going to run one as ethically as is humanly possible. But you can run a bank or some other business ethically or unethically too.

    So your definition of "goofing off" differs from mine. And others will have definitions which differ yet again from both of our definitions.

    And to answer your original question, if I did have children and were very wealthy, yes, they would work. And while I might leave everything I can to those children, plus a few different charities, the children would receive their money from a trust which would limit what they receive - to 5% of the entire estate each year for the next 20 years - and which would start being dispersed when each child reaches the age of 30, when they should have a bit more wisdom as to how to use their money.

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by Jenny
    I don't know - I think it might have been a better lesson if they were informed of these "rules" from the beginning.
    Perhaps, but I doubt that would have changed the results. I've come to the conclusion that once people become "matured" adults, those who have a propency for pissing away their money on frivolities and status items get hardwired in their habits and never seem to learn their lesson. This is true regardless of income status. It's why certain people pack away thousands of dollars in savings every year, while others spend their entire lives floundering in debt.

    Personally I hear that and think it is kind messing around with other people's lives and expectations, and it makes it worse that they are his children. In theory you are meant to help and encourage your kids, not put them through silly tests of "character" (read: spendthriftiness) and set them up for failure.
    Well how much more "set them up for failure" can one get then just handing their entire nest egg to the next of kin? I enjoy splurging in the fruits of my labor too, but I think the fact that I have to labor to get those fruits and can't enjoy them every day is what makes it enjoyable.

    Winning the lottery and never having to work again would be nice, but after a couple of months of enjoying instant gratification on anything I could possibly want at my whim, nothing would be gratifying anymore. I'd probably waste myself to death...quite literally in fact.
    Former SCJ now in rehab.

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by CaptainQuantum
    Hey, I'm the biggest spoiled mama's boy you've ever met, and I turned out great! Only problem is now that I'm a grown up (or supposed to be one) there's no one left to take care of me anymore. Which sucks.
    An ex-girlfriend of mine had that problem. She was a daddy's girl A+. Every day she spoke with him. He always had money for her to bail her out of stupid situations. He couldn't bail her out of insecurity and alcoholism/drug abuse though.


    I don't think people are very happy when they are overly dependent on the whims of another person.

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    Default Re: Enough money so one's kids never have to work

    IF I had a lot of money and IF I had kids (neither of which I do) I'd want to help them out. Me personally, if I was born into wealth I'd still work. I'm just the type of person that likes to work. However, I have a brother that would probably be totally happy being a bum if he a trust fund. I'd definitely leave my money to my kids even if they were like my brother.

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    Default Re: Enough money so one's kids never have to work

    Quote Originally Posted by Jenny
    I don't know - I think it might have been a better lesson if they were informed of these "rules" from the beginning. Personally I hear that and think it is kind messing around with other people's lives and expectations, and it makes it worse that they are his children. In theory you are meant to help and encourage your kids, not put them through silly tests of "character" (read: spendthriftiness) and set them up for failure.
    If I am not mistaken, he specifically told them that they were only getting the money this once. He would not bail them out of bad investments/choices/spending sprees. Once the money was gone, it was gone.

    He didn't set them up for failure as the kids that came to him for advice and to LEARN how to make their money work for them, he gladly gave his knowledge. But, he also did not stop them from making their decisions and for the kids that blew their money on frivolous stuff...he didn't stop them, either. He let them all experience the consequences to their choices. Some of those kids know the value and growth of a dollar...and some wish they had paid more attention.

    I totally agree that no parent should hand over the wealth to a child. THAT is setting them up for failure. "Here is all of my wordly possessions and money. Spend it how you want...you'll never have to work and that is that." By not teaching them how to make their money work for them...but only how to spend it...some of these kids think that the money is self-replenishing and wonder how they went bankrupt with 25 million dollars. What did that teach them?

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    Default Re: Enough money so one's kids never have to work

    Quantam, the money and spoilings you received were in good hands. Consider yourself lucky that you did not let yourself be corrupt. You remind me of my friend John. He's never worked a day in his life, but he's still one of the smartest people I know, because he has common sense that most people lack, and his needs are pretty simple. He went from living with his doting mom to living with his girlfriend's family, and everything is paid for (car, gas, every new game console, games, food, etc). Lucky, his wants are pretty simple, and it's not like he's a deadbeat. He loves his mom, he donates to charity, and he takes care of the household chores at his gf's family. John has great common sense, which prevents him from aimlessly shitting life away like Paris Hilton. He reminds me of an aristocratic Greek philosopher, born into the luxury to be able to think. I dunno what he'll do once there's nobody to support him though.

    John's gf's little bro Sam is another story, and a poster child for a spoiled yuppie kid. Sam grew up with money, and is the stupidest little male version of Paris Hilton ever. His mommy and daddy have paid for 2 abortions (which he still hasn't learned from), they bailed him out of jail when he was caught smoking weed in the parking lot of the state trooper residence house, they drove him to the ER and held his hand through a bad acid trip, they let him move out and pay his rent and living costs (he always comes back after a few months, and they pay to break the lease), and they pay all his speeding tickets and pot money. They're castrating him, and the little shit isn't going to learn till he's in a PMITA prison.

    While I'd prefer loads of money going to John than Sam, I'm concerned about both of them because what will happen once there's nobody to take care of them? Plus, it's dumb luck that John didn't get corrupted into a spoiled rich brat.

    I definately think that everybody should work sometime in their lives. It teaches empathy. I work in a restaurant in the rich area of town, and I serve 16-year olds with Audis, Paris Hiltons whose shoes alone cost more that one of my paychecks, and people who can't understand why things don't always go their way or realize how childish their temper tantrums are. I have worked healthcare, food service, and retail. These experiences have given me so much empathy, unlike yuppie shits who like to amuse themselves with games of "Lets get the waitress fired."

    When I have kids, they will work jobs in retail, food service, and healthcare while they are under my roof, as I want to open their eyes to the other side of the mirror. In this society, the customer is always right, so pretty much everyone is prone to taking service for granted. If I do come across enough money to ensure that my kids would never have to work, I'd still want them to make something of themselves (damned if they're going to take for granted what I worked my ass off for), althought Buffet's idea is a great one.

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    Default Re: Enough money so one's kids never have to work

    I won't be having kids (lack of desire + ability) but if I were in the position, I would put aside money for a college education, a car and a house. (But I wouldn't tell him I was going to do this.) Those three things, I feel, are vital in this country for maximum security (probably the car least of all, but it's kind of hard to get around without one--not saying it'd be a super-nice car, but it'd be dependable).

    I would want my child to have a job, but more importantly, I would require him to be part of the family's discussions about money and bill-paying as soon as he was old enough to understand. I would give him an allowance as a small child and go from there to teach about budgeting. In high school I would teach him about using a credit card, about all the scams card companies try to get people into, and the importance of managing debt and not getting in over one's head.

    That way, my child would not be spoiled (I hope), and he wouldn't be expecting to sponge off anyone for his needs in life. He'd still have to work. But he would have a good foundation for appreciating *why* we work and how important it is to make good decisions. He would have the education he needs to get the career he wants. And he would have a step up in achieving it, and he would have a place to live that he could call his own.

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