"F them kids"
How much are you leaving behind for your children/family?
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Last: 1 yr ago by bmks270
My dad is an old fart (87 in December). His parents were sharecroppers in North Texas and his formative experiences were picking cotton and abhorring going to elementary school because he had one pair of jeans and those were full of holes in the ass.
He played ball in juco then worked a loading dock at night to earn his engineering degree. Has lived a great life and fathered eight kids (two with his ex wife, six with my mom). Lived well but frugally and paid for all eight children's college education. I never had to worry about a car payment until I was out of school, always had money for groceries in college, etc.
I would be dishonoring his legacy if I did not work to put my kids ahead of where I started. Similarly, I would be dishonoring his legacy if I did not instill in them the same work ethic he did in me and my siblings.
People act like this conversation is mutually exclusive and you can either leave your kids a sizeable chunk or teach them life lessons but not both and that's silly. I want to leave my kids as much as possible but also want them to be hard asses in regards to work. There are also always bad apples that go off the reservation regardless of what you do as a parent and I don't think you should take that as any more than a cautionary tale. I have one brother that's a real sh*thead but that doesn't change how impactful my dad's legacy has been for the other seven of us
He played ball in juco then worked a loading dock at night to earn his engineering degree. Has lived a great life and fathered eight kids (two with his ex wife, six with my mom). Lived well but frugally and paid for all eight children's college education. I never had to worry about a car payment until I was out of school, always had money for groceries in college, etc.
I would be dishonoring his legacy if I did not work to put my kids ahead of where I started. Similarly, I would be dishonoring his legacy if I did not instill in them the same work ethic he did in me and my siblings.
People act like this conversation is mutually exclusive and you can either leave your kids a sizeable chunk or teach them life lessons but not both and that's silly. I want to leave my kids as much as possible but also want them to be hard asses in regards to work. There are also always bad apples that go off the reservation regardless of what you do as a parent and I don't think you should take that as any more than a cautionary tale. I have one brother that's a real sh*thead but that doesn't change how impactful my dad's legacy has been for the other seven of us
Didn't read the entire thread. But if you have kids early in life, they will likely be retired when you pass. So it's really all moot if you are lucky enough to live to be 80-90 years old.
This!
Money is often times just coupons representing time spent elsewhere.
Remember that your presence is JUST as important as your provision. Otherwise the money will just become a testament to the time you spent on things other than family.
Remember that your presence is JUST as important as your provision. Otherwise the money will just become a testament to the time you spent on things other than family.
I don't know the amount but I have a few thoughts.
My job as a parent is to give them both a good education and set them up to manage their lives themselves with skillset that the economy wants. So no "Eastern religion" or "Women's Issues" degrees. My son is doing a Computer Science at a Top 5 school and my daughter is in HS and she likes Computer Science as well. I am paying for my son's entire school. I will pay for my daughter's as well.
Then I created an investment account for my son and my wife and I funded it with $25k when he got an admit to school. That is our gift. I invested it in good index funds. That will be his starter fund.
We will do the same for our daughter.
The goal there is to not saddle my kids with debt, they should be free to think and take the necessary risks without debt holding them back from success.
I have created investment accounts for each kid which now has sizable amount of money. It is in my name though but meant for each one. I planned to give it to them in some form later but that it is a TBD. I don't want them getting fat and lazy.
Beyond that, when we both die, they share what we have, house, investments etc.
My job as a parent is to give them both a good education and set them up to manage their lives themselves with skillset that the economy wants. So no "Eastern religion" or "Women's Issues" degrees. My son is doing a Computer Science at a Top 5 school and my daughter is in HS and she likes Computer Science as well. I am paying for my son's entire school. I will pay for my daughter's as well.
Then I created an investment account for my son and my wife and I funded it with $25k when he got an admit to school. That is our gift. I invested it in good index funds. That will be his starter fund.
We will do the same for our daughter.
The goal there is to not saddle my kids with debt, they should be free to think and take the necessary risks without debt holding them back from success.
I have created investment accounts for each kid which now has sizable amount of money. It is in my name though but meant for each one. I planned to give it to them in some form later but that it is a TBD. I don't want them getting fat and lazy.
Beyond that, when we both die, they share what we have, house, investments etc.
If you'd like to adopt a nephew, I'm in.Ryan the Temp said:
I don't have any kids, nor do I plan to.
I'm about to revise my Will to take out one of my nieces and my nephew because they are a couple of deadbeats who don't do anything other than sit around and smoke weed all day. I'm not leaving them money to help them continue that habit.
My husband is my primary beneficiary, with my sister as contingent. A&M gets a percentage, but I'm thinking about capping the maximum amount that goes to A&M as my net worth increases
No kids, no wife. Whatever is left I am leaving to charity. My nieces are already well off, no need to add to that. Mercy project gets half, church gets 25% and my executor gets 25%.
We're in our early 30s now, so we have a long time to figure this out. My plan is to retire around 50 with about $2.5m invested. Like others have said, my kids will likely be retired when we pass, so I'd plan on gifting them smaller amounts once they hit 30yo or so and have developed a good work ethic and demonstrated they can be successful on their own.
Our kids' educations should be fully funded with the 529s we set up as soon as they're born, and they have monthly contributions to their custodial brokerage accounts that should set them up with a decent nest egg to jumpstart their own investments.
A lot of people express concern with leaving kids too much money. I think if they're raised right and have established themselves on their own, there shouldn't be much concern. If someone handed me a $1mil inheritance tomorrow at 31, we wouldn't really change much. Probably pay cash for the modest home we're building this year rather than finance and then dump the rest in our investment accounts.
Our kids' educations should be fully funded with the 529s we set up as soon as they're born, and they have monthly contributions to their custodial brokerage accounts that should set them up with a decent nest egg to jumpstart their own investments.
A lot of people express concern with leaving kids too much money. I think if they're raised right and have established themselves on their own, there shouldn't be much concern. If someone handed me a $1mil inheritance tomorrow at 31, we wouldn't really change much. Probably pay cash for the modest home we're building this year rather than finance and then dump the rest in our investment accounts.
Derail, and obviously everyone is different with different habits and expenditures, just hard to think that $2.5m at 50 will be enough with the way cost of living is going. We're looking at over $5m and closer to 60. Basically just saying we'll retire when the kids graduate college (started later, 37 and having our second and likely last kid this year).
I do agree with you that your kids being raised right and establishing themselves is crucial. But those are big components, and can be tough. I can see why a parent would want to set up their kid, "we have the means, why not buy them their first house? Think how much of a blessing that would have been for us starting off." As you said, you're 31 and it wouldn't change anything. But what if you were 22?
I do agree with you that your kids being raised right and establishing themselves is crucial. But those are big components, and can be tough. I can see why a parent would want to set up their kid, "we have the means, why not buy them their first house? Think how much of a blessing that would have been for us starting off." As you said, you're 31 and it wouldn't change anything. But what if you were 22?
$100k/year adjusted for inflation should never touch my $2.5. That's about where we're at now including mortgage and savings. That's the plan now, lots of time for that to change.
At 22 would be a different story. I'd have a brand new F250 Platinum in the driveway and spend way too much going out and on trips and guns. Source: That's what I did when I graduated and started my first real job (except is was a 2500HD High Country instead of a Ford).
At 22 would be a different story. I'd have a brand new F250 Platinum in the driveway and spend way too much going out and on trips and guns. Source: That's what I did when I graduated and started my first real job (except is was a 2500HD High Country instead of a Ford).
MyNameIsJeff said:
$100k/year adjusted for inflation should never touch my $2.5. That's about where we're at now including mortgage and savings. That's the plan now, lots of time for that to change.
At 22 would be a different story. I'd have a brand new F250 Platinum in the driveway and spend way too much going out and on trips and guns. Source: That's what I did when I graduated and started my first real job (except is was a 2500HD High Country instead of a Ford).
Goodluck on 100k a year in 20 years. That's almost impossible right now.
Man i hear not helping cause you want them to do it themselves but actively sabotaging your own kid? Hopefully the kid can get it wiped due to not being in control.
From the same account for reference:
https://instagr.am/p/CpLdAonD8Bm
I love all their stuff. These two are a part of Friday Beers (Barstool knockoff if you aren't familiar) but they started this page just mocking the finance bro influencer and the Ted Talk types.
https://instagr.am/p/CpLdAonD8Bm
I love all their stuff. These two are a part of Friday Beers (Barstool knockoff if you aren't familiar) but they started this page just mocking the finance bro influencer and the Ted Talk types.
I think you're in for a big surprise.
My kids are getting access to theirs in tranches. I gave them a decent gift upon graduation with the understanding it was to be mostly invested so they could learn how to manage money. They get nothing until they are 40 (hopefully later because it means I am still alive) so they have to make something of themselves and then they get a small percentage of the income that gradually increases until they are near retirement. Giving an inheritance of a decent size or more all at once has destroyed many people. I don't want to risk doing that to my kids even though they have shown the ability to manage money.
Howdy Dammit said:MyNameIsJeff said:
$100k/year adjusted for inflation should never touch my $2.5. That's about where we're at now including mortgage and savings. That's the plan now, lots of time for that to change.
At 22 would be a different story. I'd have a brand new F250 Platinum in the driveway and spend way too much going out and on trips and guns. Source: That's what I did when I graduated and started my first real job (except is was a 2500HD High Country instead of a Ford).
Goodluck on 100k a year in 20 years. That's almost impossible right now.
If you don't need to pay taxes, or pay a very low capital gains tax, and you don't need to keep saving a portion for retirement, it's plenty, assuming you adjust it for inflation.
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