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OT Ballers, what are you doing to ensure that your kids attain baller status too?
Posted on 5/19/19 at 12:25 pm
Posted on 5/19/19 at 12:25 pm
Stats show a tendency for wealth to be lost within 1-2 generations, I've always thought that this is due to many wealth obtainers concentrating soo much on gaining wealth for themselves that they neglect to properly raise and care for their own children to put them in a place where they are equipped for adulthood. (i.e. affluenza). Between working long hours, thinking about your next move, that 2nd vacation home purchase, your 4th vehicle, shopping for that next watch to add to your collection, your 3rd wife, etc....what do you personally do to put your flesh and blood in the best place to not squander everything that you built "for them"?
26
Posted on 5/19/19 at 12:26 pm to Kujo
strict terms and escalating payouts from the trust fund
Posted on 5/19/19 at 12:27 pm to Kujo
I let them box to settle disputes
Posted on 5/19/19 at 12:28 pm to Kujo
Demand high achievement and work ethic. Don’t coddle them and ensure they know what is expected.
My kids know success is required of them. Moving back home is not an option (with the exception of short term transitional periods)
My kids know success is required of them. Moving back home is not an option (with the exception of short term transitional periods)
Posted on 5/19/19 at 12:29 pm to Kujo
I’m more worried about my son’s personality than him being successful financially. I just spend time with him either tossing a ball or kicking it around.
My 12 yr old kicked a 50 yd field goal yesterday, so he may wealthy one day.
My 12 yr old kicked a 50 yd field goal yesterday, so he may wealthy one day.
This post was edited on 5/19/19 at 12:30 pm
Posted on 5/19/19 at 12:29 pm to Kujo
quote:
your 3rd wife
Very expensive lifestyle.
Posted on 5/19/19 at 12:30 pm to Kujo
It's simple, succeed or die.
Posted on 5/19/19 at 12:30 pm to Kujo
Where are these stats?
Posted on 5/19/19 at 12:32 pm to Kujo
Travel ball and hitting/pitching instructors
Posted on 5/19/19 at 12:39 pm to yellowfin
quote:
Indeed, 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy.
quote:
“Looking at the numbers, 78% feel the next generation is not financially responsible enough to handle inheritance,” says Chris Heilmann, U.S. Trust’s chief fiduciary executive
LINK
Posted on 5/19/19 at 12:41 pm to Kujo
quote:
Stats show a tendency for wealth to be lost within 1-2 generations
If you stretch the timeline, it normalizes.
There’s just a lot of generational flux in terms of income generation.
This is a hypothetical example to illustrate the point.
JD Rockefeller’s son grows up in comfortable circumstances and chooses not to push himself. Wealth diminishes.The grandson also grows up rich, but chooses to become a penniless artist, further diminishing the families wealth.
But his son, he goes into the family trade and makes billions.
The person who makes millions in the lottery though, his family will slip back because they have neither the skills to generate wealth, or the culture to sustain it.
Posted on 5/19/19 at 12:42 pm to Kujo
Not leaving them anything and making them learn the value of a $
Posted on 5/19/19 at 12:42 pm to Kujo
The best thing you can do for your children is make it hard.
Posted on 5/19/19 at 12:47 pm to Lima Whiskey
quote:
The best thing you can do for your children is make it hard.
Yeah, and that thought process makes it easier to justify blowing money on yourself!
Posted on 5/19/19 at 12:48 pm to Kujo
I live in a 90% Asian community. Odds are in my favor they lock onto a Doctoring family.
Posted on 5/19/19 at 12:49 pm to Kujo
Teaching mah baws how to trap like me. We get it in.
Posted on 5/19/19 at 12:49 pm to Bjorn Cyborg
quote:
Demand high achievement and work ethic. Don’t coddle them and ensure they know what is expected.
My kids know success is required of them. Moving back home is not an option (with the exception of short term transitional periods)
This is the right answer!!
Posted on 5/19/19 at 12:52 pm to Kujo
My in-laws with make sure that their father’s millions/my grandfather-in-law’s millions are lost in one generation.
The collective incompetence of the family is truly astounding.
The collective incompetence of the family is truly astounding.
Posted on 5/19/19 at 12:54 pm to Kujo
Not a baller but I set up my kids with money market accounts that I put 50.00 in a month since they were 1. Figure by the time they are older I will tell them about it and they can continue it on or withdraw it if they need it. Should be a nice chunk of change for someone in their 20s
Posted on 5/19/19 at 12:56 pm to Kujo
Both of my kids know that my wealth is subject to the Highlander Clause.
My wealth goes to the the last one left. If they are both alive when I pass, it stays in trust until only one remains.
My wealth goes to the the last one left. If they are both alive when I pass, it stays in trust until only one remains.
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