My adult kids are successful. I could give them a huge financial gift. Why I'm hesitating might surprise you. It's about the "gift of struggle" and the lessons money can't buy. A father's dilemma.
As I update my own personal financial plan, I have built in what I deem the minimums for what I want to be able to do for my three children: pay for the undergrad and grad degrees and pay for their weddings. What I hope to be able to do is gift them a meaningful sum as a down payment on their first home. But I have not built that sum into my personal financial plan, yet, as I want to balance how much longer I work with how much of my financial resources will be spent on the futures of my children vs. my own. That’s also why lifelong financial planning is important. As my life evolves my goals will surely evolve.
Well said and spot on. Financial planning gives us context for key decisions. A honest competent financial advisor can play a pivotal role in helping clients think through these type of decisions
As I update my own personal financial plan, I have built in what I deem the minimums for what I want to be able to do for my three children: pay for the undergrad and grad degrees and pay for their weddings. What I hope to be able to do is gift them a meaningful sum as a down payment on their first home. But I have not built that sum into my personal financial plan, yet, as I want to balance how much longer I work with how much of my financial resources will be spent on the futures of my children vs. my own. That’s also why lifelong financial planning is important. As my life evolves my goals will surely evolve.
Well said and spot on. Financial planning gives us context for key decisions. A honest competent financial advisor can play a pivotal role in helping clients think through these type of decisions