Hello John,
In my estate docs, among many things, I have your story about your several times great grandfather and the end result. This is to remind my sons of what can happen with an inheritance and to be careful. I commented in another post here at HD, about supporting grown children about what I feel is a good direction to take with raising them.
There can be no certain assurance of how things will go once I'm gone, and I am OK with doing what I can to give them a nice boost in their lives.
Thank You Anthony, I feel creating responsibility begins when the kids are babies.
My oldest boy turned 18 and he just disappeared for a week. I asked him when I next saw him, did you move out? Affirmative. The second son paid rent when he tuned 18, and was happy to have that responsibility as he had been informed about life and duty as a youngster.
It was only us 3 in the household, expecting and enabling maturity was more straightforward.
Good Article!
I sometime ago decided that my estate is to go to my 2 sons, period. I know how prenups sometimes don't work the way they are intended and I'm not taking a chance so, unless I can find a lady who has as much or more money than I do, I'll simply remain single.
Therefore the problem is solved.
Hmmm, I'm thinking these 'tokens' are somewhat akin to the wares that companies such as Start Engine, and NetCapital offer. Buying into companies before they are publicly traded. What are some thoughts?
I'm very much in agreement with you Norman. I also worked long and made the most of my options on the jobs. All the overtime and shift differential bonus over the decades really added up. I maxed out my retirement opportunities as far as I could, and didn't have to think about that much. For instance, with S.S. my official 'full retirement' age was 66. BUT, at 67, I would receive more, 68 even more! My FULL retirement was 70 for me. I did what I could to get the most and then not have to worry about it. Of course, married folk have many options and having a plan for that circumstance is prudent. So, yes, work long, work wise and enjoy the freedom of time and money in retirement. Freedom to be productive as you want and decide to do.
I believe Mr. Quinn possibly has a life style that lends its self to retirement success. Using spreadsheets and intensely studying investment prospects doesn't help these folk as much.
Someone that can not, will not separate wants, from needs certainly will have to spend more time and effort in the ol investment research game to nail a healthy retirement.
Both my sons know the value of paying off a loan such as their homes. It raises your net spendable every month. If one paid for home is good, isn't two better? I showed my neighbor a leaky wealth bucket illustration and applied the concept to her home payment. At the end she said, 'I'll talk to Joan, she's really smart with mortgages.' Sigh...of course those people make money from keeping you in debt. Then, just last month she mentioned that she bought a $1200 . . . heated bidet toilet seat. I think a lifetime of simply living well within means and maximizing any retirement benefits offered will go a very long way for a comfortable retirement.
Mostly because if the means change, the retirees living also will by nature.
Good going! I quit cold turkey, boy I wasn't ready for the stress of having no schedule to follow. It took months for my to be able to relax, and just chill if I want. I volunteer and have 'home work' as well and have learned...'one thing a day' and quit.
After over a half century of working, it takes concentration to not do anything!
So much concern and diversion in these comments coming from the ol stock/bond investment conundrum.
I've got a little different approach as my Schwab account is so very sparse.Rather, my legacy is in rental homes, paid off and producing quite reliable income for a trust to pass on.
Paid for means a lot of freedom and less angst in an investment. If the proverbial fan get to splattering, I have options of lowering the rent to a manageable amount for my people to...manage and still have money for taxes and insurance. I don't have to make a profit for a while you see.
Now, I learned something during COVID when folks lost their jobs and of course in danger of loosing their housing. When I had a call from a tenant, I assured him I could let him skip a payment of two and not loose his home. Then, of course came the stimulus checks... and most folks used the money to be rent paid up.
One though, made different decisions and spent the windfall unwisely. They were the only ones to fall behind so they had to leave after the lease was not renewed. They were several months behind in rent, but had applied to the state for financial help.
The result was about 2 months later the manager got a big ol check from the government and we all got paid and the tenants got their deposit back. I realized after thinking about it, that the big business housing lobbyists had gotten the taxpayers to pay my tenants back rent.
I'm giving my Roth proceeds to my boys monthly. They get $5000 per year to put in their own Roth accounts. It's a way they can have an inheritance while I'm still above the grass.
But I realize that's not part of what you were asking.
Comments
Hello John, In my estate docs, among many things, I have your story about your several times great grandfather and the end result. This is to remind my sons of what can happen with an inheritance and to be careful. I commented in another post here at HD, about supporting grown children about what I feel is a good direction to take with raising them. There can be no certain assurance of how things will go once I'm gone, and I am OK with doing what I can to give them a nice boost in their lives.
Post: Letting Go
Link to comment from July 26, 2025
Thank You Anthony, I feel creating responsibility begins when the kids are babies. My oldest boy turned 18 and he just disappeared for a week. I asked him when I next saw him, did you move out? Affirmative. The second son paid rent when he tuned 18, and was happy to have that responsibility as he had been informed about life and duty as a youngster. It was only us 3 in the household, expecting and enabling maturity was more straightforward.
Post: Family Dynamics, Part 2: Supporting Adult Children
Link to comment from July 26, 2025
Good Article! I sometime ago decided that my estate is to go to my 2 sons, period. I know how prenups sometimes don't work the way they are intended and I'm not taking a chance so, unless I can find a lady who has as much or more money than I do, I'll simply remain single. Therefore the problem is solved.
Post: After Loss, Love Again
Link to comment from July 13, 2025
Hmmm, I'm thinking these 'tokens' are somewhat akin to the wares that companies such as Start Engine, and NetCapital offer. Buying into companies before they are publicly traded. What are some thoughts?
Post: Lindy’s Law
Link to comment from July 13, 2025
I'm very much in agreement with you Norman. I also worked long and made the most of my options on the jobs. All the overtime and shift differential bonus over the decades really added up. I maxed out my retirement opportunities as far as I could, and didn't have to think about that much. For instance, with S.S. my official 'full retirement' age was 66. BUT, at 67, I would receive more, 68 even more! My FULL retirement was 70 for me. I did what I could to get the most and then not have to worry about it. Of course, married folk have many options and having a plan for that circumstance is prudent. So, yes, work long, work wise and enjoy the freedom of time and money in retirement. Freedom to be productive as you want and decide to do.
Post: Change Lanes, Expand Your Wheelhouse, Learn Some New Tricks
Link to comment from June 14, 2025
I believe Mr. Quinn possibly has a life style that lends its self to retirement success. Using spreadsheets and intensely studying investment prospects doesn't help these folk as much. Someone that can not, will not separate wants, from needs certainly will have to spend more time and effort in the ol investment research game to nail a healthy retirement. Both my sons know the value of paying off a loan such as their homes. It raises your net spendable every month. If one paid for home is good, isn't two better? I showed my neighbor a leaky wealth bucket illustration and applied the concept to her home payment. At the end she said, 'I'll talk to Joan, she's really smart with mortgages.' Sigh...of course those people make money from keeping you in debt. Then, just last month she mentioned that she bought a $1200 . . . heated bidet toilet seat. I think a lifetime of simply living well within means and maximizing any retirement benefits offered will go a very long way for a comfortable retirement. Mostly because if the means change, the retirees living also will by nature.
Post: Is it possible to achieve financial well being without a plan or even a spreadsheet?
Link to comment from May 31, 2025
Good going! I quit cold turkey, boy I wasn't ready for the stress of having no schedule to follow. It took months for my to be able to relax, and just chill if I want. I volunteer and have 'home work' as well and have learned...'one thing a day' and quit. After over a half century of working, it takes concentration to not do anything!
Post: Almost There
Link to comment from May 24, 2025
So much concern and diversion in these comments coming from the ol stock/bond investment conundrum. I've got a little different approach as my Schwab account is so very sparse.Rather, my legacy is in rental homes, paid off and producing quite reliable income for a trust to pass on. Paid for means a lot of freedom and less angst in an investment. If the proverbial fan get to splattering, I have options of lowering the rent to a manageable amount for my people to...manage and still have money for taxes and insurance. I don't have to make a profit for a while you see. Now, I learned something during COVID when folks lost their jobs and of course in danger of loosing their housing. When I had a call from a tenant, I assured him I could let him skip a payment of two and not loose his home. Then, of course came the stimulus checks... and most folks used the money to be rent paid up. One though, made different decisions and spent the windfall unwisely. They were the only ones to fall behind so they had to leave after the lease was not renewed. They were several months behind in rent, but had applied to the state for financial help. The result was about 2 months later the manager got a big ol check from the government and we all got paid and the tenants got their deposit back. I realized after thinking about it, that the big business housing lobbyists had gotten the taxpayers to pay my tenants back rent.
Post: Feeling Moody
Link to comment from May 24, 2025
I'm giving my Roth proceeds to my boys monthly. They get $5000 per year to put in their own Roth accounts. It's a way they can have an inheritance while I'm still above the grass. But I realize that's not part of what you were asking.
Post: Gifting Confusion
Link to comment from May 17, 2025
A fellow once asked me, 'what kind of money would you have to have invested, to get the payout provided?' And get the COLA to boot.
Post: You versus Social Security – Quinn is betting against you.
Link to comment from May 3, 2025