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Investing/Strategies / Retirement Investing
|Subject: Re: How do you leave it behind ???||Date: 10/31/2000 9:15 AM|
|Author: BGPenhollo||Number: 25870 of 76594|
"I don't want to leave money behind to those who will squander them, and there are some charities that I would like to give and know that it will be put to good use. So parents and grandparents out there how much are you obligated to give to family. I do not have children therefore I don't know how make this judgement. "
Hopefully you will have many years left to consider all the alternatives.
Ignoring the insurance issue for the moment, your 150K at 29, will hopefully grow and at 11% with just $2,000 invest in a Roth or other retirement savings, you could be looking at $6.5 million in 35 years.
As your net worth continues to climb, you will have many more options.
You could set up a foundation now with as little as $1 million - some people are doing it with less. The foundation could give 1 year scholarships to HS graduates from your home town who go to your alma mater. It could be yearly grants to schools who research something you value.
As a parent and grandparent, we will be leaving money to our four children as well a 1/4 of our assets to the church we belong. We have set up a trust which will dole out the inheritance at 3 ages, 23,30, and 35 to our children.
We don't care what they spend it on and our hope is that at the age of 30 and 35, they will not squander it.
I suggest that you begin reading books on estate planning, charity giving, and foundations.
Good Luck with your future investments.
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