For people with financial advisors. Thoughts on this.

[cnc]

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.

Dope. Congrats! Set him up with an UTMA or UGMA account. Put $500-$600 in a total stock market index fund and reinvest the dividends. Let him keep a few hundred in a regular ass high interest savings account to use to enjoy his hard work (school, home, sports) and a little cash and keep preaching on how a little today can be a lot tomorro. Great work by that young man, some adult don’t have $800 cash.

 

[woodchuck]

some adult don’t have $800 cash.

Which is crazy to me. I understand situations are different for all. but it's still crazy.

 

[easy_b]

No stocks in May of 2020. Just bitcoin

I’ve still not on board with bitcoins yet

 

[woodchuck]

You 50-60 years old you should have your own financial plan.

Realest shit in this thread!

 

[playahaitian]

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.

It’s perspective for me @woodchuck. Sounds like you raised some good youngins. They are fortunate to have you and your wife.

^^^

Kaboom

 

[jagu]

Nah, I’m spending almost everything while I’m here. My duty is to send my kid to school and help her buy a house. After that fuck them kids. She better learn to do the same for her kids. My first retirement gift to myself will be a Ferrari GTC Lusso or a 911 turbo s.

 

[playahaitian]

I disagree.

I would leave my kids the most I could but everyone circumstances are different it's more about the situation.

Unless you are truly on that f*ck them kids motto.

I just don't follow that belief. I couldn't spend that money on some trip or 2nd car knowing I could invest for my kids or put it in a trust or secure their future comfort.

But I know specifically who I would leave it to so maybe that's why it wouldn't be a conflict.

Knowing the kids are safe is the best way for me to enjoy whatever time I have left in my eyes.

 

[jagu]

I disagree.

I would leave my kids the most I could but everyone circumstances are different it's more about the situation.

Unless you are truly on that f*ck them kids motto.

I just don't follow that belief. I couldn't spend that money on some trip or 2nd car knowing I could invest for my kids or put it in a trust or secure their future comfort.

But I know specifically who I would leave it to so maybe that's why it wouldn't be a conflict.

Knowing the kids are safe is the best way for me to enjoy whatever time I have left in my eyes.

If you lay a strong foundation for your kids and really see them through , you will not need to do all that. I guess I’m from a culture that expects you to take care of your parents after they sacrificed a lot for you to make it.
I don’t expect a penny from my dad but I just renovated his whole house and bought him a brand new Camry and that satisfies me more than waiting for his inheritance.

 

[playahaitian]

If you lay a strong foundation for your kids and really see them through , you will not need to do all that. I guess I’m from a culture that expects you to take care of your parents after they sacrificed a lot for you to make it.
I don’t expect a penny from my dad but I just renovated his whole house and bought him a brand new Camry and that satisfies me more than waiting for his inheritance.

You not wrong same here

But like I said it's circumstances

I don't want to get into too much specifics but when you got a kid with a genetic disease and life expectancy and medical care will be a constant issue you gonna move differently and accordingly

But even without that, my mind set always been like that. As strong a foundation as they God willing they will have. I'm always going to be their father.

 

[jagu]

You not wrong same here

But like I said it's circumstances

I don't want to get into too much specifics but when you got a kid with a genetic disease and life expectancy and medical care will be a constant issue you gonna move differently and accordingly

But even without that, my mind set always been like that. As strong a foundation as they God willing they will have. I'm always going to be their father.

Correct. A kid with special needs is very different. Otherwise, my position is to provide for their educational needs and a strong professional foundation. Once they have that, it’s up to them to capitalize on it and that is the way to build generational wealth.

 

[playahaitian]

Correct. A kid with special needs is very different. Otherwise, my position is to provide for their educational needs and a strong professional foundation. Once they have that, it’s up to them to capitalize on it and that is the way to build generational wealth.

I don't think there is a right or wrong answer really.

Leaving them 2 million as opposed to 4 doesn't make you a bad person.

I personally would want them to have that extrea money or security. And as much as possible. Because while you can't prepare for everything?

Why wouldn't I want my offspring to have as much accessible to them as possible? That's what this whole generational wealth thing is about.

We acting like they just gonna waste the extra money (which essentially is what I would be doing if I'm spending it JUST to spend it)

That extra million could potentially lead to a bigger trust and bigger investment and even MORE opportunity...

a financial legacy for my family.

Honestly if I had an EXTRA million I would donate it to a hospital or school.

The point is as long as I'm "comfortable" my true joy and peace of mind is knowing I'm helping others especially my blood.

 

[Non-StopJFK2TAB]

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.

It’s perspective for me @woodchuck. Sounds like you raised some good youngins. They are fortunate to have you and your wife.

But on this forum, you have folks begrudgingly leaving their children a mill or two. There’s a disconnect somewhere. Most black folks don’t even have $500 for an emergency but some posters are willing to forfeit their winter getaway for their progeny.

 

[Non-StopJFK2TAB]

You lost me at in your 90s. Do you know how lucky you have to be to live to 90? The bar should be set at age 60.

Do you know how many of die before getting our AARP welcome letter?

 

[Mrfreddygoodbud]

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.

there is nothing to think about.. its a fuckin NO BRAINER.. leave the little brats two to three million, you know there is really no big difference between three to five million..

if a dude is worth three million, he can still afford to fly first class, and rent a small yacht once a year.

If they could flip five milly they could flip two to three milly.

Id understand if it was a difference of five milly or twenty five milly..

then thats a LEVEL UP...

aint much leveling up difference between two to three and five milly.

Youd be a fool not to spend the rest of your latter years ballin while you can..!!!!

 

[jagu]

I don't think there is a right or wrong answer really.

Leaving them 2 million as opposed to 4 doesn't make you a bad person.

I personally would want them to have that extrea money or security. And as much as possible. Because while you can't prepare for everything?

Why wouldn't I want my offspring to have as much accessible to them as possible? That's what this whole generational wealth thing is about.

We acting like they just gonna waste the extra money (which essentially is what I would be doing if I'm spending it JUST to spend it)

That extra million could potentially lead to a bigger trust and bigger investment and even MORE opportunity...

a financial legacy for my family.

Honestly if I had an EXTRA million I would donate it to a hospital or school.

The point is as long as I'm "comfortable" my true joy and peace of mind is knowing I'm helping others especially my blood.

All I am saying is that I will spend as much of my money to enjoy myself and since I can't take Ferraris of 911s with me , my daugnter gets them when i depart. But it is not my initial thought to save a lot of my money and give it all to her while I am penny pinching at 70. I have done and will continue to do everything possible to make sure that she chooses a career that does not involve dancing, singing or being a content creator so that she can build her own wealth.
I understand the issue about a special needs child but that is a special exception. I would like to sleep well at night that I have provided for my child's education in full and guided her to pick a good career instead of relying on my wealth. That's how I was brought up.

As an estate attorney, I am very aware that leaving money to your descedants will hardly build wealth. Their hard work is what really builds wealth.

PS: This is just a friendly argument between us, me and you are always cool as you know.

 

[playahaitian]

All I am saying is that I will spend as much of my money to enjoy myself and since I can't take Ferraris of 911s with me , my daugnter gets them when i depart. But it is not my initial thought to save a lot of my money and give it all to her while I am penny pinching at 70. I have done and will continue to do everything possible to make sure that she chooses a career that does not involve dancing, singing or being a content creator so that she can build her own wealth.
I understand the issue about a special needs child but that is a special exception. I would like to sleep well at night that I have provided for my child's education in full and guided her to pick a good career instead of relying on my wealth. That's how I was brought up.

As an estate attorney, I am very aware that leaving money to your descedants will hardly build wealth. Their hard work is what really builds wealth.

PS: This is just a friendly argument between us, me and you are always cool as you know.

Of COURSE bro... cmon now, we been cool for YEARS.

This a good discussion. We arguing about having a long life, a healthy family, a proud linage and money.

That is the best and only type of "argument" I ever want to have.

I'm about to hit you up for advice to set up something for me girls.