Most of the advice is good, but I disagree with some generalizations:
"My one big mistake in life has been providing a trust fund for my five children. I’m very comfortable paying for an education for as long as they want to study in a reputable university. However, providing additional funds so they could have a lifestyle beyond what they have achieved on their own was a mistake." - DICK RESCH
I don't know how big that fund was, and it might have been a mistake in his particular case - but I can tell you that the opposite (not providing any financial help under the "you must get ahead on your own" mantra) creates a lot of bitterness - missing U$ 10.000 for a down payment to buy a house (which I wouldn't mind having loaned, not a giveaway) and having to keep on paying rent and toiling at an awful company, while your parent inherits several millions, hurts. So does not having the possibility of asking for seed money for a startup, and having other people deny you by saying "your wealthy father doesn't invest in you, so why would I?". (note: I'm 32, I know I should have some money saved away by now, but I did make mistakes - actually I think I prove my point, not giving money doesn't guarantee your children won't make mistakes :P )
I sympathize with this. There were points when an extra $1,000 would have made all the difference in the world. And there was one point, following a major health problem, when a few thousand from a grandmother prevented me from having to switch away from long term priorities.
But would I have acted differently if I knew there was a trust fund? I think I might have. Not having one created a sense of urgency.
Would a good policy be promising nothing, then giving it when you see it will be put to good use? I don't know – any parents figure this one out.
His other mistake? Perhaps all the womanizing and general doucheyness. I am shocked - SHOCKED! - by the implication that his kids turned out to be spoiled brats.
> which I wouldn't mind having loaned, not a giveaway
It is fraudulent to make a down payment for a mortgage with borrowed money according to most mortgage contracts. IIRC even gifts from parents for down payments generally need to come with documentation clearly stating that it is a gift and not a loan.
as someone going through the mortgage process currently, I can specify that some of my down payment is a loan. Not sure what you are talking about. If you hide the fact that it is a loan, maybe it is fraudulent? But it very clearly is allowed as I can specify it in the paperwork.
Why would it create bitterness unless the child felt entitled, which is not a good quality? The person was probably already dealt a better hand than most people on the planet. I, like many people, had to borrow the money for my college education. I managed to pay off my loans (public university) and buy my apartment in my early 30's.
I have to agree with this. Life is a lot easier when you look at gifts as truly gifts and not obligations. I received zero dollars from my parents (of course I got a basic roof over my head) even though they were upper-middle class. If I did get something I would have been grateful, rather than having a "it's about time" attitude.
Making money after a college education back when your father went through school is much different than today - total apple and orange comparison based on how the world has shifted to global economy and economies of scale and automation are at an all-time efficient high (and it's not all benefit).
"Recognize opportunities and see trends before everyone else"
Sounds easy enough.
"Choose work you enjoy"
No kidding!
"One mistake is to stick with a highly profitable business model too long when the world is changing. Another is to abandon the old for the next new thing, particularly if the path to profitability is not clear."
So change is good. Unless it's bad.
"Happiness is the best measure of success."
So my Reddit Karma is worthless?
"The greatest gift you can give your children is to love one another."
If you live as if you'll die, and you don't, you'll have a much more interesting life, because you took advantage of it thinking you're living under the Sword of Damocles.
If you live as if life extension will keep you going, and it fails, you'll have a short, boring life, full of things you put off until it was too late.
Those are the extreme values of the matrix; if you work through the rest, I think you'll find that the most utility is always gained by living as if you'll die eventually.
(Living as if you'll die tomorrow is romantic and all, but it would prevent you from working towards any goal which takes more than less than a day to complete. It could also land you in prison, deported to a less-pleasant foreign country, or both.)
I guess first we'd have to define "fullest." Your meaning and mine are probably completely different. If all you want is to be in that happy place, well, ... good luck. I bet Elon Musk, Steve Jobs, Jeff Bezos, and Bill Gates have a different idea about what they want/wanted to accomplish with their lives.
Thank you for sharing this! I internalized some of these lessons from my own life and it has made me feel a bit better about similar conclusions reached.
"My one big mistake in life has been providing a trust fund for my five children. I’m very comfortable paying for an education for as long as they want to study in a reputable university. However, providing additional funds so they could have a lifestyle beyond what they have achieved on their own was a mistake." - DICK RESCH
I don't know how big that fund was, and it might have been a mistake in his particular case - but I can tell you that the opposite (not providing any financial help under the "you must get ahead on your own" mantra) creates a lot of bitterness - missing U$ 10.000 for a down payment to buy a house (which I wouldn't mind having loaned, not a giveaway) and having to keep on paying rent and toiling at an awful company, while your parent inherits several millions, hurts. So does not having the possibility of asking for seed money for a startup, and having other people deny you by saying "your wealthy father doesn't invest in you, so why would I?". (note: I'm 32, I know I should have some money saved away by now, but I did make mistakes - actually I think I prove my point, not giving money doesn't guarantee your children won't make mistakes :P )