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For people with financial advisors. Thoughts on this.

woodchuck

woodchuck

A crowd pleasing man.
OG Investor
So, after our biweekly meeting with our FA in Portugal (we also have an FA in the U.S.), he told us something interesting. He said, "I like to tell my older clients to spend money and enjoy their lives. Here's why: By the time you 2 are in your 90s, and if everything goes according to plan, you will be worth around 5.2 million. Do you want to be that well off and too old to enjoy it and be able to leave your kids & grandkids 5mil, or would you rather live your life and then leave them around 2 or 3mil?" I'm not gonna lie, the first thing that crossed my mind was, "Fuck them kids!" If some of you are in this position, what's your thoughts on this? For those that are wondering, we have an FA in Portugal, because we're moving to Madeira, but foreign FAs can't buy U.S. stocks and positions. Our U.S. based FA can. Also, we agreed with our FA.
 
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Great advice and you should start the grandkids investing at a very early age preferably before 13. By the stock rather than the shoes or the phone. I’m still kicking myself for not buying Costco when I first step foot inside of one in the year 2000. Just one share a week.
 
RoomService said:
Great advice and you should start the grandkids investing at a very early age preferably before 13. By the stock rather than the shoes or the phone. I’m still kicking myself for not buying Costco when I first step foot inside of one in the year 2000. Just one share a week.
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Our middle grandson has about 800.00 in cash in his nightstand. He's held on to every Xmas and b'day gift for a minute. We talked to him about investing 3 days ago. We're going to sit down with him this weekend.
 
I don't know if you gamble or not? That is go to the casino, race track, lottery, bet on games, etc. I used to go to OTB (Off Track Betting), and I would bet on the Kentucky Derby, The Preakness and the Belmont Stakes each year (I learned how to play the "ponies" from my father, who at times it seemed like the racetrack was his 2nd home).

But, my father had a limit as to how much he would bet (the money he would use might be referred to as "Discretionary Income," and he would always pay his bill first and then himself [Savings]).

What I am basically trying to say is that you should enjoy yourself with the money that you have earned, but place limits on it (As I am sure you have done in the past and present).

Setting aside some money for your children and/or Grandchildren is a great idea because all to often we don't have access to "Generational Wealth."

In addition, I like that you plan on talking to your grandson about investing (Great idea). All to often, we can discuss something that occurred that involved an entertainer (nothing wrong with that), but we need to have conversations about money and how it can be used to help improve our lives and those around us.
 
RoomService said:
Great advice and you should start the grandkids investing at a very early age preferably before 13. By the stock rather than the shoes or the phone. I’m still kicking myself for not buying Costco when I first step foot inside of one in the year 2000. Just one share a week.
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What stocks did you buy in May of 2020?
 
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FUCK THEM KIDS AND GRAND KIDS COMPLETELY.

Live your life to the fullest and leave them $500,000

They need to learn the discipline you have.
 
Do you really expect to live into your 90s? Would you want to?

What could you enjoy with that two or three million that you don't already have?

Do any of your kids or grandkids have positive realistic dreams that require that money to get off the ground?

If so why wait? Give them a stack now and spend your golden years watching them build off it.

But first, one final question.

You have two financial advisors, why the hell are you bringing this question to BGOL?
 
Live your life while you are upright and able to. Set aside a reasonable amount for the kids and grandkids, but enjoy the spoils fam.
Don't be one of them people that wait till they retire to want to travel and finally live. You don't know what the future holds.
 
A lot of yall say fk them keeds but still wanna leave them bread. If its fk them its fk them. Means zero cent.

I personally dont believe in that. u make money to enjoy but also make sure ur fam is aight. We already livin in this cac world who have many advantages. So If I can make the live easier and in return they make my lives easier ( lot of people forget that).

Now if they disrespectful it wat it is. Im burning my right infront of them like steve Harvey.
 
I'll enjoy the majority and leave them around 1.5 to 2 mill, that's a good start to wealth . 2 to 3 mill is too damn much to leave
 
That’s a lot of bread to spend, enjoy, and leave your kids some.

If they can’t handle half of what you give, then I fail to see the issue here. I’ve watch too many older folks not be able to enjoy their golden years worrying about their kid’s shitty adult decisions and placing their troubles on others.

Also, as some one said, if you make it to 90, then your children should have already established themselves or you can go ahead and give them their portion and be done.
 
keone said:
That more than enough. 200k is is good enough. More than most get. But the point is to give.
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I just had a family member die and her two sons got nothing because she had no assets. No life insurance. No property. Nothing but the possessions in her apartment. Fighting over who get the TV and shit. :smh:

It’s perspective for me @woodchuck. Sounds like you raised some good youngins. They are fortunate to have you and your wife.
 
woodchuck said:
So, after our biweekly meeting with our FA in Portugal (we also have an FA in the U.S.), he told us something interesting. He said, "I like to tell my older clients to spend money and enjoy their lives. Here's why: By the time you 2 are in your 90s, and if everything goes according to plan, you will be worth around 5.2 million. Do you want to be that well off and too old to enjoy it and be able to leave your kids & grandkids 5mil, or would you rather live your life and then leave them around 2 or 3mil?" I'm not gonna lie, the first thing that crossed my mind was, "Fuck them kids!" If some of you are in this position, what's your thoughts on this? For those that are wondering, we have an FA in Portugal, because we're moving to Madeira, but foreign FAs can't buy U.S. stocks and positions. Our U.S. based FA can. Also, we agreed with our FA.
Click to expand...

tenor.gif
 
4 Dimensional said:
I just had a family member die and her two sons got nothing because she had no assets. No life insurance. No property. Nothing but the possessions in her apartment. Fighting over who get the TV and shit. :smh:

It’s perspective for me @woodchuck. Sounds like you raised some good youngins. They are fortunate to have you and your wife.
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Sad shit
 
4 Dimensional said:
I just had a family member die and her two sons got nothing because she had no assets. No life insurance. No property. Nothing but the possessions in her apartment. Fighting over who get the TV and shit. :smh:

It’s perspective for me @woodchuck. Sounds like you raised some good youngins. They are fortunate to have you and your wife.
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keone said:
Sad shit
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How did her children live though? Did she do her all to make sure they had a better life? I had an old co worker who said his father gave him a good name. He didn't have much to give but values, work ethic, and skills to be successful. Co worker through his fathers teachings went to college, and retired well off. He passed that same knowledge down to his son and continued him in college as well. Everything isn't always about tangible assets you can touch.
 
moblack said:
How did her children live though? Did she do her all to make sure they had a better life? I had an old co worker who said his father gave him a good name. He didn't have much to give but values, work ethic, and skills to be successful. Co worker through his fathers teachings went to college, and retired well off. He passed that same knowledge down to his son and continued him in college as well. Everything isn't always about tangible assets you can touch.
Click to expand...

While I agree, this isn’t the case for these kids. I hate to say they are products of a fatherless home and bad decision making. It’s the very typical stereotype, unfortunately.
 
Mr.Chuckles said:
Leave the kids a trust fund and have timed deposits by age to get them used to spending
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Got mine set up to allow a % to be drawn out every 5 years from age 25-65. So if I’m deceased it can’t all be fucked off at once nor given to a spouse (I want to tighten up a little bit to ensure none of my bread goes to somebody else’s lineage). Also, it will hopefully ensure that they don’t become destitute and older years. I’m reading a story in the Wall Street Journal right now about folks that live solely on Social Security, and that shit is sobering. Don’t want that to be me, nor mine.
 

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