Re: Advice needed for parent's recent inheritance

"Bobby_M" <> wrote
> I've never claimed to be an authority but they look at
> how much better off I am at 30 than they are at 55 and I
> suppose they
> value my opinion because of it. Example: They have $100k
> in 401k and
> have very little other savings prior to the inheritance. I
> have $129k
> in 401k and another $150k in various investments. I do
> realize they
> were the ones that were supposed to give ME advice.

They must have done something right given all your success,
no? Like did they do anything to help you to get through
elementary and high school with good enough grades and
/motivation/ to go to college. (Or did they beat you nightly
to do your homework?;-) ) What's the secret to raising a
child this bright who is also savvy about keeping his
financial house in apparent good order?

I noticed you said they helped a sibling of yours through
college, which AFAIC certainly can be admirable and a good
investment. Did they help you, financially, through college,
too? How much dinero was that? How many siblings? :-)

This topic (raising kids to be financially responsible) is
actually treated fairly extensively in a popular book (often
mentioned here) on personal saving called _The Millionaire
Next Door_. So I'd be interested in your responses, if you
have the time.

Re: Advice needed for parent's recent inheritance

Elle,
I received a full scholarship for my associates, then my employer
picked up the tab for BS. My two younger sisters also received academic
scholarships, but not full rides so my parents helped them the rest of
the way. This really wasn't the full cause of their previous debt. I
think they just fell into the typical trap of earning more and more
money and looking for ways to spend it (and then some). My parents were
also the first in a long family history to earn middle-class wages so
they went overboard to provide us kids with everything they never had.

My mother was usually disappointed with me through grade school with
anything less than an A, but it's because I set the precedence early
on. There was no beating :-) Making my parents proud was enough
incentive.

Both my younger sisters are earning great livings (nurse and dental
hygienist) but they don't have much to show for it either so I may be
the exception unfortunately. The act of becoming wealthy feels really
good to me, moreso than the fleeting joy of overspending. Sorry I can't
explain it any better than that.

Bobby

Re: Advice needed for parent's recent inheritance

Elle wrote:
> Good luck. Let us know if some of that cash in the safe deposit box
> is actually old currency having serious value among collectors.
> (Interesting how many coin collectors seem to be coming out of the
> closet for that thread, if I'm understanding it correctly.)


Even if there's not any old bills that are worth a premium for their
numismatic value, it's certainly worthwhile to look through them and see
what you've got -- it's part of your heritage. And it is pretty cool
when you find a silver certificate or an Indian penny or a war nickel,
or an old series $2 bill.

(You are very unlikely to find a gold certificate; I believe they were
all destroyed in 1934. The few that escaped were illegal to own from
about 1934 to 1964)

I used to spend buffalo nickel occasionally (ones with the dates worn
off so all they were worth was 5 cents) just so someone could find it in
their change. I should check my safe deposit box and see if I still
have a roll or two of buffalo nickels...

Best regards,
Bob

Re: Advice needed for parent's recent inheritance

"Bobby_M" <> writes:

> Both my younger sisters are earning great livings (nurse and dental
> hygienist) but they don't have much to show for it either so I may be
> the exception unfortunately. The act of becoming wealthy feels really

Encourage them gently. As long as they are spendin no more than they
earn, they're on the right path. Ramp up the easiest, most
painless savings - payroll deductions - money never seen is money
not spent. You're young, they're younger, this is the best
time to get a good start. But be gentle and positive and
encouraging, not negative or disparaging.

There are some fun and positive and encouraging book out
there, too. Your parents aren't in a place for it, but your
sisters may be prepared for The Wealthy Barber, for example.

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