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Old 02-09-2014, 06:55 AM
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If you qualify for the lease back scheme, chances are you don't have much to leave to your kids.

If you have to decide between giving your kids an education and some money, chances are you don't have much to give them.

Kids growing up in such families will appreciate the fact they need to earn their own keep. I was one of these kids. I couldn't wait to come out to work to bring money home. I felt damn proud when I bought my family's first home entertainment set at a princely sum of $1,200! I photocopied my first pay check and framed that up - 30 years ago!

Now, my kids situation is so different from mine. Their educational experiences are so different from mine. They get to do exchange programmes in exotic countries for 6 months each time. They can decide to continue to PhD if they want, all on their parents' account. They also do internships at top companies to earn pocket monies.

Then people said just give them an education will do. I ask them why. After giving the often used reason that giving them wealth will spoil them, I also learnt that most could not afford to give their children more without sacrificing their own retirement lifestyle.

For me and many of my buddies, we aim to give our kids a good education with rich exposure to different cultures, leave them our wealth when we pass on, and teach them to be money smart, responsible people.


Quote:
Originally Posted by Unregistered View Post
I totally agree on the point of not leaving anything to your kids. You work hard from young till you are old, so spend whatever you have saved all these years. That is why you should do the lease buyback scheme, no need to leave your flat to your kids. Your kids will get their BTO flat very cheaply and they too can do the lease buyback scheme when they get old. This is the circle of life we go through.

I told my kids that I will not leave anything to them and that my gift to them is the education I gave them. They worked very hard and are now successful professionals who own their own condos. I'm proud of them. I continue to live happily in my flat with my wife.
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