When Rumors Abound........

[Dirk Diggler]

Excellent post Rich!

[sargeE5]

Great post!! I loved the rollercoaster anology. I like everyone else wait with great antisipation for the ride to be over, the RV to pull into the disembark area, and for everyone to be blessed with a good rate.

[ExecConsult]

and never have to worry about money for the next couple of generations of my family?

Rich, what I have to say may not apply to you at all and I hope I am not stepping on any toes. After I read the above quote, I had to respond to your post. In fact, after reading your post I think I may start a whole new topic of my own.

If this works out, a lot of you will end up with a lot of money that neither you nor your families will be prepared for. I know that each of us has gone through fantasies in our minds and planned out how the money would be spent. However, In my industry I have often heard the saying, "get the family ready for the money." This means that after a person has made a lot of money, there are things to be done to get the family ready to receive the money, understand how to manage it, and use it in such a way that it helps each family member build character and find more meaningful, happy lives.

The alternative is that YOU make the money, the next generation maintains it, the third generation squanders it, and the fourth generation starts over again. (This is what usually happens to rich people around the globe.) Anyway, each of you should be thinking about this if the RV makes you wealthy. Don't ruin your grandchild's life with "remittance addiction." Seek professional financial/legal counseling from someone who knows how to help you with "legacy planning." (I can even recommend some attorneys if needed.)

With planning, every generation following you can have the resources they need to succeed in "life." They will have sufficient means, find what they love to do, and have every opportunity to excel at it. If well planned for, the amount of money you leave behind will actually grow over the years to help an ever growing family.

Also, I have heard that some people are getting some lousy legal advice from those really not qualified to give it.

Just my $.02

FYI

I am an attorney, but don't think for a minute that you can count anything you see here as legal advice. (It sucks that I have to say that.)

Edited October 17, 2010 by ExecConsult

[jennowens98]

Love the post! I've been in this for 6 years. At the least its one of those repeating dreams that could come true!

[djjk2004]

go rv!