Passing Your Wisdom To Your Children

[Quoi]

As i approach retirement I realise that i havent been very smart financially and i can see with all of my four children that this hasnt helped them to be prudent with their finances so far. They are all over 30 and I think it may be too late in some ways for them to change their mindset about preparing financially for the future.
I wanted to see if i could influence this by discussing my thoughts with them and ensure that they pass on the right message to their own children before its to late for the next generation of the family too.
Any suggestions as to how i should approach this?

[vetuste_ennemi]

//Guill - are you saying that if you keep £20,000 in 123 account - you get £40 a month interest.//

Love it. Where can I get 4% on my savings/

[Guilbert53]

>>>Guill - are you saying that if you keep £20,000 in 123 account - you get £40 a month interest.

With a 123 account you get 1.5% interest plus you get money back if you pay out direct debits (I pay out ALL my direct debits from that account, about a dozen of them, some yearly).

You have to pay in at least £500 a month.

The amount I get does vary each month (depending on how many direct debits go out). The account also costs £5 each month.

Last month (February) I got £37.13
In January I got £38.64

Note as a 123 customer you also get extra on savings accounts.

So as a 123 customer I get more interest per month on my ISA than I do over a NON 123 customer.

They also do an account where I pay in £200 a month and get 5% interest (only for a year, but then when it stops you just open another Regular Saver account).

I do it all online so it is very easy.

[vetuste_ennemi]

Guilbert (or whoever), please tell me where I can get 4% on my savings.

[Quoi]

Thanks for the replies again - going back to Spath - I wish someone had told me to put some by when times were good - its not easy to tell someone to look forward 30 years - hence the use of the word wisdom.
My dad was a typical working man of the time - he provided 'just' enough for the family - of 10 kids - but gambling and drinking took the rest - not to excess - just not saved for the long term future - he did make a big deal about having money to one side for Xmas though.
We were council tenants and he had no money at all when he died - I was supplementing his pension.
Should have seen it all coming - another mistake haha.

[Mamyalynne]

You've had some great advice so no need to add - but if you start from the position of how you think you got it wrong they won't see your mentioning it as high handed.

As you say it's the next generation too.

[Guilbert53]

>>>We were council tenants and he had no money at all when he died

One could argue that is the best way to go, leaving no money.

When my father died (in his 80s) he owned a house worth about £600,000 and he had savings and stocks and shares worth about £200,000.

But he was a miserable git and argued with his wife and all his kids (my mum) and had no friends.

He did almost nothing with his life the last 10 or so years, just counted how much he had in the bank!

[Quoi]

Yes Mamya - they are all likely to respond to high-minded advice with ... well hark who's talking....

[Peter Pedant]

vet 4% with your money
rents
or stock market - stock picking
which my dad was good at and I am crap
possibly share ISAs - dont have any

[ummmm]

PP...is wasn't my mother. It was OH's mother.

[Peter Pedant]

reading a biog of Leonard Woolley ( ur of the chaldees) who bought a house with his brother for hid Dad
Dad died and his will directed sell everything and divide by three....
clearly his Dad didnt look at it like the two sons had bought a house for him.....
Also Woolley got archeology to pay a lot ( to buy the house etc) which certianly isnt the case now

[Peter Pedant]

// PP...is wasn't my mother. It was OH's mother.//

am I allowed to do an AB quippette ? whateveeeeer!
not intended to be ry

[ummmm]

No sense....yet again.

[vetuste_ennemi]

You hope kids listen. They often don't. But sometimes, and a bit later - they older, you more tired - you meet and almost agree on some things. And you hope those things are the important ones over and above the Spurs Arsenal derby. Not that I'd want to make light of that encounter.

[Garaman]

Where does 4% come into all this?

[Old_Geezer]

You can just point out that you realise that you've proved to be a bad example when it came to finance, and that you hope they can guide your grandchildren better than you guided them.

[Garaman]

I'd tell them that I started out with nothing and I still have most of it.

[Peter Pedant]

// No sense....yet again.// hahashaha on a financial thread

last sentence intended to be - - "not meaning to be rude"

The sense was - does it matter if it were your mother or father or your mother or father in law that gave the good advice ? - good advice is good advice even if it is ignored or misconstrued....

so returning to the thread - any advice beginning "dont be like me ...." seems doomed. and a co-worker whose catch phrase was the opposite "you should be like me..." ended up having a dinner poured over him ....

and where does 4% come into all this ?
it doesnt - it was a distractor for the green-eyed
(umm: who dey den?)

[Peter Pedant]

// And you hope those things are the important ones over and above the Spurs Arsenal derby.//

keep off the 'I wish I had ....'
as it invites the literary equivalent of the standard AB quip of " what wish dat den?" - - " I wish you had.... as well."
and regrets dont really fill the bank account