Building Dynastic Wealth

Alexland

The best way to preserve your money for at least half a millennium would be to use an AA savings account as it takes them ages to investigate when you have a problem withdrawing money. Never again.

Alex

maxie014

The thing i see a lot in my own family and others,is coming from a working class background,parents and grandparents have mostly been brought up with not a lot of money,then may end up with a good stash of cash,pension lump sums,inheritances,savings etc.
They are understandably unwilling to offload some of it while in good health.
Then they go into care and their hard won savings are all taken from them.
My own aunty and uncle paid 70k plus last year.
I know people should pay towards their care,but others from the same village are in the same private home being cared for foc,probably subsidised by my aunt and uncle.
A redistribution of wealth right back to the rich.
Far better to start offloading to family early id have thought.

bostonerimus

maxie014 wrote: »

The thing i see a lot in my own family and others,is coming from a working class background,parents and grandparents have mostly been brought up with not a lot of money,then may end up with a good stash of cash,pension lump sums,inheritances,savings etc.
They are understandably unwilling to offload some of it while in good health.
Then they go into care and their hard won savings are all taken from them.
My own aunty and uncle paid 70k plus last year.
I know people should pay towards their care,but others from the same village are in the same private home being cared for foc,probably subsidised by my aunt and uncle.
A redistribution of wealth right back to the rich.
Far better to start offloading to family early id have thought.

The first generation that has some money often find it difficult to pass it on because estate planning is not done well. As you say large costs like care homes can eat into a legacy so it's important to have money, some annuity or insurance type cover implemented for those in the retirement plan. I like the idea of giving money to family members and charities when you can, but you obviously need to be careful not to leave yourself short.

msallen

I don't have and don't want any kids, and that has nothing to do with finances.
I do however have 4 nephews who will be my heirs if I am unsuccessful in my aim to spend everything I manage to save pre-retirement after retirement.

cfw1994

Although the sermon from the good Father was a little....odd....I get the sentiment of future generational planning!

& I’m also acutely aware children are not in scope for many people: either through choice or biology.
For those, of course it is fine to spend their earned money entirely....but there is always the option to support a favoured cause: many find volunteering a positive use of some of their new-found time after retirement, maybe those causes would make worthy beneficiaries.

For us, (we believe!) our children are growing into really entertaining adults. We (& our friends) enjoy their company, good tastes in music, useful in pub quizzes, good company:beer:
Both coming towards the end of their studies (notwithstanding potential MSc _pale_:rotfl:), and we may well become less directly relevant in their lives, but I hope we can help support their start onwards.

Although I don’t think of it particularly as raising a dynasty!

& yes, I fear for the planet the way humans are behaving: either we die off (probable, but I’m not clear on the timescales for that) or we get enough of the next generation who can massively reduce the impact we have. Raise vegetarians, vegans, scientists, green activists:T

lvader

Seems like a confused argument, why would you build a wealth to last 500 years when you don’t have children. Who are you going to leave the money to? I have kids but past adaulthood they need to look after themsilves and not expect to inherit money.

justme111

Is not it a bit of a fad ? I have seen somewhere the numbers - one flight somewhere was more detrimental than eating steak for a year every day. The same applies to one new sofa . Impact of buying £100 of clothes monthly is severe as well etc. Do not even get me started on using cars. Anyway the folk in China, Russia and India hungry for the same civilisation privileges we enjoy could not care less so we really may be doomed..

justme111

Maxie, I find it disturbing that you advocate giving money to children but receiving care from state. He who cares gets the money , otherwise it's very unfair. Besides - what conditions do you think care homes would be if everyone thought like you ?

LateStarter

So if I get this right - everyone who doesn't build a gamillion pound fund to support future generations in perpetuity is a failure? How terribly sad that you sum up people's lives in that way.



Is this some kind of first year uni essay?

Oh, and genetic immortality my !!!!.

planteria

it's certainly a different approach to starting a thread, and like cwf i follow the sentiment. i have three children: one found floating in a basket when i went fishing the local canal, and two little ones arrived via the more conventional route.

LHW99 wrote: »

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

agreed LHW99. and it's handy to be able to invest in ISAs/Pensions on the basis that we can use the funds ourselves if we can/want/need to, but also potentially pass them on to our children/others. as I mentioned in another thread recently, my hope is that my pension pots become pension pots for my children if i don't reach the age to take advantage of them. investing for the future will continue to be a challenge for generations to come, i think we can fairly assume.

Alexland's approach is good too;). in a round-about way, long-term investments such as pensions and one our family's friendly society investments do have the 'benefit' of being inaccessible.

i don't think my father/brother/myself have planned as well as we should have done together - we do tend to have the Britishness that means we don't talk too much/openly about money. from this point we can just hope that our Dad continues to live a healthy life, and then, when the time comes keels over (in his words, as he lifts his gold clubs into the boot of his car, having won and bought a round of drinks) and doesn't go into a home of any kind, especially a costly one:D.