Even if I think $400k is chump change, I would still like to instill in my kids the value of money and that it doesn’t matter how much you have, it’s all about how much you spend. Especially, what’s the ROI. Don’t spend for the sake of spending just because you can. That’s how all those millionaires go broke. I want them to also think about opportunity cost. If they’re entrepreneur in spirit, I would much rather put that $400k in their start up/small biz than an Ivy degree. I know a couple of people who graduated at prestigious UC with a CS and BioEngineering degree. Immediately after graduation, they moved to a small town, open up a cell phone shop. Now, they own 20-30 cell phone franchise stores. They’re making much more money than they probably would as engineers, unless they got lucky and work for companies like Instagram.
