Generational Wealth

PSUTE said:
Only been financially secure for the last 20 years or so, before that had to scramble to pay the bills. Agree with most of the previous posts. The best you can do is set him up for success. Work ethic is key, you have it, kids live by what they see, not what you say, you've got that covered. Have you investigated prepaying his college tuition? He will be miles ahead as an adult if he has no college dept. Most states have programs that provide for that, and it may be deductible for you today.
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I know this sounds ABSOLUTELY awful. But I feel like I would have done better in secondary school if I knew I had to earn my own way. Which I did because of football but still.... My grades could have been better but there was zero pressure.

I do plan to save 1k a year for him, and give it to him when he matures. Either 25 or 35. Should I let him worry about school?

I don't know, we will have to definitely think about prepaid.
 
CFBHome said:
Thank you for posting. We have really missed you.

I agree with that. Wealth can definitely be from intangible teachings. I just don't want my son to fret. I also want him to have the option to having more than one kid.
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While that is always great, just remember your legacy to him is what you teach him today and tomorrow. The only legacy that remains after we make our journey are our children. They are our generational wealth and the lessons they have to teach their children is their generational wealth they pass on, which also extends our legacy.
 
CFBHome said:
I know this sounds ABSOLUTELY awful. But I feel like I would have done better in secondary school if I knew I had to earn my own way. Which I did because of football but still.... My grades could have been better but there was zero pressure.

I do plan to save 1k a year for him, and give it to him when he matures. Either 25 or 35. Should I let him worry about school?

I don't know, we will have to definitely think about prepaid.
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Gentle Horse said:
While that is always great, just remember your legacy to him is what you teach him today and tomorrow. The only legacy that remains after we make our journey are our children. They are our generational wealth and the lessons they have to teach their children is their generational wealth they pass on, which also extends our legacy.
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We are all the sum total of all of our experiences, for better or for worse. The only lasting thing that we can leave behind when we move on is love...
 
CFBHome said:
How does it actually happen? Does there need to be a build up from a could of good generations for it to last? As a school teacher and football coach is it possible to set my son up? Right now our goal is to minnimun save him 1k a year until we decide he's mature enough for it. He's 1 right now.

Have you made it? Does your family eat from your labor?
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For setting him up financially, I would say to put 1K per year minimum in a Custodial Roth IRA so that it is making money for the future and when he gets older, start showing him the statements and teaching him about the benefits of investing. And have he watch you do the monthly household budgets to learn financial responsibility. This will put him on the best road possible

Best thing Mom and Dad did for my financial maturity is when I turned 12, they sat me down when they did the monthly budget, as well as the ranch finances quarterly. That way I learned the importance of being financially responsible and understand how to do a budget as well as how to run a business. I did this with my daughter when she turned 12 as well.
 
Bama Believer said:
I tried to teach (by example) a good work ethic, which means getting up and going to work every day and trying to do a good job.. and making him realize that he is in that particular working class that gets no help from anybody (Govt) and that we dont want help from anybody, we want it, we earn it, period.
I also tried to teach to live within your means, fuck the jones'.. We're also lucky enough to live in an area where simple pleasures are enough, a bonfire, a tailgate, some cold beer, and a charcoal grill makes us feel like the kings of our universe.
When my parents died, I got a little chunk, through my working life, I added to it.. I told my son that if he would do the same, and teach his son to do the same, then one day, somebody in our lineage would be set up.
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Think this is what you need to aspire to. My parents have worked hard and have set themselves up pretty well for when they retire (more like if for my dad as I don't think he'd enjoy retirement). I'm not counting on any of it because they should spend it if they want to do so. They earned that right. I think the only thing my brother and I want is the homeplace so that it doesn't get bought by Amish or someone else. We want it for the memories and to keep livestock & machinery so we can teach the next generations hard work & discipline. I also would like to be buried there depending on county laws (not cremated but buried) as that is my favorite place on Earth (weird I know). I've thought about setting up college funds for the kids (not sure if I could afford it for the step kids too), but my parents didn't do it for us and I'm thinking similar. If they want the education, they will earn it and make sure they pay for it. I think if it was paid for, they wouldn't work as hard to earn a degree. I have no student loan debt and an Associate's at this point. Maybe I will go and get a Bachelor's or higher at some point. If I'm able to pass any inheritance down, I hope it's part of the home place and some decent $ that they can use to better their kids' lives.
 
Fishin-4-a-Livin said:
Dang! I’m truly sorry you feel that way.


I’m just enjoying life, that’s all.
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Bro, I get it. Enjoy life. Enjoy it as much as possible.

I think it was a bit overboard to disrespect a legacy, though. When all is said and done, this is just a message board. A small one that we are trying to grow. We already have a horrible track record with retaining our female CFB fans here.

^^^That was the concerned poster part of me talking.





Look here ya unhinged shithead swamp lizard. You be nice when you talking to my fellow Dawg fan. I'll hunt you down and cut the fuel lines on that USS Minnow.

^^^You mess with one of us, you mess with all of us.





Dude, when you gonna take me out for a fishing trip? Now that my son is moving to Dunnellon, I think we can make this happen.

^^^Your old buddy that still likes you.
 
My gif was deleted lol. Looks like political correctness is starting here now. That’s a shame
 
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