"Why we should all aim to die broke"

I think its a bit mean-spirited for some posters to say they want to leave their children with debt.

While I by no means have the same financial means as Kimmagegirl, I would rather be in a position to leave my lads with a few quid than leave them with MY debt from MY poor money management- or deliberate money mismanagement it would seem.

To bring it back to OP's article, I have to agree with other posters here: that the article makes some intersting points, however none of us can accurately predict the dates of our deaths (unless of course, you've booked a trip to Dignitas).

Gerry Canning said:

If only we knew the time and the hour !

Click to expand...

Most of us don't know when we will expire. But, the fact is we will expire sometime (apologies for stating the obvious). If I were in my 20's, 30's, 40's, 50's I would not be thinking of my eventual death (and I hope it is not near). Life must be lived and thinking negatively is not of any use. However, there comes a time (probably mid 60's) when you must think of where do we go from here? Most males won't make it beyond their mid 70's and the females can expect on average to die perhaps two/three years later. We've lived through recessions, reared our family, bought our houses, shoved our children through education, paid their college bills, paid for 21st's, weddings etc and even looked after their children (usually unpaid). We are always there for them - are they always there for us? In a nutshell, we have done enough.

Those of us who were careful with money over our life will be taxed on what is left. If we need to use a Rest Home (Community Hospital) our costs will be assessed on what we have in the bank and up in bricks and mortar. The guy who gambled every pound and drank every euro has nothing and probably will continue to be a burden on those of us who tried to be wise.

Time for fun, at last, I think.

I was discussing this thread with my wife yesterday. I agree with the premise, and hope to actively pursue it (and having no children makes it easier). My wife is coming around to the view that we don't have to limit our spending more than is necessary, and having a mortgage is not the end of the world (and doesn't have to be paid off early - tracker mortgage that it is).
She made an interesting comment about her father. He is widowed, retired, and has enough financially to see him out (he's in his eighties). He confided in her that he is worried that there is now no money coming in, and there is a net outflow from his savings/capital.

I feel that's the normal mind-set, especially for someone who has worked and paid the bills/family/house etc. They would find it hard to change now to think - OK, I have more than enough to have a comfortable lifestyle for the rest of my life (unless I live to be 120). I can run down my savings and enjoy myself.

I also feel it is a bit of a shame. He has worked all his life, successfully funded his children, education, and supported his family. And that mindset is still there, and possibly limiting his enjoyment of his later years.

We talked about wills as well, and my (flippant) remark was, "If I die first, you get everything, if you die first, I get everything, and if we both die together....WHO CARES).