When the kid inherits the money, but not the "millionaire work ethic"

Zinger said:
Better than being a broke lazy cunt and inheriting a crippling debt you had no clue about

I hope my parents, especially my dad, have no secrets.
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I don't think you can inherit debts.
 
cmw43 said:
I don't think you can inherit debts.
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In Latvia (my country) yes you can.

Relatives have to repay the debts.

There is a way out of it of course, but the option is there.
 
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I went to school with a kid like this. He went to college for about a year and then dropped out. Was living in a 1 million dollar condo downtown just partying non stop. He ended up od’ing at age 26.
 
Scerpi said:
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This is actually the best approach to take with kids.

That being said, it's very hard when you're living it day after day.

I grew up poor so I experienced the misery of not having stuff. It changed who I was as a person. It made me want to do anything and everything in my power to never be in that situation again, so when I have to work a crappy job or I have a bad day I think, "still better than being poor" and it gets me though it.

But as a parent, you always want to see your kids happy. So you buy them what they want.

You can't tell me Shaq doesn't buy his kids nice clothes. So those kids will never experience being teased for wearing cheap or worn clothes.

I'm sure Shaq buys them nice Xmas and birthday presents. So they grew up with cool bikes and always the latest gaming console.

I'm sure they always have pocket change to go get fast food with their friends.

These are the things that really change you when you don't have them.
 
Zinger said:
In Latvia (my country) yes you can.

Relatives have to repay the debts.

There is a way out of it of course, but the option is there.
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Dude what the fuck? That's messed up. I'd be stealing up my parents credit cards lol
 
Zinger said:
In Latvia (my country) yes you can.

Relatives have to repay the debts.

There is a way out of it of course, but the option is there.
Click to expand...
Would you rather inherit your parents' debt, or their sexual partners?

You can only choose one.
 
@HARRISON_3

For me easy choice. Since in this hypothetical scenario parents are assumed to be dead (I wish them long lives), can't really do anyhing with them.

My dad allegedly was my mom's only ever sexual partner so that takes all the dudes out.

That leaves a row of grannies on dad's side.

I'll bang a granny to get out of debt.

Women do it all the time, so why can't I?

<Fedor23>

Or am I moving the goalpoasts too much?

<6>
 
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But they'll have a blast blowing it, some people are less stiff in the grave ffs.
 
Zinger said:
In Latvia (my country) yes you can.

Relatives have to repay the debts.

There is a way out of it of course, but the option is there.
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WHAT THE FUCK!!!!!!!!

What sort of debts?
As you know my inlaws are in Latvia, I don't think they have debt but that's a bit concerning.
 
jx820 said:
I've seen it cut both ways. It probably depends on the kid, the business, and the parent.

Theres a common wisdom among financial advisors and wealth management people that fortunes only last 3 generations. It's called the 3rd generation curse.

From what I've seen the best way to preserve wealth is to set up a trust fund that pays out dividends and interest while growing the core fund in a way that will always have enough. The fund is protected from the future generations, and the payments protect them from themselves. Essentially they can never really go broke no matter how stupid and reckless they are.
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A house, an education and I like the idea of paying your kids tax bill each year.
 
HeffDoesWant said:
WHAT THE FUCK!!!!!!!!

What sort of debts?
As you know my inlaws are in Latvia, I don't think they have debt but that's a bit concerning.
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As far as I know, relatives are required to repay money loans from banks and other establishments that provide them, if after a persons death they state that they still want to receive the unpaid ammount. (of course they do,lol)

I'm not 100% sure on this, but you can get out of the debt, by going to a lawyer and legally refusing to receive any inheritance. When a person dies survivors inherit not only monetary valuables but legal obligations too.

please don't take my word for it as the complete truth, I'm not a book smart man that knows his way around the law and others would talk circles around me.

I do construction and fix cars for a living, ffs.

Right now I am paying off my bank loans. If I drop dead today, it's gg for my family, because it's a big loan (for latvian standards).

<{outtahere}>
 
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Zinger said:
As far as I know, relatives are required to repay money loans from banks and other establishments that provide them, if after a persons death they state that they still want to receive the unpaid ammount. (of course they do,lol)

I'm not 100% sure on this, but you can get out of the debt, by going to a lawyer and legally refusing to receive any inheritance. When a person dies survivors inherit not only monetary valuables but legal obligations too.

please don't take my word for it as the complete truth, I'm not a book smart man that knows his way around the law and others would talk circles around me.

I do construction and fix cars for a living, ffs.

Right now I am paying off my bank loans. If I drop dead today, it's gg for my family, because it's a big loan (for latvian standards).

<{outtahere}>
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Thanks, that seems pretty standard just a couple of extra steps.
 
My dad I believe did it the right way, he came from a wealthy background and spoiled myself and my siblings rotten until we were about 13. Then, the game completely changed. Had to deliver newspapers/leaflets every weekday to have enough money to go out on the weekends to see a movie or to get a video game.
 
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