Help me plan my long-term dream.

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Topic Author
rylemdr
Posts: 352
Joined: Wed Jun 15, 2011 6:10 am

Help me plan my long-term dream.

Post by rylemdr »

My life-long dream:
I have always wanted to leave a legacy before I die. I don't want my name to be lost in history, being a nobody that no one can remember.

I am an ordinary guy, so I will most likely not be a famous athlete or a rock star. In my lifetime, I will probably not be a billionaire. I don't have the heart to become a legendary charitable person, and I have enough of a heart not to be an infamous mass murderer.

I want to leave something behind on this earth! I may not be known by all mankind, but I want somebody to remember my name.

My dream is this. I want to die knowing all my descendants are given the chances to succeed in life.

I want them to be able to say,

"I have this opportunity because this great man once made the right decisions"

From what I have learned, if someone is hungry, they will always find the means to get food into their bellies. If someone wants material possessions, then they should earn it themselves.

As the old saying goes,

"Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime."

I want my descendants to have all the education they can possibly want or need. This way, if their parents make the wrong decisions in life(hopefully, they don't), they have a chance to better themselves with education.

My dream is of a trust fund(named after me) that would pay for their education.

Does he/she want to go to Harvard, got accepted, but can't afford it? No problem! How about Oxford or Yale? You betcha!

No descendant of mine should go through life uneducated!

The technical stuff:

To prevent abuse and quality of the system..

1. There could be a means-based co-pay of a maximum of up to 25% which is levied on parents or the individual him/herself, depending on situation.
2. Felony charges and certain misdemeanors eliminates eligibility, but appeals for certain convictions can be made under strict guidelines.
3. DNA testing to determine they are really related to me.
4. Thorough evaluation of the school the individual is going to attend to prevent scams.

The big question:

How much do I need before I die? Assuming..

1. My 2(minimum)/5(maximum) children's educations are all paid for.
2. All my grandchildren's(assuming 3 per child) educations are all paid for.

Help me plan my dreams! :)
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FNK
Posts: 1360
Joined: Tue May 17, 2011 7:01 pm

Post by FNK »

DNA testing? Yuck. If it's a descendant legally, should be good enough.

20 children/grandchildren * $200K = $4M.
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GregLee
Posts: 1748
Joined: Wed Oct 27, 2010 3:54 pm
Location: Waimanalo, HI

Post by GregLee »

You want only your descendants to remember your name? Why? What if they're all jerks? Here's what you should do: endow a university professorship: the Rylemdr Professor of _____ Studies.
Greg, retired 8/10.
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tyrion
Posts: 1288
Joined: Fri Feb 08, 2008 3:33 pm

Post by tyrion »

This should be interesting. My guess is your legacy is going to enrich the lawyers and administrators who run the trust. I think it's a worthy goal, but the restrictions you include are going to really add to the costs.

You might be better off funding a library or some other institution of learning.
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