Comments on: What Will YOU Leave The Next Generation?

By: Adam Hathaway

Adam Hathaway — Sun, 07 Oct 2012 13:21:49 +0000

What a nice tribute to your dads. Even as early as a year ago I would say that financially I was not setting a good example. However I would like to think that I have turned that around. That has not gone without its bumps. We are in a great place now and in a better position to teach our children.

By: Tubby

Tubby — Wed, 26 Sep 2012 16:51:50 +0000

I agree with all you have said and I fear, in some respects, for this young generation. The reason is that their parents were raised in the times when credit was a way of life and frankly, even governments encouraged it.

In other words the parents of many kids today were raised in a time when it was popular to borrow two years wages in advance so you could have things you didn’t need now. Let’s face it, consumerism in the past created desire, and credit was simply a sure fire way to get the sale and nobody was thinking about the consequences, and it seems to me very few were taking a sensible approach to financing.

So if the parents are of the kind that was raised in an “I want it and I want it now!” attitude, what message may they be giving their kids? As we all know, times have changed, and credit is not so easy to come by although not hard enough if you ask me.

Let’s hope that these economic factors start to educate people and that young people today will get back to not being so demanding, and consequently, possibly giving themselves a life time of paying back for things you didn’t need in the first place.

By: J. Money

J. Money — Fri, 21 Sep 2012 15:05:49 +0000

Thanks again, William! Good good stuff here, always important to be reminded of what we’re doing here on Earth… It’s too easy to get caught up in the day-to-day stuff and forget to think bigger picture. Especially when kids and learning is involved :) To answer your question I’ll be leaving money AND my blog to all my kids, haha… maybe I’ll force them to read one post a day and then start writing for it ;)

(And PS: Totally about to tweet out “Debt is nothing other than impatience” – So true!!)

@Michelle Saint-Germain – Thaat point system is awesome!! I might have to copy that myself when our baby’s old enough to start doing things around the house… or, can even walk and talk for that matter, haha…
@Mrs. Pop @ Planting Our Pennies – I think it’s funny too :) I guess during different phases of our lives certain things become more important? Like money and responsibility? Growing up the only thing my brother and I talked about (while also sharing bunk beds) were girls and sports, haha… sprinkled with baseball cards ;)
@Mysti – That sucks to hear :( I’m gald you’re adament about your own kids and teaching them well! You can start the awesome legacy trend! :)
@Stephanie – Your chores/allowance idea reminds me of my own growing up when I wanted a Nintendo Gameboy :) It tooke me mooooooooooonths and mooooonths to finally save up for that crazy thing ($90 back in those days), and by the time I actually HAD the money – I think 1 year later? – it wasn’t worth it to me anymore. So I ended up saving it all, haha… funny how your mind changes once YOU have to front the money ;)
@Econowiser – That’s an interesting dilmna for sure. I’d probably say a little of both :) Which will probably happen whether you want it to or not, haha… you KNOW that they’re not going to listen to 50% of the stuff you say, so half the time they’ll be smart, and the other half they’ll go and get into trouble and then report back for the lessons learned :) (ACK! Just went back and saw that William said pretty much the same thing! Haha… great minds!)
@Jacob @ iheartbudgets – “They can do more good with it that I can when I’m dead :)” – Indeed!
@shey – Awesome! Welcome to the land of finance blogs and nerdness ;) 99% of everything I learn now comes from either readers of this blog, or from reading others out there. So I’m glad you’ve found us!

By: shey

shey — Thu, 20 Sep 2012 23:27:41 +0000

great topic.

Im 20 years old and though I have no Idea how I found finance blogs, but am so happy I did.

My parents taught me/is teaching me nothing about finance, so I’m lucky to have access to this information. I plan on teaching my future kids everything I possibly can about money and hopefully leave them some inheritance also!

By: Jacob @ iheartbudgets

Jacob @ iheartbudgets — Thu, 20 Sep 2012 19:58:02 +0000

I’m definitely going to pass along money, but it the values and lessons that will help guide that money after we’re gone that will really make an impact. I’m excited to teach my kids about EVERYTHING I possibly can, especially how to steward the gift of money. They can do more good with it that I can when I’m dead :)

But it doesn’t mean I’m dumping a pile of cash on them with no rules around it when I kick…

By: William @ Drop Dead Money

William @ Drop Dead Money — Thu, 20 Sep 2012 17:09:30 +0000

Joe & Jason: Did you hear what Warren Buffet said about this? He said he didn’t want his kids to benefit from what he called “the lottery of the womb.” So I think he’s leaving them only like $1 million each. Sounds like your approach, but with a Buffett twist :))

Here’s a tragic story of the alternative: http://bit.ly/BWBusch

By: William @ Drop Dead Money

William @ Drop Dead Money — Thu, 20 Sep 2012 17:04:05 +0000

Econowiser, I don’t think you have to worry about who’s right. you’ll probably get to do both and here’s why: You will teach them, they’ll ignore you… and then they’ll learn from their mistakes. Voila – both approaches in action!

Don’t ask me how I know this! ;)

By: Jenna, Adaptu Community Manager

Jenna, Adaptu Community Manager — Thu, 20 Sep 2012 16:32:27 +0000

I’d like to think I’m teaching my younger brother how to value money and time right now while he is living with me. Other than that just trying to live the testimony that God will provide.

By: Econowiser

Econowiser — Thu, 20 Sep 2012 16:14:02 +0000

Great story! I am not sure about the question yet. We would like to start “a new generation” soon and I am already talking to my husband about how we’re going to educate the kid(s) financially. We kind of disagree. Do we make them make mistakes consciously and have them experience those or do we warn them up front? Well…we don’t have to agree just yet…

By: Jason @ WSL

Jason @ WSL — Thu, 20 Sep 2012 15:46:17 +0000

Really great story and points, William! Thanks a LOT for sharing. I’m with Lance in that I don’t think we’re going to be passing along any money to our children as I’d much rather give it to people that need it. What’s truly important to pass down is knowledge and values.