Father Sez

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My two elder girls’ net worth computations as at the end of 2008. Now it’s all up to them.

Wednesday January 28th, 2009 by fathersez

Recently I read a fascinating article on a 25 year old lady’s thoughts on where her net worth would be without her parents’ help.  With this present entitlement generation made up largely of “the gimme, gimme, gimme types”, the article was a refreshing read. I was pleased that the lady deeply appreciated the efforts made by her parents to give her a head start. 

I am a father of five children, 4 girls and a boy. Like so many parents out there, my wife and I, too, want to give our children a far better life than the one we started off with and are going through. Still there was always a lingering fear that the children might just fritter away whatever little we gave and keep on stretching their hands out for more.  

Well, by the grace of the All Mighty, it looks like my two elder girls have their heads screwed on right. My wife and I have never had any problems with the girls coming back with requests for the “expensive, everybody has it!!! kind of thingamajig”. We have recently completed the net worth calculations for my two elder girls. Their first. (I have also done mine, which is essentially the family’s. But that is another story.) Their net worth is not going to put them up in any Forbes list. Still, the fact that their net worth is positive should put them ahead of many of their peers. 

I know that my girls read this blog fairly frequently, or at least I think so. Perhaps these  statistics will let them know where they stand. 

As per EPF 2007 Report, page 101 

As at the end of 2007, the average savings of a Malaysian male employee at age 54, was RM138,895, whilst the average for the ladies was RM84,596. My girls should be able to compare their net worth and see how they stack up against Mat Average and Minah Average. 

And these are the savings statistics for Americans when they reach retirement age.  

My wife and I have no intention of gloating or to tell our two elder girls that we have made supreme sacrifices so that they could start off their lives in a favourable position. We do not want our girls to feel guilty in any way. Where there are now financially is also a function of their relatively reasonable childhood. And after all, no one will ever love them like their Mama and Papa.  

Now it’s all up to them.  

They can live responsibly and frugally and follow the rules that FMF has listed on how to become a millionaire. And grow their net worths steadily. And grow up to be respectful and respected members of the community we live in.  

That’s all my wife and I want of our kids.   

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3 Comments for “My two elder girls’ net worth computations as at the end of 2008. Now it’s all up to them.”

by MissXynix
On January 28, 2009
At 3:39 pm

Dear Daddy Cool,

:’)

You have done so much for us. Thank you.and I love you 1,2,3,4…till infinity =)

On February 10, 2009
At 1:41 pm

Hello! Glad you enjoyed my post. I do feel guilty for how much my parents have given me, but I also appreciate it so much. I worry that I will not be able to give my children the same lifestyle that I was so lucky to have.

I’m really enjoying your blog, I hope you will continue to visit mine. I’m always open to advice and ideas, so feel free to leave me comments at any time.

On February 12, 2009
At 3:43 pm

@ her every cent counts,

Thanks for dropping by. Don’t worry about your children now. When the time is right, I am sure you will do the best you can. That’s what counts, not the absolute amounts.

And thank you for your kind words about my blog. I really appreciate it.

Cheers

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