Generosity Delayed
I MENTIONED IN a recent article that my wife sold her home. We thought we���d leave a legacy to her son by investing the money in the stock market and letting it compound over many decades. That way, when he retires, it would help him reach financial independence.
But my wife doesn���t want my stepson to know about the money we���re investing for him���and he won���t find out from this blog post because he���s not a HumbleDollar reader. She���s afraid he might not work as hard to get ahead if he knows he'll inherit a large chunk of money.
He currently lives a modest lifestyle. He shares a rental house with other roommates and still drives the used car his mother gave him when he graduated college. He���s a lawyer who is living below his means and saving for a house down payment. My wife likes that and doesn't want to do anything that might change his financial behavior.
He doesn���t know how much money we have. We never discuss our finances with him. Since we���re currently in good health, we don���t think it���s necessary. But when the time comes, I think he���ll be surprised. A lot of our wealth came later in life, thanks to the miracle of compounding.
We also live well below our means. We drive a 2020 Honda Civic and a 2007 Honda Fit. The latter has more than 200,000 miles on it. We don���t subscribe to cable television. My wife rarely wears jewelry other than her wedding ring. She likes nice clothes, but she���s always looking for a sale. Our house is in a desirable neighborhood, but modest in size.
We see the��lavish lifestyle of our friends��� daughter. She and her husband live in a luxury apartment complex in an expensive beach community. The complex has a concierge and gym. Our friends complain about their daughter and son-in-law spending all that money on an apartment when they could be saving for a house.
We suspect that our friends��� wealth might be one of the reasons for their daughter���s free spending. Maybe their daughter isn't saving for her future because she knows her parents will leave her a large inheritance.
My wife wants to help her son financially, but not right now. She wants him to make a life of his own without our help. She thinks it���ll make him a better person and he will appreciate what he has more. I have no doubt my stepson is hard working and financially responsible, but maybe this isn���t the best time to tell him about the money we���re investing for his future.
But my wife doesn���t want my stepson to know about the money we���re investing for him���and he won���t find out from this blog post because he���s not a HumbleDollar reader. She���s afraid he might not work as hard to get ahead if he knows he'll inherit a large chunk of money.
He currently lives a modest lifestyle. He shares a rental house with other roommates and still drives the used car his mother gave him when he graduated college. He���s a lawyer who is living below his means and saving for a house down payment. My wife likes that and doesn't want to do anything that might change his financial behavior.
He doesn���t know how much money we have. We never discuss our finances with him. Since we���re currently in good health, we don���t think it���s necessary. But when the time comes, I think he���ll be surprised. A lot of our wealth came later in life, thanks to the miracle of compounding.
We also live well below our means. We drive a 2020 Honda Civic and a 2007 Honda Fit. The latter has more than 200,000 miles on it. We don���t subscribe to cable television. My wife rarely wears jewelry other than her wedding ring. She likes nice clothes, but she���s always looking for a sale. Our house is in a desirable neighborhood, but modest in size.
We see the��lavish lifestyle of our friends��� daughter. She and her husband live in a luxury apartment complex in an expensive beach community. The complex has a concierge and gym. Our friends complain about their daughter and son-in-law spending all that money on an apartment when they could be saving for a house.
We suspect that our friends��� wealth might be one of the reasons for their daughter���s free spending. Maybe their daughter isn't saving for her future because she knows her parents will leave her a large inheritance.
My wife wants to help her son financially, but not right now. She wants him to make a life of his own without our help. She thinks it���ll make him a better person and he will appreciate what he has more. I have no doubt my stepson is hard working and financially responsible, but maybe this isn���t the best time to tell him about the money we���re investing for his future.
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