Building Dynastic Wealth

FatherAbraham

It seems to me that many in the "Financial Independence - Retire Early" set their sights and ambitions way too low, merely looking to build a personal capital pot which is large enough - if luck be with them - to provide them with a lifetime annuity so they need never work again from the age of fourteen or somesuch.

Particularly amusing is the delight they take in financially castrating themselves by refusing to reproduce and issue offspring. "The fatal mistake of having children!" they write on their posts and blogs, blind to the fact that they've utterly missed the whole point. They note the saving, and overlook the cost.

The goal is not to sacrifice one's genetic immortality in order to provide backpacking tours of New Zealand for the rest of one's lifetime.

The real and worthy challenge is to create a fund substantial enough to produce a perpetuity, not an annuity, which will sustain one's dynasty for least half a millennium.

Anything less may be considered failure.

OldMusicGuy

You are Jacob Rees-Mogg and I claim my £5.

mollycat

Dynasty was good; I liked Fallon Colby.

AnotherJoe

Nurse ! The OP's not been taking his tablets again.

LHW99

At least the government has helped out with autoenrollment and the ability to pass on unused DC pots.

Albermarle

I must admit when I first joined the forum, I was surprised by the number of people so focused on an early retirement date . Some even in their twenties. I am sure it was not something I thought about at that age and only really started even thinking about it in my late '50s.
That does not mean I did not think about making financial provision for later in life but now I am older , I am happy to support family ( first time buyer deposits etc ) rather than retiring a year or two earlier.
So in this respect I agree with the OP's general sentiment .

DairyQueen

Matthew 1:2-17 King James Version:

"2 Abraham begat Isaac; and Isaac begat Jacob; and Jacob begat Judas and his brethren;
...
16 And Jacob begat Joseph the husband of Mary, of whom was born Jesus, who is called Christ.

So all the generations from Abraham to David are fourteen generations"

... and all fourteen generation shall be sustaineth by me. Thus speaketh (Father)Abraham.

Bring on the loaves and fishes.

Brynsam

What are you on about?

Wenlock

Sorry, I cannot see any merit whatsoever in me or anyone else having kids.

Financially they would be detrimental. The planet would be much better if humans slowly disappeared.

bostonerimus

Whether you have children or not is something I'll leave for others to discuss, but leaving money to your family or charities when you die is an important consideration. I started off just hoping to have a comfortable retirement. I've always been perfectly happy with a fairly frugal lifestyle and actively enjoy the ease and simplicity of it. When I worked I spent far less than my income and saved/invested the rest. Now that I'm retired I still do that so I spend far less than the income my pension pot generates. The excess stays invested to grow. This could continue for another 40 years so I expect to have a sizeable amount to leave to my family and charities. I hope my heirs will use the money to provide financial stability and freedom for their families.

bugslett

I dislike children immensely, not for a nanosecond have I wanted one. I'm not likely to have one for dynastic reasons.