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Originally Posted by Sprintey
Express, I respect your posts, but this is surely tongue in cheek? Were they taught asset management? I've met many older generation SKINs, and the thought is horrific, a poverty of the mind, so to speak.
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Quote:
Originally Posted by 78xcgxl
A little bit off topic ;This something i believe that is wrong with the common Aussie family in my eyes and from what i have experienced. In which i don't personally understand, why one would want to do such a thing to their children. However fortunately i come from an European background and this is not the case for me.
In a typical European family the parents work hard and try to set up their children for their future by giving them the best opportunity and making the sacrifice. Instead of leaving their children when they die, with a house and a mortgage still left to pay. (Yes i know this is a generalisation but you get the point)
My parents started with nothing and have made a lot of sacrifices to reach the financial point they are now. In order to leave my bother and I with a opportunity for a better future. I will also do the same for when i have children and make sacrifices to leave my children with the ability to be able to reach even greater opportunities.
Leaving your children with peanuts is completely morally wrong in my eyes and spending everything is downright greedy. Well i guess that's the way i have been brought up.
Anyways apologies for the rant, just my 2cents.
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To answer
Sprintey it was actually a tongue in cheek remark based on the fact that inherited financial gain for the majority does not set you up for life and is usually enough to provide family members with a new car, house extensions, an overseas holiday and so on, whether that is wasting the money or not is a matter of your point of view.
For some members they would obviously believe any money inherited from your parents should then be retained and passed on to your own children and they do the same and so on.
I didn’t want to get into this but as I personally I don’t agree I will have a say.
My eldest son lives in London with his family and his wealth already far exceeds mine.
My second son isn’t motivated by financial gain and after Uni he spent 3 years in Africa working for a charity organisation and today is in Melbourne making an average living but I can say he’s very satisfied with his life as he is doing wants he wants to do. Any money he inherits from me will be instantly passed on to charity.
My daughter is still at Uni and I can only speculate which way her path in life will go but I do know she has the opportunity to live with us while she studies but chooses to work part time and be independent and that is a credit to her.
If my children ever need financial help and I can afford to give it then I wouldn’t hesitate but my wife and I gave them something far better.
We gave them love, support and encouragement, we showed them how proud we were of their achievements and we laughed and cried with them when they failed.
We were there when they needed us and with that we gave them the building blocks to move ahead independent of us.
The other side of the coin for some is that money not earned is money not appreciated.
These days we live long into retirement, we have a high standard of health compared to previous generations, we have the means to travel and be involved in all manner of activities and hobbies and I certainly will never feel guilty for enjoying my retirement.
I’d be disappointed if my children were selfish enough to think we only existed for them.
But each to their own and if money is the means you use to make your children happy then so be it.
The only thing I'm planning at this stage to leave my children is the house we live in and the cars I own, whatever's left will be a bonus for them.