When I say “I do not plan on leaving any money or an inheritance” to Little Bun, I mean I am going to live my life the way I want, not sacrificing my quality of life or my retirement, to pay for hislifestyle.
Let’s get a few things straight:
1. The best gift I can ever give him, is for him to not worry about me.
He will not have to pay for my retirement, my future nursing/medical needs, nor my funeral. At the very end, he will likely have an inheritance of some sort (at least the apartment!), but he will not be burdened with debts or medical care that so many of us are going through right now as our family members age.
2. All of the money I get from the government for him, is his money.
Child bonuses at $100 under the age of 6 years, whatever credits back from the government for daycare subsidies — all of that is going into his account under his name. He gets all of that money. We aren’t using it for his care, which we are supposed to, which is why the government gives it to families.
We are paying for his entire life out of our own money, and we see the government money as his. Without him, we would not get any of it.
3. The money we get, is being invested FOR HIM
I am currently saving and investing it for him, so that he can use it for his university fund (it is going to get expensive by the time he is ready to go, this I know), for living expenses if he chooses a university out of the city, and for anything else he may need.
We are however, planning on using some of that money to offset/pay for a more private secondary school as he gets older at around $5000 extra a year once he is older.
We won’t pay for private school now at $25,000 a year when he is 5, but we will when he needs it.
Or tutoring, whatever he needs.
4. He shouldn’t be expecting money from anyone anyway
This is how I live my life.
I don’t expect money from anyone – my partner, the government, my parents, Little Bun… not now, not ever.
I didn’t receive any money from my parents when I went to school even though they said and promised me money for it.
If I give money to Little Bun, it will NOT be promised to him and it will be a surprise or a gift if I ever do pay for anything for him. I don’t want to promise anything to him and then not follow up on it because of something that happened I could not foresee (e.g. medical bills, a big payment of some sort).
I never want to ever promise him something and take it away, the way my parents did to me.
I also don’t want him to learn how to rely on anyone else for money and that HE is his own money maker, and to struggle/learn how to manage his money and grow in that sense.
I want him to be truly self-sufficient and promising him an inheritance is a surefire way to raise a lazy bum. I know a few people who are basically waiting for their parents to die (truth) because they have been promised a castle (yes really), or a lot of money, etc.
These folks don’t work. They sit around, barely making it, paycheque-to-paycheque, waiting for their inheritance to finally ‘live’. What kind of f#$@d up life is that?
I don’t ever want him to think that, and to ever live like that knowing he is waiting for me to die for my money.
I’d be happy to give him money while I am alive, to slowly drain my accounts but only as surprises and as a gift with no expectation of a return of any kind, and to not have him wait his whole life for an inheritance just in case that day never comes and I end up leaving nothing, or very little.
Now let’s respond to some of these idiotic comments:
Millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. Since then, I have paid my $600K home in cash (my half was $300K), my $180K casr in cash, worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.