Holding on to Wealth

Sounds like a waste of time and energy unless you're worth at least $10m.

 

IMO it's not about control so much as it is teaching appropriate stewardship and to be good custodians of wealth. The following from a thread by Spiderman explains it better than I ever could

 

Thanks Player
This is great.
Teach them what you know, mistakes and successes.

MTR

 

And didn't Buffet have an interesting way of 'supporting' family whilst he is alive?

Just a few shares each Christmas, and that was it?? If they are BH, could be worth a lot though.

 

I'm planning on making sure my kids have all the necessary knowledge to do it all themselves, and I'll give them a bit of a leg-up along the way if I can.

Then I can spend all mine, and feel no guilt about leaving a pile for the kids to spend.

 

i'm thinking along the same lines Bayview , however teaching kids about money I find is hard going to get through to them . Especially boys .

They will listen better to someone else ha ha .

My 16 year old , he's a good kid and saved a lot from part time jobs . Could buy a good car now if he chose .

He half listens to me but really can't wait to get back to his computer game . Time not spent gamin is time a wastin ha ha ..

 

Kids can surprise you; they have a great knack of appearing totally disinterested in what you are saying, but are actually listening and absorbing what you are saying.

 

Already set up in our will to give 50% to various charities when we die, and the rest to our kids (if we have them) otherwise it all goes to various charities.