So recently I have been restraining myself from buying certain things that I need.
All because I want to leave more for my family when I die.
I was not left much when my folks went and I feel like I want to leave some property etc for my family etc
But at what cost?
Am I the only 1 sacrificing to leave behind a small fortune for my family with me not being able to enjoy my life or should I just buy what I need and let them fend for themselves?
I do have insurance policies that would cover all my debts and leave them comfortable.
Am I being selfish ?
All perspectives will be sincerely appreicatted.
Thanks
PS Keep in mind that our kids,i think,will never be able to afford a property in 20 years time !
What Are You Leaving for Your Family and Kids When You Peg off?
grabngo on 23/01/2015 - 21:14
Comments
My outlook is kids will be (hopefully) well established by the time I go.
Better to help them a little when they are getting started (like a bit of help paying some uni fees or buying a suit for a first job or something, not buying a house or similar) I think.
I anticipate they will end up with a share in a paid off house split with their siblings, but not too much else.
I'd rather do like a friend I know who takes the family and grandkids on a cruise every couple of years if I have any spare cash.You only live once, enjoy it.
If you can earn enough for good things so can your family.
Nothing, I'm taking it all with me.
Take the kids too. Family crypt. Might be worth packing some board games.
My plan. A fully paid off house, that's it. Split evenly amongst them both. If that isn't enough for a kick arse deposit on their own place then I don't anyone will be buying houses ever.
Oh and hopefully a strong work ethic. That way I hope the inheritance ends up being play money for them.
Both my parent have died and left me zero. Personally I didn't need or want any money from them. I would also hate the thought they they compromised their own enjoyment of life so that I could have more material things.
I agree, best thing you can do for your kids is give them things that money can't buy like manners, respect, strong work ethic. These things they will need more than anything else in life.
In regards to leaving money, I think you should live a happy and content lifestyle. You deserve to be happy and your children should want you to be happy. Anything you leave for your children should be seen as a bonus.
By the time you kick the bucket, your house will be worth so much the crazy way property is rising. Your kids will thank you for being able to divide the spoils, and I am sure there will be more to distribute from your savings and some other assets, even if there was none in that area, the house itself is a windfall for them. You must enjoy your hard earned money while you can within a reasonable limit to see you comfortably through to the end days. The more worrying thought is that many of us aspire to retire at a certain age say 60-65, and plan ahead howmany years we can enjoy our retirement money only to fall very ill and die soon after and never get to enjoy our nest eggs. It has happened to many people I know, so whilst you can and since you can't predict your fate, you should enjoy it now whilst healthy!
I am one of 6+ children (i know how many siblings I have but am unsure if the assets of my parents would be shared with my foster sisters and brothers, though Dad has always said he is leaving everything to either the RSPCA or Mickey Mouse).
I think your children need to learn to work hard and earn their own money and realise the benefit of saving. My parents used to always say to me that they were being kind by teaching me to save, I used to think they were just mean, but they were right. People tend to appreciate things a whole lot more when they have worked for them themselves. My parents also believed that we would never be able to afford property, but all of us(the 6 biological children) have purchased homes of our own. You have worked for your money, buy the things you need and enjoy yourself. I personally would rather my parents spend their money on things that make them happy now than for them to scrimp and save to try and make my life more comfortable once they are gone. The one item I truly want once my parents leave this life is worth next to nothing financially, but it is very sentimental to me.So when we spend it on ourselves,are we gonna put our hands out to Centrelink and try and on the pension?
No no no! Within limits, always,and god forbid not to the point of becoming broke. Oh, just thought I'd let you know surprisingly howmany wealthy couples with huge assets are still able to receive part pension from Centrelink. If you qualify you qualify and don't feel guilty about it. It helps to have good financial advice too.
A couple can earn around $50k a year (tax free if from super), live in a house of unlimited value and still get a part pension including health care card for cheap prescriptions etc.
I don't begrudge welfare for anybody who needs it, but surely we should apply some sorts of realistic means testing to the over 65s?
I have read (sorry no source) that current over 65s who earned a typical income all their life will end up with more money in welfare than they contributed from tax, funded by current workers. Consider this when somebody says they paid taxes all their lives! I am guessing this is because they typically had a single income family, but two pension recipients.
I'm not expecting anything when my parents die and don't care if they gave me anything, I'd find it more rewarding if I earned myself a wonderful life style, sure if they gave me something that would be a bonus. I won't be giving much away when I die unless I have a heap and would make strict conditions so they don't blow it.
I'm on the fence when it comes to leaving money to family.
I see the benefit of living to your comfort, after all, you only live once
But leaving more to your children is a form of love, sure, it could be wasted to spoiled brats who can't take care of themselves. But for parents whose children are already independent and strong with their financial skills…why wouldn't you pass on your wealth - it can flow to later generations and push your family up the asset ladder.
You teach your children values, educate them and support them lovingly as they mature. You go without many frills to do this. Children do not appreciate how much money, time and effort has been expended on their behalf nor do they often understand how much care and support we will need as we get to the end of our lives and start to physically decline.
Each individual needs to plan ahead to their post retirement years. We do not want to be a burden on our children as we go down the slippery glide path. Each person has to make plans according to their own circumstances.
enjoy life…
money inherited is rarely used wisely.