how can i explain the long term benefits of a plan to someone who only thinks short term

How do i explain things possibly as if to a child,
in a way that helps someone whose brain only thinks impulsively short term, to be able to change paths and hear and really consider a plan that will be better for themselves and those they love and those who need support most the most vulnerable, eg aging/ sick/ disabilities, for the long term.

Their brain doesnt think things through , or plan ahead or think long term or think of consequences. because they've never needed to think about the future or plan as they were given huge wealth handed to them and they always spent it faster than you could blink no matter how huge amounts they were given. Their brain only thinks short term.

Is there a way to explain things so they consider a plan for long term benefits for those they care about and who most need it before its too late. How would you explain to a child to get them thinking about long term benefits, ongoingly helping many more forever after, especially those who legally and morally would be priority,, rather than short term ideas.

 

You can't

I've tried many a time to no avail with many close friends and family.
People just don't get it and that's fine, truth is even though we are just trying to look out for them and have their best interests at heart it never comes across like that.
You, the person giving sound opinions will always be looked at like your Sgt. Killjoy, you will be perceived as patronising and better than the next person.
This eventually will cause rift and conflict unless the person says and ACTS as if they want to be helped.
You will loose friends, you will hurt relationships with family.
Unless tHis person is your child, I wouldn't bother in my opinion, just carry on doing your thing and better yourself and your life. Oh and as a heads up, carry on like your struggling like everyone else around you, everyone wants you to do well, but not as well as them!

Not a very light and sunny way to start a weekend I'm afraid but I'm also afraid giving opinions on money management to people that really don't want it isn't fantastic either.

As they say, easy come easy go!

 

I don't believe you can. You can talk about it, show examples, display the benefits from your own efforts and mostly you will fail big time. I've tried it with mine and one has gone down the gurgler. Naught I can do as they are now adults (in an age sense) but really haven't matured.

I may be very cynical when other parents say glowing things about their children when young and declare how that child will turn out but come the day it may not be the result they expected.

However, you can always hope.

 

Why do you naturally assume long Term is better?
Nothing wrong with thinking short term only if it's part of their goals and dreams

 

Take them for a drive around an expensive suburb with all the nice houses then have them read that book rich dad poor dad. Might trigger something

 

i actually thought of an idea that i'm happy with and i hope i get more ideas.
in my situation its about not killing the goose that lays the golden eggs so that many people can benefit from the golden eggs for many generations and build more geese laying golden eggs rather than disposing of investments thinking they are kind now, giving bits to many who dont need it and leaving everyone with never able to get any help again forever. To preserve and pass on the goose that lays the golden egg and allow the next generation o build it builder stronger and help many forever rather than disposing of it as a once off and the ones who need it most long term, that legally and morally would be recognised as priorities needing ongoing asstance forever ongoingly, , as well as everyone else when they could do with a bit of assistance, will suffer forever on all levels and not be able to be there for many emotionally practically or financially.

 

Very, very difficult but you just got to keep trying. The intention needs to come from within themselves, and that requires a "trigger event" of some sort for them to make such change.

It's like this video I saw the other day. If you want to send the message of "don't smoke" to someone, the best way is not to tell them bluntly "don't smoke", but to share with them your story, experiences and where it lead you today. Could be something along the line of "I started smoking when I was abc due to xyz, and now I regret because it's causing me all these health issues". If you can lead them to see the consequence of certain behaviour then I think you're half way there

If all fails then I would seek external sources...plenty of good YouTube videos from excellent speakers that can convey the message much better than me.

My 2 cents.

Cheers,
David

 

If this person wishes to sell asset(s) and distribute money rather than pass on to other generations then it might be the right answer for them. There is no guarantee that future generations will agree on how to manage a shared asset and there is no guarantee that they will have the capacity to grow the asset(s).
They may genuinely believe that sharing the wealth now and leaving it to each individual to grow the asset is the best for the future generations as they can each do their own thing rather than being tied to property as their choice of investment.

 

Whoever owns the asset gets to decide what happens to it. Are you perhaps turning yourself inside out because you may be a beneficiary?
It's actually quite difficult to understand what you mean in your posts but over a period of time I recall reading about some older lady who owns a property or something?
Your posts are becoming more and more abstract.

 

Yes he who has the asset gets to decide and its wonderful if families might communicate and explore various options and the repercussions for themnselves as well as the ones they love. Its not about being a beneficiary its about looking out for those who are most vulnerable and will need lifelong care as there are a few in this situation including the person who owns the assets . old age might not be the time to dispose of assetts . i've learnt from someone experienced in this area with the aged that it might be the time to conserve assetts incase they need them for their own care in their old age. Looking properly at choices and long term repercussions for themselves and their beneficiaries and vulnerable beneficiaries which legally wills prioritise. I might not be me but i can see the disaster in future for those people if impulsive action is taken without thinking through all options and repercussions

 

You say you don’t own the assets.

What happens to them is a decision for the owner.

Just because you have an opinion on how they should be controlled does not mean that the conflicting opinion of others is wrong.
Marg

 

there was a saying " they will change when they feel the pain" ( or something like that)

 

Well the last few hrs has shown more than ever that they themselves need this property for their old age . They r good at spending but not conserving wealth for themselves and their own old age
I already respectfully stopped this being sold some yes back saying they d need the income week by week and occurabces of last yrs confirms this more than ever

 

I think you definitely can, but it is difficult, and how would you do it without the "real life" situation? I think this is somewhere that other activities like certain sports can teach you some life lessons. For me I learnt a lot about myself, what I am capable of, and the difference between good and bad planning from riding a few mtb marathon races. It is a way of introducing simulated adversity, and learning to be persistent and overcome obstacles, and definitely teaches about planing and preparation.

I'm trying to teach my kids this. They're not quite up to mtb marathons yet

cheers,
Inertia.

 

How much or for how long do we want or really need to control?
In our estate planning we can only plan so far and so much. So yes, we have set up POA, Enduring Guardianships, trusts for those with disabilities or old age, for younger generations limiting their access to what they can do, some can be sold but not ALL, some can derive income, at certain age, if assets allow. You can allow an income to certain age and then allow them to actually make the decisions and to live and learn!
So not hard to setup some control, but then we need to let the ones who control to grow up, to live, to learn, to make their own mistakes and life decisions, as that's what life is about....how much do we really want to control from our grave?
I think the best thing you can do for them is write a book, or some short story, and hope on your passing they will read it. There you can guide them to all the resources that made your life richer (not just financial). Whether they will act on that, well, who knows?
As the saying goes, "You can bring a horse to water but you cannot make it drink!".

 

i remembered another relative who also had an idea and sold a really good income making investment to pursue other ideas and was really left in a terrible situation because once again they simply didnt think it through of the consequences in dollars of what it would all mean, they just had one idea and ran with it and it actually left themselves suffering.

people dont always think things through when they rush with an idea in mind some people particularly are very stubborn and impulsive and really never learnt to think things through and its up to us to be the adult and try to slow things down and explain the full consequences and hope we can be heard and can show other better options.

 

I am sure most that succeeded eventually have made many mistakes, the thing that lead way forward was whether they learned on those mistakes and persevered...

 

You simply cant without the person wanting to change, all you can do is try and nudge them to the direction you are wanting but they are the one walking down the path and choosing the direction - right or wrong which is also up to personal interruption.

The amount of people who have said they were interested in learning more or want to do something and will want to catch up and the amount of people who have followed through with just catching up (not even committing to do something). Is vastly different... I have friends and family member who have told me they want to do more and know of the success we have had (and our family) however very very few have actually taken the next step of actually talking about it in greater detail and I think only one person has actually taken action however I might of been the part that made him consider doing something but his friends had all done something before I met him and encouraged him to do something. - I still talk to this guy regularly and we compare notes and he is glad he took the plunge and it has worked out really well for him, however the others are all still 'wanting'.