I created this site (on New Year’s day!) to begin to document for my kids the journey to (hopefully) multi-generational financial freedom. To tell them the story of their grandparents, parents and the hopefully a foretelling of their own kids and grandkids.
I looked for existing sites to help guide our journey and there’s not a lot out there that talks about trying to creating wealth that lasts…probably because very few folks that aren’t Ultra High Net Worth ($30MM+) can do so (we aren’t in case you’re wondering). Folks in that UHNW category probably have better things to do with their time than start blogs and have the resources to establish a Family Office that will help preserve their large wealth for future generations.
So what can “merely” HNW ($1-$5MM) families do? Should they do anything beyond the normal estate planning? Is it harmful to even try?
I think it’s worth doing…many may disagree but as I read all the different FIRE (Financial Independence/Retire Early) sites it strikes me that I’m not sure I’d consider very many FIRE bloggers to be actually “retired”. So I don’t buy into the “Retire Early” idea even when financially secure and neither did my parents who very early on hit their 25x spending threshold by being very very frugal but kept working anyway. They weren’t “rich” but they were financially independent.
So what does FI buy you? Freedom. And what parent wouldn’t want to help their kids achieve freedom? So FI doesn’t equal Retire Early. FI Equals Freedom…FIEF. And the structure to get them FI is a financial FIEFdom…