I was speaking to Bob, a 42 year old acquaintance who told me that he received a trust fund when he was 35 because his parents sold his grandparent’s company for around a hundred million dollars. Can you imagine getting a phone call from dad one day after busting your butt in high school, college, and work for 21 years to find out you just inherited $10 million bucks? What’s more, you learn that your seven year old son also inherited $3 million dollars with a trust of his own. Time to kick back and do nothing!
I asked Bob why he was still working, and he said, “For pride. I want to see what I can do on my own. I never want to touch my grandparents’ money because I would feel a lot of shame. What business do I have using their money to pay for a first class plane ticket when he bent over backwards building his own company.” Bob said he would never touch his trust fund for as long as he lives.
Bob is a rare breed because I’m pretty sure most of us would molest the trust fund in some way. I’m looking to buy a house in San Francisco, for example. What’s withdrawing $200,000 for a downpayment when there is $9.8 million left? At least I’m not buying a mega-mansion for $8 million. I’m going to London for Wimbledon this summer. Instead of going back home in the middle of the tennis tournament due to work and insane $1,500 tournament ticket prices, I’d just stay through to the end.
Maybe I’m being dishonorable with my grandparents’ money, but gosh darn it. I’m telling you guys the truth! Can you handle it?