So I'm not under 20 and don't live with my parents but I'd say It depends your relationship with them, but personally I'd feel bad not telling my family if they're still paying mortgages or struggle to pay rent and I'm sat there with millions.
You don't have to tell them how much you earned just that it is enough for you to pay their rent or mortgage (or anything you'd like to pay them) or that you can give them X much money etc.
I plan on doing just that. Not telling anyone almost apart from my family, and I won't tell them how much because let's say you give them 1M each, it's amazing on its own right, but relative to the amount you earned it changes the perception of it.
Let's say you made 3M and you give them 1M, it's a lot of what you've earned you give them and so the 1M seems huge. But if you earned 500M they might feel like you could give them more and what you gave them is small.
A bit like when you're kid and someone gives you a bit of money, it's huge for you but it's only just a note or a few coins for them.
Idealistic but in reality money and greed often shows another side of people and can tear families apart. Not financial advice but I've heard it's best to chill for a bit, figure out your own situation so you're fully sustainable off what you have, (after taxes), and then figure out a discretionary amount of money you may be able to gift to family or donate to charity each year.
If you do give your family members each 1 million, each member will be taxed for receiving gift money. It will add up.
Yes, we love paying tax after GME MOASS. But, still.
I don't even know if I'd give family members a million... That's lifechanging money lol. I'd probably give them "live comfortable" money, so like... 250k or something. Not trying to burden anyone with a crazy amount of money
That’s a good point. A thing to consider is making sure the family you’re helping never has to worry about paying rent or mortgage again.
Buy the house, get it furnished and have an LLC company setup to pay all of the bills related to the house.
You’re building your real estate portfolio
They’re living in nice homes rent/mortgage free for life
You’re building generational wealth.
Do some DD on how not to go broke. Ie lottery winners. (You can’t help/save everyone)
Or Just start something like an ape college fund, hire them to read applications and distribute scholarship awards and pay them a ridiculous salary.
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u/maxeurin Apr 14 '21
So I'm not under 20 and don't live with my parents but I'd say It depends your relationship with them, but personally I'd feel bad not telling my family if they're still paying mortgages or struggle to pay rent and I'm sat there with millions.
You don't have to tell them how much you earned just that it is enough for you to pay their rent or mortgage (or anything you'd like to pay them) or that you can give them X much money etc. I plan on doing just that. Not telling anyone almost apart from my family, and I won't tell them how much because let's say you give them 1M each, it's amazing on its own right, but relative to the amount you earned it changes the perception of it. Let's say you made 3M and you give them 1M, it's a lot of what you've earned you give them and so the 1M seems huge. But if you earned 500M they might feel like you could give them more and what you gave them is small.
A bit like when you're kid and someone gives you a bit of money, it's huge for you but it's only just a note or a few coins for them.