Aldeer.com Forums Alabama Deer Talk Aldeer General Forum How do folks retire?

Y'all are trying to make 500k, I just want a yeti 110q

. You can put it in a Revokable living trust to protect your assets and still have control over it and they can't touch it.

You need to do asset transfer five years out.

That's the problem. I didn't work Swing shift for 40 years so my kids could guit work and travel for a year. Thank you for proving my point.

Seems like you might just not like your kids

I'd love my daughter to experience that

So basically what I'm getting from you, is that if you're not working in the good ole USofA, you're wasting your damn life and spending money on stupid chit. Traveling the world for a year would be an invaluable experience that would most likely instill an even harder worker ethic in people once they see how others live.

I will never retire.

They can travel all they want to but I'm not going to finance it for them. Leaving your children a pile of money will NEVER instill work ethic. In fact it will encourage the opposite.

I love my kids. I just want them to earn there way. I paid to put them thru college with no student loan debt. So they could make a good living.

There you go with those absolutes. How come I know rich people that were left money by their parents and yet they work their asses off to get richer?

Didn't Donald trumps dad give him $1M to get him going?

Loaned to him. And left about 200 times that in an existing real estate business that Trump took over in 71. And 40 times that in an inheritance in 74.

His father built a real estate empire that was rarely matched. He was one of the richest men in the country in the 70s. If you look at the numbers, Trump has just sort of held steady. Lost his ass on pretty much all his ventures other than real estate. One airline, one pro football team and four casinos.

Horrible comparison to the Average Joe. Trump's father helped him out but IMO finally realized what a selfish asshole he is and wasn't as skippy about doling out the cash.

I see -- in part -- what Snuffy is saying. Give, give, give and then when you die leave a crap-pile of money and you have the potential for selfish, no-ethic kids who don't know what it's like to earn it.

On the other hand, I want our kids to NOT have to grind their asses to the millstone for 40 or 50 years EVERY FRIGGIN' DAY working for The Man only to be treated like a number, like chit, like a disposable piece of nothing so The Man can make more.

I believe there's a middle ground to instilling some work ethic and financial knowledge. Everyone is different, though, and parenting doesn't come with a one-size-fits-all planning guide.

I can’t 100% disagree with him either. It is the same thing I was saying about paying for my kids to go to college. I’ll be happy to pay for them to go to school, I’m just not going to pay for them to go off to Alabama to major in a generic degree like general business when they’d be much better off majoring in GB and getting an acquisition/contract management certificate from Athens State and can get on with the government and have a gravy job. I will pay for them to go to Bama/UAB/Samford/etc if they are majoring in something with a means to something like med, dental, optometry, law school, etc. I learned from a lot of my friends who majored in something like management that you come out with thousands of other students with the same degree and nothing sets you apart. Likewise, if my kids are complete idiots I’m not going to leave them some huge inheritance they’ll blow. I’m like him, I want my kids to be able to stand on their own 2 feet…but I guess where he and I disagree is if they are able to do that, I’ll be glad I’m able to leave them something.

I actually like my kids.

I try to help them and they refuse. I have one that lives at home still and he asked how much he needed to pay when he got out of school. I quoted a figure and he said it was too low and pays what he thinks his room/board should cost. He knows weedeating hurts me pretty bad so as soon as I cut the grass he is out there getting the edges done. He works a decent job and thinks major purchases over long and hard before making them. He saves the vast majority of his pay as he has not quite hit the 6 month salary mark (any adult should not afford themselves a single luxury until they have hit that benchmark in savings as everyone knows). He want's to move out but doesn't want to go off half cocked so he is still enjoying our cooking while getting all his ducks in a row.

Only used it in relation to SBS saying that not all rich people who inherit money piss it away

I bet less than 5% of average folks have 6 months living expenses saved up.

Five percent might be generous.

Think about that: SIX months of complete living expenses - mortgage, food, utilities, vehicles, insurance, any other mortgages or bills (like college loans, the 48 acres you bought, etc.), whatever kids' stuff you have going on and your "Oh chit!" emergency money.

Six months of living expenses. Right now just do a rough calculation of your expenses and compare it to your savings that could be obtained immediately without penalty (like from a Roth or other fund).

Five percent of average folks might be generous. I'd say maybe 2 percent, although I hope you're right at 5 or more.

I read a statistic not long ago that 70-something % of Americans rely on credit cards and 57 million have no more than $500 in savings.

Living expenses is generally about two thirds of a salary. The rule of thumb everyone should follow is salary. There could be a lot of difference there.