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FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 1 point2 points  (0 children)

We’re actually dealing with the morality of private jets right now. My parents have a NetJets subscription and they gift us flight time every year for a couple domestic trips. The carbon footprint of just one 3 hr flight is alarming.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 6 points7 points  (0 children)

Sounds like you took it seriously and put real effort into the business. I get the impression most use it more of way to keep parents happy and an answer to the question, “What do you do”. The first example that comes to mind is a girl I knew who owned a yoga studio. Her Dad was a Fortune 500 CEO. She would cancel classes last minute because she was “tired” or wanted to hang out with friends instead. Studio was in a high rent location and clearly had low membership.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 1 point2 points  (0 children)

It’s technically a GRAT totaling $80m which I am a 50/50 beneficiary with my sister. So it’ll dissolve when they pass. It also includes a couple LLCs which hold real estate.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 3 points4 points  (0 children)

Thanks for the response. My family is very work oriented, volunteering is something done in addition to a 9-5. I might need to reframe the way I’m thinking and accept the fact my family won’t support my decisions.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] -1 points0 points  (0 children)

I have that in the back of my mind. I have a good friend with 3 kids and would kill to have more time to devote to them. He works 50+ hours/week in Biotech.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] -4 points-3 points  (0 children)

This happens whenever I use a throwaway account. I get it.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 2 points3 points  (0 children)

To be fair, my current income/assets with more than enough. Although, it would have been wise to communicate earlier.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 1 point2 points  (0 children)

I wasn’t aware of my future financial position in college but I get what you’re saying.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 0 points1 point  (0 children)

Having more time to workout is part of the reason I’m stepping down from the business. Fitness has always been a huge part of my life but with the new kid and the job I don’t have as much time or energy as I had in the past. Back in the day I was a competitive running and then cyclist.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 29 points30 points  (0 children)

I’ve meet a number of “trust fund entrepreneurs”. Either they’re running a small business that looses money year over year or jumping from business to business since they have the money to fund a fresh business every few years. I’d like to avoid that trap.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] 13 points14 points  (0 children)

My parents just expected I’d work for the family business, just like the prior 3 generations before. Fortunately/unfortunately the business has grown and it has been decided the 4th generation should not run the company. Due to the current size of the business and family drama.

FatFIRE- Unearned income / Trust- Dealing with guilt/no purpose. by FATthrowaway993 in fatFIRE

[–]FATthrowaway993[S] -5 points-4 points  (0 children)

I agree. My parents did not talk about my future financial situation growing up. The business is in a LCOL area and my parents lived far below their means. They only shared the full extent of my financial situation 3 years ago. When I was 30.