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I just lately noticed this recommendation column the place a 73-year-old girl puzzled whether or not to reward cash to her youngsters as a substitute of letting them inherit, and it made me consider my good friend R, and I assumed we should always talk about. Have you ever inherited any cash, but — or been gifted cash in lieu of inheritance? What have you ever accomplished with the cash? (For those who’re older, do you propose on gifting your youngsters giant quantities of cash?) How outdated had been you whenever you obtained the cash, and how much distinction did it make in your life?
This made me consider my good friend R as a result of I clearly keep in mind her getting presents (I considered $20,000ish, however that reminiscence might be incorrect) once we had been in our early 20s. She was already extremely frugal and cautious together with her cash, so just about each penny of those presents went to her financial savings. Inside a couple of years, she had sufficient for a downpayment on an adorably tiny studio on the Higher East Facet. She stayed in that studio till she had her son, and bought it for about 3x the worth she’d paid.
One other good friend simply misplaced each her mother and father within the house of a yr or two, and her husband occurred to say how a lot they’re each a lot much less careworn about cash now that they noticed how a lot her mother and father left to them. Her mother and father had already bought my mates their home for a reduced fee, which eliminated one other layer of fear for them additionally.
What are your experiences with this, readers — have you ever inherited cash, or gotten financial presents in lieu of inheritance? Do you get common 5-figure checks out of your mother and father, reminiscent of at vacation time? How have you ever used the cash? Do you propose to do the identical in your youngsters in case you can?
Inventory picture by way of Pexels / Karolina Kaboompics.
