Let me tell you, I am not a millionaire but I am working on it after reading your board. I will be there soon but my problem is my son. He is 17 and feels that he needs a new car because everyones else has a parent that bought them a new car. He says he can't get a girl friend because he drives a used car & a 1993 Honda dual sport motorcycle with 2000 miles because he looks like a freak! He thinks we should buy him a $12,000 car because we are rich (net worth of $100,000 to $150,000 he thinks) How do we handle this? I try to talk to him and explain that his father and I had to earn our own cars. I never tell him our net worth but we have our own business. We live below our means which he thinks is working all the time and never doing anything. He also works for us part time. His net worth at 17 is $3,500 but he got mad when I told him this because being worth this much he thinks he owes himself a new car! I think it is a better assumption that his retirement tax rate will be equal to or higher than his current rate. College educated, teacher (pensions) and knows at a young age that it pays to save.
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