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My family came from a war-torn country. My father grew up very poor. My mom grew up poor. Both escaped poverty by studying and getting scholarships for grad sch
by plank_time 5y ago
My family came from a war-torn country. My father grew up very poor. My mom grew up poor. Both escaped poverty by studying and getting scholarships for grad school to come to the US.
I’ve never been poor, but we were lower middle class early on and middle middle class by the time I reached high school. My parents always scrimped and saved. The cars my family owned were all one step before the junkyard. I never got Christmas presents except for 3 years that I can remember. It was disappointing but not soul crushing. We never felt poor but we never ate out ever and never went on vacation ever. Getting Kentucky Fried Chicken was a luxury.
When I graduated from college, I was unemployed for the first few months and needed to stay with friends. After I got my first job, I was the lowest paid person I knew. I also scrimped and saved like my parents, but I never felt poor. I would track all my spending to the penny, until I had saved enough such that I could forget about the change in my pocket.
I’m now a low-single digit millionaire which isn’t that much in Silicon Valley but good enough for me. At one point a few years ago my wife and I were earning over $1M/year. My wife is now C-suite and I’m essentially retired. We have two multi-week trips a year and my kids have never sat in economy. I haven’t had to think about what the price of things were in 15 years now. I just buy whatever I want, which is frankly not much besides computer equipment for myself. Most money I spend is on the kids. I drive a 10 year old Toyota but my wife drives a Porsche.
There’s the old saying that sticks with me. “My father rode a camel, I rode a Mercedes Benz, my son will ride a Lamborghini, my grandson will ride a camel.” My kids are hard workers at school and we try to keep them grounded but their privilege really shows through in ways that I never expected. They really don’t know the value of money or how much things cost. We don’t really spoil them with toys and such but if there’s something educational like a set of books or lego, I will get it for them without thinking. I need to figure out a way to get them to understand the value of money but it’s very hard. Granted they are still young but it’s an important topic that I need to know they understand because I don’t want my grandchildren to suffer because I spoiled my kids now.
- Aeolun 5y agoIf you want them to understand the value of money really quickly, fly economy for a change :D
- lostlogin 5y agoTo add to the experience, Auckland to Doha is possible. The one upside to that flight is that the plane is going land fairly promptly, you can’t circle for too long after a 19 hour haul.
- plank_time 5y agoMy children went to the same school as Sergei Brain’s kids and prepandemic, on an international flight he flew in economy with his kids vs using a private jet or flying them in first class. Very admirable since he is one of the richest people in the world, but something I would find very hard to do myself, to be honest.
- Banana699 5y agoNot based on anything substantial, but maybe fiction would be a good first step for your children to know poverty without necessarily experiencing it. Good fiction can impact you almost as if you lived through it. It can be good emulation to things that are vastly outside your envelope of experience.
- lotsofpulp 5y ago> I need to figure out a way to get them to understand the value of money Make them get a job for their discretionary spending. Talk about your journey and your parents’ journey. Discuss society wide statistics and what percentile you’re in. Show them how much their lifestyle costs, and how much they need to earn to afford it, and how few people actually earn that much. Showing them the data and how to interpret it to understand their odds so that they properly calibrate their expectations and goals is one of my goals for my kids.
- the_lonely_road 5y agoA tiny bit of unsolicited advice that is not popular but is powerful. Envy. That is the missing key. You need your kids to want something and not be able to have it. You need them to want it so bad that they try their best to get it and fall flat on their face trying. That journey will teach them the value of money and that fall will cement it in their minds. Now how to do that without building a deep well of lasting hate and resentful towards their father...I'm not the man to help with that part. Good luck.