Hello all....
The opinions i'm about to ask for are just those - opinions in that much of it has to do with personal ethos, and also one's financial picture.
I have young kids....10/6. For variety of reasons I might be retiring within the year at age 43/44. Of course, I wanted to leave much more for my kids in the future - again I know some have different philosophies and that's cool. Bottom line is, I won't be "setting up" as much as I wanted to and I feel like whale poop over it. Ok, here's what I THINK i'll be able to do for kids..... I'd like to know if people think it's good, not enough, great, too much, too little, etc. Of course this is all based on things going good, kids growing up the right way ,etc. (Using today's dollars, let's keep inflation off table just for discussion's sake)
*College
I'd have $75,000 per year for 6 years for EACH kid.
*Weddings
I'd have $75,000 for each kid ready to go.
*Other College Related Stuff
I'd have a *total* of $25,000 for each kid - perhaps for things like a study abroad semester, etc.
*After college is over
I envision $60,000 for EACH kid - towards home down payment, and a little slush fund in their bank accounts.
ALSO...I'd put aside $100,000 for each kid....the idea being they get $350 per month income out of it.....and if needed, it's a $100,000 emergency fund for things like deep recessions, or some of other life's pitfalls.
Inheritance
*********
If all goes as planned, perhaps $250,000 net per kid.
Am I doing right by my kids? Or is this cheapskate city?
Thanks for reading!