Excellent way to get your kiddo's off to a great start to be independent and successful in life.
Also glad to hear that there should be a good bit of money that they won't need

Since your kiddos won't need that extra good bit of money and I hate to see it go to waste, I will be happy to help you out and setup a direct draft into my kiddos account

After all what are friends for right

Go for it 603, others have left their money to strippers.

[video:youtube]https://youtube.com/shorts/UK5IFJ1m0Zw?feature=share[/video]

My wife and I have no children I believe my wife will live into her 90s and I doubt I'll see mid 70s so my focus is sufficient money for her care when I'm gone. We have lots of nieces/nephews but only two nieces on her side of the family that I think will look after her in her old age (if necessary) and I don't want them to have any financial burden. If there is any money left after she passes then I will feel successful.

Well said sir.

I chose the wrong career path to be helping my kids retire early or much beyond college even.

My son makes more money than me. He has no interest in hunting or guns.....probably leave everything to my grandkids if I live long enough to see them being born.

Yes sir I feel the same.

A few years ago I met a successful guy who had bought/opened quite a few fast food franchises with the goal of having a business that he could work with his son as well as leave a financial legacy. I thought it was a great idea and have modeled some of my financial decision making after that.

I learned early on that working for yourself rather than someone else provides benefits beyond the financial, but accumulating wealth provides more opportunities. I don't understand the mentality of wanting to short change your kids the extra opportunities that a financial legacy can provide, like Bobo said it seems short sighted to me. Raising them well to work hard and appreciate what they have, and providing the financial part are not mutually exclusive, you can do both.

Along the same lines as what TBar said....I watched a good video a few years ago that basically said, are you going to be "The One"....I think it was Eric Thomas. Good motivational video.

Anything is possible no matter your career path....I bet most of us have had opportunities we did not take advantage of at the time, or decisions that cost us. Myself included. Doesn't mean that more won't come along, but the key is to prepare yourself to take advantage of them and then have the balls to pull the trigger or take the chance.

I think some of you live in a fantasy world where you think everyone has bucoos of extra income. My calling is a good career but It dang sure isn’t a get rich career. Add mortgage, a few bills, and $17000 a year in child support, and there’s not much left after putting money in their college savings.

They’ll get what they get and hopefully they do better than I did. No one paid for [censored] for me. At 18 I went to the military with what I could fit in an old Ford Focus. Put myself through college with young kids and a full time job. Started my current career at 30 so that’s 10 years of retirement I’m behind. So my retirement won’t be huge.

They’ll have a vehicle, college paid for, and the knowledge they’ve learned from watching me struggle with all that late in life. And when I die they can do what they want with my house and what little land I’ll have. That’s It.

Luckily my daughter is going to UT and wants to be a big shot lawyer and my son wants to go to the naval academy (or rotc/senior military college somewhere more than likely) and be a Navy officer. They’ll do better than me.

CBump, it sounds like you are doing a good job with the hand you have been dealt, and are providing well for your kids. You are giving them opportunities which is more than many. Something to be proud of.

Diligence and perseverance can provide focus which may pay huge dividends later.

Don’t over think our posts, it’s not about how much or ability it’s about intent. You have intent to leave them something.

I was same way I paid for college via military and athletics, infact I picked schools based on the least burdensome on my parents. If your son gets into Annapolis or ROTC, and daughter into UT (or any college) you did a lot more right in life then wrong.

Her college and living expenses were paid for and we bought her a new car upon graduation. She's on her own for for legacy money.

I divorced quite a few years ago and remarried. I have 3 grown daughters and wife has none. We’re in good enough $ shape from Social Security and 2 rent houses. But, at divorce time, I was dead broke, in debt, and paying child support. The child support has ended.

Being debt free is a huge advantage. I got that way when my mom passed away and left me about $50,000. I bought some ranching real estate in Montague County. I sold that after 5 or 6 years. The profit alone paid off all real estate and other debt.

We live on SS and rents with no problems.

I was self employed and didn’t put away as much $ into a corporate retirement account as she did. Mine went into real estate. She has a 401k with with about $800k.

With SS, forced draws from 401K’s, and rental income we are ok if I can keep her away from Oklahoma casinos.

I mentioned earlier that we sent our girls off with a used car, a college education, and $10k. Well, that’s true, but not quite the way it might sound. When the wife and I wanted our first house, we had zero money. My Dad wouldn’t loan me any, since they had 4 more kids to raise. I managed to borrow some money, but it was a struggle. So, when my youngest brother and his wife wanted their first house, I decided to spare him the humiliation of trying to borrow money. I loaned him the money. He was eternally grateful and paid us back monthly, and I had the money invested for the daughters. That grew to about $10k each by the time they were out of college. And as for college, the youngest had a full ride in Engineering, so that cost me very little, and the oldest girl worked at college and was frugal. There was little planning involved in all of that. It just worked out.

The only real planning was to make sure the girls could get good jobs due to good educations and to not be dependent on a husband. We wanted them prosperous and self sufficient, and we got that. They turned out Type A, and we worried that they might intimidate potential husbands, but that worked out when they married laid-back type guys.

It all worked out, but not because of any intelligent decisions on my part or because we had a lot of money. I honestly think it worked out because we were so darn lucky, time and again.

Amen fellas!

Mine may not get a damn penny of cash money if mom and pop live long enough. But they will have a place that is worth quite a lot that will be theirs to do what they see fit with.

I laid out some rules and conditions for what I leave behind. I don't really plan on leaving much but the properties will be worth something. Rule #1 everybody better still be getting along. Rule #2 They better be a contributing member of society and not just waiting on me to die. Rule #3 they need to be taking care of their own responsibilities and not mooching off of us. I'm not leaving anything to anyone who feels entitled.

If the Democrats have their way, eventually we'll reach the point where anything you have left when you die will become property of the state for redistribution.

'Saw recently where a Pennsylvania state rep is looking strong to win a U.S. House seat. She's big into redistribution.
I thought I'd point out that Texas was very early in sending a loon to Congress, long before it was hip!

Just deed it to your kids before hand

Could not have laid out our process any better.