Author Topic: How does dynastic wealth affect your FIRE plans?  (Read 16970 times)

Mechanista

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #50 on: August 01, 2014, 12:13:25 PM »
My own parents are fairly well off and have hinted at a number for the three kids in the family. My own feelings are that I really don't need/want their money. I also refuse to "count on" or make plans based upon receiving any, because they are both relatively young and anything can happen. If I see any of that money great. It may enable a slightly earlier FIRE, or go towards education etc for my own kids...but I am doing nothing differently now based on that possibility.

ncornilsen

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #51 on: August 01, 2014, 02:32:44 PM »
... buying a pet tiger, etc.

Well what are you waiting for? Enjoy that tiger while you're young.

That makes me think of the Second Hand Lion movie.

Lions/tigers may be an area where new is better... who wants a used tiger?

Fishingmn

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #52 on: August 01, 2014, 03:41:05 PM »
Both parents and in-laws are in good shape but I'm not really planning on much. Too much can happen with end of life healthcare that can easily wipe it all away. My mom always said she would spend it all and I have always encouraged that as long as she doesn't run out.

The reality is that it's really hard to plan to retire early with a 100% financial calculator success rate and at the same time spend all the money. We plan to retire in 2-3 years (54) at which time every calculator says we will never run out. In order for every scenario to work it means that the average scenario leaves our children with a pretty big inheritance.

gildedbutterfly

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #53 on: August 01, 2014, 04:21:10 PM »
This is actually something I've been thinking about a lot recently, since I flew home to see my dad on Father's Day weekend. I am executor of his estate (though he insists on calling me executrix, which just makes me think of dominatrix, which means I'd prefer to be referred to as the masculine pronoun here, thank-you-very-much).

Anyway, to the point: every time he updates his will, he clues me in on everything, and I have a good handle on his assets. Neither of my sisters do, and I feel that it's his right to tell them or not, so I don't offer any details to them. Both of them assume he has spent his inheritance, when I know that, as of the latest figures, we will each get...well, enough that I could FIRE several times over.

But I don't factor that into my plans at all. Partly because things could change, and he could end up dying destitute, and partly because he could live until I'm 80, and I don't want to be working until then. But mostly because that's my grandparents' and great-grandparents' money, not mine. I will be provided for in FIRE by my money, which I have earned in part because of all of the advantages I had growing up: education, enough healthy food to encourage good brain development, etc.

I have no kids, and don't plan on having kids, but I do love my nieces and nephews. Most of my money will likely go to charity when I'm gone, with a little left to them (I'm thinking low 6 figures to each of them, but who knows what I'll eventually decide). I've also thought about buying a homestead for my family. My dad, aunt, and uncle sold the family ranch (my grandfather was a gentleman rancher, so he didn't really take care of it, it was more like a family retreat) after my grandfather's death, and I always wished that they hadn't. I like the idea of having a place where the whole family can gather for holidays, and a place where any of the family can go spend a quiet week if they just want to get away. But who knows if I'll actually do that or not? Like I said before, I'm not planning too much on that money. In the end, the best thing I can give my family is the same thing my parents have given me: a support system that makes me feel confident that, no matter what I make or lose, there's always someone there for me.

Chranstronaut

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #54 on: August 04, 2014, 02:02:57 PM »
But mostly because that's my grandparents' and great-grandparents' money, not mine. I will be provided for in FIRE by my money, which I have earned in part because of all of the advantages I had growing up: education, enough healthy food to encourage good brain development, etc.

I agree with this point.  My version of Mustachianism is founded on the principle that I work hard for my money before letting my money work for me.  Life's too short to wait around for something I can take care of myself in the next ten years.

Nords

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #55 on: August 04, 2014, 07:43:32 PM »
I am executor of his estate (though he insists on calling me executrix, which just makes me think of dominatrix
You'll appreciate the implications of that a lot more when your siblings-in-law start questioning your executrix decisions...

minimustache1985

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #56 on: August 04, 2014, 09:33:21 PM »
It doesn't affect my plans now, hopefully my mother lives past when I retire.  I expect (but don't count on) inheriting half her paid off house and possibly IRAs, I'm the executor so I know she's set up a trust that (as well as you can) protects the house from medical bills, but everything else could disappear.  I encourage her to spend her money and travel more, but she is reluctant to do so.  No idea on the in-laws side and they aren't retired yet, but like my own mother I hope they enjoy what they've worked so hard to build.

If we're left anything before early retirement I'll work the numbers then, until that point it's an abstract concept that we can always direct to college funds or charities.

gildedbutterfly

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #57 on: August 05, 2014, 12:42:45 PM »
I am executor of his estate (though he insists on calling me executrix, which just makes me think of dominatrix
You'll appreciate the implications of that a lot more when your siblings-in-law start questioning your executrix decisions...

Ha! I've got my high-heeled boots and leather whips ready...

Allen

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Re: How does dynastic wealth affect your FIRE plans?
« Reply #58 on: August 05, 2014, 04:18:10 PM »
My "dynastic wealth" is about 200k and being rapidly dwindled until it is under $2,000 at which point Medicaid will kick in to pay for long term housing / assisted living for my dementia riddled mother.