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Author: BeanieMike One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 736118  
Subject: Re: Retirement Income Date: 9/26/2001 3:25 AM
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....but when you are young, (maybe I'm wrong) it gets to the itching point when all the extras cannot be afforded bcz "Dad is a lazy fool", dont you think so?

You really need to get those kids whipped into shape pretty quick, unless you want to spend your life trying to keep them satisfied with material goods and detracting from your personal goals.

Raised two daughters in So. Cal., surrounded by plenty of people with more $$$ and what looked like a better lifestyle. Early on, wife and I made it clear we would provide them with what we thought they needed, not wanted. We'd buy the sale items, the generic stuff, etc., and if they wanted the "labels" then they could pay the difference with allowance or [later] with their job income. We'll buy the $10-15 jeans, if they want some for $50-60+, they'd have to pay the difference. Same with shoes and all the other stuff kids “have to have.” They did pay the difference a few times, but not many. It's a lot easier to whine and pout for something than to fork over some hard earned money. And remember, the “cost” for them at a minimum-wage job is greater than at your income. Same for college. We said we could help a little costs at state school, but if they had dreams of Pepperdine, USC, Ivy League schools, etc., better get a scholarship, because the $$ ain't coming from us.

My 16-yr-old lamented that a classmate had a new car sitting in her driveway "just waiting for her to turn 16 and get her license." I told her there was a car waiting for her, too, we just didn't know where it was yet! Her first car was about $1500 [it was worth it to get out of chauffeur duty.]

Now in their mid-20's, I think they see the big picture and have a reasonable grasp on buying/saving/investing. They see parents that are RE in their early 50's and living comfortably. Not with a house on the bluff at the beach or driving matching M-B's, but enjoying life and out of the rat race. I don't think they see dad as a “lazy fool” for not working harder but as one who worked smarter for the benefit of himself and family. I think they're more focused on an FI goal than keeping up with the Jones.

Consumerism and “the Jones” are no allies in your quest for FIRE. If that's your goal, you need to get the kids on board for your benefit now and their benefit as they later become independent themselves.
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