Interesting piece on building generational wealth

[StarBright]

This link was posted in another thread and I thought it might be an interesting read for those of us with mini mustaches.

Enjoy!

http://actionecon.com/building-generational-wealth/

[jengod]

TY.

[Vindicated]

That's a great outline.  I hope that I can institute a similar plan.

Thanks for sharing!

[suntailedshadow]

Interesting write up!

My wife and I have toyed with these idea's a lot ourselves. We're committed to allowing our children the opportunity for food/shelter (under our roof) through college/until they're married (whatever comes first) but I doubt we'll be providing them anything else. With a healthy understanding of financial principles and an appreciation for the "value" of a dollar, we're confident our children will be successful. In the long run, when we die, we'll just be turning all of our money over to charitable causes. We have no desire to fund a dynasty here :-)

[Secretly Saving]

We also enjoyed reading this.  Thanks for posting!

[SwordGuy]

It's really good advice, but not for the typical new parents.   They just won't have the money to plunk down $16,000 to $32,000 when the baby is born.

For very frugal folks who wait until their 30s to have kids, yes, it could be done.

I think it's very actionable advice for grandparents who have built up a good sized nest egg.

I want to hire my grand-kids to do some modeling work for me so I can put the money into a Roth IRA for them.   Might have to split the costs across 3 or 4 years, but that would set them up nicely for retirement.

[StarBright]

It's really good advice, but not for the typical new parents.   They just won't have the money to plunk down $16,000 to $32,000 when the baby is born.

For very frugal folks who wait until their 30s to have kids, yes, it could be done.

I think it's very actionable advice for grandparents who have built up a good sized nest egg.

I want to hire my grand-kids to do some modeling work for me so I can put the money into a Roth IRA for them.   Might have to split the costs across 3 or 4 years, but that would set them up nicely for retirement.

Maybe I read it wrong, but I thought it wasn't for "new parents." - that was what I thought was so neat about it. You aren't on the hook for your own kids until they reach working age and then you do the lump sum for your grandkids.