Bill Gates on his children's inheritance

claytoncubitt:

“He won’t specify what they will get, but the reports that they’ll receive ‘only’ $10 million each can’t be far off, because he concedes, ‘It will be a minuscule portion of my wealth. It will mean they have to find their own way. 

‘They will be given an unbelievable education and that will all be paid for. And certainly anything related to health issues we will take care of. But in terms of their income, they will have to pick a job they like and go to work. They are normal kids now. They do chores, they get pocket money.”

See also: if a person were to invest $15,000 per year starting at age 25, they might have $8 million by age 65

Also also: U.S. savings rate falls to zero

“That’s largely a function of income … They’re just barely managing to survive as it is, and they don’t have enough income to save… That’s because they had little or no money set aside. More than 40% of all women had less than $500 in the bank. For those 25 to 34 years old, the percentage without a rainy day fund jumped to 55%.”