Talk Morgan Forums Community The Malvern Arms Thoughts as we get older

That's my plan

Wasn't it that footballer who said he'd spent most of his money on wine, women and gambling......The rest he'd wasted.
Nick

Georgy Best? It was at least related to his lifestyle as far as I remember

I think it was Warren Buffet who said he wanted to give his children enough money so that they would feel they could do anything, but not so much that they could do nothing.

We always tried to bring our kids up to have a real appreciation of the value of money; as teenagers, if they wanted cash for something, they were expected to do some work for it.

Both of them have now left University completely free of debt (the deal was that if they went to Uni and gave it their best shot, then we'd pay for everything; if they wanted to spend their uni years smoking dope, drinking & mucking about, that was up to them, but they'd be paying for it themselves). They are in good jobs in London, and are well equipped to succeed in life. We will contribute to their deposits when they decide to buy their first properties (how any first time buyer in the South East could manage this nowadays without some help is beyond me), and will no doubt help out on an ad hoc basis as the years go by, but I've told them not to expect much of an inheritance, as we're planning on spending it. Like Stewart, this isn't driven by meanness - it's so they can enjoy the satisfaction of succeeding for themselves.

With my own parents, about 12 years ago my siblings and I bought their house off them, to free up the capital tied up in it and make them financially more comfortable for their remaining years. I don't suppose there will be any left at the end, but that was the idea.

I do believe that inherited wealth, or the prospect of it, can have a corrupting moral influence on people, giving an unfortunate sense of entitlement which can make them lazy and complacent.

My brother in law is a shining example of the perils of being born with too big a silver spoon in one's mouth. He and his 2 siblings all had trust funds from their grandfather, which put them through public school and university, with enough left for them each to buy their first property; in my B.I.L's case a 2 bed flat in Hammersmith.

One (the youngest) is a very brilliant scientist with a stellar career in Nano Biotechnology in California. The other 2 are total wastrels whose entire life strategy seems to be waiting for their parents to die, when they should inherit a stack.

The B.I.L. is a charming and engaging chap in his forties, but he has never really held down a proper job. When my sister married him he had a part time job in an art gallery. Now he just works the odd shift in the local pub. He is deaf to my sister's entreaties to go out and get a full time job. She works hard and brings all the money into the household. When she asked her mother in law to talk to him about it as finances were tight, her response was to increase his allowance by £500 a month !!! Yep, you got that right; he's in his mid forties and still receives a monthly allowance from his mum (this doesn't go into the household account btw - it's his "spending money"!!)

Cant be! At the average age on here, testosterone is but a fading memory

There is much truth in the "ashes to ashes in 3 generations" saying but I dont think it has much to do with passing money on. IMO its about upbringing in the broadest sense. Children are just like other pets - they need training. Your kids are what you made them and if they go off the rails its your fault.

I have no children therefore I am free to spend it all

My grandfather said he'd spent most of his money on "Wine, women, and song" and I think the rest he spent on his Captain's Commission in the Royal Marines.

It did get him a divorce when Grandma discovered he was not, or at least no longer,as rich as she had thought, and a pension for injuries he received when he was seconded to Ireland in 1922.

Howard - it's "Clogs to Clogs" in three generations where I come from.

We've seen it several times now where 'gen1' builds a business - has a few kids who don't want to get involved, and their kids (gen3) just want to sell up for a share.

It more or less happened to the hotel we stayed at in Torquay, and again in Salcombe.

There's a resonance of this with MMC.

Fatty Towels?

Dèjà vu

It seems i have read this thread in the past strange,