My younger sister is trustee, eventually you have to have trust in your genetic lineage. Treasury Direct is a 'perpetual bag holder', meaning I trust the US will be around more than any other financial entity. The trust can't be used as a primary source of income, only for stipulated emergencies. The law firm just holds paperwork, 'managed'. I should have been more precise.
What's your "number"?
- Thread starter globalarbtrader
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My younger sister is trustee, eventually you have to have trust in your genetic lineage. Treasury Direct is a 'perpetual bag holder', meaning I trust the US will be around more than any other financial entity. The trust can't be used as a primary source of income, only for stipulated emergencies. The law firm just holds paperwork, 'managed'. I should have been more precise.
Are you American? A good plan is to gift them (or a trust) the maximum $14k per year per child (double that if you're married) and use the money to buy life insurance on you. If you expire in the near future, your children are all set because of the death benefit. If you don't, investment returns accrue tax-free internally in the policy and eventually your children are wealthy.
Where are you getting 1%?
Thanks Spectre, I started having a look at Treasury direct and noticed the links about trust and succession, it might end up quite interesting, but it's for US citizens (or at least residents ) only.
Truetype, I got the costs from private banking brochures, I can't remember exactly but it was not insignificant. Will check again. I'd rather go with a large bank though than some cheaper obscure offshore provider.
I'm not american btw, and so far we have no taxation issue nor limitation on the amount I can gift them.
I've checked life insurances and the returns are low (below 4%, I'd need to check properly how much below) , it seems a drag on other investments I could make, which are also tax free. Yet I'd be happy with 4% guaranteed on some capital, so curious to see how the insurance policies evolve with the interest rates going up.
Truetype, I got the costs from private banking brochures, I can't remember exactly but it was not insignificant. Will check again. I'd rather go with a large bank though than some cheaper obscure offshore provider.
I'm not american btw, and so far we have no taxation issue nor limitation on the amount I can gift them.
I've checked life insurances and the returns are low (below 4%, I'd need to check properly how much below) , it seems a drag on other investments I could make, which are also tax free. Yet I'd be happy with 4% guaranteed on some capital, so curious to see how the insurance policies evolve with the interest rates going up.
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There is no “number”…cause all the zero’s in front of “that number”…won’t help you when your super sick in the Hospital (I know from experience of close to dropping dead from a brain aneurysm coming off the beach in Maui Windsurfing 18 years ago).
For us “over 50 crowd”…it’s all about your Health & trying to feel killer every day + having “the right” Wife…by your side…who won’t bail on you when the “chips are down”---then going for a “BBD” (bigger-better-deal) & smashing you in the process.
Although…there’s nothing wrong with making $...as long as you f-e-e-l Great to enjoy it!!!!!
For us “over 50 crowd”…it’s all about your Health & trying to feel killer every day + having “the right” Wife…by your side…who won’t bail on you when the “chips are down”---then going for a “BBD” (bigger-better-deal) & smashing you in the process.
Although…there’s nothing wrong with making $...as long as you f-e-e-l Great to enjoy it!!!!!
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Funny, I was just thinking about that number yesterday evening.
I was thinking how much I want to make/day trading...how much of an average % return would I need on any given account size.
But the truth of it is...enough is Never enough
When I first started out...I thought...damn, if I could extract $100/day from the market I would be So Happy.
Then that number or plan...became 200. Then 500. Then 1,000...then 5,000...then 10,000...I thought, why limit yourself...what's stopping you from making $20,000/day...
Assuming you have no liquidity constraints because you're dabbling in a highly liquid thing...it's the Same principle whether it's a small trade amount, or a large one.
I was looking at the tiered pricing structure of diff brokers...and I thought to myself...I want exceed the top tier monthly volume one day.
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Funny, I was just thinking about that number yesterday evening.
I was thinking how much I want to make/day trading...how much of an average % return would I need on any given account size.
But the truth of it is...enough is Never enough
When I first started out...I thought...damn, if I could extract $100/day from the market I would be So Happy.
Then that number or plan...became 200. Then 500. Then 1,000...then 5,000...then 10,000...I thought, why limit yourself...what's stopping you from making $20,000/day...
Assuming you have no liquidity constraints because you're dabbling in a highly liquid thing...it's the Same principle whether it's a small trade amount, or a large one.
I was looking at the tiered pricing structure of diff brokers...and I thought to myself...I want exceed the top tier monthly volume one day.
That`s cool.Go for it!