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I not too long ago noticed this recommendation column the place a 73-year-old lady questioned whether or not to reward cash to her youngsters as an alternative of letting them inherit, and it made me assume of my buddy R, and I believed we must always focus on. Have you inherited any cash, but — or been gifted cash in lieu of inheritance? What have you ever executed with the cash? (If you are older, do you intend on gifting your youngsters giant quantities of cash?) How outdated had been you whenever you obtained the cash, and what sort of distinction did it make in your life?

This made me assume of my buddy R as a result of I clearly keep in mind her getting presents (I believed of $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 these presents went to her financial savings. Within a couple of years, she had sufficient for a downpayment on an adorably tiny studio on the Upper East Side. She stayed in that studio till she had her son, and bought it for about 3x the worth she’d paid.

Another buddy simply misplaced each her dad and mom within the house of a 12 months or two, and her husband occurred to say how a lot they’re each a lot much less harassed about cash now that they noticed how a lot her dad and mom left to them. Her dad and mom had already bought my buddies 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 dad and mom, resembling at vacation time? How have you ever used the cash? Do you intend to do the identical on your kids in case you can?

Stock picture through Pexels / Karolina Kaboompics.