No. of Recommendations: 4
C44

I have been reading this thread with interest and thinking .... if your nieces and nephews are underage? This may be the best time to have some real influence on their lives as regards finances - which seems to be your intent.

I understand that some of them (one family) are several states away and have values which concern you. I assume that there is another family(s) with values of which you approve. (Personally, I hope that you treat them all equally as regards your will.) I also understand that you wish to retain your monies for your own unforeseen needs in the meantime. Completely reasonable and prudent. Do I have it right so far?

But back to those young people that you wish to influence? IMO, the time is NOW. Not later. And that influence may not require big bucks if they are currently underage. Under 20 years old would be great! (And in my mind it would not require equal treatment currently between those families (children) who hold your values and those that do not. Trying to influence NOW is different than inheriting later - as regards all those cousins.)

Anyway, my thought would be to consider matching THEIR savings. Paper routes, babysitting, lawn mowing, grocery carry out, whatever. Maybe set up savings accounts in EACH of their names - at a bank in their home town and fund each account with $100(?). With the idea that you'd match $ for $ any savings that they contribute to the account. That would require a letter from you to them. Laying out your plan. Your love and hopes for them. And keeping in mind Sashamore's comments. Nothing that would offend the parent's - because the parents will have to support (transportation, etc.) any jobs that the kids take on. It may not work.

Let me give you an example. I know "fellas" who have matched $ for $ any savings that their caddies (golf) make. There are fantastic success stories. But the parents get the kids to the course. That's huge in itself. And many days, caddys sit around for hours waiting for a job that doesn't come. That's awful. But, they better be back the NEXT DAY, or they're out of the loop. Little kids, fat kids, HOT days, tough members sometimes ...

But the "fellas" have ongoing contact with the caddies. Influence on a daily/weekly basis for a number of years. Put that savings incentive into place? - and a lot of times it takes hold. But there is already a work ethic of sorts in place. Right? And somebody getting the kid to the JOB. It's great training. And contacts.

I don't know how YOU can have real influence re kids and their values being 10(???) states away. But my advice FWIW is to try to influence their direction NOW. While you're living.

Leaving $250K later(?) is down the drain. And won't do diddly squat anyway. As you know.

Much tougher to think about how YOU can impact and influence their lives NOW. That's the tough stuff. Not the $$$ later. Too late, IMO.

Best and good luck ..... Lethean




















Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.