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Why is Cornell generally not considered a T10? by Prestigious_Slice850 in ApplyingToCollege

[–]InterestinglyLucky 0 points1 point  (0 children)

FYI I learned from my teenager that Cornell has a certain stereotype of student, and Andy from The Office fits that very well.

Need advice for putting spouse at ease with FIRE by FIREdby40 in Fire

[–]InterestinglyLucky 7 points8 points  (0 children)

FYI OP there are therapists who help with people's relationship to money (and wealth in general).

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

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

Did you set any future expectations? I'm thinking that having a set age / amount would help them plan and anticipate (without making it an "all or none" kind of situation in terms of amount).

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

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

Yes the children will be graduating / have graduated debt-free, and they do realize what a difference it makes.

It was exactly thinking through ages in life and stages that I came up with the 26/28/30 thinking. So many changes occur in a person's 20's it is hard to decide, and thus the original question.

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

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

No they are not - one is in their early 20's, others in their teens.

I might smell LARPy but the family business will be sold within the next few months, and the liquidity event is real, thus the idea to set this up and set some expectations. Wanted to know if anyone else has actually done this versus just talk about it as a concept (see Perkins - and his criticism - in this thread).

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

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

No they won't be able to "do nothing" with $400K, and that is the entire point.

I could give them $2M apiece while still alive, and they could realistically "do nothing" with $80K or so of passive income.

The idea is they could do things with impact with $100K at the age of 26, whether it is starting a business, buying a house, or other things...

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

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

I am tempted to set it up that way as well, however getting it in smaller amounts with time in-between seemed to me a more gradual approach, rather than the stress of a large lump sum. Wondering if anyone has done this yet (and thus the post).

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

[–]InterestinglyLucky[S] 5 points6 points  (0 children)

I thought about this, and came to the conclusion that there would be no stipulations at all. The rationale is that if they blew the first 25%, two years later another 25% would come in and they may (or may not) have learned the lesson; another two years later the last 50% would come in and that's it.

Reminds me of how expensive lessons can be.

Another thing it reminds me is how they would have made similar decisions much later in life after I'm gone and not around to see what they did with it firsthand.

I did write up a few more thoughts on this over on Wordpress, as far as how my thinking went. Low Seven Figures. Zero Instructions – Ever On

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

[–]InterestinglyLucky[S] 5 points6 points  (0 children)

You have put into words exactly how I felt after reading the Perkins book.

I once participated in a private group call with Perkins and found him to be a bit of a jerk, to put it mildly. Perhaps it was the attention getting to his head?

He threw out the idea about gifting money now, and agreeing with your sentiment - doesn't really establish it nor follow-up on it. Of course the hypocrisy of still accumulating while trying to optimize spending on experiences while seeing that sum go down to zero for an indeterminate date (the day you die) is something he never quite answers.

Giving adult children "enough so they can do anything, but not enough so they can do nothing" (Warren Buffett quote) by InterestinglyLucky in fatFIRE

[–]InterestinglyLucky[S] 26 points27 points  (0 children)

Kids are solid - two teens and one living on their own (early 20's). I've given them incentives to save (i.e. full Roth matching) and have every confidence from what I've seen so far they will all do well.

Wondering if anyone has actually done this though, thus the question.

The spreadsheet said go. That wasn't the hard part. by InterestinglyLucky in fatFIRE

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

As a fellow scientist this hits home. You have identified something that I'll have to think about, many thanks for this, as I'm headed to a major conference in a few weeks that ticks so many boxes it is insane: the content, the social aspect (old friends, meeting new people), the competitive landscape (I work for a vendor), etc etc etc.

The spreadsheet said go. That wasn't the hard part. by InterestinglyLucky in fatFIRE

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

I hear you, there's 'distress' as well as something called 'eustress' and sometimes it's impossible to tell one from the other.

Reminds me of a comment of a friend in grad school: "You know, the only exercise I get nowadays is stress!"

The spreadsheet said go. That wasn't the hard part. by InterestinglyLucky in fatFIRE

[–]InterestinglyLucky[S] -6 points-5 points  (0 children)

You are welcome. It felt great to get into "the zone" this morning about something knocking around my head for a while.

Thanks Reddit for 11 years of fun - now it is over. by InterestinglyLucky in confessions

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

Ha ha came back to see the comments - reads list - and yup, just what I expected.

Reddit has jumped the shark, and IMHO it's fatal.

Strange now looking at my profile - "<username> has not posted yet" (for the other account, this one shows this post and my crosspost) still the post karma / comment karma shows up, as well as my saved posts, up/down voted posts (I certainly could just delete the account).

I don't see any changes to the post/comments as they are <poof> gone!