Making touch with financial advisors like Elizabeth Regina Nelson who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Elizabeth Regina Nelsen has really set the standard for others to follow, we love her here in the Uk 🇬🇧 as she has been really helpful and changed lots of life's.
You don’t have to tell them, they already assume you have money based on your mindset. Best to start teaching them about money now, budgeting , investments etc. Then set up a trust, not a will that will be paid out based on requirements that must be fulfilled.
Agree. We have not told our 28 and 27 year old. But we have been teaching them how to responsibly manage money and wealth their whole life and continue to do so. Both are totally responsible with their own money and are living within their means, working hard, and saving for their own retirements. And yes, they know we have wealth.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Charlotte Grace Miller for helping me achieve this
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Steve Harvey said it best. "This isn't Your Money. This is MY MONEY. You need to go make your own." Also, don't tell tham anything. Let them find out at the will reading. AND definitely make those age limits are appropriate and based upon some life markers.
Appoint the most responsible one as the estate executor. Let them know what is means and what is expected of them, but there is no reason to go into numbers.
@ I am hoping to do financial counseling when I retire in a couple years as a church volunteer. I grew up on Larry Burkett before Dave was even around as a teacher. I earned envelope budgeting at age 14.
We started talking to our kids when they were 3 and 8. The conversation progressed in their teens. We set up their retirement Roth IRA's together in their teens and taught them about finances. Today I would start a 1 year old off with a 401k invested in a S&P 500 fund. Our kids grew up knowing where every dollar we have came from and is invested. We have retirement accounts and real-estate. They have known about our finances from the beginning and it has allowed them to develop as financially responsible young adults. As parents you do your children a disservice not teaching them and letting them learn from your success and failure. The day you talk to them is TODAY. The hardest part for me has been trying to have the these same finance conversations with my new sons-in-laws. It is a different dynamic but they to now know our finances and money moves we make. Above all talk to your family, learn and grow together.
Put all or most of your assets into a trust and notify your children how to access the trust after you have passed away. NEVER LET THEM KNOW that you are multi-millionaires.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income; thus, I am looking at the stock market to fuel my retirement goal of $3 million.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500,000, and I've so far made a fortune. I'm now buying real estate, gold, and silver as advised by my FA.
I truly appreciate the implementation of ideas and strategies that result in unmeasurable progress, thus the search for a reputable advisor. Mind sharing info of this person guiding you, please?
Caroline Suzan Olson is my financial advisor. Just google the name, and you'd find the necessary details. To be honest, I almost didn't buy the idea of letting someone handle growing my finances, but so glad I did.
Wait until all your kids have grown up, found themselves, able to take care of themselves, have their own lives! Otherwise, they can find out when the will is read.
They are too young right now but at some point you have to include them. I think my husband, his brother and I was were included in a meeting with the estate attorney maybe in our 30s. The Atty went over the trust, etc. Our kids 16 and 12 knows we have investments, inherited house, etc. but they don't know real numbers yet. They know what we invest our own money and their money and it's growing. We talk about that stuff openly, we just don't mention numbers yet. If you want your kids to know how to handle money when you are gone, I think you have to prepare them instead of being scared and not know what to do with that much money. They are not really that interested when they are young but as they get older they might start listening to some of the things you're saying.
Trashy? People kill for less money im only worth 1.5 mil if i died today my kids 12 and 9 in 10 years i should be wprth 5 million thats why i ensure my kids love me lol
Around 2 minutes, why in the world would you go to college if you already had money? You can pick up a few books and learn just as much as you would in college for way less money.
One thing i'm wondering about, is the audience here all american or are there also people from other countries listening? Not everything here is applicable for every country, but the fundamentals are very similar and at least for me its very entertaining. I'm watching from Germany by the way.
People saying 3 million aint alot of money probably dont have 1million. I dont care what climate u in 3 million in assest is a lot of money with cash too if u have 3 million in cash you can buy all 3 kids a 300000 house spending a million dollars and the kids can just work and save and pay bills and be good
Tell them to save at least 150k in liquid assets on their own first. Then they can have some. This way they learn the difficulties involved in gaining that wealth.
You're doing a fantastic job! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
This isnt 1986 or 1992… $3 million isn’t “that much” money. Estate planning and tell them about what’s in the will. The beneficiary of my life insurance and certain assets is a trust and it doles out a certain amount of money each year plus some one-off events like a home down payment, car, or tuition. When they hit 30 they get paid out the balance of whatever is left.
@ 36% ROI on CSPs? You’re asking to get wiped out or be bag holding for years. What are you selling these CSPs on? NVDA or triple leveraged ETFs? 😂 No such thing as a free lunch; you’re being compensated for risk and 36% is a lot of risk. Besides, their total net worth is $3 million so a third of it is likely illiquid.
@@SummaGirl1347 I live in a Canada. I know how things are. Trailers are damn near 250k. I got a single apartment and rent is 900 a month. All my bills, food etc. including rent is 1800 a month. MOST rent here is like 1400 an up a month but you shop smart. I could quit my job and live off 3 million lmao. It is a lot to SOME people.
You will probably live for another 30 years. Worry about living well when getting old rather than your kids. Write your will and leave it 5 years before discussing the detail. Don't use your will to control your kids.
Having The Plan is essential. It bring minor child a lot of comfort "knowing" that they will have a roof over their head. The dollars are not important until after Mom and Dad are gone. But I do hope you taught your daughter something about money management.
why tell them at all wouldnt it be better to act like they're not getting anything or only a little so they don't live lifestyles hoping that you die soon so they can live out on the 1.5 mil lol
Fetch AI analyses go beyond surface-level trends. He delves into technical, fundamental, and sentiment analysis, providing a holistic view of the market.
I have never seen a trader as open and transparent as Fetch AI is with his clients. The way he decides to make a profit for his clients. He allows you to express your fears and he still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. He is really cool.
I just looked up his name online. He is licensed with credible certificates and has an amazing track record and he is all about simple technique that are highly profitable, I really admire his winning mentality.
They act like they have 300 million with that question. Imagine that a lot of that money is tied up in a home. They are 16 and 21, I'm sure they have an idea of what their parents have.
When parents put in these ridiculous staggered inheritance structures all it does is act as a control mechanism on your ADULT children and will result in them resenting you. Let them make their own decisions once they are legally adults.
3.5 million isn't that much. There are all kinds of FIRE 30 and 40 year olds with that much. Not to mention FatFIRE. You don't need to tell them anything.
I'm glad you made this video it reminds me of my transformation from a nobody to good home, $34k monthly and a good daughter full of love
My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.
wow this awesome I'm 47 and have been looking for ways to be successful, please how??
Making touch with financial advisors like Elizabeth Regina Nelson who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Thanks to Mrs. Elizabeth Regina Nelsen's time in my life, which had a profound impact on me.
Elizabeth Regina Nelsen has really set the standard for others to follow, we love her here in the Uk 🇬🇧 as she has been really helpful and changed lots of life's.
You don’t have to tell them, they already assume you have money based on your mindset. Best to start teaching them about money now, budgeting , investments etc. Then set up a trust, not a will that will be paid out based on requirements that must be fulfilled.
Agree. We have not told our 28 and 27 year old. But we have been teaching them how to responsibly manage money and wealth their whole life and continue to do so. Both are totally responsible with their own money and are living within their means, working hard, and saving for their own retirements. And yes, they know we have wealth.
Write up a will and tell them about it. You don't have to tell them what's in the will.
Yeah that's good enough.
Some people make simple things so complicated.
@@blackworldtraveler3711 A will can be contested. A trust is iron tight.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Charlotte Grace Miller for helping me achieve this
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Steve Harvey said it best. "This isn't Your Money. This is MY MONEY. You need to go make your own." Also, don't tell tham anything. Let them find out at the will reading. AND definitely make those age limits are appropriate and based upon some life markers.
No. They can find out if you leave them an inheritance. Why tell them unless you want to be controlling about it?
We put our kids thru undergraduate college only, and we gave them one used car each. They have to wait until we both are dead for the rest.
Appoint the most responsible one as the estate executor. Let them know what is means and what is expected of them, but there is no reason to go into numbers.
We are sitting on 5 million (not counting house etc). Our kids know but they do not share outside our immediate family
What brings you to Dave UA-cam if you already have 5 mil?
@ I am hoping to do financial counseling when I retire in a couple years as a church volunteer. I grew up on Larry Burkett before Dave was even around as a teacher. I earned envelope budgeting at age 14.
Dont ever tell them because once they find out about inheritance, they'll just wait for that time to come. That inheritance will not last a year.
We started talking to our kids when they were 3 and 8. The conversation progressed in their teens. We set up their retirement Roth IRA's together in their teens and taught them about finances.
Today I would start a 1 year old off with a 401k invested in a S&P 500 fund.
Our kids grew up knowing where every dollar we have came from and is invested. We have retirement accounts and real-estate. They have known about our finances from the beginning and it has allowed them to develop as financially responsible young adults.
As parents you do your children a disservice not teaching them and letting them learn from your success and failure. The day you talk to them is TODAY.
The hardest part for me has been trying to have the these same finance conversations with my new sons-in-laws. It is a different dynamic but they to now know our finances and money moves we make.
Above all talk to your family, learn and grow together.
Put all or most of your assets into a trust and notify your children how to access the trust after you have passed away. NEVER LET THEM KNOW that you are multi-millionaires.
They know more than you think
25 years old and a trust.
I want them to have the skills to make their own.
No, don't tell, until your much older.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income; thus, I am looking at the stock market to fuel my retirement goal of $3 million.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500,000, and I've so far made a fortune. I'm now buying real estate, gold, and silver as advised by my FA.
I truly appreciate the implementation of ideas and strategies that result in unmeasurable progress, thus the search for a reputable advisor. Mind sharing info of this person guiding you, please?
Caroline Suzan Olson is my financial advisor. Just google the name, and you'd find the necessary details. To be honest, I almost didn't buy the idea of letting someone handle growing my finances, but so glad I did.
I just googled her name and found her website; thank you for sharing.
Never, let it be a surprise. You don’t want a Lyle and Erick situation.
No reason to tell them.
Wait until all your kids have grown up, found themselves, able to take care of themselves, have their own lives! Otherwise, they can find out when the will is read.
They are too young right now but at some point you have to include them. I think my husband, his brother and I was were included in a meeting with the estate attorney maybe in our 30s. The Atty went over the trust, etc. Our kids 16 and 12 knows we have investments, inherited house, etc. but they don't know real numbers yet. They know what we invest our own money and their money and it's growing. We talk about that stuff openly, we just don't mention numbers yet. If you want your kids to know how to handle money when you are gone, I think you have to prepare them instead of being scared and not know what to do with that much money. They are not really that interested when they are young but as they get older they might start listening to some of the things you're saying.
Why write in call in when you are going to brag.
Since we watch to much of the crime shows, it scares me to tell my kids. 😂
Trashy
Trashy? People kill for less money im only worth 1.5 mil if i died today my kids 12 and 9 in 10 years i should be wprth 5 million thats why i ensure my kids love me lol
……..Menendez brothers
Around 2 minutes, why in the world would you go to college if you already had money?
You can pick up a few books and learn just as much as you would in college for way less money.
My children are 38 and 34 and they'll find out when we die.
It’s not liquid stuff has to be liquidated before they’ll even see
3M is good but not that crazy. Don't ask. Don't Tell. I suggest wait till kids are old enough to buy a house lol.
oh yeah? you multimillionaire? 🤡
One thing i'm wondering about, is the audience here all american or are there also people from other countries listening?
Not everything here is applicable for every country, but the fundamentals are very similar and at least for me its very entertaining.
I'm watching from Germany by the way.
People saying 3 million aint alot of money probably dont have 1million. I dont care what climate u in 3 million in assest is a lot of money with cash too if u have 3 million in cash you can buy all 3 kids a 300000 house spending a million dollars and the kids can just work and save and pay bills and be good
I think it's a "in the grand scheme" view.. $3MM is not generational wealth. It's a healthy retirement for a hard working couple with decent careers.
Tell them to save at least 150k in liquid assets on their own first. Then they can have some. This way they learn the difficulties involved in gaining that wealth.
In the meantime, Ken's eating a Thanksgiving feast part deux for lunch.
Hey - YT is deleting stuff like crazy. Anyway, I think Dave's growth fund is FMAGX. 15.8% return since 1963.
@todd2456 Got it - Thanks!
Yes, they are deleting a lot lately as if there is some auto trigger if we comment too much or who knows for what.
You can easily blow $3M on healthcare if one of them gets cancer or something.
Insurance policies have max out of pocket limits.
My friend's husband had to have a heart transplant which has cost them 2 million so far. Medical costs can go to the sky.
@todd2456 if you have cancer you won't be insurable once the Trump admin repeals the ACA (Obamacare).
@@Jennifer-xh7lj THis is an extreme example
@@Jennifer-xh7lj Must have terrible insurance. Policies have a max out of pocket.
Just yesterday, I learned a 26 y/o family member is not moving ahead in life b/c he expects to inherit in maybe 30 years
You're doing a fantastic job! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
I just have 3$ wealth 😅
Don’t tell them. What’s the point of building generational wealth right ?
Never be more valuable dead than alive. Keep your mouths shut and set up trusts for kids.
This isnt 1986 or 1992… $3 million isn’t “that much” money.
Estate planning and tell them about what’s in the will.
The beneficiary of my life insurance and certain assets is a trust and it doles out a certain amount of money each year plus some one-off events like a home down payment, car, or tuition. When they hit 30 they get paid out the balance of whatever is left.
You can make on the low end three percent a month selling cash secured puts. If 90,000 a month isn’t a lot I don’t know what planet I’m on.
@ 36% ROI on CSPs? You’re asking to get wiped out or be bag holding for years. What are you selling these CSPs on? NVDA or triple leveraged ETFs? 😂
No such thing as a free lunch; you’re being compensated for risk and 36% is a lot of risk.
Besides, their total net worth is $3 million so a third of it is likely illiquid.
tf are you talking about 3 million isnt that much? your average american will never touch 1 MILLION. You're a clown.
@ risk? To purchase something, that you would have purchased anyway. 🤔
$3m is more than 95% of people today..
Why can't adults use half their brain on this stuff.
Make trust fund that they get at 30 .
3 million? I had that at 40. You better get back to work.
I love these people in the comments who say "nehhh 3 million aint dat much". All in their moms basement with 10k in their bank.
Agree, less than 5% of people have a net worth over $3m… I’m on my way, $1.25m at 34
Or, we live in a part of the country where a crack house goes for $500k.
@@tayross97 congrats! nothing to scoff at what so ever. It is a lot of money.
@@SummaGirl1347 I live in a Canada. I know how things are. Trailers are damn near 250k. I got a single apartment and rent is 900 a month. All my bills, food etc. including rent is 1800 a month. MOST rent here is like 1400 an up a month but you shop smart. I could quit my job and live off 3 million lmao. It is a lot to SOME people.
I live in Massachusetts, $500k here is a starter home that needs some love
Fake call ? - I am pretty sure the KIDS know if U have wealth
Too early. Need to know how their character is first
They actually think this is a lot of money? Calm down, lady. You’re not exactly a Rothschild.
Does everyone talking shit about “3 mil not being that much” have the same amount or more? Silly geese.
Most of the time you can trust a son, but never a daughter. MOST of the time.
You must not watch Forensic Files.
@SummaGirl1347 no, I'm not typical American who binge watches their life away and then complains about getting nowhere.
You can't trust an American.
3m isn't wealth. That's a basic retirement nest egg
You will probably live for another 30 years. Worry about living well when getting old rather than your kids. Write your will and leave it 5 years before discussing the detail. Don't use your will to control your kids.
❤🎉 first comment
Great question
When they have $500k networth.
3M is NOT wealthy !!!
Here's the fun part: you don't.
Having The Plan is essential. It bring minor child a lot of comfort "knowing" that they will have a roof over their head. The dollars are not important until after Mom and Dad are gone. But I do hope you taught your daughter something about money management.
why tell them at all wouldnt it be better to act like they're not getting anything or only a little so they don't live lifestyles hoping that you die soon so they can live out on the 1.5 mil lol
Fetch AI analyses go beyond surface-level trends. He delves into technical, fundamental, and sentiment analysis, providing a holistic view of the market.
I have never seen a trader as open and transparent as Fetch AI is with his clients. The way he decides to make a profit for his clients. He allows you to express your fears and he still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. He is really cool.
Wow. I'm a bit perplexed seeing Fetch AI been mentioned here also. Didn't know he has been good to so many people too, this guy is wonderful
I just looked up his name online. He is licensed with credible certificates and has an amazing track record and he is all about simple technique that are highly profitable, I really admire his winning mentality.
He is always active on
T E
They act like they have 300 million with that question. Imagine that a lot of that money is tied up in a home. They are 16 and 21, I'm sure they have an idea of what their parents have.
It's a brag call.
@djpuplex to be honest the kids will probably be disappointed lol. Probably think they had more
@@djpuplex3 mm isn’t much to brag about
@@mtbokor1969more than you have
@@mtbokor1969Agree totally. It isn’t much at all especially if you still have years of retirement ahead.
Your channel is like a joyful journey into the world of fun and entertainment. Keep making us happy with your funny videos!🐃🦆🗽
When parents put in these ridiculous staggered inheritance structures all it does is act as a control mechanism on your ADULT children and will result in them resenting you. Let them make their own decisions once they are legally adults.
As needed
3.5 million isn't that much. There are all kinds of FIRE 30 and 40 year olds with that much. Not to mention FatFIRE. You don't need to tell them anything.
Your channel is a true source of inspiration and learning. Thank you for your warmth and light that you bring into our lives!🍅🟤🥒
Watching your videos is a real pleasure! Thank you for your contribution to the UA-cam community.🌎🌷🛤