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My life plan for my kids and grandkids:

1. Be raised by a mother and a father.
2. Learn to work at an early age, and work at things that actually mean something, like farm work, cleaning the house, etc...
3. When you're old enough, start figuring out how to work in a particular industry if you so choose. If it requires a college education, figure out how YOU are going to pay for it. Grandpa and grandma aren't going to foot the bill. Neither are your parents. If you STILL want the higher education, then you'd better apply yourself RIGHT NOW to studying.
4. If you don't want a higher education, you're going to read books and talk about important things like math, science, philosophy, religion, etc... and end up with a better education than any university can give you. Because that's what we talk about at dinner and family gatherings.
5. By the time you become an adult, you should already have a job that makes enough money to provide for a family. If not, then mom, dad, grandma and grandpa have failed. For instance, I am running a restaurant with the intent that my kids or grandkids could take over and be making > $100k a year in profit. It doesn't matter whether it's your chosen life path or not -- it is a fall-back in case you can't decide or fail to take off on your own.
6. Long-term, grandma and grandpa are building real wealth that they intend to transfer to their kids and grandkids so that they can raise their own families the "right way" -- on a farm with animals and gardens and such, and set them up for success.

I don't plan on having a retirement. I plan on dying penniless, maybe even deep in debt. All of my assets will be transferred to my kids. There won't even be a will once I am done.