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Originally Posted by killer67
Great info!! Thanks Greg for reminding me how my bad my financial decisions have been and why I will work until I am 97 years old  |
Well..... I'm not quite sure what to say!
So... we're re-doing our estate planning and wills.. And, since Adrienne (21) is home from college - we thought we'd have a "family meeting" and discuss some of our "ideas" and let them digest them for a day or two - and then have some input. Of course this is in the event both Mom and I meet our untimely demise... Now - we know our kids... #1 Son would most likely buy a Bugatti one day after he got the money... Adrienne would invest the money and live off the dividends. BUT -- surprisingly enough -- both thought that their inheritance should be in trusts and managed professionally... to protect them from themselves. Mom and I thought that was pretty impressive as they both admit that they most likely are not equipped to be very good money managers. Fair enough!
My point to this is -- that most people (me included) have a long list of "I wants". Only a very few can fulfill that list AND save enough to retire on. So the key to all of this discussion is to try to do both in moderation.... saving first... and the savings will eventually allow you to peck away at the list.