For those of you with children, do you let them know how much money you make? Or how much you're leaving behind for them? I don't think there's a right answer here; I'm just curious how others have handled this in their own lives. I don't want my own to become complacent, but I also don't want to give them unnecessary anxieties and stress about life. It seems like a delicate balance to strike. Thoughts?

Damn right I tell everything. But I also make sure they understand what the average person in the United States makes so they learn gratitude and perspective, since they went to a private elementary and middle school with some of the wealthiest families in our city and our kids would wonder why we didn’t have as much money, cars, homes as they did. I also sometimes explain how much something’s actually worth. That taco dinner our teen ordered and got delivered via door dash with after tip that costs $20? If invested and with compounded interest in 40 years that could be worth $10,000 (hey, if they can challenge my math and explain why it’s wrong, that’s also a lesson earned 🤣)

Not exact details. I want them to understand they need to work to have things. Yes, we have money, yes they will get a lot when we die, but I don't want them coasting and waiting for a payout. We're up front about expenses and explain how "$20 for lunch" adds up over time. If they want to buy things, they get a weekly allowance, and need to save up for those things that are not necessities. We live in a house with shared chores, so we all chip in to the house and family. They think they will get a car when 16,we explained they need to save up for that on their own, including paying for insurance on their own. It can be exhausting to do this, but I want self sufficient adults leaving here vs kids who are entitled.

We will absolutely not be telling our child what she will be inheriting. She will know she has an inheritance. She will know she’ll be able to get her first brand new car and down payment on a home, but we will leave it at that. We don’t want her to become entitled and lazy. We don’t want her to know about her trust fund and think she doesn’t have to do anything in life.

When it comes to our salaries we may go the route of our parents. She will know when it comes to the important things she will never have to want. When it comes to the luxuries we will tell her she has to earn some of them. Others we will go halfsies. And depending on what it is we may agree to cover them if she’s good, following rules, etc. She’ll know enough to never have to worry on our behalf for money, but she’s going to know that as long as we are alive it’s my husband’s and my money, not her’s. Nothing is just being handed to her.

The worst kids I knew growing up, and now as adults, were the trust fund babies that knew about it. We’d rather it be a great adulthood surprise to relieve adult stresses and not know about it as a child when it could have gone in a different direction.

No. My son is 8 if I tell him our salary, net worth, etc he’ll tell all his friends, our friends, neighbors, family, his teacher and doctor during his next visit.

No I don’t and recommend you dont either as it will ruin them. I have seen it happen.

I try teach mine to work and the skills needed to be happy and successful on their own.

Our kids, 21 and 8, know that we do well relative to the national average, and our daughter knows that she will split the house and everything else with her brother (he'll learn that too once he's old enough), but we have never mentioned specific numbers.

Quite frankly, my wife and I have always had the mentality that we will spend every penny, but that is softening as we get older, and provided we spend smartly on assets more than vacations, we will still be leaving plenty behind.

That said, neither kid will he getting any kind of substantial help along the way, and will be living their own life for many years before any inheritance becomes available, just as is the case with me at 47. I was always told I'd be splitting whatever with my brother, and not once has a decision been made with that mind. We are already set for retirement, and any inheritance will simply make for a more comfortable retirement and ensure that our kids will have some generational wealth to build upon.

I don't share my personal finances, but we discuss personal finance in general. I want them to be educated and learn how to make good financial decisions. If you know how to do that, you have an asset for life. I don't want them to assume they will get anything from me. They may indeed, but you never know, disease, instability, life happens. They should focus on making themselves self-sufficient and successful. And those that say kids will talk (at a young age) are definitely right. While not having the details, my oldest son when he was little had gone with me sometimes to take care of things at rentals. We were at a breakfast with a timeshare salesman once (to get good hotel rate) and he asked if we owned our home. My wife and I said yes and my son blurted out "we have 3 of them." Had to have the never tell anyone outside the family what you are thinking discussion with him...

No, I don't and won't. Mine are all grown and out of the house. It's actually at the point where the older has called to say they've no idea what I make or what my retirement plans look like, but I am to let them know if I ever end up short or struggling, short or long term.

We talk about my salary and bonuses. We also talk about budgeting and managing their money.

My children are adults, and honestly, my income is none of their business. They do know that they will each get a third of my estate, but even I have no idea how much that is since I don't know when I will die and what it will be worth at that time.

That pig looks like it’s doing a line of coke - clearly it knows it has a trust fund 🐖 💰

Grown kids here. Never talked about salary except in examples of understanding salary negotiations, ability to budget for purchases, supporting your spouse when they make more or less than you. All discussions were general in nature.

As far as inheritance, we’ve not talked about it and likely will not. They are aware everything is paid for and where to find the paperwork when the day comes.

My wife and I don’t even spend as much as we could because we consciously decided that we do not want our children to grow up surrounded by ubiquitous wealth.

Although, to be fair, we still feel like we spoil our kids compared to our own childhoods.

But, no. I think our children will be shocked when they are in their mid-20s with how much help we’ll be able to give them with buying a home, paying student loans, or starting a business.

My kid is 6 so no I’m not telling him my salary because they have no filter. I don’t need everyone knowing how much I make. I was also part of the layoff last year and didn’t tell him about that either, if he was older it would have been different since he would be more aware but IMO a child doesn’t need that burden.

I do, however, talk about budget, how much things cost, that I pay for the lights to be on, and the gas that heats the stove, roof over our head, food on table, his extra curriculars etc because they have no idea we pay for everything. So I will say things like “that’s not in the budget right now” or “we don’t go to that gas station because I go to one that’s much cheaper and doesn’t up-charge for using a credit card.” We also talk about saving for bigger items. So it’s age appropriate information. At some point I will take him when I do my yearly visit with my financial advisor so he sees the planning that goes into everything. I want him to be self sufficient and motivated to make money himself, not waiting for his inheritance to kick in, which he would be waiting til 40 since it’s on a tier structure by age.

No and no. We wanted her to value hard work and understand the value of a dollar. How to save money, how to budget. We did not want to be seen as a bottomless pit or the possibility that our finances be discussed with peers or influence someone dating her.

Besides what's ours is ours. IMO your kds shouldn't plan their life around getting money when you die. Besides with shifting tax laws, unknown healthcare and long-term care costs, stock market fluctuations, or some charitable cause I might find deserving, who really knows.

But they need to know how to manage money and credit. They need an understanding of economics. When they get old enough to be executors of your estate, IMO they need to know how to find all your assets snd what to do, but still not your net worth.. We have friends who never taught their kids how to manage money and the learning curve wasn't pretty.

Until my dad passed, I knew they had enough that I didn't have to worry about supporting them, nor about mom if he went first, but until I helped with the estate, I knew nothing else. Ditto for my father-in-law.

We did advise our daughter to take investment courses, not only because she is set to earn a good living, but also because she would likely inherit a substantial sum. She knows she doesn't have to worry about us.

I also want my child to do what makes her happy (within reason) I don't want her measuring her success against ours.

I would start with an expense budget because it shows what the earnings pay for.

I tell nobody outside of my father, wife, and best friend. My father is wealthy, wife for obvious reasons, and my friend because you need someone to talk about money too. My wife's family found out how much I made about 4 years ago and started sending me bills for when we stayed at their house. I make double that now, I won't stay at their house anymore and they are barred from mine.