Making a lof of money and managing money are often different skills (build vs. extract value from a dynamic). Making enough to pay for your grandkids' univerist

Making a lof of money and managing money are often different skills (build vs. extract value from a dynamic). Making enough to pay for your grandkids' univeristy tuition is probably the best goal, as it keeps the lifestyle kids become accustomed to and the hedonic treadmill slower. Managing money means being responsible for more than you can take from it. Growing up with people who had a trustee deposit income into their accounts on a regular basis, I learned that their understanding of money was the same as someone getting welfare from the government. It arrives independent of their control or influence, and they adapt their lifestyle and ambitions to what's available. It absolutely sabotaged them. People who had to run their parents businesses learned how to run their own, and what making money actually means (it's not a job). The smart parents did things like put a downpayment on a house for their kid at university, and have the kid rent out the rooms and manage collecting rent from his own student tenants, provided seed money for landscaping, snow plowing, painting and other student level service businesses and had their kid run them. The key thing was the kid could only ever got money as investment, and almost never as income. Metaphorically, often their fathers acted like a bank, whereas their mothers acted like a government, and the difference in outcomes between who handled the money was stark. I have no doubt those behaviours could become independent of which parent, but the family pattern of dependent sons who came from money is a pretty old cliché. However, internet subcultures like FIRE (financial independnce, retire early) are game changers for financial literacy, and I think we're going to see a real change in how wealth is made and managed over the next few decades as a direct consequence.