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re: I just happened upon my parent's retirement portfolio
Posted on 4/16/12 at 11:19 am to MinnesotaTiger
Posted on 4/16/12 at 11:19 am to MinnesotaTiger
1 million is a lot better than nothing. I think most on this board are all much more "wealth intelligent" and of sound mind monetarily than most of your common public joe blows in this country. Most people it seems retire with NOTHING! Some would die for just 100k in their retirement.
Heck regardless how much i have put away, after busting my butt all my life to put that amount away I would hate to see it wither as i got older. I'd rather work part time when I am an old man instead of drain my money but that is just me. Work half a year then vacation or take a break at home the other half. I know plenty in their 70's who do exactly this that way they can enjoy both worlds as long as their health is good of course. they do not have to worry about outliving their money either and can spend a nice chunk for fun as well to enjoy it while not draining the bank. Sure you can supplement that with dividend income also.
All in all, I will pass money, real estate, etc, on to the family after I die.
Heck regardless how much i have put away, after busting my butt all my life to put that amount away I would hate to see it wither as i got older. I'd rather work part time when I am an old man instead of drain my money but that is just me. Work half a year then vacation or take a break at home the other half. I know plenty in their 70's who do exactly this that way they can enjoy both worlds as long as their health is good of course. they do not have to worry about outliving their money either and can spend a nice chunk for fun as well to enjoy it while not draining the bank. Sure you can supplement that with dividend income also.
All in all, I will pass money, real estate, etc, on to the family after I die.
3
Posted on 4/16/12 at 11:35 am to Fat Bastard
Yeah, I am kind of the same way.
My wife never knew her dad and when her mother passed 3 years ago, we were left with nothing but a few bills. Which was fine, we knew we would be left with nothing. It was then though that I helped my wife realize the importance of passing something on to our kids.
We have been busting our arse to live well in retirement and to leave a nice gift to our two kids. Hopefully one day we will achieve it!
My wife never knew her dad and when her mother passed 3 years ago, we were left with nothing but a few bills. Which was fine, we knew we would be left with nothing. It was then though that I helped my wife realize the importance of passing something on to our kids.
We have been busting our arse to live well in retirement and to leave a nice gift to our two kids. Hopefully one day we will achieve it!
Posted on 4/16/12 at 12:52 pm to Fat Bastard
quote:
Some would die for just 100k in their retirement.
Seems like a Catch-22.
quote:
Heck regardless how much i have put away, after busting my butt all my life to put that amount away I would hate to see it wither as i got older. I'd rather work part time when I am an old man instead of drain my money but that is just me. Work half a year then vacation or take a break at home the other half. I know plenty in their 70's who do exactly this that way they can enjoy both worlds as long as their health is good of course. they do not have to worry about outliving their money either and can spend a nice chunk for fun as well to enjoy it while not draining the bank. Sure you can supplement that with dividend income also.
Apparently people tend to live longer when they keep working past retirement age, so there's that too.
Posted on 4/16/12 at 1:23 pm to FulmersGonnaFixIt
quote:
So you have 300k in a 401k in 10 years of working with shitty work luck and going to graduate school. You would have had to max out 401k contribution and have returns of 28% plus per year. I call bull shite.
This.
I think the OP was looking for a way to tell everyone that he has 300k in his 401k at the age 33.
You are either full of it, or just wanted everyone to tell you how awesome you area.
FWIW, I don't know what my parents have, maybe +/- $1M. Pretty good IMO, considering their annual income probably never surpassed $110k.
Posted on 4/17/12 at 12:26 pm to Dead Mike
quote:quote:Seems like a Catch-22
Some would die for just 100k in their retirement.
Posted on 4/17/12 at 1:06 pm to Fat Bastard
quote:
All in all, I will pass money, real estate, etc, on to the family after I die.
I'm going out spending within reason, brah, if any is left they are welcome to it.
If everyone was a massive saver or money hoarder later in life the economy would suck to high heaven, so it takes all types. That said, old money habits are hard to change, too.
Posted on 4/17/12 at 1:07 pm to MinnesotaTiger
quote:
No way are they in the top 1%
I'm guessing they're pretty close, depending on how old they are.
They'll be fine.
Posted on 4/17/12 at 3:30 pm to Y.A. Tittle
quote:
MinnesotaTiger
They should cut you out completely, yet make you the executor. I've witnessed this twice and it's fricking priceless. Some parents know their kids suck.
Posted on 4/17/12 at 3:51 pm to MinnesotaTiger
quote:
Its like $1.1 million and yeah they do have timber and (small) oil interests on their land. If I had to guess I would have thought their cash/portfolio would have.been over $3MM and its barely 1/3 of that.
I am assuming they are debt free and.....I was expecting a much worse situation.
Posted on 4/17/12 at 4:22 pm to iknowmorethanyou
quote:
They should cut you out completely, yet make you the executor. I've witnessed this twice and it's fricking priceless. Some parents know their kids suck.
Posted on 4/17/12 at 9:09 pm to OnTheBrink
quote:
It was then though that I helped my wife realize the importance of passing something on to our kids
I mean this with the utmost respect for your opinion: Why is it important? Again, I am not being ugly; trying to see if I am looking at this ugly.
My view is that we will have provided them with a Catholic education, a college education and everything in between. A good life, family vacations for memory making, all needs/many wants, health, material things and tons of love.
Why should we leave them anything except enough money to take care of before we die so that it's not a burden to them, enough money to bury us when we're dead and cover any bills/expenses?
I truly am not being ugly ... just interested in another's opinions.
Posted on 4/17/12 at 9:26 pm to tiger91
quote:
Why should we leave them anything except enough money to take care of before we die so that it's not a burden to them, enough money to bury us when we're dead and cover any bills/expenses?
I truly am not being ugly ... just interested in another's opinions.
You shouldn't, unless you have some excessive amount of money. I certainly don't expect anything from my parents.
Posted on 4/17/12 at 9:48 pm to tiger91
No need to save to leave, but it would be nice, especially if your parents left some for you.
It's an old money mentality that will serve your posterity well.
No one should expect it from their parents, but I think parents should want to, as with almost any gift.
It's an old money mentality that will serve your posterity well.
No one should expect it from their parents, but I think parents should want to, as with almost any gift.
Posted on 4/18/12 at 10:28 am to TheHiddenFlask
I agree with tiger91. The value of what your parents can give you while they're alive so far exceeds the value of whatever money you get when they die it isn't even close. I want my parents to feel no responsibility for leaving my brother and I a dime.
The only time I would feel otherwise would be if a child was disabled or otherwise unable to support himself.
The only time I would feel otherwise would be if a child was disabled or otherwise unable to support himself.
Posted on 4/18/12 at 10:40 am to tiger91
quote:
My view is that we will have provided them with a Catholic education, a college education and everything in between. A good life, family vacations for memory making, all needs/many wants, health, material things and tons of love.
Is that not a given? To me, everything you listed is commonplace, aside from myself not being a Catholic. I think one thing you left off of that list is to financially responsible though. I see people every day who make bookoos more money than I make and cant afford to do anything without a credit card.
I think MY parents are going to leave something to us, what I have no idea. Do I care? Not at all. I do not live my life at all thinking I will get some sort of lump sum down the line.
To me, being able to give a nice gift to my kids when I pass is important!
Posted on 4/18/12 at 10:59 am to OnTheBrink
quote:
I think MY parents are going to leave something to us, what I have no idea. Do I care? Not at all. I do not live my life at all thinking I will get some sort of lump sum down the line.
To me, being able to give a nice gift to my kids when I pass is important!
Bingo
quote:
bookoos
Posted on 4/18/12 at 4:12 pm to OnTheBrink
quote:
Is that not a given? To me, everything you listed is commonplace, aside from myself not being a Catholic. I think one thing you left off of that list is to financially responsible though. I see people every day who make bookoos more money than I make and cant afford to do anything without a credit card.
Yes, I those are a given. And we chose to send them to Catholic schools (education here stinks for the most part). Our kids are 19, 14, 11. We are teaching them to be financially responsible. We are teaching them about saving and the difference betweens needs and wants. We are teaching them by example to share and give and donate to things that they see fit. I still just don't translate that into being important to leave them something.
Hell, my husband's family has BOUCOUPS money (or so my husband seems to think) ... I hope that they spend as much as they possibly can. Really. Leave enough for their medical expenses and a funeral and death taxes. Other than that he (we) don't want nor expect anything. From my parents, I "want" her wedding ring ... but not for any reason other than my daddy gave it to her. That's it. I hope that they spend everything and enjoy what THEY have worked for.
I don't think that "not leaving my kids anything" makes me a bad parent (no, no one has said that) ... nor does the fact that I'm not particularly worried about WANTING to leave them anything. I am hoping that their memories of family and the lessons that we taught them over a lifetime will be enough.
I appreciate the responses ... and Flask, boucoups, right???
Posted on 4/18/12 at 4:13 pm to tiger91
Seriously I think that the most important thing my kids will want are my 4 season tickets to LSU football!!!
Posted on 4/18/12 at 4:15 pm to Cold Cous Cous
quote:
I want my parents to feel no responsibility for leaving my brother and I a dime.
I have 2 brothers ... one of them says "hey you're spending my inheritance" everytime mom/dad buy something/go on a trip. I'm like "spend it all!" ... but said brother has much different financial views than I do ... he's way tight and I'm frugal but I don't squeak!
Posted on 4/18/12 at 4:25 pm to tiger91
I hope by my response you didnt think I was bashing your way of parenting or what not. To each their own.
For ME, leaving my kids a gift is important. I personally think about me leaving a nice gift to my kids, who in turn leave a little more to my grandkids, and so on. NOW, if my kids are not fit, I am a big donor to St. Jude already, and we will become even bigger!
But please, do not think I am questioning your love for your kids by not wanting to leave them something. Just a difference in opinion.
As far as boucoup, you are probably right! Spelling not a strong suit.
For ME, leaving my kids a gift is important. I personally think about me leaving a nice gift to my kids, who in turn leave a little more to my grandkids, and so on. NOW, if my kids are not fit, I am a big donor to St. Jude already, and we will become even bigger!
But please, do not think I am questioning your love for your kids by not wanting to leave them something. Just a difference in opinion.
As far as boucoup, you are probably right! Spelling not a strong suit.
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