What would I do if I get US$100,000 (RM445,000) every month? Well, I would imagine myself viewing properties every other day. Haha. Okay, perhaps I would become full-time househusband. Sending my kids everywhere they needed to go to. Seriously, if we do get such payments every month, it’s going to be hard to be broke. This is the reason why the gap between the richer and the poorer will always be widening. As long as we hit such a level, our children or anyone we love should continue to live well even after we are gone. Well, they need to keep investing that money instead of spending it all the time lah. I know we can buy handbags worth a few hundred thousand ringgit but it’s not good to do it monthly right. 🙂
This brings us to a court case of Lisa Marie Presley. She’s the only daughter of Elvis Presley. She’s also the ex-wife for Michael Jackson and Nicholas Cage. The full article in NST here. We will skip the court case part as it’s a family issue. Let’s look at some other numbers from the case. Presley gets a US$100,000 (RM445,000) monthly inheritance check and is paid US$4,300 a month and gets health insurance through her father’s estate. She also has a 15 per cent stake in Elvis Presley Enterprises that is held in a trust; Elvis’ estate earns millions of dollars a year. Her husband meanwhile wanted the court to order Presley to pay him US$40,000 (RM178,000) a month in spousal support and US$100,000 (RM445,000) in attorneys’ fees. This is what Presley said about her state of financial health, ‘I’m broke.’ She shared that her funds were mishandled by a business manager and she currently owes millions of dollars in back taxes and credit card bills.
Just a few weeks ago, I was talking to a friend about the second generation of family businesses. Many times, the son is no longer as good as the father. More often than not, it’s because they no longer work as hard, spend as little and invest as much. All are ingredients for disaster when the father could no longer lead the business. As a working professional, I think it’s tough for me to give a lot to my kids. I think the aim is pretty simple, do our best to give them education. Plus, give them more of my time instead of always busy, busy and busy. Warren Buffet said, “I believe in giving my kids enough so they can do anything, but not so much that they can do nothing.” For me, my hope is that my kids would learn enough and lead good lives in future. Happy working and investing.
written on 19 Feb 2017
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