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Posted on 5/19/19 at 1:02 pm to Kujo
I frame the conversation differently than 'being wealthy'. I talk to them about how to create wealth slowly over time with the purpose of having enough money where it does the work for you. In other words, living off of the interest without loss of principal (and hopefully with enough to hedge inflation). You don't buy expensive cars or second houses (not routinely, anyway). You live within a budget, but don't have to work.
I've discussed with my older son, but not yet with my younger daughter. I plan on writing down how I accumulated my wealth and how I transition to living off of the wealth. They can use this 'guide' and/or pass it on to their kids, etc. I hope what I've done (with the promise of passing it on to them) gives them the ability to take a lot of entrepreneurial risk (if they're so inclined).
I've discussed with my older son, but not yet with my younger daughter. I plan on writing down how I accumulated my wealth and how I transition to living off of the wealth. They can use this 'guide' and/or pass it on to their kids, etc. I hope what I've done (with the promise of passing it on to them) gives them the ability to take a lot of entrepreneurial risk (if they're so inclined).
Posted on 5/19/19 at 1:06 pm to RoyalWe
They probably(maybe) speak using a lot of 'air paranthesis'(more than likely).
Posted on 5/19/19 at 1:21 pm to Kujo
I am raising them minimalistically. I came from nothing and got what I have because there was no safety net. It was sink or swim. If they have every comfort growing up and live to be entertained, they will make weak, useless adults.
Posted on 5/19/19 at 1:23 pm to Kujo
As it stands now, I will leave nothing to my daughter. Call me an arse if you wish but I am fine with that. I plan on leaving my job by the end of this year and moving to either Montana or Idaho.
Posted on 5/19/19 at 1:23 pm to Bjorn Cyborg
quote:
My kids know success is required of them. Moving back home is not an option (with the exception of short term transitional periods)
Even if your kid is doing well financially, has a good job, but wants to save up for a year or so to buy a house with a good down payment?
Posted on 5/19/19 at 1:24 pm to El Segundo Guy
quote:
As it stands now, I will leave nothing to my daughter. Call me an arse if you wish but I am fine with that. I plan on leaving my job by the end of this year and moving to either Montana or Idaho.
You’re an arse and you’re poor
Posted on 5/19/19 at 1:30 pm to Upperdecker
quote:
Even if your kid is doing well financially, has a good job, but wants to save up for a year or so to buy a house with a good down payment?
I would say that could qualify as a transitional period and would likely allow it.
Posted on 5/19/19 at 1:47 pm to Kujo
quote:
ndeed, 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.
There are cases where it is truly "lost," but in many cases it is really being dispersed. If a wealthy couple has three children and each of those children each have kids of their own, what happens is that the wealth gets spread out among the descendants and is less concentrated. This sis natural and healthy. I think these stats are misleading.
Posted on 5/19/19 at 1:49 pm to Kujo
Don’t let them listen to rap.
They may or may not be rich one day, but they sure as shite won’t be trashy.
They may or may not be rich one day, but they sure as shite won’t be trashy.
This post was edited on 5/19/19 at 1:50 pm
Posted on 5/19/19 at 1:52 pm to Kujo
Firm believer in discipline, a strong work ethic, and having good habits. People who have those tend to not be negligent. To hammer this home, it's ironclad in our house that there's no such thing as "free time" until after 7 PM.
Riding to and from school is not an opportunity to listen to music or scroll through their phones - instead it is actively used to read or complete assignments. From the time they get home ~3:30, they study and do homework until 5:30, eat dinner, a quick review session from 6:00-6:30. and miscellaneous reading until 7:00. They're free to Netflix or do whatever ever that.
Riding to and from school is not an opportunity to listen to music or scroll through their phones - instead it is actively used to read or complete assignments. From the time they get home ~3:30, they study and do homework until 5:30, eat dinner, a quick review session from 6:00-6:30. and miscellaneous reading until 7:00. They're free to Netflix or do whatever ever that.
Posted on 5/19/19 at 1:52 pm to Kujo
I just dont have them. Problem solved.
Posted on 5/19/19 at 2:07 pm to Kujo
The wealthiest person in my family tree started his working life sweeping the floor of a paper mill. Overtime time he became the president of that same company. Additionally he owned seven gas stations, two hotels and several other small businesses. I asked him what his key to success was. He said there are only three rules he lived by...
1. Do everything thing the best possible way you know how.
2. Do not worry about what everyone else around you is doing or what they say.
3. You must have balls of steel.
I've always carried these ideas with me and they've driven my successful career. I will certainly instill these beliefs into my children as the grow.
1. Do everything thing the best possible way you know how.
2. Do not worry about what everyone else around you is doing or what they say.
3. You must have balls of steel.
I've always carried these ideas with me and they've driven my successful career. I will certainly instill these beliefs into my children as the grow.
This post was edited on 5/19/19 at 2:08 pm
Posted on 5/19/19 at 2:18 pm to Bjorn Cyborg
quote:
I would say that could qualify as a transitional period and would likely allow it.
My daughter moved back in, (and my SIL moved back in with his parents) for a year prior to the wedding. They were able to buy a home 2 months before the wedding and have it fixed up right before they needed it. That, and the fact that they both got degrees and had good jobs in their fields prior to marriage has set them up to succeed.
Not an OT baller, but they might get there...
Posted on 5/19/19 at 2:27 pm to Kujo
Posted on 5/19/19 at 2:38 pm to dat yat
(no message)
This post was edited on 10/15/20 at 4:28 pm
Posted on 5/19/19 at 2:40 pm to ThatMakesSense
quote:Good point. I'll switch to sign language.
They probably(maybe) speak using a lot of 'air paranthesis'(more than likely).
Posted on 5/19/19 at 4:12 pm to Kujo
If I had baller status and kids, it would be their responsibility to maintain it
I would just say be popular, be leaders, and network
I would just say be popular, be leaders, and network
Posted on 5/19/19 at 5:53 pm to Kujo
USL degree your kids are destined to fail.
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