Should doctors give their kids money?

As a physician, have you felt an obligation to save large amounts of money to give your children when they’ve become an adult or graduated college? This gesture may seem like a no-brainer, an act you’ve never questioned. It’s led to the excitement you’ve felt as you’ve thought of this gesture of giving to your children. And while it’s easy to only dream of the fantastical outcome you’ve conjured in your head, did you prepare yourself for all possible outcomes that can happen from this gift? This gift may have more layers to it than you’ve imagined. That’s why you need to listen today to learn why the gift of money may not be a good strategy to show love to your children. You’ll also discover the most valuable thing you as a parent can provide to your child.

ASK A QUESTION

Send your questions about taxes, investing, extra money, retirement, college and financial parenting to [email protected] or call the Physician Family Answer Line at (503) 308-8733.

IN THIS EPISODE

• [00:25] Where did the idea that parents leave their children money come from?
• [01:46] Why you shouldn’t leave your child money to show love.  
• [04:00] Why the intended outcome to leave someone money matters.  
• [06:39] Should physician parents leave money to their children to prevent the same struggles they experienced?  
• [09:57] Why humans need to struggle.    
• [14:58] Why it’s important for physician parents to foster safe failure for their children.  
• [18:49] The most valuable things a parent can give a child.  
• [21:02] The main difference between leaving a child money and saving for their college education. 

NOTICE

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.