[quote=Escoguy][quote=scaredyclassic][quote=flyer]Esco, creating generational wealth for your kids is a good thing, and that is something you are definitely on track to do, should you choose to.
I remember when our parents, and most of the family got into the real estate game. As kids, my wife and I had no idea then, what great decisions they were making, and, at the time, I don’t think they could have realized the full potential of their actions either. Of course, we continued to build on their gains, so it’s worked out well for all of us, just as it should for you and your family.
Interestingly we know many families who have done the same, and most of their stories are very interesting. One involves some good friends of my parents who started out buying tons of fixers and building the portfolio–with Dad and 5 sons doing all of the work themselves–fast forward to an empire that includes mega apartment complexes, shopping centers, etc., etc. Impressive for a guy who moved his family of 12 (10 kids + Mom and Dad) out to San Diego from Wisconsin where he was a milkman:) Sure, over the years they have had to fine-tune their business based upon changing market conditions, but all of them are still doing well.[/quote]
What if he’d moved to Utah? Phew.
I am very jealous, although I could never have done it and might all be meaningless, I applaud u.[/quote]
As an accountant, I think of equity in two pots (booked and unbooked).
Booked is the amount I think I can plan on regardless of how bad the economy gets etc, unbooked is a reflection of market prices above that.
In some ways, I’m still at the casino, no chips have been cashed, the night goes on.
Oddly enough, the ‘success’ doesn’t really change my life that much, I can be more relaxed about things but with good mental training, that is accessible to anyone.[/quote]
I meant meaningless in the Ecclesiastes sense if “hevel”, not meaningless like it will all fall apart.
Ecclesiastes says it doesn’t matter how rich you get, if you’re gonna worry about money you’re gonna worry.
Personally I don’t think you should worry.
Ecclesiastes 5:
10 Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless. 11 As goods increase, so do those who consume them. And what benefit are they to the owners except to feast their eyes on them? 12 The sleep of a laborer is sweet, whether they eat little or much, but as for the rich, their abundance permits them no sleep. 13 I have seen a grievous evil under the sun: wealth hoarded to the harm of its owners, 14 or wealth lost through some misfortune, so that when they have children there is nothing left for them to inherit. 15 Everyone comes naked from their mother’s womb, and as everyone comes, so they depart. They take nothing from their toil that they can carry in their hands. 16 This too is a grievous evil: As everyone comes, so they depart, and what do they gain, since they toil for the wind? 17 All their days they eat in darkness, with great frustration, affliction and anger. 18 This is what I have observed to be good: that it is appropriate for a person to eat, to drink and to find satisfaction in their toilsome labor under the sun during the few days of life God has given them—for this is their lot. 19 Moreover, when God gives someone wealth and possessions, and the ability to enjoy them, to accept their lot and be happy in their toil—this is a gift of God. 20 They seldom reflect on the days of their life, because God keeps them occupied with gladness of heart.
Ecclesiastes 5:10-20 NIV
I’m starting to really come around to this viewpoint. Enjoy your food, enjoy your spouse if you have, take pleasure in everything G-d gives you, because if the Jews are right, there’s nothing after here. Nothing. Just emptiness.
