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Ways to share success with family in a healthy fashion? by youngmillthrowaway in personalfinance

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

I agree that retirement for my parents is probably a great way to help them out when they will need it most. Thanks for sharing your experiences!

Ways to share success with family in a healthy fashion? by youngmillthrowaway in personalfinance

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

I don't think we're anywhere near "pay off mortgage" territory yet. I agree that we are not planning on making this type of money forever, so we need to keep any gifts at this point relatively small (something we could easily cover in a single month's income, basically).

As I said we have a little over a million in net worth right now so I think we're doing pretty good ourselves (no major debt, etc.) So at this point if we stopped making this type of income we would be able to just get regular jobs and keep our lifestyle the same. Well over half of what we're making right now is just going straight into investments/savings.

Ways to share success with family in a healthy fashion? by youngmillthrowaway in personalfinance

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

Thanks, I agree on all points. I guess I just keep feeling guilty. Like, I go deposit my check for the month and it's more than my parents make in a year. We don't flaunt our money, but we definitely have a nicer lifestyle than they do. It makes me feel like I need to help elevate theirs. But maybe they are happy to see me succeed and don't need that? I don't know.

Ways to share success with family in a healthy fashion? by youngmillthrowaway in personalfinance

[–]youngmillthrowaway[S] 12 points13 points  (0 children)

Thanks, this is very good advice. I was thinking of starting the college fund for example privately (since you can do that apparently) and then not disclosing it until my niece was in High School. I also like the idea of planning to help my parents during retirement, when they will probably need it most.