Whats wrong with inheriting money?
 

First off I didn't inherit money and I wont. My family are mostly broke to the point I pay some of their bills. They are great and did the best they could for me when I was a kid. My buddy on the other-hand inherited enough to buy 30 acre farm with a quite nice victorian farmhouse plus 2 nice barns. He still has a nice sum left to invest. Anyhow all of our friends hate this act and have said hurtful things. It seems this is a common response. I don't know where I'm going with this.. I think its nice that my buddies grandfather left something for him instead of bills. I don't think he should be ashamed. His farm is awesome and something to leave to his son whose 5:D

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Jealousy is unfortunate. Your friend needs better friends.

There good friends. I just think in America Its looked down upon. I think the government wants all property at death.

trustafarians give inheriting money a certain stink. if he's an okay guy then good for him. but if he's an ass who has just been handed a fortune then i hate him too. not as much as i hate ass lottery winners though.

it's all relative.... Bernie Ecclestone's daughter's bar tab on Tuesday night...
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Nothing is wrong with it. The "friends" are being petty, jealous, and above all, hypocritical.

it's not that we look down on the guy who inherited money. it's that we admire the self made man so much others suffer by comparison.

Well heck. A HS buddy has not worked for 10ish years. Prior to that worked for Dad's company. Never wrote a resume in his life. I got him his first job. Today? Lives in a 8K sq ft house. Drinks like a fish.

Even though he is a friend, he has a meaningless life. No envy here.

Don't get me started about the Tech people who struck it rich. Got some of those people as well.

I can't think of too many folks I would trade with. I have a beautiful family. Nice home. Some toys. Decent income. Goofy lab. What more is there to want?

Hey!! I have friend like that too lol I think everyone does.

In a bar?

Yeah, $ 50,000 US ....

here she is....http://forums.pelicanparts.com/uploa...1359682313.jpg

Would wikipedia know about this phrase 'inherit money'? I am not familiar with it.

Look at the comments conservatives make about people who collect government assistance. Free money makes you lazy, saps your ambition, destroys your morals. It's the same thing. Anything you didn't sacrifice for is tainted.
I don't think it's true. If you are ambitious, free money gives you more to build with. If you are essentially lazy, then yes, it gives you the opportunity to do nothing.
So the issue isn't that he has a 30 acre farm, it's what he is doing with it.

My dad didnt have any money.

I got his guitar, his Marantz and a Fender amplifier.

Forget the OP topic, someone thankfully shifted gears to Bernies hot daughtie's!

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Need to get some shots of Tamara in the T/A threads too!

The most I ever inherited was $10k, a pair of coboy boots, a Guild F-20 guitar and a Kamaka and 2 Martin ukuleles. Even with all that, I'm still the well grounded, responsible, fun loving and all around Bon Vivant I've always beeen. I don't let it go to my head.

I don't think people hate those that inherit money as much as they hate that is didn't happen to them.

I don't see anything wrong with inheriting money, unless there is a sense of greed or entitlement. Our kids recently inherited college money from a rich great uncle. He left all 18 of his sister's great grandkids college money. What lovely gift an the notion of taking care of your family once you are gone. You can't take it with you.

Not just any bar. Having Cristal is not that big a deal. Having Magnums of Cristal is kind of a big deal, but having a Jeroboam is quite unusual and would probably only be at a very high end place where the rich go to spend their $$$. Clearly, based on her tab, they were ready for her. That's a LOT of champagne.

There's absolutely nothing wrong with inheriting money.

I can understand being a little jealous of someone who inherits a lot of it. I'd love to come into a windfall through whatever source.

Unless your newly rich buddy is being a dick about it, your other friends are wankers.

AURA Mayfair

I don't have any problem with someone inheriting a large sum from a rich relative as long as they do something honorable with it, suchas buying a 30 acre farm would be. I would do something very similar if the tables were turned.

I DO have a problem with undeserving lazy tools collecting government aid instead of searching for a job, or women having another baby to stay on welfare. I don't know any trust fund babies, but I can imagine they are the same scum.

I posted a thread on this, wish I hadn't. Last year I inherited $50K from an Uncle I barely knew. Never saw it coming. I used it to buy an income property (condo) in Oxnard, CA (posted a thread on that as well). Its turned out to be an OK investment, I bought for $215K on a short sale, and comparable condos in the complex are now listed for $269K to $299K.

I know 3 trust fund babies (now in their late 50's or early 60's) all three get some amount of funds (I think around January 1 of each year) to keep them comfy in SoCal (I'm guessing in the $250K range) each year. All three are drunks, lazy, do nothing, and all three are bagging groceries or some other menial task by September of each year.

$50,000 for one night of partying? Wow.

ew. Both are about as attractive as Phil Spector there...

Nothing wrong here! An inheritance from my great aunt purchased my 69T in 2001. I think I'm making great use of it.

+1

IMHO if your buddy isn't boasting, those are NOT good friends and it is time to find new ones. I would be happy for my friend and drop a few hints what nice parties we can throw now.

As others also mentioned, he did invest the money well, in a way where it can stay in the family. Inheritance is one person's blood sweat and tears being passed on to the next generations. What nicer thing can you leave for your family?

Of course, with money comes responsibility and being well off requires raising children with high expectations. Many wealthy families do this with good success - we only hear about the duds. I know several families with money and one of the tricks that seems to work very well is to go buy the offspring a company. Gets them something to care about and ideally make more money to pass along. Trust funds are a very bad idea IMHO.

G

It's the individual, not the money. My family started what was to become Fleet bank on the East coast, my great grandfather actually; who lived until I was in my 20's. The tradition in my family is you inherit the money and you work hard to insure the money is there for future generations.

I did not need to work a day past 25 if I chose not to honor my family tradition. However I normally put in a good 50 hour week. I hope my only son honors the tradition as well.

Back in the early '70's when Werner Erhard first started his EST seminars, I enrolled and then eventually was a volunteer (worked for EST) and then a member of the GSLP (Group Seminar Leaders Program). One of his policies was to not let anyone enroll in the main seminar nor any post-graduate seminars unless they paid for it with their own money ($700). He was firm on that...and he made it clear why. Not a few people turned away because of that policy.
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BTW, just a little FYI; very common error in definition. Jealousy is between 3 entities and envy is between 2 entities. So one is not jealous of another person's money, but rather envious. :)

True.

But many individuals can become corrupted by the money. If you are well-off, one solution is to make your kids work for what they want.

Get new friends. Assuming your buddy hasn't suddenly become a pompous dick post-inheritance, the correct response is to be happy for your friend. Some of my friends have more than me, some less. I'm always happy to celebrate their successes, as well as help them out when needed.

Completely agree.

Money does not change people.

Its just a big magnifying glass showing their character. ......Or lack thereof.

I've never understood why people would envy and even hate someone who inherited money. Maybe it's because my parents never had money and envied & hated others who did, including relatives. I was always internally embarrassed about that from the time I was old enough to realize it as a kid. I agree, it is the person or persons. My HS girlfriend & her siblings are examples. The grandfather built up a huge fortune through hard work. Had friends that included Ford, Wrigley, & some others. His only son sort of kept it going. When he died, he passed on to his four kids. The oldest brother killed himself in a fast car he bought. My girlfriend got hung up on the eastern religious group. They conviced her to give most of her money to them & immediately kicked her out after she did. Another brother did speed & other drugs & ended up in prison. The only normal one of the bunch was the youngest daughter who leads a normal life - last time I heard. That's 3 out of 4.

You know what they say, wealth only lasts 3 generations...

Give them enough to do something, not so much that they do nothing.

Good one. Yours?
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Prior to meeting my best friend, she inherited well over $1M in cash & roughly $800 in Chevron stock @ $37 (presently ~$115/share).
She would have to work the rest of her life if not for that inheritance. I could see how it had an effect on her - she loved to pay for breakfast for her son/granddaughter, would take out her friends for lunch frequently, etc. Took me out for our 1st lunch - tab was $81.
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One day, she asked her granddaughter to find a way into a locked brief case from her days as an executive secretary. When opened, there was 4 $100 bills in the case - she gave one of them to her 12 yr. old granddaughter. I spoke to her about that with as much patience as I could muster.
She had been using her money to show off - she finally realized.
I suggested that the next time her son invited her out to breakfast that she say, "Sure, you buying?"
Haven't seen him around much lately...nor the now 14 yr. old granddaughter.

"So you think that money is the root of all evil?" said Francisco d'Aconia. "

Only the man who does not need it, is fit to inherit wealth – the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve that mind that cannot match it. Is this the reason why you call it evil?

CUZ!!! How you doin' girl? :p

:eek: This I like.

But "The love of money is the root of all evil"