I Don't Want My Kids To Know We're Millionaires 

He stole that from The Cosby Show.

Shouldn't even tell them he's a millionaire. Should just pretend to be broke.

If I’m a millionaire my kids a millionaire dats what we do it for

@@rayzah412 no teach your kids how to grind and sustain being a millionaire family. Think long term not just you made it so they won’t have to struggle. Your family will be broke again in 2-3 generations la

@@gzfashions it’s possible to make them feel like millionaires but also instill a work ethic to always seek self-improvement and continuing to grow the wealth and not stop and consume all of it

Facts, same here

My parents were very secretive about all their finances. Many locked doors in the house.

I remember asking my parents where all of their money went because I thought they made a lot. Mom explained what they made and where it went - utilities, groceries, mortgage, school costs for us kids, investments, etc. I learned a lot.

@@canicksmith6629 to each their own I guess, my kids will be molded by me, no closed doors. Pretty much how I was molded by my mother who is an accountant.

My parents kept it all a secret till junior of senior year of high school when they started to let me in on some of it. College is where I learned the bulk of it. Taught me great work ethic and then came the more complicated lessons of saving and stocks etc.

Good thought!

Exactly! I know few people in their 50s fretting about the financial costs of taking care of their elderly parents (especially if they need 24/7 care). Though they really want to provide that direct care, sustaining the responsibility not realistic without adequate financial cushion.

Absolutely. Worst thing they could do is to keep that much money secret. Everyone needs in on it

If the inherit. That could all go

In this situation, I agree. Not telling your personal finances to a wet behind the ears teen or early twenties is one thing. Once they grow up, I think its time.

1.5 million is what they will live on when they retire. Not really a large estate for the daughter to manage.

I have seen up close and personal, a number of times, actually, how bad it can be to make a son or daughter feel so secure that they don't feel the need to try in life. It's bad. Really, really bad.

Yep. I guess it's how you view it. To her, 1.5 million is a lot. To Dave, it's only a little bit, not much to go cray cray over.

It’s a good chunk of money, but it’s not a ton nowadays. Keep in mind they are 65… they’ve been saving their entire lives to only have that much.

I would really hope they are just living off the interest of their investments.

With social security and a possible pension and reasonable life style they could be worth more in 20 years.

Sadly...you are correct. 1.5 million is REALLY not THAT much...at least not TODAY. It used to be a lot back in the 80's....not so much now. Odds are there won't be that much left....

It isn't that much, but this woman sounds like she could be in her 50s...that money could double a couple of times before the end of her life.

@@julieanncheshire9960 Possibly...but you'd have to take a chance on aggressive mutual funds.

A million dollars ain't what it used to be, that's for sure. Anyone in this country with a halfway decent job who is not a millionaire by their late fifties or sixties, really messed up their finances.

It’s not even that much.

People commenting on my comment don't get the sarcasm. She probably has $750k trapped in her primary home.

I guess didn't take it as bragging on her part. I felt like she was waiting for Dave to say something, after she stated the amount. She seems a little goofy anyway. Strange more than arrogant.

🤣🤣🤣

Divided by 2-3 it's very minimal.

Very true

@@cv9938 1.5 is still great at 65. get off your high horse. you can easily live off the interest if you are managing your money properly.

1.5 million is only a lot if you’re trying to earn it. Spending it would be no problem.

But dumb broke 32 year olds think it is, and that's the concern. Have you not seen Forensic Files? Dudes have axe murdered their parents for far smaller life insurance proceeds.

Lol

She seemed more weird or strange to me than bragging.

@@pep590 I agree I couldn't understand her logic. You a miuonaire not them and if they are foolish leave it to the national pit bull association of America

brag away, whatcha got? :)

Dad is that you?

I would be more concern if my rich parents do not provide me the knowledge, skills of how to create and maintain such wealth. Financial literacy is extremely important whether u are rich, poor.

That’s very true, and also more often then not you are going to inherit all this money when money doesn’t even matter as much at that point , 60+ and you get a couple million vs a couple million at age 30 is a Masssssssive difference

Talking about finances within the family or just talking about it in general?

If they only have 1.5M and plan on living on that in retirement she’s WAY overestimating how much money she has - that’s barely enough to count on just to live

It's a good amount for retirement; withdrawing 50 grand a year, assuming no interest, lasts about 30 years.

@@poppy87 factor in inflation and withdrawals and after 20-30 years the kids aren’t likely getting jack that’s the point

@@ystebadvonschlegel3295 As someone who lives in the Cleveland area, that amount goes farther than you might think. An older couple could probably live comfortably in this area on 30-40k per year.

these people likely made a decent income so they're probably getting 30-50K a year in social security and 1.5 million is probably generating at least 40-50K a year in interest. If you can't live on 80K in retirement, with no mortgage and no debt, you're horrible at managing money

Or the difference between “their” and “they’re” 😆

@@michaeldalton8374 Or the difference between minding your business and being an annoying grammar police 😡

I hope your day was made better by trying to shame/embarrass someone on the internet because of a minor grammatical error.

@@David-wo9un It was a joke.

@@RealGalaxyGamers No, it wasn't a joke

That money will change their lifes! That's why Dave said it would affect them if they only find out when they're grieving. And yes $1.5 million is a lot!

Hahaha 🤣

Well 1.5 million when most ppl don't have 1k in the bank in savings, it kinda is lol

Lol thats a wholesome response

Wow what a story /s

Many retired people make more than they did while working. Unless (and possibly even if) the 1.5 million is all in cash, it might be growing faster than they're drawing down on it. Plus, Social Security, although not much, counts as income. If they also have a pension, they might not even need to use any of the 1.5 million.

@@janetk5073 unless they get sick. Then it's all gone.

Right, and this lady must have been poor most of her life so she thinks 1.5 is a surprisingly high amount. It was like she can’t even believe it.

Make a Will!

If you die the bank will know they will shut it down get a will and a trust. I have a experience from my dad passing

Surviving but being incapacitated is more difficult than death for your family. Get a trust, transfer everything except your Roth IRA into the trust, make your daughter successor trustee, and teach her how to manage your finances. It’s too hard to take over at the same time your parent is in dire straits and needs you to manage their medical and care issues. And keep your home in order. I had to deal with a jam-packed house on top of it!

Sounds like she’s your step mom. If you had a decent relationship with your father it’s a shame he didn’t leave anything for you but maybe he figures your capable of earning and taking care of yourself

She probably inherited many millions from her parents lol

I’m not trying to be harsh, but this lady just doesn’t seem very smart. She seems like one of those people that obsessively saves her entire life… BUT she doesn’t seem to really have the intelligence to know how to actually MANAGE, INVEST, or GROW your wealth. All she seems to know how to do is scrimp and save by living frugally. Otherwise, if she knew how to invest in real estate, businesses, or stocks smartly, then why would she be so afraid of talking about money? She seems like she has the attitude that money cannot be invested to grow it. She is probably a one generation millionaire, unfortunately. She will never have the intelligence to teach her kids how to grow the wealth further

That’s not the point though. Her kids are grown and married. Teaching kids financial responsibilities is different than discussing your personal finances. Its no one’s business how much cash you have in your savings account, not even your kids.

@@jusplay7309 I totally agree.

don't want in laws to know? When you guys pass away, they will have access to that money. That's really dumb

The problem with parents that never talk about money is that schools don’t teach it either. So children grow up never having been taught about money and only emulating what they think they see.

IF there’s any left to inherit.

Cause she thought it was an impressive amount and Dave thought it would be too

You’re absolutely right. My kids are in their 20s and have substantial Roth IRAs which they funded with money they didn’t even have to pay taxes on because they didn’t make enough to be taxed in their teens.

That’s exactly what I was thinking. Why even bother if you don’t trust them?

My parents moved us to a house in the prestigious country club neighborhood when I was 12. I always felt we didn’t belong there. We didn’t do anything the other people did. Everyone either belonged to the country club or had horses. Everyone skied and took vacations. The girls wore fashionable clothes. Everyone got cars at 16. We had none of this. We were outsiders. I definitely have fear, a scarcity mindset, and have never had a sense of security and belonging. I detest my job but I’m financially independent at age 57.

Need for care when elderly will consume it.

I agree, but the kids need to know how to manage your finances if you become incapacitated.

I’ve read a lot of stories where it’s actually one of the children who drains the account of the elder dementia parent. All it takes is one life loser and liar whose decisions never improve, who grifts family, whose borrows and never repays…….. They get into the account ……….. nothing left for siblings…..

@@carpediem6431 That’s another reason why all of the kids should know. In my opinion, if you have a good relationship with your children and you trust them, it’s not a bad idea for everyone to get together with the attorney that draws up the estate plan and the financial planner involved in managing the estate so those individuals know your wishes as well. That will help ensure that one of the kids doesn’t try to get mom and dad to sign something on the side. It looks very suspect if mom and dad go to the trouble of using attorneys and financial planners to manage things and one of the kids produces a generic power of attorney that nobody knows anything about. Plus if the financial planner and attorney know that the parents’ wishes are to involve all of the children in updates and communication, it will be pretty tough for one of them to get control and use the funds for themself.

@@Chris-tg3qy Unfortunately they still do it, no matter how many safeguards you have in place, unless you use a bank trustee to pay bills and approve disbursements, and that is prohibitively expensive. Idk what the answer is.

Love this!!! I’m in my twenties and my parents did the same! So proud of them. Are your kids savers??

How does one/a couple get from parents' view/outlook that things will only be rocky, cold and distant which perpetuates it, to open, trusting, and loving bond?

@@SLAYER97501 If I understand your question correctly, you’re asking how does one change the current outlook situation with family? Someone needs to break the ice with good intentions.

Wow.

When you see their true colors, you can make appropriate decisions. Happened in my family. We no longer have a relationship with my aunt or her adult sons, and they will not be inheriting from us. They were buzzards when my grandma declined and died.

If shouldn't be an issue if they are self sufficient. 1,5 million isn't all that much.

@@kara2162 yeah I was thinking that too. 1.5 million is not that great for a married couple at that age.