When do you stop working / making money ?

[milanbenes]

I have a slightly different agenda. My kids will never be as lucky as I have been in earning money. That's fact

disagree on this item

you create your own luck

I am trying to instill the following in my daughters

. understand people

. understand money

. don't worry about being the best, but whatever you do, always do your best

. an appetite for hard work

the goal is with these traits they can continue the success of their previous generations

I'll let you know in 20 years time if I failed or succeeded

Milan.

[Fred Bloggs]

disagree on this item

you create your own luck

I am trying to instill the following in my daughters

. understand people

. understand money

. don't worry about being the best, but whatever you do, always do your best

. an appetite for hard work

the goal is with these traits they can continue the success of their previous generations

I'll let you know in 20 years time if I failed or succeeded

Milan.

Generally, I don't disagree. What I may be should say is that the chances of my kids having the same opportunities to earn and save and have the same pensions etc.... That I have had are unlikely. So I've helped them on their way. I never had a penny from my parents, not one. Without my help, the kids would never have the standard of living that I've had. And that applies to most of the boomer generation and their kids. My choice not to pi55 it against the wall, waste it on BMW's and Porsche's etc....

[milanbenes]

Generally, I don't disagree. What I may be should say is that the chances of my kids having the same opportunities to earn and save and have the same pensions etc.... That I have had are unlikely. So I've helped them on their way. I never had a penny from my parents, not one. Without my help, the kids would never have the standard of living that I've had. And that applies to most of the boomer generation and their kids. My choice not to pi55 it against the wall, waste it on BMW's and Porsche's etc....

ok

I am curious to think about, when the time comes, how I can help my children without at the same time taking away their own appetite for growth

one of the things I thought about was...

I can pay for their main residence (legally it will below to me until god knows when), on the condition, that the same amount or similar they invest in buy-to-let

and this way kick them off with a buy to let portfolio, the responsibility, the dirty work, renting, managing tenants etc, making it work financially

what do you think ?

Milan.

[BR14]

I feel sorry for you and I'm trying to help you see that there is a better way. Though I am not entirely sure why I'm bothering. I guess it's because really I'm just thick.

You'd help ME best by just pissing off you twat.

[Fred Bloggs]

ok

I am curious to think about, when the time comes, how I can help my children without at the same time taking away their own appetite for growth

one of the things I thought about was...

I can pay for their main residence (legally it will below to me until god knows when), on the condition, that the same amount or similar they invest in buy-to-let

and this way kick them off with a buy to let portfolio, the responsibility, the dirty work, renting, managing tenants etc, making it work financially

what do you think ?

Milan.

My approach has been to loan the kids the money for apartments with an official notarised loan agreement that is written off on my and Mrs Bloggs death. As long as I/we live seven years there's no problem with IHT. I hear your concern about the kid's attitude, but my experience is that there's every chance they'll grow up into a family you can be proud of and they'll have there own work ethic. They'll appreciate what dad and mum have done for them. Specifically regarding property investment, then I am looking at REITs. I now have a substantial holding in Regional REIT. An 8% income from a multi hundred million quid property portfolio but without the hassle of owning property directly. And tax free income from an ISA. Think about that for a moment, versus BTL.

[Fred Bloggs]

You'd help ME best by just pissing off you twat.

Really sorry, I just can't do that. (Dave).

[northernladuk]

Sounds more like you've ruined the next couple of generations of your family to me.

[milanbenes]

My approach has been to loan the kids the money for apartments with an official notarised loan agreement that is written off on my and Mrs Bloggs death. As long as I/we live seven years there's no problem with IHT. I hear your concern about the kid's attitude, but my experience is that there's every chance they'll grow up into a family you can be proud of and they'll have there own work ethic. They'll appreciate what dad and mum have done for them. Specifically regarding property investment, then I am looking at REITs. I now have a substantial holding in Regional REIT. An 8% income from a multi hundred million quid property portfolio but without the hassle of owning property directly. And tax free income from an ISA. Think about that for a moment, versus BTL.

ok

I have my own REIT :-)

Milan.

[ChimpMaster]

My approach has been to loan the kids the money for apartments with an official notarised loan agreement that is written off on my and Mrs Bloggs death. As long as I/we live seven years there's no problem with IHT. I hear your concern about the kid's attitude, but my experience is that there's every chance they'll grow up into a family you can be proud of and they'll have there own work ethic. They'll appreciate what dad and mum have done for them. Specifically regarding property investment, then I am looking at REITs. I now have a substantial holding in Regional REIT. An 8% income from a multi hundred million quid property portfolio but without the hassle of owning property directly. And tax free income from an ISA. Think about that for a moment, versus BTL.

Looks like you're missing the point about BTL. However, I do understand that it's not everyone's cup of tea and 8% is a reasonable hands-off return.

Loaning the money to the kids officially is an interesting concept but I'm not sure it's necessary to have it notarised.

What we're doing with our (still young) kids is to involve them in our work/money/discussions at various stages, so that they know why we do things and what it means to earn money the smart way and not by following the doomed-yet-common 40/40/40 rule. They know about tenants and rents etc. They know that - for example - they can let out a house for £1k a month and only have to work maybe 2 or 3 hours a month for that money - if they plan their investments carefully.

We educate our kids in good schools and also at home. Constantly, as part of daily, normal discussions. I teach them that they need to be useful to society when they grow up; they can't just be lazy and a part of this new famous-on-YouTube generation.

I tell them that everything I own is theirs, so they need to learn all about it. So they will grow up with the understanding that there is no "mine" or "theirs" and it is instead all "ours" to use and grow and manage. So they won't start from zero, but they will start with everything, together, with us. We started with nothing - literally - so they'll take what we now have and take it a lot farther than we ever could have.

[ChimpMaster]

Well, you have to develop the Zen like art of having beautiful thoughts. After all, that's what these people are paying me for. What I know, not what I do. When a single beautiful thought can save a company hundreds of millions of dollars a year, I'm very cheap really.

But OK, seriously then, what do you do and why would a company in Oz pay you $400k to work as a permie for them in what is not a senior managerial role?