Hello,
Recently I met someone that retired by the age of 23, he statred putting some of the things in place at 20, his dad taught him his secrets and mentored him, his dad retired by 35.
The son is not what i would call “bling bling* rich but he makes more passive income than his lecturers at uni. And now hes decided he is never going to use his degree cause he dosent need too.
I was just wondering how many people out there have sucession plans in place for their kids or are already teching them?
Or people that are like me and their parents worked all their lives, have you found it hard to find a mentor?
Can you give us an idea of how he sources his passive income?
I am sure it will be a great example for us all.
Thanks
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Inspiring Thoughts – im currently reading rich dad poor dad, after wich i will be starting on my kids! I dont want them to be like their parents and grandparents – working all their lives (unless they want to!)
PS: Its a small world, my husbad also builds pipelines !
Coming from a “Poor Dad” upbringing, I was never immersed in investing at all. You want to get ahead, you work hard and stay employed was my dad’s motto. However….this is certainly not my motto. I have a “Rich Dad” attitude now and by investing, talking & breathing investing as if it is a NORMAL part of life and spending lots of time with my children is how I am preparing them for their future. I always say to them that the reason I get to spend so much time with them is because I’m not working full time but I’m still making plenty of money through wise investment choices.
I only started on my path at around the age of 35 after realising that you don’t have to slog it out all your life to get ahead….the smart ones invest! I am now 41 and starting to reap the rewards of my investing and my kids are seeing the rewards first hand – what more of an education can they get!!
sq[biggrin]
simon a mix of income streams
Hmmmmmm Interesting
I am also involved with building pipelines [cap]To Susieq……..remember RK’s cashflow quadrant and in particular Rich KId Smart Kid…………I am 41 and have children, the oldest being a 19 year old!! .I hope i am not too late too a/ learn and then b/ teach our kids what we should have been taught by mentors…
My dad believed in the “work hard” theory, he does not understand what i am doing AT ALL……………..[grrr] Al l the best, JamesOriginally posted by pipelinebuilder:simon a mix of income streams
That is facinating – thanks mate.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I was just wondering how many people out there have sucession plans in place for their kids or are already teching them?Well, seeing as though you were just wondering….yes, we do have a plan mapped out for our 3 girls to take our show over. Whether they want to or not is totally up to them. Although, I’m planning on hanging around for a good while, so they might be 70 or so by the time that happens !! We are laying the basics such that they have a good attitude, and that’s already started with them helping clear up warehouses that other people have trashed over long periods of time. They’ve seen the results and reckon it’s great stuff…..not as good as playing Barbies of course – but right up there.
Or people that are like me and their parents worked all their lives, have you found it hard to find a mentor?We had good mentors in our parents early on, but outgrew them. They come to us for advice now. My wife had an Uncle that was always way out there with his strategies and far in front of anyone in our circle. He took us under his wing about 3 years ago and now we’ve gone past him too. We are now out swimming with the medium sized fish in a different pond and it’s a scary world sometimes when the big sharks swim by. I seem to bump into elderly Italian and Greek gentlemen on regular intervals on my travels and they are fascinating to learn from…..very patient men indeed.
I’ve found you need a variety of Mentors….as you grow you need to employ different strategies and that means different teachers. Also, if you are on level 1 initially, a Mentor on level 2 or 3 is great and a mentor on level 8 is nigh on useless to you. Wind the clock forward 10 years and you might be on level 7, where your previous mentors are now useless, and the level 8 guy is very handy.
Simon, LOL.
We’re about to start on our kids (10 &
, My son (8 yo) saves his pocket money and buys his own ps2 games….(yes not value adding) he also looks at trading games he doesn’t play with. his really tight with his money and usually collects my loose change I leave on the counter. He is arranging a toy garage sale and has seperated his toys. My daughter (10 yo) on the other hand spends what she’s given staright awayWe’re looking to start them on a 2 month saving goal…basically they have to write down what they want to buy and how much it will cost (but no more than 50% of their 2 month allowance) and the balance would be either put in their bank account (they will go to the bank and deposit it) or I will include it when I buy shares..they can derive more income by selling toys, or doing duties..and these funds will go to achieving their goal..if they choose
I’ll see how it goes and their response to it
Regards
Claude
We are teaching our kids (4)as we learn stuff and it’s interesting to watch how different they are in their responses. Only one of our 4 is actively intending to pay the price and work hard now (at 18) to be ahead later. Seems to me that different people learn differently and even when it is clear that one path is better than another, it is not going to be the path everyone will automatically choose. No matter what the issue there will always be those who think they know better and will learn the hard way!! I have come to think that this is best anyway, because people have to truly believe in what they are doing in order to be prepared to put in the effort.
A good thread.
We have a partial succession plan in place. And we are teaching our kids all we know so they don’t make the same mistakes. One of them is planning on being debt free and with $100K investment portfolio by the time she is 30 and looks like making it.
We didn’t have mentors. Both sets of parents have no idea about money, really. (Although my dad worked in a bank all his working life, they spent their super on overseas trips and had nothing left when Dad got really ill 20 years later and needed bailing out.) Books and learning from mistakes is how we had to do it.
Now we try to pass what we have learned over the years to others and not just to our children.
Good point, Simon, about the level of mentor. And explains why we never found a person to help as we seem to be always a step or 2 ahead of our acquaintances. Perhaps we need to look elsewhere for friends.
mum
simon, business and investments
He is very systematic in the way he approaches things, however I find his thinking the most amazing thing, its on another level to be quite honest.
Hopefully I can learn some things from him to get to my goals quicker
My husband and I (trumpet blast), have three sons, and yes, we are actively teaching them about investing. At ages 11,9 and 5, it is only the 5 year old who is currently interested. They get pocket money from when they start school -70c for each year of life (they don’t get much but they don’t need much). We teach them to Tithe the first 10% (give it to God), save the next 20% and then have some spending for a toy or packets of scoobydoos or whatever. It’s not a big deal, but it’s an active thing we do. Money is a means to an end. You control it, don’t let it control you. We are both heading to 40, and not nearly to retirement. But we are about to sign on another house, and sort of get the boys involved. They are not scared of property investing so that is a big hurdle they won’t have to get over.
Meeg the Deeg
, My son (8 yo) saves his pocket money and buys his own ps2 games….(yes not value adding) he also looks at trading games he doesn’t play with. his really tight with his money and usually collects my loose change I leave on the counter. He is arranging a toy garage sale and has seperated his toys. My daughter (10 yo) on the other hand spends what she’s given staright away
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