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Here’s the story of two parents who worked hard to reach a comfortable financial position. However, they rarely spoke to their kids about the topic of money. According to them, “It’s our money and our business.” Little did their kids know they were in for a financial surprise.
Choosing Enjoyment Over Legacy
The original poster (OP), who we’ll refer to as Jack, is married to his wife, Anna.
Both are in their mid-40s and work full-time, and they have three teenage children. Jack mentioned that he and his wife have worked hard to reach their current points in their careers.
Breaking the Mold
They aren’t “rich,” but they’ve worked hard to save money. Combined, Jack and Anna earn about 300K annually.
Living for the Present
Decades ago, the traditional path most took was to work hard until 65 and save a lot of money. Jack and Anna didn’t plan on waiting this long to enjoy their life.
Plus, neither wanted their kids waiting for them to die so they could have their inheritance money.
Balancing Fulfillment and Support
Jack and Anna plan to retire once their youngest son graduates high school. By then, they will have enough money to live comfortably and travel more.
Opting for a Life of Enjoyment
They plan to use as much of their money as possible. They will give their children any remainder, but Jack clearly says their children “shouldn’t expect anything.”
No Handouts
Jack and Anna have raised their kids not to expect “handouts.”
With that in mind, they plan on paying half of their kids’ college tuition as the last major financial help they receive before they have to support themselves.
Challenging Expectations
Recently, Anna had a health scare; fortunately, everything turned out to be fine, but this was when reality hit the family.
Retirement Plans Unveiled
Natalia, one of their daughters, questioned Jack and Anna about their financial plans, but she wasn’t prepared for what she heard. Immediately after discovering that Jack and Anna planned on spending most of their money to enjoy their life, Natalia became upset.
Kids Struggle With Parents’ Decision
She accused her parents of caring more about “partying” than the well-being of her and her siblings. Jack and Anna tried explaining to Natalia that they’d prefer for them to pave their own way in life instead of expecting a “handout.”
Secrets Revealed
Eventually, the news spread, and Jack’s kids learned they wouldn’t receive any inheritance money.
Jack and Anna still felt it wasn’t their kids’ business what they did with their money.
Open Communication
“…Anyway, it seems like this is the kind of thing you should have been talking about all along, that you don’t plan on doing anything to make life financially easier for them and that your family’s philosophy is that money is to be spent on yourself, not preserved for future generations or spent on loved ones…”
College Is Expensive
“…They plan to pay “Half” for their college. While making so much money their children wont [sic] be eligible for any kind of financial support. They’re outright hurting their kids to ‘teach them a lesson’ ignoring how expensive college has become.”
Financial Duties
“…Life isn’t the same now as it was when you started out. Housing and education in particular have gotten way more expensive in the last 20 years. If you can at least help them get their degrees without them being saddled with a bunch of debt, you absolutely should.”
Debating the Right Approach
Ultimately, Jack and his wife have the right to spend their money however they choose. It seems they’re conflicted now because they’re questioning whether or not they should’ve been more open with their kids about their financial plans.
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