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This is an odd question, but I have seen so many cases of parents who have made a fortune only to have their children lose it all down the line.
The parents worked hard and built a business and didn't want their kids to have their hard life so the kids grow up soft and spoilt.
Trying to phrase this, but a a family that moves from working class to middle class, how long on avaerage before they go back to working class.
The expression I have heard over the years is
clogs to clogs in three generations
it is very challenging for those of us who are Nova rich to instil into our children that fire to be successful . The fear of poverty is a powerful motivator only if you have experienced it
Hi Ones of smiles people this goes for Timmy69 as well.
It's one of my fears as I have seen it time and time again, too many people are chasing that extra 1% return on their investment, whilst the elephant in the room of losing it all is through their kids mindset doesn't get thought of.
I would hate my kids to take the inheritance and blow it on cars and holidays.
The only way around this I assumed either parents to be a guide, a second consciousness for a child allowing them to build themselves without going off track.
Or to leave the child with no support until they hit let's say 25 years old to develop themselves fully.
I don't know it just interests me.
The Jesuits have a saying - Give me the child till age 7 and I will show you the man".
In this context the child has experienced poverty at a very young impressionable age - which has built a fire in his belly to get away from that situation forever - that kind of core driver is difficult to instil any other way - as that fire is akin to a primeval instinct hardwired in to psyche.
Yes - Granddad starts the business - Father builds up the business - Kids squander the money as it was easy come easy go.
That is the cliché - how many cases it fits is open to debate.
One generation to build, one to maintain and one to destroy.
My first thought was, I don’t actually care much what my grandchildren will do with the wealth I am creating, I quite enjoy the journey itself. I hope my next generation will find their purpose in life. I don’t want to ram property down their throats. There are other things in life
I have put plans in place for this
when I pass all my personal owned property goes into a family trust
for the benifit of dislexics to come
my company passes to my wife
she will then on her death pass the company into the family trust
so the wealth is protected
I have written in clauses to cover a number of point such as properties can be sold but the proceeds must be used to buy futher investments for the trust
my family can have the income the trust makes but they will never own the asset personally
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Good plan DL,I must look at something similar myself (am the same age as you).
You can lead your child to water but you cant make them drink
They are my kids but they are not my possessions
I look after them @ 2 and then they look after me when I`m @ 92 . That`s the deal
But apart from that they have their own lives to lead
I teach , lecture , advise , support , steer, cajole and persuade - not with force though but with love
I will never get it quite right but its fun trying to
My shoes have holes in but my kids have houses and that feels selfishly good for me
I am a reflection of my parents upbringing of me
They did their financial education of me in my formative years then left me to it
I thank them for that
I can see plenty of my kids in me with regard to that side of me
But its great to see their independence in many other respects
Whats this vegetarianism and climate stuff all about then
Not a new car in sight though which pleases me .
We have a fleet of 8 between us .
But together they are worth no more than 25K
Succession planning is in full flow and its a weight off the mind tbh
I looked at a super comfy all singing all dancing armchair the other day with a remote control
£2,140 they wanted for it !!!
Nah far too much and why do i really need it ..
I thought for a milli second I might buy it - so I went in the shop to have a ganders
But no what a waste of money - I will just pump my cushions up instead
That amount saved can go in the pot for them
I only need certain basics to be happy and they seem to do so to
Thank you parents
Jonathan Clarke. http://www.buytoletmk.com
I don’t think my son has any intention of being involved In BTL
thats why I have set up a trust on my death
I can see him just handing it over to managers and enjoying other aspects of life on the French Riviera or some similar location
and I can’t blame him he will join the rich 1%
my grandchildren may take a different view
but I won’t be here to see it
I have studied wealth all my life and there has to be a bright spark who starts the ball rolling then wealth takes care of it’s self
the hard work is done time will take care of the rest