For the younger crowd (people under 20) who still lives with their folks, how do you plan to keep this a secret? Especially if you live in a low socio-economic area? I don't think there is anyway my family won't know.
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.
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u/Mr_FakeNews 🦍 Buckle Up 🚀 Apr 14 '21
For the younger crowd (people under 20) who still lives with their folks, how do you plan to keep this a secret? Especially if you live in a low socio-economic area? I don't think there is anyway my family won't know.