There's a lot to consider if we have a large amount of wealth to handover to our kids.
One common way is that we just don't tell our kids what we have and what they will be inheriting. Ultimately that leaves the kids in the dark, and makes it difficult for them to decide how to structure their lives. Either they try to go fully independent and try to structure their lives as if there is no financial support from us, or they continually ask for additional support, especially if they have kids. This can become awkward when it comes to asking for money and so on. Another common way is to set up a trust to have the money distributed to the kids after we have passed. However, this only meets the parents' interests and not that of the kids. Mine are still young, but I have to remember that when I pass they'll be adults too (hopefully). We hope that we would have raised financially responsible kids. If that's the case then why lock it into a trust, since they are fully capable of managing the money. And if they are financially irresponsible, a considerable amount of their energies will go to unlocking the trust and/or challenging the will. Also, we have to remember that our grandkids or great grandkids will inherit the money (trusts cannot last longer than 100 years in Singapore, unless a charity trust). If our kids didn't pass on good money habits, our "protection" only lasts one or two generations after us. Thus fulfilling the 富不过三代 saying. My personal take is that as a family, we should sit down with our children, be honest about what we have, and discuss what the family goal is. I believe that having a common family mission will ensure that the throughout the generations the wealth will be preserved for that purpose. Money for money's sake is not really a uniting mission. But a family deciding that the wealth should be used to support education, welfare, health or the arts, or to ensure the family business becomes the market leader/retain market position (other than supporting members of the family), will mean that the family has a mission. The mission will keep various members on track and allow them to structure their lives. It means that the wealth may survive beyond the 3rd generation as each generation passes on the family mission. (Inspiration Source)
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So conversations are important, just like work is. However, the two are not always compatible. And if you neglect conversation, you neglect relationships.
In fact, this works also for personal relationships. Make time for them too. And if you're too busy, say so. (Inspiration source) We generally don't think much about it when dating and deciding on marriage, but financial compatibility is just as important as any other type of compatibility.
Here are some questions to ask our partner before saying "I do":
We have to sort out these financial nitty-gritty details before marriage, otherwise it could get problematic later. (Inspiration source) So it seems there are 15 mentalities that make multi-millionaires stand out. The list is long, so here's my summary of the article:
As the new year comes rolling up and 2017 winds down, here are some ideas to help make 2018 more successful for business. I've adapted it for personal use.
Mitigate the stress that you can't control and stop worrying about it If it's stressed caused by things you can control, then take control and deal with it. Restaurants employ many tricks to get us to buy
Hopefully now we're more aware and won't be so easily taken in Being present is so important. With your colleagues, clients, family. It's such a big part of just showing that you care.
Practice active listening. Ask questions to clarify any doubts. Rephrase statements back to the other person so they can clarify and also know that you are listening. Give people the gift of your presence. That is all you need to do to make a connection with another human being. As the year comes to an end, it's time to reflect. Hopefully we will have few regrets, and here are a few ways to help reduce the regrets.
It seems Danish tertiary students are taking longer to graduate due to free tuition and a stipend.
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AuthorLate 30s. Dad. Thinking about life, family, work, and retirement. Sharing those thoughts with others Categories
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