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To: Apollo who wrote (14188)	1/5/2000 4:45:00 PM
From: LindyBill	Read Replies (2) \| Respond to of 54805

Any bright ideas out there? A: These millionaires in the book are very Dull People. B: Charity begins at home. Take care of your kids first. Would it have hurt you if your parents had given you money? I doubt it. If you have a lazy kid, giving him or her money won't make him any lazier, and not giving them money will not make them work harder, At least, if you give them money, they are not as likely to get in trouble! Give it to them in ways that stabilizes them, i.e., a house you hold the mortgage on. Same with cars, clothes for the kids directly, etc. If it ticks you off that he or she is having life easier than you did, get over it! Don't you wish your parents could have done the same for you? Finance your grandchildren directly for what they want to do. Camps, education, etc. You can bend them a little. If your children are in their '30s, you are not going to change their behavior anyway. And, whatever you do, spend a lot of your money foolishly! Life is a lot more fun that way.

To: Apollo who wrote (14188)	1/5/2000 5:08:00 PM
From: Poet	Respond to of 54805

OT: Re. your question on how to deal with your kids and "the money issue": I'd suggest letting your adolescent-aged kids know a little about all the time and effort (and good timing) it has taken to amass the family wealth. This way, they don't see the money as having fallen out of the sky. Treating the family to something special is a great idea. Perhaps family travel or a vacation home that you can all enjoy. Last, I believe that the greatest enjoyment (and deployment) of one's wealth comes from sharing it --directly or indirectly-- with others less fortunate. You can decide to contribute your (newly freed-up) time, your money, or a combination of both. In my family, we all sit down near the end of the year and discuss where we'd like to give. My kids knew that a woman in our village had recently died of AIDs, leaving her three young children orphaned. My daughters contributed their money (anonymously) toward the living expenses of her children. In this way, they've been able to see not just that money brings them better toys and vacations, but the power to help make other peoples' lives comfortable. You're a good man, Stan. Whatever you do will be right.

To: Apollo who wrote (14188)	1/5/2000 5:18:00 PM
From: Cosmo Daisey	Read Replies (7) \| Respond to of 54805

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.

To: Apollo who wrote (14188)	1/5/2000 7:06:00 PM
From: Jill	Respond to of 54805

I think it's wonderful you're preparing for her future that way. Isn't one simple answer to set up a trust that is available to her in portions--a certain amount for example, to pay for college, another amount when she graduates, another amount at 30, etc. So that she feels secure, has the freedom to move/choose, but does not live an un-challenged life (although I'm sure as your daughter she will be bright and ambitious) Jill

To: Apollo who wrote (14188)	1/5/2000 7:43:00 PM
From: 100cfm	Respond to of 54805

Apollo I plan to break my daughters account up into three. 1. College fund 2. college graduation fund 3. Marriage/starting a home fund.(unless she marries a G&K'r son, then she won't need it<gg>). She will get/find out about them one at a time. It'll be a joyous surprise each time. Jill you beat me to it. 100

To: Apollo who wrote (14188)	1/6/2000 10:50:00 AM
From: Apollo	Read Replies (4) \| Respond to of 54805

OT...advice to kids about money Want to thank the thread for the many posts on advice about when or how to inform kids about the size of their accounts or trusts. When do you tell them? How do you help them keep perspective, etc.? I had mentioned in an earlier post yesterday that I have 1 daughter who is 5 years old, and that we had added more Qcom to her overall account, and that we suspect she will be extraordinarily well prepared entering college. It's a little early to tell how she's going to turn out, how level-headed she will be, and so on, and what the best course of action will be. But, personally, I don't like the idea of "hiding things". OTOH, if you are fully honest and tell your 17 y.o. they are a millionaire, well, let's face it, not everyone will respond appropriately to that information. So, I've printed out everybody's suggestions, and my wife and I will have a discussion this weekend. thanx very much again, stan