A sign of the economic times?

nonrecourse said:
Living in the past...... no mate our eyes since the beginning of our marriage have been on this;

http://www.businessinsider.com/how-to-turn-your-family-into-old-money-2012-9?op=1
Click to expand...

+1

The grey nomads wearing their "I'm Spending My Kid's Inheritance" tshirts are nothing more than stupid vassals of the State, working their whole lives, raising children, saving and sweating and then willingly giving it all back during their retirement, destining their children to repeat the whole sorry process with the system the only clear winner after a lifetime of servitude.

How short-sighted, selfish and damaging.

A family should be the foundation of an empire, not a dwindling fountain of consumerism.
 
If there's an option to "Say Thanks" multiple times, I would have done 100x to the post above :)
 
mmm....shiney! said:
A family should be the foundation of an empire, not a dwindling fountain of consumerism.
Click to expand...

Ever wonder why they've been working so hard in the mass media at destroying the concept of 'the family' for the last 60 years?
 
valuecreator said:
Business Insider. You must be joking.
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From what i can tell from your posts you put far too much emphasis usually on one aspect of something .. like this post There is mountains of sites or publications & at times most of them will have some worthy information .

You generalise far too much imo.
 
renovator said:
valuecreator said:
Business Insider. You must be joking.
Click to expand...
From what i can tell from your posts you put far too much emphasis usually on one aspect of something .. like this post There is mountains of sites or publications & at times most of them will have some worthy information .

You generalise far too much imo.
Click to expand...

not the topic of the thread, but BI is actively in the business of making you poorer. Joe Weisenthal and Henry Blodget are extremely RELIABLE contrary indicators. Beware.

back to thread.
 
nonrecourse said:
He now appreciates that the foundations in place will be there long after I and his mother are gone and he and his siblings children take over from them.

Except for a smal number of old money families the usual result is the first generation makes it, the second spends it and the third loses it.
Click to expand...

The reason for this is that kids adapt to their circumstances.

You may be able to make it last a generation longer, but at some point you will get a generation who will adapt to wealth (the typical rich kid syndrome).

Honestly, why bother and not just enjoy much of the wealth you've earned, while giving a little to your kids and grandkids to make life a little smoother for them?

I don't see the point of this empire building stuff. You'll be dead and it won't last. Just imagine at some point when you have a bunch of grandkids or great-grandkids all squabbling over it, all with their high-paid lawyers.
 
hawkeye said:
nonrecourse said:
He now appreciates that the foundations in place will be there long after I and his mother are gone and he and his siblings children take over from them.

Except for a smal number of old money families the usual result is the first generation makes it, the second spends it and the third loses it.
Click to expand...

The reason for this is that kids adapt to their circumstances.

You may be able to make it last a generation longer, but at some point you will get a generation who will adapt to wealth (the typical rich kid syndrome).

Honestly, why bother and not just enjoy much of the wealth you've earned, while giving a little to your kids and grandkids to make life a little smoother for them?

I don't see the point of this empire building stuff. You'll be dead and it won't last. Just imagine at some point when you have a bunch of grandkids or great-grandkids all squabbling over it, all with their high-paid lawyers.
Click to expand...


He's not building an empire. He's raising bean counters.
 
hawkeye said:
nonrecourse said:
He now appreciates that the foundations in place will be there long after I and his mother are gone and he and his siblings children take over from them.

Except for a smal number of old money families the usual result is the first generation makes it, the second spends it and the third loses it.
Click to expand...

The reason for this is that kids adapt to their circumstances.

You may be able to make it last a generation longer, but at some point you will get a generation who will adapt to wealth (the typical rich kid syndrome).

Honestly, why bother and not just enjoy much of the wealth you've earned, while giving a little to your kids and grandkids to make life a little smoother for them?

I don't see the point of this empire building stuff. You'll be dead and it won't last. Just imagine at some point when you have a bunch of grandkids or great-grandkids all squabbling over it, all with their high-paid lawyers.
Click to expand...

I've seen it.

I wonder if Lang Hancock would be proud of Gina and her kids. I think not. But she'll die one day.
 
To be fair though (and speaking from a parent's perspective), I can appreciate the mindset of wanting the best for your kids.

We simply do it in our own fashion, shaped by our own ideals.

I give NR credit, at least he gives a shit about his kids. How many parents out there don't now?

Credit where credit is due guys. We can debate the methods, but I'll stand by NR on his reasons here.

Family is everything to those who understand what real wealth is.
 
hiho said:
wrcmad said:
You can only squeeze so much blood from a stone.
Click to expand...

Yes thats right, are you listening Julia? :rolleyes:
Click to expand...



2410_6a012876778d82970c015434c79ba3970c-500wi.jpg
 
hawkeye said:
The reason for this is that kids adapt to their circumstances.

You may be able to make it last a generation longer, but at some point you will get a generation who will adapt to wealth (the typical rich kid syndrome).

Honestly, why bother and not just enjoy much of the wealth you've earned, while giving a little to your kids and grandkids to make life a little smoother for them?

I don't see the point of this empire building stuff. You'll be dead and it won't last. Just imagine at some point when you have a bunch of grandkids or great-grandkids all squabbling over it, all with their high-paid lawyers.
Click to expand...

We all make choices in life. Trouble is for most people those choices mean they work at a job they hate because they need an income to survive. Most parents are ignorant when it comes to managing their finances and that is why 85% of the population end up on the pension.

Why Bother? Its not the wealth its the choices it allows you to choose. Some choices are bad some are good. The reason why most people who win the lottery are worse off after 5 years is because no one bothered to teach them how to be financially free.

Unlike Auspm I did have parents that were there for me. I was also lucky with having a father who knew how to manage money. I grew up in a working class family. My Dad could have been a rich man but mum kept the Canadian economy going single handed:lol: I learned to be careful picking the woman to fall in Love with.

Kind Regards
non recourse
 
valuecreator said:
He's not building an empire. He's raising bean counters.
Click to expand...

Wrong again one has a commerce degree is doing his CA then perhaps law. The other is studying Engineering he wants to build bridges and get his hands dirty. His real skill is IT but siting in front of an idiot box is not his bag.

Kind Regards
non recourse
 
mmm....shiney! said:
nonrecourse said:
Living in the past...... no mate our eyes since the beginning of our marriage have been on this;

http://www.businessinsider.com/how-to-turn-your-family-into-old-money-2012-9?op=1
Click to expand...

+1

The grey nomads wearing their "I'm Spending My Kid's Inheritance" tshirts are nothing more than stupid vassals of the State, working their whole lives, raising children, saving and sweating and then willingly giving it all back during their retirement, destining their children to repeat the whole sorry process with the system the only clear winner after a lifetime of servitude.

How short-sighted, selfish and damaging.

A family should be the foundation of an empire, not a dwindling fountain of consumerism.
Click to expand...

The state is part of the family for most people so I guess they feel like they are contributing to their family in some weird way by blowing what they have left. Damn sad though..

http://www.youtube.com/watch?v=JrMOAbWcpKQ
 
hotel 46 said:
mmm....shiney! said:
nonrecourse said:
Living in the past...... no mate our eyes since the beginning of our marriage have been on this;

http://www.businessinsider.com/how-to-turn-your-family-into-old-money-2012-9?op=1
Click to expand...

+1

The grey nomads wearing their "I'm Spending My Kid's Inheritance" tshirts are nothing more than stupid vassals of the State, working their whole lives, raising children, saving and sweating and then willingly giving it all back during their retirement, destining their children to repeat the whole sorry process with the system the only clear winner after a lifetime of servitude.

How short-sighted, selfish and damaging.

A family should be the foundation of an empire, not a dwindling fountain of consumerism.
Click to expand...

got to disagree on the above. firstly i dont think blood is thicker than water. your child has been brought up being told to brush his teeth, polish his school shoes, not mix with the ruffians down the road. ad infinitum. etc. by the time he or she has grown up they are ready to chart their own course in life, not yours :( how succesful they will be depends on the morals and education and the example you set for them. you may be the parent but you have no right to plot their life for them. thats their right. now i am a fountain of knowledge to other peoples kids and i get some really good responses over the years. eg, when you have helped a youngster finish his last six months of his apprenticeship he was going to throw away. i find i can get more input into others than my own. they have had me for 18 years and are tired of the same old same old. i myself could not wait to get out of the house. now i personally dont see any parent as being the owner of a child, i see the parent as being given the oppurtunity to raise the child the same as they were given the seed to make the child. the child belongs to the universe not them.

i dont see any sense in giving someone an empire if they dont have the ability to hold onto the reins. now i can teach my son lots about life but i prefer him to find his own way, just like i cant choose his wife i cannot rule his life.

so before you can even start a family empire you all have to be on the same page. you cannot teach an 18 year old how to earn 200k a year in business, invest it properly and pay his taxes and dues on time. this only comes with time, first company car a 6l holden with 7 on the floor????

some are smarter than others yes, but to me freedom to be yourself is far more important than trying your fathers socks on.

as far as giving the child a golden spoon i would be a lot happier with a good charity.

and for baby boomers spending their own money? whats wrong with that, if the child cant overtake them on his own then all that will happen is it will get wasted against the wind.

ok, now send the bombers in :lol:
Click to expand...

There's lots of buts and ifs in your post 46, each to their own I guess.

No one is talking about golden spoons, ruling lives or wearing your father's socks.

The majority of families in the world build their wealth and position together (albeit dismally and weakly in the main), but the dominant Protestant ethos has destroyed that in Australia, and that was the ethos past down from the landed families of the Motherland, the last thing they wanted was for the common families to adopt the same policies they pursued and eventually vie for power.

You do what you like with your hard earned 46, but if I choose to leave my children a legacy so that they have an advantage over yours, then that's what I'll choose to do.
 
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