SN,
I am the millionaire next door, I have two sons in their twenties and they are aggressively on track to duplicate my success. I have been in the market since my 20's and we as a family have never had to worry about money. We have owned modest vacation homes, live aboard boats, beach houses, etc. Always the lowest priced house, boat, cars, etc. My sons went to private schools, private universities without loans, scholarships, or any other help. They graduated with new cars and great jobs. Your kids will watch you work, I say again your kids will watch you work. It is up to you to set the standards that they will try to outdo. None of my neighbors know my wealth and they all show more than I do but I don't think they have as much. My house is worth $300,000 in a $750,000 neighborhood. You can gift your daughter $10,000 a year without tax implications, start an account and let her trade it when she shows an interest. We have one chance to become wealthier than most people dream about and thats the stock market. As a kid our house didn't have running water or electricity. My first job was at 9 years carrying two buckets of water from the spring for an old man who lived in a shack in the woods for .15 a trip.
My mother owed the milkman $450 in 1950, he was a saint to continue delivery to a woman and six kids who were living on potato soup. My attitude was and is "I'll show you"
One of my sons and I were discussing my good fortune to have increased my portfolio by more than a million dollars in December and he said, "you know Dad, most families will never have this conversation". When he asked if I ever dreamed that I would make a million in a month I said, of course, thats what I dream about. My first luxury purchase will be the delivery of a new Lexus LX300 in a couple of weeks, my wife is concerned that we will look out of place in it but with larger cars on the road I want her in a safe SUV. It's up to us to set the standards for our kids and hope they will turn out all right but it's a gamble no matter what you do. I was giving a talk to an investment group awhile ago and one of the guests summed it up pretty well. "Money, your gonna need a lot of it, get more."
cdaisey@G&H-dc.com
PS. To those losers who will never even get close to my wealth who PM me whenever I talk about it, BUZZ OFF. |
