How many of you guys want a legacy/are working for your children and grandchildren ?

papertiger's picture
Rank: Orangutan | 374

A lot of people see a job as a means to an end (monthly income). But there are those that go above and beyond in doing things like creating an empire or aiming for Chairman of the Board because they just want to literally live for their children and grandchildren to give them a life they never had.

Comments (22)

Sep 11, 2017

Something in between. At a minimum I would like for my children not to worry about what their major is in college. However I want them to have a work ethic and not be spoiled. Would love to hear tips on how to strike that balance.

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Sep 11, 2017

I don't even have kids, but as someone with a bad father-son relationship due to my father having been (and continuing to be) a no-holds-barred dumbass, I consider my future family a motivator in what I do. It's still 90% "me", but I just feel better knowing that my being broke due to my own shit decision making isn't something my future family will have to deal with.

Ideally, when I'm 50, I'm the guy with the straw hat and white slacks after Labor Day paying for my kids' college tuition as they nobly major in Underwater Basket Weaving with a minor in 1960's Film, or Financial Engineering if they choose not to be idiots. The point is that they get to choose.

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Sep 13, 2017
Kassad:

when I'm 50, I'm the guy with the straw hat and white slacks

I see we have a Jurassic Park fan in our midst

Sep 13, 2017

This guy gets it

Sep 11, 2017

I do want to build an empire but I do NOT want to make life easy for my children. If they're not acting right when the time comes to pass the reigns, I'll donate everything. Soft lives make soft people. Soft people are cancer.

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

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Sep 11, 2017

Bingo. Every penny I make will go to actually advancing humanity or helping people truly in need. I'd be physically sick to have a son that couldn't survive without daddy helping him.

Honestly, it's economically cucking your own son. Can't understand why people do it and I get physically uncomfortable around families that are org'd like that. Hence why kids rebel in loser ways instead of being a man, becoming economically sufficient and the parent relationship morphing into one of equals.

Sep 11, 2017

I want my son to be even more of a ruthless psychopath than I am, because he's sure as fuck going to need to be.

"Work ethic, work ethic" - Vince Vaughn
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Sep 13, 2017

My opinion on the subject is this. It takes a great amount of time to acquire wealth by any standard, whether 1 million or 100 million. This is time that you are not spending with you kids and in order to earn their affection you use money as a substitute for time with them. Now money is a poor substitute, and I don't mean that poor or median income people should quit their jobs and spend time with their kids. However if you are making 500k plus a year how much more utility are you getting from your money that you wouldn't rather spend with your kids? Maybe it has to do with the people who value money over relationships see the "gift" of money as more precious than their time. Maybe the money is the only way to get your kids to love you, but it's a shallow love and all that you have left to give them.

Sep 11, 2017

Yes, if I could pay for my kids entire lives that would be great. However, having the ability does not mean having to do it. I would like to raise them so that they provide for themselves and are self sufficient - no buying houses for the attaining the underwater basket degree, no driving a R8 to college and making sure that have an understanding of what it means to earn something. When I am dead they get a nice reward for whiping my ass during my final days. Ultimately, I would try to coach them to accumulate more and add to it so that they can continue to pass it all along and so on down the generations.

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Sep 11, 2017

In a perfect world I'd like to build an empire that can keep money in my family's pockets for many generations. I'd be fine with them pursuing their own endeavours, I may even encourage it, but ultimately I would want my children to want to continue to add to the family fortune that I, hopefully by then, have built. I'd also have my 'assets' managed by a family office. 'Family' money would be used to fund all family member's education and to finance their business endeavours. I'll also provide my children with a reasonable sum of money of their own to finance their living standards until they have accumulated some money of their own. With that said, I wouldn't casually provide them with money to buy silly luxury items. I'd try to teach them to live modestly. Hopefully they won't purchase expensive clothing, cars, accessories, or form a narcissistic attitude, to mask certain insecurities or to fulfill a feeling of entitlement. I would, however, invest considerably in their personal and professional development.

Sep 11, 2017

It's almost certain that I won't make generational wealth in my lifetime at this point. And considering I likely won't have a family of my own I'd have to be motivated by some future hypothetical nieces and/or nephews. Doesn't really make sense to me.

Sep 11, 2017

The positive thing for you is that none of us take anything with us. That's my only consolation in my life. Billionaires die and fade into obscurity. Money isn't an unequalizer ultimately in the grand scheme of things.

But if I may ask, what's your age ? I'd like to know so I can guesstimate by a certain age if I should forget on my dreams of amassing a fortune.

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Sep 11, 2017
papertiger:

The positive thing for you is that none of us take anything with us. That's my only consolation in my life. Billionaires die and fade into obscurity. Money isn't an unequalizer ultimately in the grand scheme of things.

But if I may ask, what's your age ? I'd like to know so I can guesstimate by a certain age if I should forget on my dreams of amassing a fortune.

I should clarify that it's not really about my age (26) as it is about my own personal qualities and background.

Sep 11, 2017

Personally, I need a goal to develop a sense of purpose and meaning in life. I see two options: you can work towards a goal that revolves around yourself or work towards a goal that revolves around something bigger than yourself. Since working towards a goal that is bigger than your self is more difficult to justify 'giving-up', I've chosen this. I've just decided that I think the best goal that is bigger than myself is working towards building a fortune for my lineage or at least a segment of my lineage.

In the grand scheme of things - society has taught me that I should want to make as much money as possible, but, I understand that in reality nothing really matters at all. However, I , like most, feel the desire to work towards a goal to develop a sense of purpose and meaning to my life. Since I find it difficult to devote my life to God, I've decided that I should do what society has taught me to do. So basically, to accomplish this, I've set a goal to build a fortune for my lineage off the false pretence that I should want to make as much money as possible in attempt to feel that my life has purpose and meaning.

At the core, my desire to build a fortune for my lineage is simply a survival mechanism. The funny thing is that my argument is logical and the most logical resolution is to kill one-self. I've never attempted or thought much of doing so but that's because, yes, you guessed it - the survival mechanism.

Sep 12, 2017

I would like to return to government and focus on good governance in my home country so that not just my family but all kids of all families have the ability to study whatever they seek and have gainful employment with a good quality of life, similar to that of my parents generation.
I'm figuring if this is even possible as I go along...

Sep 13, 2017

I've set a goal to build a fortune

Sep 13, 2017

Can relate. As the first generation of my family in the United States. It is not my choice. I have a duty and responsibility to my family and the future generations that come after me to set the tone and the standard for our lineage and quality of life in this country. Luckily I think banking will allow me to be personally satisfied AND offer the future for my family that I was not afforded currently.

Sep 13, 2017

I want my kids to pursue their interests (dance, art, etc) and have money to take care of them while I do that.

If I can have enough to take of my grandkids, I think that is a good amount

Sep 13, 2017

My dream is to model my family after the "officer class" in England. They should always have 2+ acre estate/farm (with a great library) to come home to. But, they won't get a dime until they're 35 and have served in the Reserve/National Guard. In the case of daughters, they'd need to be married with 1 child.

I like the philosophy of Rousseau's 'Emile' for child rearing. But, I'd modernize it. All my kids will be competent at basic carpentry, hunting, farming, shooting, motorcycle racing, baseball, basketball, and be able to Clean & Jerk 2x bodyweight.

I think the Rothschilds have it correct: the most competent heir should be the trustee of the family legacy. But, I'd sprinkle in some Joe Kennedy too. They'd need to dedicate the mid/latter portion of life to public service or furthering humanity. I'm also not paying for any portion of college unless they get into HYP/S/Oxbridge and study something legitimate & rigorous. But, I'd hope by the time they're 18, that anything I give them is a bonus.

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Sep 13, 2017
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