How many people actually have trust funds? I don't think I know anyone like that. How do they learn life skills?
Are you asking whether the person is a beneficiary of one, or whether they've used their own money to fund one?
I get money from one, but it's a rip off as the damned bank makes as much in fees as the three beneficiaries each get a year ... and no, it's mot all that much, a lot less than you'd think.
I have a trust fund. I'm not bragging. My father and grandfather are loaded. My mother's side of the family is well off too. Not my fathers kind of money but not bad. But even as a kid I had to work. Got my first job at nine. I cleaned horse stalls. I've been working ever since. I'm currently working my way through school. I have two part time jobs. I hate them but I'm making it. My parents were willing to pay half my tuition but I want to do it on my own. Just because a person comes from a rich family doesn't mean they don't have a work ethic. That's important to parents no matter the balance of their checkbook.
I have a small one that my grandmother set up for me when she died. I also inherited her house, so the income is enough for me to live off of, although I supplement it with part-time work.
My grandmother came from an old money family, but the big bucks were mostly gone by the time she was born. It was nice that she was able to leave me a little something, though. I honestly don't know how I'd manage without it. Maybe that's the answer to your last question. :o)
[quote]How do they learn life skills?
The one I know never did.
He managed to get some kind of undergrad degree from Georgetown (where he was admitted because of his ancestors), then returned to live on the family property & fail at selling insurance & real estate, drinking all the while.
Used to be tall, thin, & patrician-looking -- now he's over 60 & hasn't aged well, bloated, balding, & bleary-eyed. Never married, different girl every night, overgrown frat boy.
His siblings had the same advantages & seem to have turned out well, their parents were respectable & industrious, don't know what went so wrong with this one.
Good post, R2.
Trust fund families usually value education more than anything for their children.
If this is not stressed, usually drug and alcohol problems ensue for those "blessed" with a trust fund.
I know that my grandmother's family never did adjust to not being filthy rich. Nana was a Barbara Bush blue blood until her last breath.
She was sort of a cross between Lucille Bluth and Big Edie, but very Southern. I know it's awful, but it was ingrained in me from a very young age that certain things are low class, like buying generic at the grocery store, eating off of plastic plates, or working in the service industry.
I have a friend who is a trust fund baby. You would never know it by the way she lives. She works for a nonprofit and does a lot of charity and volunteer work.
The one I know is completely, totally unemployable. She spends her nights on the internet and her days sleeping. That's her life.
My great grand parents set up an educational trust fund for us. It paid for college. That's it. But I still had to pay for housing. It's not like we are wealthy my great grand parents owned a bunch of rent houses.
[quote] does a lot of charity and volunteer work.
She can afford to do that
Tell us more, R6 really interesting!
Never heard that about buying store brands for instance...
Interesting, I can visualize my grandmother (whose trust fund is mentioned above) with her quart bottle of A&P brand Tom Collins mixer!
The ones I've known are actually VERY frugal to the point of being cheapskates. Own a Porsche but don't drive it anywhere because of the cost of high-grade gas. That type of thing.
[quote]My parents were willing to pay half my tuition
Half?!? Most parents would pay all if they could afford it. R2, your rich parents are either cheapo or don't value education much, despite what R5 said.
r13, I've seen that kind of behavior too. I think it's because they really do not control their actual income and there is fluctuation because trust money is often in (conservative) stocks and the dividends go up and down from year to year, month to month.
It's different than someone who is working their way up corporate ladder and gets good raise and buys things.
They may send their kids to summer camp and have crummy old furniture in their houses, some of it antique some not.
You are wrong R14. My family values education very much. It's where I get it.
[quote]The ones I've known are actually VERY frugal to the point of being cheapskates.
Yep, that describes my friend. If you look in her cabinets, its all the store brand items. She gets a new car almost every year, but whenever we go someplace together, we never take her car, someone else always drives.
Very rich people usually wear good quality clothes over and over and are not "flashy" in their appearance.
(I said VERY) rich...
There is a special breed of trust fund kids I dealt with in college called the "trustafarian." Most of them were WASPs who smoked a lot of pot and spent as much time abroad as possible since they secretly despised their families and their wealth.
I was shocked at how poorly prepared some of them were for college. They all went to private schools but could barely keep up academically with the upper-middle class kids who went to public school like myself. I'm still under the impression that most of them never learned what it means to work hard or achieve long-term goals.
One of my trustafarian friends had a 2.8 gpa in undergrad and still managed to get into a great law school. She admits that she got in because she comes from a well-known political family with connections. It doesn't hurt that she's also guaranteed a spot at the family firm if she does indeed pass the bar. Even though she doesn't need to work she opted to do something she deemed worth while after seeing how unfulfilled her older siblings have become.
I had an acquaintance with a trust fund when I was in my early 20s. He attended four or five different universities before finally giving up and dropping out. Then there was a series of part-time jobs (mostly just so he could tell people that did *something*) but for the most part, he did drugs and played games online. I don't know what's become of him, but I don't think having that trust fund made him very happy. He'd cash the monthly check, spend most of it in the first week, then live like a pauper and borrowed from friends until the next check arrived.
Trust fund through my grandmother. I never felt wealthy, though--just anxious and certain of failure/not living up to expectations. And I learned my life skills in AA. My drunk ass spent most of the tf anyway. Disinherited by my father (all of his kids were; it wasn't my drinking, it was due to the persuasion of his third wife). My mother an alcoholic who loves her limoges and her isolation. It's all a little Grey Gardens.
But I have hair.
I have a friend whose parents were wealthy. He never really ever made a living on his own and relied on them to 'help him out'. Once they died, he inherited a bundle and now lives off the monthly interest income. Tough life.
And to answer your question -- he doesn't have any life skills. He's like an immature child. At 60.
Three of us kids had a small trust fund but it wasn't in our names. Our Dad administered it. It was from my grandfather. His fourth wife put a stop to it. I didn't care. It was like gas money. But my image of my Dad took a beating.
Inheriting is not all it’s cracked up to be. My parent’s died suddenly while I was still in my twenties. I work for a non-profit and it’s great to know that I can accept less of a salary and still have money; but I do not consider myself rich.
My sister is useless and would be totally helpless with family money. My brother had addiction issues and died early.
I would rather my parents were still alive.
I dated a trust fund guy. He was very intelligent and got his masters in library science or something like that. Couldn't hold a job for more than a year or year and a half tops. Always resentful because things weren't done his way (he was never a boss) and since he didn't have to suck it up, like the rest of us, he would quit.
This didn't help with his self-esteem issues, so when he was in between jobs he did some very half-assed charity work of some kind. He became a "Big Brother" but the minute the kid didn't conform to his idea of a grateful poor person, he dropped him.
Basically acted like a spoiled child though he was nearly 40. He was bi and dated a woman with kids for a while. Would get into fights with the woman's daughters, as if he himself was a pre-teen. Bitterly complained to me how the girls were out to get him, and I had to tell him, "They're LITTLE GIRLS." Eventually he moved in with the woman, and the eldest daughter wound up moving in with her father who was living in Sweden. So kudos to him for breaking up the sisters. (Although why the mother put up with that...)
At one point he started treating me like shit, so I dumped him. He tried getting back together with me twice after that and really couldn't comprehed why I wouldn't take him back. Really thought his money made his shit not stink.
R26 Not quite. I'm from a very rich area, but I've remained firmly middle class all my life.
[quote]I have a friend who is a trust fund baby. You would never know it by the way she lives. She works for a nonprofit and does a lot of charity and volunteer work.
Uh, that's EXACTLY how you know it.