What financial legacy will you leave your children? [Panzer’s Weekend Edition]
Posted: 31 May 2008 05:26 AM CDT
My weekends are nowadays tied up with helping my wife take care of my daughter who is all of 3 months old. She is a beautiful baby and I feel blessed to have her in my life. Just as I am grateful for the presence of the next generation for Panzer, I realise that I can leave her a financial legacy because all that my spouse and I have as at right now is all hers.
Other than a $19,000 outstanding car loan. I have no other debt.
No mortgage (home fully paid up).
No consumer debt.
No personal loan.
Thus, should anything happen to my spouse or my wife, even without factoring in our insurance payouts, my daughter will co-own along with the surviving spouse, 50% stake in a fully-paid up executive condominum.
How’s that for a start in life? 
Of course, my dreams and aspirations for my daughter is for her to develop into her fullest potential and chart her own destiny in this world whether within Singapore or outside into the whole wide world. Whilst she can look forward (but not rely on) to a decent inheritance, I would want her to learn the lessons about financial freedom even as her papa took 30+ years or so before he understood how it could be achieved.
Even as I have built up something to give away to my daughter when my time on this earth is up, I am appreciative for my parents whose hard work, frugality allowed me to learn the lessons condusive in development a mindset and to live a warrior, entrepreneurial businessman or tycoon, consider the type of legacy you will leave your children as you built up your own net worth.
Be well and prosper.
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