*The Commerce Journal>>>Personal Finance

Warren Buffett has claimed that a significant amount of his wealth will not be given to his kids...answer this

"I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing"

How much money in your opinion would be enough for someone to feel like they could do anything, but not so much that they feel like doing nothing?

Im my opinion it would be enough to pull living expenses from without hurting your principal.

So if you want to give yourself an income of 300,000 (for example), and you think you can do that very safely by taking 5% of your money- you would need $6 Million.

6,000,000 * .05= 300,000

This would give you an income to pay your mortgage and living expenses while you can do what you would like (teach, volunteer, work for bill & melinda gates foundation- whatever it may be)

This is a great calculation to help you figure out retirement as well. And you want to try to take less out than you expect to get in investment return.

FYI- substitute for different incomes and % withdrawals as you wish.

Difficult to answer this in terms of a figure. I understand what you mean, people should make their own way in life, however in most cases if an estate is not shared between family members it will simply get swallowed up by the state.

Stephen
http://www.uk-logo.com

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　　Australia Taxes 　　Small Business 　　Renting & Real Estate 　　Personal Finance 　　Investing 　　Insurance 　　Credit

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