Post RV ... Helping Kids/Family?

[okane]

Any ideas on how to help out your children or family with making them dependent on you. I have two kids that just got married in this past summer, one in the service and two teenagers. I put this to you because of the fact that many of us are in the same "boat" and have put much thought and planning into it. I appreciate the untold talents, knowledge and wisdom on this site and look forward to your replies.

Based on an RV of 1-1, I will have plenty to share. How do you do it without hurting them. Trust accounts? Purchase their first home or a large down payment and let them budget the rest? I have considered having them learn to manage their own trade accounts with my seed money and they can keep 80% of the interest, with the idea that they can teach there children if I am not around. I would like to see this money survive and grow for several generations. I do intend to put property purchases into a family trust. Any ideas???

[Caye98]

okane, good on you thinking about the "big picture" for your family. A family trust is a good idea, although without sounding like a sales pitch, I believe this question is better asked and answered though the VIP/OSI side of this site (if you are a VIP member?). I know there are huge asset protection and wealth management strategies there (things not discussed on the "public" site). JMHO

[tandy]

okane...one of the main things you can do is make sure they are educated in financial responsibility...too many people have no idea about investments, proper banking, and being able to save. If you can get them educated in the realm of good money stewardship the rest should be a cakewalk. There is a lot of sound advice from some of the experts on here and Adam has a free booklet you can download with great info.....hope that will help...good luck! (and the advice caye98 gave above)

[okane]

okane, good on you thinking about the "big picture" for your family. A family trust is a good idea, although without sounding like a sales pitch, I believe this question is better asked and answered though the VIP/OSI side of this site (if you are a VIP member?). I know there are huge asset protection and wealth management strategies there (things not discussed on the "public" site). JMHO

Hey Caye98, I'm with you. I am OSI and that being said a big chunk of capital WILL be protected from everyone. I have posted topics within the VIP neighborhood and get amazing feed back. But I believe that somethings should be out for all to think about. I may repost this topic later because I really want to hear the opinions of yourself, Paperboy, Markinsa and some others. So ... the bulk with be protected but how do you keep those that you help from becoming dependent of you and that help?

[rocking/chair]

I have thought about this and this is what Iam going to do.

First my kids do not even know we are invested in the dinar and will not tell them even after the RV.

I have made a good living and don't plan on changing my life style that much. Now not to say when my wife and

myself go on vacations we won't stay in better places and nicer restrants.

I have and put my five girls through college which they will come out debt free but after that it is understood they are on their own.

I worked hard for what I have and I want them also to know what thats like.

I plan on doing a trust fund where they will get a certain amount every year just enough to make life alittle easyer but not to spoil them.

You have to word your trust fund in a way that it will not be subject to their spouse getting part of it just in case.When you deal in money it changes people.

Have part set aside for grandkids education in a seperate fund. then when I am gone I hope they will be mature enough to handel the rest.

I guess my point is that they don't know what I am worth now and won't in the future. The less they know the less they want.

DON'T TELL ANYONE WHAT YOU ARE WORTH FAMILY FRIENDS NOBODY

Edited November 28, 2011 by rocking/chair

[jv1054]

Okane.....I see that you are a VIP member. I am also and I will be turning to Adam and his staff to guide me. I have no advice in that area because I am clueless and will depend on others for help. Mostly people I don't really know but have faith in. What I would like to comment on is how you help your children without making it so easy, they are side tracked by their new found wealth. Money truly can ruin a person who comes by it through no fault of their own.

For myself and MY children I will have no problem giving to them. I know already that they are self motivated and have direction in their careers and lives and there is no amount of money that will knock them off that course. You have young children and I am sure they are all different in as many ways as they are alike and then some. You will have to measure and project how your gifts to them will affect them. There is nothing worse then watching someone have so much thrust upon them that they truly have no purpose in their lives other than how to spend YOUR money. I don't know you or your children. I do hope that many of us with children like yourself, do the right thing by them. That's not necessarily making sure that generation after generation are financially secure. There is so much more to it than that. If you are able to help your children and still have them be able to focus on their own self worth as functioning, responsible adults all will go well. Take care of your children and allow them to take care of theirs.

I hope this is of some help to you even though I can't tell you how to invest your RVed dinar. Finally, I guess what I hope for you and all my fellow Americans and IQD investors is that those of you who do have children do not need your money or help to make it in life because of the great way you raised or will raise them and NOT how much you've lavished on them. I remain upbeat and confident we will see a significant RV.

Great post Rocking/Chair +1

Great post Rocking.

[Kanga]

I am going to suggest that you get your family on track to gain financial knowledge. A great starting place would be "Rich Dad, Poor Dad" and then the games "cashflow 101" and "Cashflow for kids".

Read the book and in the back they have more resources than one could reasonably read in a year.

Some one that has money problems now, tend to make the money problems worse with more money. :)

[okane]

Thank you all for your input. I agree with the "give a man a fish vs. teach a man to fish" idea. I have a 16 yr old that learned some about investing through Scouting and a "virtual investing"/personal fin. class. He now manages a small trade account for me and earns the rate I used to give to Edward Jones, except, he only gets paid if he makes money. He does MUCH better than they ever did! We have a set of rules of investing that he follows and we bounce ideas off of one another but he does the work and calls the shots. I hope that the others will get interested in this sort of thing. Kanga, you are right. Kiyosaki has great books.

I guess I would like to teach them to invest on their own. Just provide the "nest egg" to get started with. The more vested in it they are the less dependent they would feel.

[coldwarvet]

IMO, one of the most helpful things anyone can do for their children, assuming your scenario plays out, is to free them from the debt burden caused by the predatory educational financing system in this country. My own son has law school indebtedness well into the five figure range, and my stepson, who is a physician, is even more burdened. We plan on helping relieve them of that debt, thus allowing them to save and invest for their and their children's future.

[okane]

IMO, one of the most helpful things anyone can do for their children is to free them from the debt burden caused by the predatory educational financing system

I agree. I just happen to be getting a job with a company, just after RV, that has a great insurance plan, educational benefits ( I think you need a minimum GPA ), dependent care plan, car program , corporate home/office use, etc...

Doesn't pay much but the benefits package is amazing! May hire the kids as consultants ...