Re:Advice from Harvard Business School's Class of 1963
by graeme on Monday November 18, 2013 @08:28AM
(#6754182)
I sympathize with this. There were points when an extra $1,000 would have made all the difference in the world. And there was one point, following a major health problem, when a few thousand from a grandmother prevented me from having to switch away from long term priorities.
But would I have acted differently if I knew there was a trust fund? I think I might have. Not having one created a sense of urgency.
Would a good policy be promising nothing, then giving it when you see it will be put to good use? I don't know – any parents figure this one out.
Re:Advice from Harvard Business School's Class of 1963
by bedhead on Monday November 18, 2013 @08:53AM
(#6754278)
His other mistake? Perhaps all the womanizing and general doucheyness. I am shocked - SHOCKED! - by the implication that his kids turned out to be spoiled brats.
Re:Advice from Harvard Business School's Class of 1963
by RabbitAngstrom on Monday November 18, 2013 @10:09AM
(#6754603)
Following the source -- excellent idea. I bet most of the rest of his class has a similar searchability...
Re:Advice from Harvard Business School's Class of 1963
by sneak on Monday November 18, 2013 @07:32AM
(#6753986)
> which I wouldn't mind having loaned, not a giveaway
It is fraudulent to make a down payment for a mortgage with borrowed money according to most mortgage contracts. IIRC even gifts from parents for down payments generally need to come with documentation clearly stating that it is a gift and not a loan.
Re:Advice from Harvard Business School's Class of 1963
by cowsandmilk on Monday November 18, 2013 @08:21AM
(#6754152)
as someone going through the mortgage process currently, I can specify that some of my down payment is a loan. Not sure what you are talking about. If you hide the fact that it is a loan, maybe it is fraudulent? But it very clearly is allowed as I can specify it in the paperwork.
Re:Advice from Harvard Business School's Class of 1963
by melling on Monday November 18, 2013 @09:41AM
(#6754470)
Why would it create bitterness unless the child felt entitled, which is not a good quality? The person was probably already dealt a better hand than most people on the planet. I, like many people, had to borrow the money for my college education. I managed to pay off my loans (public university) and buy my apartment in my early 30's.
Re:Advice from Harvard Business School's Class of 1963
by refurb on Monday November 18, 2013 @10:02AM
(#6754577)
I have to agree with this. Life is a lot easier when you look at gifts as truly gifts and not obligations. I received zero dollars from my parents (of course I got a basic roof over my head) even though they were upper-middle class. If I did get something I would have been grateful, rather than having a "it's about time" attitude.
Re:Advice from Harvard Business School's Class of 1963
by GFischer on Tuesday November 19, 2013 @05:40AM
(#6760324)
I worked my way out of university too (my father hadn't inherited money by then) but I haven't finished with loans yet.
Re:Advice from Harvard Business School's Class of 1963
by loceng on Monday November 18, 2013 @06:45AM
(#6753843)
Making money after a college education back when your father went through school is much different than today - total apple and orange comparison based on how the world has shifted to global economy and economies of scale and automation are at an all-time efficient high (and it's not all benefit).
"My one big mistake in life has been providing a trust fund for my five children. I’m very comfortable paying for an education for as long as they want to study in a reputable university. However, providing additional funds so they could have a lifestyle beyond what they have achieved on their own was a mistake." - DICK RESCH
I don't know how big that fund was, and it might have been a mistake in his particular case - but I can tell you that the opposite (not providing any financial help under the "you must get ahead on your own" mantra) creates a lot of bitterness - missing U$ 10.000 for a down payment to buy a house (which I wouldn't mind having loaned, not a giveaway) and having to keep on paying rent and toiling at an awful company, while your parent inherits several millions, hurts. So does not having the possibility of asking for seed money for a startup, and having other people deny you by saying "your wealthy father doesn't invest in you, so why would I?". (note: I'm 32, I know I should have some money saved away by now, but I did make mistakes - actually I think I prove my point, not giving money doesn't guarantee your children won't make mistakes :P )