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what would you rather have
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| posted by bunthorne 115 days ago |
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Check out Wan Chai of a Sunday and you'll see plenty of guys in their 50s with babes in arms.
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| posted by smog 115 days ago |
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Bloke, yes, but if you've invested a load of money in your 20s/30s then the interest/income from that should be generating a reasonable amount.
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| posted by HKBloke 115 days ago |
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Yes agreed - but that 'If' is absolutely key.
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| posted by Zebedee 115 days ago |
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Thankyou TCAG !
The interesting one is your 40's (admittedly where I'm at) which is the point I believe where the dynamics change, but clearly this is dependent on capital built up from 30's. What's interesting in 40's is the analysis of your NET annual income, note NET not GROSS i.e. what percentage of it is from investments against say salary / bonus? Strip out all your outgoings, living costs, tax etc, and work out an approximate NET annual income figure, investment return + salary / bonus. I'd say one should strive to achieve almost an equal split 50/50.....if you get towards an annual NET income that is split 70% from investment return and 30% from salary / bonus (after outgoings) into your mid-late 40's, I'd say you're cracked it. Obviously retirement is when you reach the point where 100% of your income comes from investments.
Whatever...
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| posted by Zebedee 115 days ago |
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On kids, my view is that if you have kids late (say late 30's early 40's), I believe you need to ramp up the stress / career and income thing much more dynamically or suddenly, or you will be working until your 65......if you have them early, I believe there is less of a need to do this, and the stress / career and income thing can be smoother over a longer period.
Z
Whatever...
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| posted by Paps of Jura 115 days ago |
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I think I'm faling in love with Zebedee.... Sssshhhh don't tell Spanner
Dib Dob nib knob
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| posted by EmilyBronte 115 days ago |
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quote:
Originally posted by Zebedee
On kids, my view is that if you have kids late (say late 30's early 40's), I believe you need to ramp up the stress / career and income thing much more dynamically or suddenly, or you will be working until your 65......if you have them early, I believe there is less of a need to do this, and the stress / career and income thing can be smoother over a longer period.
Z
Assuming , of course, you have reached late 30's early 40's with no savings/assets whatsoever to show for all your years of work?
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| posted by HKBloke 115 days ago |
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quote:
Originally posted by Zebedee
On kids, my view is that if you have kids late (say late 30's early 40's), I believe you need to ramp up the stress / career and income thing much more dynamically or suddenly, or you will be working until your 65......if you have them early, I believe there is less of a need to do this, and the stress / career and income thing can be smoother over a longer period.
Z
Yes absolutely agree - which is why said you need to incorporate kid plans into any decision that you make. They go hand in hand.
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| posted by Paps of Jura 115 days ago |
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Best not have any kids if that's the case
Dib Dob nib knob
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| The Designer |
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| posted by HKBloke 115 days ago |
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But also bear in mind that kids are an investment that hopefully will start to pay you dividends 30 odd years later on.
They are just a different kind of asset class.
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| posted by EmilyBronte 115 days ago (edited 115 days ago) |
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Re- financial planning vs kids - Wonder if most of our parents thought that way? Doubt it. And look, here we all are, healthy, happy, earning, having kids. Life just happens to you sometimes, and kids are not detrimental to your life, infact, they can make a very stressful job seem like a million miles away when you get home. Well worth a bit less cash in my opinion.
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| posted by EmilyBronte 115 days ago |
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quote:
Originally posted by HKBloke
But also bear in mind that kids are an investment that hopefully will start to pay you dividends 30 odd years later on.
They are just a different kind of asset class.
You've been in HK too long.
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| posted by Zebedee 115 days ago |
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quote:
Originally posted by Paps of Jura
I think I'm faling in love with Zebedee.... Sssshhhh don't tell Spanner
((Blush))....let me review my availability and I'll try get back to you soon lol !
Z
Whatever...
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| posted by Paps of Jura 115 days ago |
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HK bloke.. are you seriously saying you expect you kids to pay you money when they are sorted and established ??? Get real, which UK family do you know that this is standard practice for ??
Yeah they may have to sort out the p**s and s**t home for you when all is done but they owe you nothing when they are working and earning... Just a question.. what do you contribute to your folks back home ??
Dib Dob nib knob
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| posted by HKBloke 115 days ago |
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no of course not !!!! - but they will give you lots of other things - friendship, grand-children, advice - the list goes on.
And perhaps the odd round the world cruise on a big wedding anniversary.
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| posted by Paps of Jura 115 days ago |
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Ohhh I c.. thought you were going all guilt tripping local for a second
Keep dreaming on the cruise thing !! I doubt your kids will even remember your wedding anniversary
Dib Dob nib knob
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| posted by HKBloke 115 days ago |
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They will. We have put appropriate clauses in the will.
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| posted by The Cerne Abbas Giant 115 days ago |
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There are plenty of older dads around Hong Kong on their first, second or third marriages. They seem to do OK. I don't think the financial aspect of having kids is any more of a factor for them than it is when people choose to have kids whilst skint in their twenties. Each to their own I say.
Watchu talkin' about Willis?
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| posted by spannermonkey 115 days ago |
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quote:
Originally posted by HKBloke
They will. We have put appropriate clauses in the will.
...but you can only exercise that clause if you leave Hong Kong....
http://www.marisamiller.com
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| posted by smog 115 days ago (edited 115 days ago) |
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HKBloke,
You obviously have different expectations from kids than me... Once they graduate then as far as I am concerned kids are entirely financially independent from their parents (except in times of dire need in either direction). As an objective (albeit one that is difficult to achieve) I encouraged my parents to enjoy what they had on the basis of "can't take it with you, and (my brother and) I have enough". I plan to do the same.
_______________________________________________________________
Keymaker - "Here Kitty! Nice Kitty! Daddy's got a little surprise for you!"
_______________________________________________________________
http://smogsblog.wordpress.com for more of the same
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