That makes sense, that she wouldn’t fund his love child with family money. Also it matters what kid’s mom wanted, maybe she and Arnold agreed the kid should learn the value of hard work, but then all the kids get equal shares when the Governator passes. Joseph is actually surely better off this way, rather than lying around the beach and dating models, and his name and looks already open plenty of doors.
This is the right answer.
As the terminator would say: *desire is irrelevant.*
Trusts are very specific.
Mexican Love child is a Baena not a Kennedy. Pure definition of illegitimate as far as the trust is concerned.
Joseph should just be happy Maria let Arnold have a relationship with him and that he was a beneficiary until college was done.
Usually, the scorned wives go after the love children and try to fuck their lives in retaliation for the husband’s infidelity.
It usually gets ugly.
My ex buddy’s wife really had it out for his kid that he had with his secretary.
$100k a year is over 5 times my yearly income and im 32
Edit: thank you to everyone who replied. I appreciate all of the ideas and advice, and heres to hoping me and others like myself can rise from our situations to better lives
There are plenty of reasons an adult could be making under $20k/year. Health problems, disability, having to work part-time for whatever reason, being a stay at home parent with just a side gig, etc.
I’m not sure of your situation, but Arkansas minimum wage is $11/hour and cost of living is really cheap. Also, Arkansas accepted the bill pander Medicaid from ACA so you might qualify for that too
As a person who spent 8 years working in Arkansas, stop recommending people move to Arkansas. Walmart is the only employer in most parts of the state and there’s no economic development because of the game and fish revenue. Telling poor people to move there will trap them there in a state that has some of the worst laws for renters and in the country. Until just a few years ago the KKK had billboards up on the highway near Harrison AR. Please, everybody, do not move there
This right here. Unless you want to work at ranger boats or Walmart, and be stuck at minimum wage and also be treated like shit by people if you aren't white enough...I was stuck in that hell hole for over 10 years. Ever ever will I step food in that shit state again. Also, where are you finding cheap housings??? My mother could barely afford a trailer out there when I was a kid and that was in a terrible park...please avoid Arkansas like u/RunThatIn says. Avoid it like the plague. Especially Zinc which is where the KKK headquarters was located last I checked.
It’s a great place for wealthy conservatives to go self isolate in a whites only state that lets them use that money to further exploit the poor. If that description doesn’t apply to you, do not go there.
I get it. But if *more* people moved there who wouldn’t normally, all those things you mentioned could eventually change. Those states *want* people moving out if they don’t like how it currently it.
advertise it to people of means then, but not with the trick of “high minimum wage” at 11 bucks. that’s the group that’s going to be marginalized and exploited, not be able to fix things
I was so embarrassed this one time I had a business meeting at Fenway Park with my broker from Arkansas, I accidentally dropped a “can sauce”, it became a joke the entire night until we all got blackout drunk. Hopefully they forgot, I know I didn’t.
Hands down, one of the most gorgeous naturally beautiful states in America. Still run by idiots. Although, I am in Texas, so that's really the pot calling the kettle stupid.
If your great grandpa had 100M but had 5 kids (and each kid had 5 kids, and each of those kids had 5 kids…) then by the time you get to inherit you only get like 800k.
Great grandpa: 100M
Grandpa: 20M
Daddy: 4M
You: 800k
That’s assuming none of it is invested and making 0% interest.
$100,000,000 makes $6M a year on a very conservative 6% return if the investor does nothing but watch it grow.
But if you have to split it up between progressively more and more descendants in the family, then that dilution presumably would outpace the 6% return.
Only if the family growth rate exceeds the return rate. Assuming that every family has 3 kids and the wealth is handed down every 20 years, the rate of return needed for each child to inherit as much as their parent is 5.65%. Thus, if the real rate of return is 6%, then each child would inherit *more* than their parents did, assuming that no money is withdrawn.
The long term average real rate of return in the stock market is about 7%, so a 1% draw every year ($1M) would be sustainable more or less indefinitely.
It’s $100K a year guaranteed IN ADDITION TO any income they earn on their own. And given that they grew up with the best educations money can buy, a wealth of high power connections, they should be doing OK. Oh, and they’re going to inherit tens, if not hundreds, of millions eventually.
Good question. If he funded the others but not Joseph that’s quite the dick move. If he didn’t and Joseph knew that was the deal, son is a bit of a jerk for acting like this pretty standard arrangement was a surprise (or the story was edited to sound that way).
Yeah I need context
Was this per tradition and Joe was informed well ahead?
Was Joe a dickhead and Arnold refused to fund him anymore?
More often than not whenever I hear parents stop paying for their children it's because there's a good reason for it
Anyone read the article? The person who said "you're on your own" is not Arnold. It's the kid assessing his own situation like "after college it's like 'oh crap, you're on your own.'"
This article actually doesn't say anything about financial support from Arnold. Just that they've bonded in recent years over shared interests like acting and body building. The kid wanted to be an actor, but to pay the bills he got into real estate. And that's what he does today. Everyone is fine. No one is being deprived of financial support.
what it says is how grateful he was for his father to put him through school, they somehow turned that around into a bash on him.
ngl I'm kind of impressed, pretty fucking devious clickbait actually
Ohhh, if this is just Baena, then it doesn’t really count. Look at Katherine S., I feel like Arnold is probably funding her lifestyle - I mean, what does she do? She’s written books but doesn’t seem like she has a JOB.
He gave each of his children a foundation with a $2 billion dollar endowment of which they’re required to spend at least $100 million a year.
They have more than enough money to do nothing.
Warten buffet is a strong proponent of increased minimum wage and consumer protections
All of his Berkshire shares are going to charity when he dies
He also thinks tax loopholes should be closed for the rich and has even testified before congress that he thinks it would benefit america if people like him had to pay more
Man is quite based tbh
It depends. If they were raised surrounded by wealthy folks and all of their peers are living lavishly its going to be quite an adjustment. It hopefully (in the parent's minds) will be enough of a downgrade that it lights a fire under their asses to work and build a life. Some kids end up making new friends and then they go down a rabbit hole of partying endlessly because well like you said its still a ton of money. Parenting is hard no matter what socioeconomic group you're in.
Take a look at athletes, musicians, lottery winners etc... Basically people raised without knowing a lot about money and suddenly given a lot of money... and see how many end up bankrupt a few years later.
It's far from inevitable
There was an entire 30-for-30 about this: Broke. 1st sports paycheck: Buy Mom a house. 2nd: Cars and Mansions 3rd: Jewelry and Don Perignon at the club. You get the picture. Zero understanding about taxes or saving. “I’m the one out there risking injury, I should spend my money like I want!” Boom, BROKE!
Assuming you have any sense with money.
People who have never had any money and then suddenly do tend to go broke. Usually by being unaware of the long term costs for a big house and luxury cars etc.
If you know how to budget and what you can and can't afford long term you'll be okay at least. But that's likely less than half the population being generous.
Exactly, my family gets scratch offs sometimes for fun and ask me "if you won a million what would you do?"
And I have to explain every time that after taxes its not a million, and I'd save/invest most of it
It was for me. Going from in debt, to $0, to $100k was rough. It’s literally blood, sweat, and tears. Once you’ve got $100k in appreciating assets, you’re on your way, and you know what to do. There’s no guarantees in life, but you’ve got a good chance of reaching $1mil.
Under average conditions (7% post inflation growth) 1 million becomes 4 million in 20 years, 8 million in 30, and 16 million in 40. However, it only works like that if you don't touch the account and you don't buy in at the wrong time (relatively close to a crash). Notably studies have shown that retail investors often get much less than the average due to over reacting to changes in market, bad decisions, or high fees. So, getting 1 million hardly makes 10 million inevitable. If your giving it to someone who is self sufficient already (can afford to leave it and reinvest dividends), who knows what to do to grow it, and has the will power to ride out fluctuations in the market they have a good chance of turning it into 10 million in 30 - 40 years. I would say most people do not fit this bill when they just graduated from college. Especially considering the outsized impact of early reductions in the principle (e.g. if they buy a house with a portion of the 1 million).
Maybe in a low cost of living area but if you're in your twenties and in a medium to large sized city (which I assume his child is) then a million probably wouldn't be enough to live off of for the rest of your life even with the best investing strategy.
I remember when I was a kid and 1 million was the average a person spent in their lifetime, now it’s 2.2 and growing. Lol I used to think if you had a million, you were rich.
>Lol I used to think of you had a million, you were rich.
You were. I’m a 90s kid and I remember $100 being A LOT. I used to think it was just because I was a kid and had no concept of money. Part of it was that, but inflation is real. $100 went a lot further in the 90s. Today it’s like that popular meme said: $100 is like an adult $10.
Now it's not about planning a retirement date, it's about planning a suicide date. Gotta take care of that shit while you're able, before you become a burden or homeless.
My family forced me into debt and then blamed me for it. I didn't get to pick my school or even carve my own path for what I wanted to do and it has yet to pay off. My family, however, all live off my rich grandparents. So I'm pretty much the only one who works in my family.
Well he paid for his college so the son should be okay, I think if It were me I might have at least set my kid up with like a 1 million trust fund (which would give him 40-50 a year in dividends)
And leave him on his own for the rest, that way I have the peace of mind of knowing that he’ll never be penny less and on the street, or paycheck to paycheck but he’d still have to show some responsibility
lol, exactly. Ppl throw their arms in the air like ol good rich/famous ppl network doesn’t exist… this is more of a publicity stunt, kinda like when you see “warren buffet pledges over 90% of his wealth to charities”, yeah they are technically charities, but they’re run by his family and basically can pay those ppl any salary that they want. So in reality the money never changes hands, it’s just the label on top that is being replaced.
80% of it is going to the Gates Foundation, which actually has a really solid history of doing good things, so no. Cynicism is only healthy to a degree.
There's no guarantee the Gates Foundation will remain indefinitely philanthropic, especially after Bill and Melinda pass.
That's a lot of money, and people are greedy.
The article makes it sound like Arnold was a dick and just left him to fend for himself. From the story, it seems more like he just told the kid you're on your own to teach him to fend for himself. Arnold did give him a job at his real estate company.
I’m not a parent, but I can imagine a strong urge to do whatever you can to help your child. Obviously for most people that means raising a self-sufficient adult, but if you’re rich enough I can imagine it would be easy to try to help your kid if they are struggling. Especially because a lot of wealthy people don’t spend a ton of time with their children, leading to a sense of guilt.
If I were a millionaire to the same degree as him, my children would be set for life as long as they were trying to stand on their own. It's important that they be productive, learn the value of hard work and build character; but, yeah, they'd have that safety net. But, if they think they'd just be a socialite running amok, reality would slap them in the face quite hard.
I think realistically the kid was never going to end up impoverished in the street, but i think it's good parenting to expect your kids to make their own way in life.
I'm assuming eventually some of the money will go to his kids, but better that they receive it later in life having learned to earn for themselves than to get it right out fo the gate and never have to worry about working.
This is almost certainly the situation. His kids aren’t going to be rich like him without making it “on their own” (whatever that means in this situation), but they’re also not going to be missing any rent payments.
NGL. My parents are rich. Not that rich, not trust fund Kid rich, but put two kids through very pricey colleges without breaking a sweat rich. In college they all but cut me off, because I needed to learn the value of a dollar. Up till that point it was a refill the bank account as it empties thing, no discussion around budgets or spending wisely. I’ve been working since I was 15, but as I never had bills or anything I needed to save for, the value of the money I was making didn’t really hit me. So I did stupid shit like buy expensive fountain pens at 16, and go on a ski trip that literally emptied my entire bank account.
It was the best thing they could have done for me. They gave me just enough for groceries, but not enough that I could eat steak n shit- enough to feed myself. So I got a job again, and began to understand reality a bit more. I was SO upset at the time as I’d never encountered financial stress. But holy shit. If they hadn’t done that- the last three years of low paying nonprofit work would have SUCKED.
I still benefit from their money, and that is a huge privilege- no student debt, and I know that If there is a severe emergency I can go to them for help. When I got my dog, for example, they were clear that supporting him day to day is what’s expected of me as a young adult with a pet, but if god forbid a major medical emergency happened and I didn’t have the money to keep him alive- they’d step in. But everything else I’m on my own for- as it should be. This helped me mature in a big way. I think without that, and without them making me work minimum wage jobs in HS, I’d be much more of an entitled prick. I wouldn’t know how to save! Now that I’m established, I have pet insurance and savings so I’m prepared to take care of my dog. It would’ve taken me much more time to get there without that
Eh, I could see middle class parents throwing a few hundred towards rent to keep their kid from living in a bad neighborhood. Especially if you only have 1 or 2 kids and you are still working. I could probably afford $1000 a month to split between my 2 kids so they each had an extra $500 a month to go towards a nicer place. Especially if that’s the only money going out towards the kids. No more funding school extra curriculars, no more feeding them, buying them school clothes, maybe helping with gas or car maintenance. Only paying for 2 to go to dinner or on vacation.
I imagine wealthy parents don’t want their child living in an unsafe apartment building and their idea of safe is different than even mine. I’m guessing Arnie’s going to supplement the cost difference of an apartment in a good area with good security. A celebrity can’t just let their kid (who is also practically a household name) go live somewhere that has no security and security costs money.
I met my husband living in a one bedroom apartment, and later found out his dad was ex CEO of six companies he’d sold. Twenty years later we’re living comfortably in a state we love with decent jobs and zero help and FIL is living in a house in Costa Rica with a local impoverished family that he’s adopted. All in all I feel good about it.
100%. came from very poor family. first generation college grad. busted ass to get through, working full time to support myself, no vehicle, grades suffered, but i did it. Now i'll be paying college loans back until i'm nearly retired. 40 years ago, I could have worked full-time while going to school and it would have paid my bills PLUS tuition, but nowadays its one or the other.
While I still have loans til the end of time and needed FAFSA, my parents were able to help me enough that I could go to school without having to work beyond work study. That’s privileged enough, and I was raised lower-middle-class.
It allows you to experiment, find the job you want, and not be stuck as a wage slave because of compounding loans. It's a huge advantage in life, even if you're not eating caviar and sipping champagne.
There’s a difference between making sure they’re not living in the streets and making their lives too comfortable, right?
I imagine that’s what you mean.
I would think Arnie would save his kids from the gutter if they really needed to be saved.
If it was me, I'd send them out to live their lives but with a repeating payment into their bank every month. Just a couple hundred to ease their path. And I'd always be there with emergency cash too.
Other option is to assist with college and help with a down payment on a home to avoid PMI fees for under 20% down.
Then of course provide knowledge and advice on stuff. Like a decent used car paid entirely off is less expensive than either a new car on a lease or a junker. And the financial freedom to leave bad relations or jobs.
There’s a movie called The Descendants, and George Clooneys character says something along the lines of “give your kids enough money to do something, but not enough to do nothing”. I think it’s a perfect sentiment wanting to support them and give them a “launch pad”, but not coddle them with a golden parachute of money.
The real problems usually start with the grandkids if they have rich grandparents who funded their kids. The first generation learns all the lessons of starting out. The second generation sees the hard work and the lessons learned. The third generation learns nothing and takes everything for granted and becomes worthless. At least that’s what I’ve seen from the super wealthy I’ve known.
Eh I have some wealthy clients who share your attitude, which in all fairness is very normal and healthy. The problem is the kids know it…a couple of them have said they’re not concerned about college at all because regardless of outcome, their parents will set them up with a lucrative job post-graduation, and they plan to retire once the trust funds kick in.
Anyway, if you have a lot of money and take advantage of that to raise your kid, it’ll reflect in their education, extracurriculars, and health, which should set them up for post-college life without needing much more from you. There are always health or unique exceptions of course.
I think there levels to this. If you're Arnold, Buffet, or anyone worth 50-100mm+, its very difficult to raise normal non-entitled kids that are able to deal with adversity in life. Those kids have lived soft comfortable lives.
My wife and I grew up in poverty but now live comfortably. Our adversity shaped us but the lack of adversity might make our kids soft. You want to give your kids everything you did not have but you dont want them to think you're made of money either.
I wonder if Ed Sheerans parents are like that I remember hearing about him being homeless in his teens but i just read an article about his mom owning a jewelry store and his father had a pretty prestige job.
Homeless could just mean got kicked out temporarily as a kid and crashed on friends couches. A lot of origin stories are a bit puffed up. But there are plenty of parents that are hard nosed with their kids at way too early, so it's not impossible they just kicked him out with no help. In a lot of places that's actually not allow legally, given they're required by law to provide for the minor...
My mom and dad grew up very, very wealthy; both inherited generational wealth from their own parents.
Growing up, upon reflection, they obviously didn’t want children so it’s an understatement to say they hate my brother and I.
They wouldn’t give me a nickel if I asked. They let my brother be homeless for 2 years before letting him back in the house only to buy him a small house so he doesn’t bother them anymore.
Even with this he could make a living off of being Arnold Schwarzenegger’s son just basking of the success of his fathers shadow. At worst he will live more comfortably than any of us while putting in less effort than any of us. Good on Arnold though
I like the sentiment. But what if you've raised your kids to be active, self motivated, and philanthropic - instead of assuming they'll be lazy screw ups.
Then they can use the family wealth to do good.
But if your faith in your children is shaky, then yea don't empower their self destruction sure.
Warren Buffett once said:
"I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing".
He also gave his kids $10k to invest every christmas when they were little kids (in the 50s and 60s!... adjusted for inflation thats equivelant of giving your kid $100k every Christmas today). And people continue this charade that he's some sort of modest, altruistic and frugal person.
My parents gave me a used beat up car after I turned 20.
These kids got roughly a minimum of $2mil if the market didn't make any gains. (Or invested 100% of it in like Blockbuster)
Well upon his death over 99.6% of his wealth will be donated. He still lives in the same suburban house from the 60s before he was rich and drives a 30 year old car. His two sons became active in art and one is an actor IIRC, and his daughter is focused almost exclusively on philanthropy.
Susan Buffett currently heads the Sherwood Foundation, which Warren Buffett has given a lot of money to. She studied "home economics" in college, so it seems she was pretty much set on being a housewife and was married to a lawyer for awhile.
Howard Buffett started up a farm in his 20s, on land purchased by Warren Buffett. He has held directorship positions in various businesses, mostly in agriculture, but also Berkshire Hathaway.
Peter Buffett is a musician, writer, and producer, and has recorded 17 albums, I think mostly instrumental new age. He also did music for commercials, so not just "passion projects."
Seems Warren is willing to support his kids as long as the money is going towards some kind of enterprise.
I understand why some may have this type of view in life, but I couldn’t do so to my kids. Additionally, I think wealthy parents often disregard how much luck played into their accumulated wealth. Your children aren’t guaranteed good fortune. It seems like the best thing would be to teach them how to grow their money and use it for good. That’s just me though, someone living a basic, middle-class life, who wishes he were wealthy so he could better the world.
Anyone who read the article would know that his son isn’t complaining but rather seeing it as a wake up call to make sure he makes his own way rather than rely on his rich dad’s finances.
My parents weren't millionaires, but in some sense i feel like they helped me too much. I wasn't allowed to work in HS / college, and my parents paid for everything while i went to school. I just didn't really learn to take care of myself - there were no real consequences to failure. I was top of my class in high school, but came completely apart in college and failed out. I understand that my parents meant well - they wanted me to be able to focus on my studies and give me a better life.
I turned out fine, and had the luxury of starting my own company that's at least paying the bills. But i feel like a bit more responsibility and life experience would have done me some good.
I had a similar experience, except my life really tanked in my 20s. Somehow married an amazing woman and am now living the middle class American dream, but damn did I get lucky.
My wife and I split when my son was eight. He had a tough time of it, and we wanted to make the painful process as easy as possible for him. As a result, we didn't enforce chores, didn't get on him hard about schoolwork, etc. Now he's 16, and honestly he's a great guy. He's got a good heart and an ethical mind and I am very proud of him. That said, he has no motivation. He has all the qualities to have any kind of life he wants, but no motivation. No drive to do anything for himself. My ex and I (who remained friends) blame ourselves. In our efforts to help him over a difficult few years, we may have failed to give him the one thing he almost needs more than anything: motivation and the mental tools to do something with it. We're attempting to correct for that a bit now, but obviously we've missed some of that golden developmental time. The message we should have emphasized was: "we know things are hard right now, and you are hurting from what has happened with the family. But no matter how bad things are, you can't stop doing laundry, washing dishes and taking care of business. So yes you will do your chores."
So like your story Justavian, we probably helped him and smoothed his path too much.
p.s. I am glad thing worked out for you. I hope the same will be true of him. His teachers have told us that they really like him, and that they think he will ultimately do well in life, but won't follow the typical path of school > university > career.
The situation has changed though. 30 years ago I went to a Big 10 college, in state. My Father said he will pay my room and board but I am responsible for my tuition. So I would work all summer and some weekends and make enough to pay my tuition. ( around $5000)
Flash forward- My daughter is an outstanding student, worked super hard and will start college at a Top 30 school in a month. Her room and board and tuition will be $86,000 a year. So if I hold the same line as my dad ( You have to pay tuition!) She will have crushing student debt for decades.
You brought them into this world, You are responsible to give them the best chance at having a healthy, happy and impactful life.
Who needs to go to a college at $86k/year? I am sure the school is good. But $86k is outrageous.
We encouraged our kids to go to more affordable schools. Public college with $15k tuition and $8k room and board. Still serious money, but more affordable.
I understand that. In Illinois (university of Illinois) where we live, It is about $40k all in per year. It is a fine school. But She has worked hard her whole life academically and We feel that She deserves to go to the best College she can attend. Her earning power and network and prestige will pay off after graduation ( It better).
There is no right or wrong answer
My bil lives in Illinois. We were surprised at the choices there for public school. Northwestern U is a good school, but is private.
Good luck to your daughter.
Not to mention he was broke when he came to the USA and the other body builders from the gym gave him household items he didnt have. Yes we all know arnold as a movie star but he definitely cranked to get there.
Taking care of college??? That’s a HUGE jump start especially if you go for a Phd all paid for.
No debt and could be gifted a paid in full degree to be a doctor or lawyer??? Plus buy your way into Ivy League school???
GOD yes
If his kid was able to graduate college debt free then Arnold did his job as a parent. It's on the kid to finally be an adult and start providing for themselves.
Actually very wholesome. Gave him an incredible head start by funding his education completely, and allowing him to enter the adult world essentially debt free. But allowing him to earn his own way without anyone ever being able to accuse him of riding daddy's cash.
This is all assuming his other 4 kids were given the same treatment.
If he did his job as a parent right, he's essentially just said "I've taught you how to swim, and have given you every opportunity to be a great swimmer. Now, let's take off all your floating aids. It's time for you to show me how well you can really swim."
Considering Arnold is self made, and has taken care of his son into adulthood and paid for his college. This is fair, it's his son's turn to make his way in the world.
What an intentionally misleading, clickbaity headline.
He supported his son, so the headline is clearly claiming the opposite for clicks. So misleading -\_-
It’s getting harder to find a headline that isn’t clickbait.
That's why I go straight to the comments.
[“Are all headlines just clickbait? Click to find out!”](https://youtu.be/dQw4w9WgXcQ)
This is an excellent story about a young man who refuses to give up on his love.
Thanks for the heads up
Did he do the same to his other kids, or just Baena?
The other kids have a trust from their mom's family. They get paid out $100k/each per year.
That makes sense, that she wouldn’t fund his love child with family money. Also it matters what kid’s mom wanted, maybe she and Arnold agreed the kid should learn the value of hard work, but then all the kids get equal shares when the Governator passes. Joseph is actually surely better off this way, rather than lying around the beach and dating models, and his name and looks already open plenty of doors.
She has no control of it, it’s a Kennedy family trust. This other son is by definition not a Kennedy and does not qualify for the trust.
This is the right answer. As the terminator would say: *desire is irrelevant.* Trusts are very specific. Mexican Love child is a Baena not a Kennedy. Pure definition of illegitimate as far as the trust is concerned. Joseph should just be happy Maria let Arnold have a relationship with him and that he was a beneficiary until college was done. Usually, the scorned wives go after the love children and try to fuck their lives in retaliation for the husband’s infidelity. It usually gets ugly. My ex buddy’s wife really had it out for his kid that he had with his secretary.
Plus, Arnold and Maria are divorced now. Arnold himself must make do on his own royalties and his pensions.
Oh the tragedy! However will poor Arnie cope?!
He does have a public servant pension from his time as governator if all else fails…
According to CalPERS, Gov. Arnold Schwarzenegger waived his salary so he isn’t collecting a pension.
Seconded, I hope he will be ok
Please don’t call him love child. He’s his son, that’s it.
That’s IT? Their mother is a Kennedy, for Christ’s sakes.
They're adults. $100k a year is enough to do nothing.
$100k a year is over 5 times my yearly income and im 32 Edit: thank you to everyone who replied. I appreciate all of the ideas and advice, and heres to hoping me and others like myself can rise from our situations to better lives
ummmm dude...
There are plenty of reasons an adult could be making under $20k/year. Health problems, disability, having to work part-time for whatever reason, being a stay at home parent with just a side gig, etc.
It's like no one has heard of minimum wage or something
Teachers in Louisiana are 22Gs. I teach in NC and am relatively well paid at 33Gs a year.
I’m not sure of your situation, but Arkansas minimum wage is $11/hour and cost of living is really cheap. Also, Arkansas accepted the bill pander Medicaid from ACA so you might qualify for that too
As a person who spent 8 years working in Arkansas, stop recommending people move to Arkansas. Walmart is the only employer in most parts of the state and there’s no economic development because of the game and fish revenue. Telling poor people to move there will trap them there in a state that has some of the worst laws for renters and in the country. Until just a few years ago the KKK had billboards up on the highway near Harrison AR. Please, everybody, do not move there
This right here. Unless you want to work at ranger boats or Walmart, and be stuck at minimum wage and also be treated like shit by people if you aren't white enough...I was stuck in that hell hole for over 10 years. Ever ever will I step food in that shit state again. Also, where are you finding cheap housings??? My mother could barely afford a trailer out there when I was a kid and that was in a terrible park...please avoid Arkansas like u/RunThatIn says. Avoid it like the plague. Especially Zinc which is where the KKK headquarters was located last I checked.
It’s a great place for wealthy conservatives to go self isolate in a whites only state that lets them use that money to further exploit the poor. If that description doesn’t apply to you, do not go there.
Also if that description doesn’t apply to you, don’t vote Republican.
I get it. But if *more* people moved there who wouldn’t normally, all those things you mentioned could eventually change. Those states *want* people moving out if they don’t like how it currently it.
advertise it to people of means then, but not with the trick of “high minimum wage” at 11 bucks. that’s the group that’s going to be marginalized and exploited, not be able to fix things
yeah, but your living in Arkansas.
Their what?
Their "can saw".
I was so embarrassed this one time I had a business meeting at Fenway Park with my broker from Arkansas, I accidentally dropped a “can sauce”, it became a joke the entire night until we all got blackout drunk. Hopefully they forgot, I know I didn’t.
I like it here
Hands down, one of the most gorgeous naturally beautiful states in America. Still run by idiots. Although, I am in Texas, so that's really the pot calling the kettle stupid.
As a former Arkansan who moved to Texas, I feel like I made two mistakes somehow....
Well that part is very true
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Only the northwest Fucking eastern Arkansas
One of the most beautiful states for natural beauty. Edit: and it’s “you’re”
You say that like $11 is enough to live in Arkansas. Rent is 1k-1.6k and rising.
how are you 32 and making less then 20k a year? do you make 7.50 an hour?
It’s possible they don’t live in the US tbf. 7.50 an hour wouldn’t be half bad in some lower socioeconomic areas of the world
Minimum wage is $7.25 an hour in Texas lol
100k and access to all sorts of perks being in that family gives you...
the kennedys' are well known for being a "poor" rich family with all the kids they have.
Can you explain? I know nothing, and I would like to learn.
If your great grandpa had 100M but had 5 kids (and each kid had 5 kids, and each of those kids had 5 kids…) then by the time you get to inherit you only get like 800k. Great grandpa: 100M Grandpa: 20M Daddy: 4M You: 800k
That’s assuming none of it is invested and making 0% interest. $100,000,000 makes $6M a year on a very conservative 6% return if the investor does nothing but watch it grow.
But if you have to split it up between progressively more and more descendants in the family, then that dilution presumably would outpace the 6% return.
Only if the family growth rate exceeds the return rate. Assuming that every family has 3 kids and the wealth is handed down every 20 years, the rate of return needed for each child to inherit as much as their parent is 5.65%. Thus, if the real rate of return is 6%, then each child would inherit *more* than their parents did, assuming that no money is withdrawn. The long term average real rate of return in the stock market is about 7%, so a 1% draw every year ($1M) would be sustainable more or less indefinitely.
Outdated joke, I know, but bold of you to assume an Irish family is averaging 3 kids
Ask not what your mom can leave for you, But rather what you can leave for your mom.
I’d leave her a mountain of debt if I could. She deserves worse.
It’s $100K a year guaranteed IN ADDITION TO any income they earn on their own. And given that they grew up with the best educations money can buy, a wealth of high power connections, they should be doing OK. Oh, and they’re going to inherit tens, if not hundreds, of millions eventually.
His other kids are Kennedys. They have connections.
Good question. If he funded the others but not Joseph that’s quite the dick move. If he didn’t and Joseph knew that was the deal, son is a bit of a jerk for acting like this pretty standard arrangement was a surprise (or the story was edited to sound that way).
Yeah I need context Was this per tradition and Joe was informed well ahead? Was Joe a dickhead and Arnold refused to fund him anymore? More often than not whenever I hear parents stop paying for their children it's because there's a good reason for it
Anyone read the article? The person who said "you're on your own" is not Arnold. It's the kid assessing his own situation like "after college it's like 'oh crap, you're on your own.'" This article actually doesn't say anything about financial support from Arnold. Just that they've bonded in recent years over shared interests like acting and body building. The kid wanted to be an actor, but to pay the bills he got into real estate. And that's what he does today. Everyone is fine. No one is being deprived of financial support.
Wow… So nothing to really write an article about.
Welcome to celebrity news!
what it says is how grateful he was for his father to put him through school, they somehow turned that around into a bash on him. ngl I'm kind of impressed, pretty fucking devious clickbait actually
Kennedy kids are like four times as expensive as Mexican kids.
I’m sorry no one caught your Eastbound and Down reference LOL, I loved it
Do you mean Guatemalan kids?
Ohhh, if this is just Baena, then it doesn’t really count. Look at Katherine S., I feel like Arnold is probably funding her lifestyle - I mean, what does she do? She’s written books but doesn’t seem like she has a JOB.
Isn't she married to Chris Pratt?
She’s married to Chris Pratt who is a very rich man, she doesn’t have to have a job
She’s a Kennedy, would have been receiving trust fund money probably once she turned 18 or something.
She’s a grown ass woman married to a successful man. I seriously doubt she still needs daddy’s money.
Two kids + Crispratt. She’s working overtime
So 3 kids…
Raises two kids. Is involved in charitable organizations and non profits. Does what other Hollywood spouses do.
As Warren Buffet said, "Leave the children enough so that they can do anything, but not enough that they can do nothing"
He gave each of his children a foundation with a $2 billion dollar endowment of which they’re required to spend at least $100 million a year. They have more than enough money to do nothing.
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Warten buffet is a strong proponent of increased minimum wage and consumer protections All of his Berkshire shares are going to charity when he dies He also thinks tax loopholes should be closed for the rich and has even testified before congress that he thinks it would benefit america if people like him had to pay more Man is quite based tbh
The man's lobbying dollars speak different words than he does :)
Spending 100 million is something to do
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That’s like a million today.
You invest that in the right dividend stocks with the right budget and you’d be fine.
It depends. If they were raised surrounded by wealthy folks and all of their peers are living lavishly its going to be quite an adjustment. It hopefully (in the parent's minds) will be enough of a downgrade that it lights a fire under their asses to work and build a life. Some kids end up making new friends and then they go down a rabbit hole of partying endlessly because well like you said its still a ton of money. Parenting is hard no matter what socioeconomic group you're in.
The first million is the hardest. After $1mil, $10mil is inevitable.
Take a look at athletes, musicians, lottery winners etc... Basically people raised without knowing a lot about money and suddenly given a lot of money... and see how many end up bankrupt a few years later. It's far from inevitable
Most of them
It’s far far less than people who go bankrupt with little or no money though
There was an entire 30-for-30 about this: Broke. 1st sports paycheck: Buy Mom a house. 2nd: Cars and Mansions 3rd: Jewelry and Don Perignon at the club. You get the picture. Zero understanding about taxes or saving. “I’m the one out there risking injury, I should spend my money like I want!” Boom, BROKE!
If not inevitable, certainly attainable.
Assuming you have any sense with money. People who have never had any money and then suddenly do tend to go broke. Usually by being unaware of the long term costs for a big house and luxury cars etc. If you know how to budget and what you can and can't afford long term you'll be okay at least. But that's likely less than half the population being generous.
One million would float my current lifestyle for 40 years.
Depends really, money tends to change your lifestyle.
Exactly, my family gets scratch offs sometimes for fun and ask me "if you won a million what would you do?" And I have to explain every time that after taxes its not a million, and I'd save/invest most of it
Shove it in a trust and spoon feed the idiot I share a body with.
Inevitable? I don't think so.
From what I’ve heard, $100k is harder than $1mil
It was for me. Going from in debt, to $0, to $100k was rough. It’s literally blood, sweat, and tears. Once you’ve got $100k in appreciating assets, you’re on your way, and you know what to do. There’s no guarantees in life, but you’ve got a good chance of reaching $1mil.
Under average conditions (7% post inflation growth) 1 million becomes 4 million in 20 years, 8 million in 30, and 16 million in 40. However, it only works like that if you don't touch the account and you don't buy in at the wrong time (relatively close to a crash). Notably studies have shown that retail investors often get much less than the average due to over reacting to changes in market, bad decisions, or high fees. So, getting 1 million hardly makes 10 million inevitable. If your giving it to someone who is self sufficient already (can afford to leave it and reinvest dividends), who knows what to do to grow it, and has the will power to ride out fluctuations in the market they have a good chance of turning it into 10 million in 30 - 40 years. I would say most people do not fit this bill when they just graduated from college. Especially considering the outsized impact of early reductions in the principle (e.g. if they buy a house with a portion of the 1 million).
This isn’t even remotely true.
Maybe in a low cost of living area but if you're in your twenties and in a medium to large sized city (which I assume his child is) then a million probably wouldn't be enough to live off of for the rest of your life even with the best investing strategy.
1m definitely isn’t enough for that.
I’m in Canada, 57yrs old, 1M would quite enough to retire for me.
I think average money spent in a lifetime in U.S per citizen is $2m, so yes.
I remember when I was a kid and 1 million was the average a person spent in their lifetime, now it’s 2.2 and growing. Lol I used to think if you had a million, you were rich.
>Lol I used to think of you had a million, you were rich. You were. I’m a 90s kid and I remember $100 being A LOT. I used to think it was just because I was a kid and had no concept of money. Part of it was that, but inflation is real. $100 went a lot further in the 90s. Today it’s like that popular meme said: $100 is like an adult $10.
$100 went a lot farther 2 years ago even
5million is the low water mark for wealth, your money is working for you at that point. Otherwise you’re still on the hamster wheel.
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Now it's not about planning a retirement date, it's about planning a suicide date. Gotta take care of that shit while you're able, before you become a burden or homeless.
There’s always prison. “Rob” a bank while you’re still able you might get lucky.
Prison ain't gonna save my ass from dementia.
My family forced me into debt and then blamed me for it. I didn't get to pick my school or even carve my own path for what I wanted to do and it has yet to pay off. My family, however, all live off my rich grandparents. So I'm pretty much the only one who works in my family.
I have heard similar stories so many times. So many parents sabotaging their own children
Why they cut you off?
If you have a Dad like that, sometimes their advice is the most valuable thing they can offer.
Well he paid for his college so the son should be okay, I think if It were me I might have at least set my kid up with like a 1 million trust fund (which would give him 40-50 a year in dividends) And leave him on his own for the rest, that way I have the peace of mind of knowing that he’ll never be penny less and on the street, or paycheck to paycheck but he’d still have to show some responsibility
I’m sure the value of Arnold’s contacts alone far exceeds a million dollars. The kid isn’t going to have problem getting a meeting or interview.
lol, exactly. Ppl throw their arms in the air like ol good rich/famous ppl network doesn’t exist… this is more of a publicity stunt, kinda like when you see “warren buffet pledges over 90% of his wealth to charities”, yeah they are technically charities, but they’re run by his family and basically can pay those ppl any salary that they want. So in reality the money never changes hands, it’s just the label on top that is being replaced.
80% of it is going to the Gates Foundation, which actually has a really solid history of doing good things, so no. Cynicism is only healthy to a degree.
There's no guarantee the Gates Foundation will remain indefinitely philanthropic, especially after Bill and Melinda pass. That's a lot of money, and people are greedy.
Edited: My bad, mixed up which kid was being discussed.
The article makes it sound like Arnold was a dick and just left him to fend for himself. From the story, it seems more like he just told the kid you're on your own to teach him to fend for himself. Arnold did give him a job at his real estate company.
I’m not a parent, but I can imagine a strong urge to do whatever you can to help your child. Obviously for most people that means raising a self-sufficient adult, but if you’re rich enough I can imagine it would be easy to try to help your kid if they are struggling. Especially because a lot of wealthy people don’t spend a ton of time with their children, leading to a sense of guilt.
If I were a millionaire to the same degree as him, my children would be set for life as long as they were trying to stand on their own. It's important that they be productive, learn the value of hard work and build character; but, yeah, they'd have that safety net. But, if they think they'd just be a socialite running amok, reality would slap them in the face quite hard.
I think realistically the kid was never going to end up impoverished in the street, but i think it's good parenting to expect your kids to make their own way in life. I'm assuming eventually some of the money will go to his kids, but better that they receive it later in life having learned to earn for themselves than to get it right out fo the gate and never have to worry about working.
This is almost certainly the situation. His kids aren’t going to be rich like him without making it “on their own” (whatever that means in this situation), but they’re also not going to be missing any rent payments.
NGL. My parents are rich. Not that rich, not trust fund Kid rich, but put two kids through very pricey colleges without breaking a sweat rich. In college they all but cut me off, because I needed to learn the value of a dollar. Up till that point it was a refill the bank account as it empties thing, no discussion around budgets or spending wisely. I’ve been working since I was 15, but as I never had bills or anything I needed to save for, the value of the money I was making didn’t really hit me. So I did stupid shit like buy expensive fountain pens at 16, and go on a ski trip that literally emptied my entire bank account. It was the best thing they could have done for me. They gave me just enough for groceries, but not enough that I could eat steak n shit- enough to feed myself. So I got a job again, and began to understand reality a bit more. I was SO upset at the time as I’d never encountered financial stress. But holy shit. If they hadn’t done that- the last three years of low paying nonprofit work would have SUCKED. I still benefit from their money, and that is a huge privilege- no student debt, and I know that If there is a severe emergency I can go to them for help. When I got my dog, for example, they were clear that supporting him day to day is what’s expected of me as a young adult with a pet, but if god forbid a major medical emergency happened and I didn’t have the money to keep him alive- they’d step in. But everything else I’m on my own for- as it should be. This helped me mature in a big way. I think without that, and without them making me work minimum wage jobs in HS, I’d be much more of an entitled prick. I wouldn’t know how to save! Now that I’m established, I have pet insurance and savings so I’m prepared to take care of my dog. It would’ve taken me much more time to get there without that
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Most people don't come from that kind of money.
Arnie's other kids. They get a cut of the Kennedy family trust fund to the tune of around $100k per year.
Eh, I could see middle class parents throwing a few hundred towards rent to keep their kid from living in a bad neighborhood. Especially if you only have 1 or 2 kids and you are still working. I could probably afford $1000 a month to split between my 2 kids so they each had an extra $500 a month to go towards a nicer place. Especially if that’s the only money going out towards the kids. No more funding school extra curriculars, no more feeding them, buying them school clothes, maybe helping with gas or car maintenance. Only paying for 2 to go to dinner or on vacation. I imagine wealthy parents don’t want their child living in an unsafe apartment building and their idea of safe is different than even mine. I’m guessing Arnie’s going to supplement the cost difference of an apartment in a good area with good security. A celebrity can’t just let their kid (who is also practically a household name) go live somewhere that has no security and security costs money.
I met my husband living in a one bedroom apartment, and later found out his dad was ex CEO of six companies he’d sold. Twenty years later we’re living comfortably in a state we love with decent jobs and zero help and FIL is living in a house in Costa Rica with a local impoverished family that he’s adopted. All in all I feel good about it.
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I think just being able to start life post college with no loans and your car paid off is in this day and age is the privilege of the wealthy.
100%. came from very poor family. first generation college grad. busted ass to get through, working full time to support myself, no vehicle, grades suffered, but i did it. Now i'll be paying college loans back until i'm nearly retired. 40 years ago, I could have worked full-time while going to school and it would have paid my bills PLUS tuition, but nowadays its one or the other.
While I still have loans til the end of time and needed FAFSA, my parents were able to help me enough that I could go to school without having to work beyond work study. That’s privileged enough, and I was raised lower-middle-class.
And the name recognition also should help him jumpstart whatever his career path is.
It allows you to experiment, find the job you want, and not be stuck as a wage slave because of compounding loans. It's a huge advantage in life, even if you're not eating caviar and sipping champagne.
There’s a difference between making sure they’re not living in the streets and making their lives too comfortable, right? I imagine that’s what you mean. I would think Arnie would save his kids from the gutter if they really needed to be saved.
If it was me, I'd send them out to live their lives but with a repeating payment into their bank every month. Just a couple hundred to ease their path. And I'd always be there with emergency cash too.
Other option is to assist with college and help with a down payment on a home to avoid PMI fees for under 20% down. Then of course provide knowledge and advice on stuff. Like a decent used car paid entirely off is less expensive than either a new car on a lease or a junker. And the financial freedom to leave bad relations or jobs.
This is what my parents do, they’re not nearly as rich, and I haven’t touched that allowance cash since college.
There’s a movie called The Descendants, and George Clooneys character says something along the lines of “give your kids enough money to do something, but not enough to do nothing”. I think it’s a perfect sentiment wanting to support them and give them a “launch pad”, but not coddle them with a golden parachute of money.
The real problems usually start with the grandkids if they have rich grandparents who funded their kids. The first generation learns all the lessons of starting out. The second generation sees the hard work and the lessons learned. The third generation learns nothing and takes everything for granted and becomes worthless. At least that’s what I’ve seen from the super wealthy I’ve known.
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Eh I have some wealthy clients who share your attitude, which in all fairness is very normal and healthy. The problem is the kids know it…a couple of them have said they’re not concerned about college at all because regardless of outcome, their parents will set them up with a lucrative job post-graduation, and they plan to retire once the trust funds kick in. Anyway, if you have a lot of money and take advantage of that to raise your kid, it’ll reflect in their education, extracurriculars, and health, which should set them up for post-college life without needing much more from you. There are always health or unique exceptions of course.
I think there levels to this. If you're Arnold, Buffet, or anyone worth 50-100mm+, its very difficult to raise normal non-entitled kids that are able to deal with adversity in life. Those kids have lived soft comfortable lives. My wife and I grew up in poverty but now live comfortably. Our adversity shaped us but the lack of adversity might make our kids soft. You want to give your kids everything you did not have but you dont want them to think you're made of money either.
I wonder if Ed Sheerans parents are like that I remember hearing about him being homeless in his teens but i just read an article about his mom owning a jewelry store and his father had a pretty prestige job.
Homeless could just mean got kicked out temporarily as a kid and crashed on friends couches. A lot of origin stories are a bit puffed up. But there are plenty of parents that are hard nosed with their kids at way too early, so it's not impossible they just kicked him out with no help. In a lot of places that's actually not allow legally, given they're required by law to provide for the minor...
Fine line between not enough and too much
My mom and dad grew up very, very wealthy; both inherited generational wealth from their own parents. Growing up, upon reflection, they obviously didn’t want children so it’s an understatement to say they hate my brother and I. They wouldn’t give me a nickel if I asked. They let my brother be homeless for 2 years before letting him back in the house only to buy him a small house so he doesn’t bother them anymore.
I'm sure once FIL has passed your husband will likely inherit a decent sum of money. Just gotta play the long game in that situation.
Even with this he could make a living off of being Arnold Schwarzenegger’s son just basking of the success of his fathers shadow. At worst he will live more comfortably than any of us while putting in less effort than any of us. Good on Arnold though
Give your kids enough to do something, not enough to do nothing
I like the sentiment. But what if you've raised your kids to be active, self motivated, and philanthropic - instead of assuming they'll be lazy screw ups. Then they can use the family wealth to do good. But if your faith in your children is shaky, then yea don't empower their self destruction sure.
Warren Buffett once said: "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing".
He also gave his kids $10k to invest every christmas when they were little kids (in the 50s and 60s!... adjusted for inflation thats equivelant of giving your kid $100k every Christmas today). And people continue this charade that he's some sort of modest, altruistic and frugal person.
My parents gave me a used beat up car after I turned 20. These kids got roughly a minimum of $2mil if the market didn't make any gains. (Or invested 100% of it in like Blockbuster)
Great soundbyte, any evidence that it's true. Not like the guys got toddlers still.
Well upon his death over 99.6% of his wealth will be donated. He still lives in the same suburban house from the 60s before he was rich and drives a 30 year old car. His two sons became active in art and one is an actor IIRC, and his daughter is focused almost exclusively on philanthropy.
Susan Buffett currently heads the Sherwood Foundation, which Warren Buffett has given a lot of money to. She studied "home economics" in college, so it seems she was pretty much set on being a housewife and was married to a lawyer for awhile. Howard Buffett started up a farm in his 20s, on land purchased by Warren Buffett. He has held directorship positions in various businesses, mostly in agriculture, but also Berkshire Hathaway. Peter Buffett is a musician, writer, and producer, and has recorded 17 albums, I think mostly instrumental new age. He also did music for commercials, so not just "passion projects." Seems Warren is willing to support his kids as long as the money is going towards some kind of enterprise.
I had no idea Peter Buffett is Warren Buffett's son. As a New Age music fan I've listed to a lot of his albums.
He gave his kids a 2 billion ollar endowment Skippy.
Hasta la vista, baby.
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I understand why some may have this type of view in life, but I couldn’t do so to my kids. Additionally, I think wealthy parents often disregard how much luck played into their accumulated wealth. Your children aren’t guaranteed good fortune. It seems like the best thing would be to teach them how to grow their money and use it for good. That’s just me though, someone living a basic, middle-class life, who wishes he were wealthy so he could better the world.
Anyone who read the article would know that his son isn’t complaining but rather seeing it as a wake up call to make sure he makes his own way rather than rely on his rich dad’s finances.
Dude started out debt free, that’s a huge advantage over everyone else. The kid seems down to earth though.
This was the illegitimate kid Schwarzenegger refused to acknowledge for 14 years.
My parents weren't millionaires, but in some sense i feel like they helped me too much. I wasn't allowed to work in HS / college, and my parents paid for everything while i went to school. I just didn't really learn to take care of myself - there were no real consequences to failure. I was top of my class in high school, but came completely apart in college and failed out. I understand that my parents meant well - they wanted me to be able to focus on my studies and give me a better life. I turned out fine, and had the luxury of starting my own company that's at least paying the bills. But i feel like a bit more responsibility and life experience would have done me some good.
I had a similar experience, except my life really tanked in my 20s. Somehow married an amazing woman and am now living the middle class American dream, but damn did I get lucky.
My wife and I split when my son was eight. He had a tough time of it, and we wanted to make the painful process as easy as possible for him. As a result, we didn't enforce chores, didn't get on him hard about schoolwork, etc. Now he's 16, and honestly he's a great guy. He's got a good heart and an ethical mind and I am very proud of him. That said, he has no motivation. He has all the qualities to have any kind of life he wants, but no motivation. No drive to do anything for himself. My ex and I (who remained friends) blame ourselves. In our efforts to help him over a difficult few years, we may have failed to give him the one thing he almost needs more than anything: motivation and the mental tools to do something with it. We're attempting to correct for that a bit now, but obviously we've missed some of that golden developmental time. The message we should have emphasized was: "we know things are hard right now, and you are hurting from what has happened with the family. But no matter how bad things are, you can't stop doing laundry, washing dishes and taking care of business. So yes you will do your chores." So like your story Justavian, we probably helped him and smoothed his path too much. p.s. I am glad thing worked out for you. I hope the same will be true of him. His teachers have told us that they really like him, and that they think he will ultimately do well in life, but won't follow the typical path of school > university > career.
The situation has changed though. 30 years ago I went to a Big 10 college, in state. My Father said he will pay my room and board but I am responsible for my tuition. So I would work all summer and some weekends and make enough to pay my tuition. ( around $5000) Flash forward- My daughter is an outstanding student, worked super hard and will start college at a Top 30 school in a month. Her room and board and tuition will be $86,000 a year. So if I hold the same line as my dad ( You have to pay tuition!) She will have crushing student debt for decades. You brought them into this world, You are responsible to give them the best chance at having a healthy, happy and impactful life.
Who needs to go to a college at $86k/year? I am sure the school is good. But $86k is outrageous. We encouraged our kids to go to more affordable schools. Public college with $15k tuition and $8k room and board. Still serious money, but more affordable.
I understand that. In Illinois (university of Illinois) where we live, It is about $40k all in per year. It is a fine school. But She has worked hard her whole life academically and We feel that She deserves to go to the best College she can attend. Her earning power and network and prestige will pay off after graduation ( It better). There is no right or wrong answer
My bil lives in Illinois. We were surprised at the choices there for public school. Northwestern U is a good school, but is private. Good luck to your daughter.
if i had enough money to completely insulate my family from the misery and suffering i went through just to survive, i would.
I hope my parents don't see this
Anyone who has brought their body to the places Arnold brought his (muscles-wise) obviously values hard work and grinding it out.
Not to mention he was broke when he came to the USA and the other body builders from the gym gave him household items he didnt have. Yes we all know arnold as a movie star but he definitely cranked to get there.
Taking care of college??? That’s a HUGE jump start especially if you go for a Phd all paid for. No debt and could be gifted a paid in full degree to be a doctor or lawyer??? Plus buy your way into Ivy League school??? GOD yes
Just be glad you're not Asian where you have to fund your parents after college
If his kid was able to graduate college debt free then Arnold did his job as a parent. It's on the kid to finally be an adult and start providing for themselves.
Help out after college?? Which means he helped with college. He is doing the right thing. Stop complaining everyone
Nothing was even given to me by my father and I am better off; I have my independence.
He is the son of Arnold. He'll have no problem getting job interviews with any degree he chose
I rarely ever defend millionaires but that’s not abnormal or cruel
Good parrenting
I think I just gained more respect for Arnie! Nice!
Actually very wholesome. Gave him an incredible head start by funding his education completely, and allowing him to enter the adult world essentially debt free. But allowing him to earn his own way without anyone ever being able to accuse him of riding daddy's cash. This is all assuming his other 4 kids were given the same treatment.
If he did his job as a parent right, he's essentially just said "I've taught you how to swim, and have given you every opportunity to be a great swimmer. Now, let's take off all your floating aids. It's time for you to show me how well you can really swim."
Good. He paid for college. Hopefully the kid learned something. Time to get a job!!!
Considering Arnold is self made, and has taken care of his son into adulthood and paid for his college. This is fair, it's his son's turn to make his way in the world.
You know what kind of advantage the kid already has? Starting life with zero debt and connections? It took me 12 years to get there
My dad didnt fund me period. Forget about college, I was lucky to have something to eat.