Thoughts on 5M Portfolio?

[resjudicata]

@piouswhale Until they marry some douchebag

 

[adversa]

@piouswhale Trust with a competent trustee. Trust but verify. Hope is not a strategy.

(built and manage generational wealth)

 

[amm]

@nitelock75 Yep that’s the problem. OP earned it by working hard and making smart decisions. Given all that wealth to his kids who did not deserve it and they’ll waste it.

 

[butterflykisses91886]

@piouswhale $5M and retiring at 72 is already "generational wealth" He's better off retiring and spending quality time and living a modest lifestyle.

 

[akb]

@butterflykisses91886 Dude with $5 million and only $120k in expenses, you can live quite nicely for a while (I assume house is paid off)

 

[leena2016]

@akb For a while? Dude you could live longer than the longest living person in human history with that setup. After you factor in SS income that will be less than a 2% yearly draw rate.

 

[akb]

@leena2016 Time to get the iced out chain!

 

[smokey99]

@piouswhale My sister in law comes from such family with generational wealth. Her grandfather left a fortune and her dumb ass mother spent it all on bullshit and never worked a day in her life.

 

[mercedesrub40]

@piouswhale If every subsequent generation assumed they were getting nothing they'd work much harder to make something of themselves.

 

[bambamikesell]

@mercedesrub40 I definitely agree I'm not telling my daughter anything. I want her to bust her ass to make something of herself

 

[leena2016]

@piouswhale How much is enough for generational wealth? Or is there no limit? Personally I believe being able to give your kids a head start is great, but making them so rich that they don't have to work or ever be challenged to do anything isn't.

 

[deborahinhighlands]

@piouswhale

Idk about OP, but coming from semi-poor family thats my goal in investing.

As an Eastern European immigrant from a genuinely poor family where my father raised a family of 4 on $26k/yr in 2000 for a few years when we first got to the states... Generational Wealthy is also a trap that leaves a bunch of unmotivated kids around who do nothing but rely on it.

My sister and I both turned out quite well because we didn't have that net.

 

[peace28]

@faithfullyhis4ever He likes working because his job gives his life meaning. My dad retired early then spent the next 20 years getting brainwashed by Fox News because he didn’t care to travel or have any hobbies he enjoyed.

For a lot of people there is only so much TV, video games and internet a person can look at before they get bored. And if they don’t have any passion beyond working then retirement can lead to listlessness.

 

[kc1312]

@peace28 Is your father my father in law? Because that was a perfect description

 

[peace28]

@kc1312 Honestly I think that’s the reason we are in the political situation we are in. A whole generation of early boomers retired in their 50s and then spent the next 20 years watching Fox News as their main hobby.

 

[riztok]

@faithfullyhis4ever He enjoys working. Why not keep doing what you like until you retire!! Purpose is good for your life too

 

[hirono]

@faithfullyhis4ever Then someone else gets it all and gets to spend it. Yay.

 

[xrrbx]

@darienjames My parents are similar to that and OP's situation. My dad is 71 and makes well over a quarter of a million a year as a partner, my parents have over $5 million dollars in assets, and even in their most bearish retirement projections they're going to die with more in assets then they have today. I don't see any scenario where me and my 2 siblings won't eventually inherit at least $1.5 million each.

My dad has been saying for years that he's going to start cutting back on his workload and shift into retirement, but the only times he's ever cut back are when he was spending a bunch of time caring for his elderly parents, and when his health issues required him to cut back to go to a bunch of doctor appointments. I'm skeptical that he'll ever fully retire unless his health makes him.

 

[charlotte9014]

@xrrbx This. This actually is a portfolio proposed to my parents my a new advisor working on an hourly-based fee. My dad is a doctor who loves his work and derives more meaning from it than anything else. I tell him he doesn't need to work so hard and maybe he can move to part-time. The money he earns doesn't matter at this point - he does it because he loves it, and know's he contributes.

 

[rpmk01]

@charlotte9014 That settles it in my books if the man loves his work he should carry on…..let love lead