There are 5 types of Nomads, but the one that I personally resonate the most with (for my family) is the Legacy Nomad model.
The Legacy Nomads are usually middle age through retirement age and they are thinking very strategicly about leaving a legacy for their kids and grandkids.
At this stage, they're not thinking as much about accumulating more wealth as they are thinking about wisely planning to pass wealth on to leave a legacy for the ones they love.
I am going to talk about my personal situation as the prototypical example. You can discuss with me other variations on the model that are more in line with your specific situation.
In my example, I have two kids, both boys. One is about to graduate from high school and one is a sophomore in college. I will be putting this plan into effect as my sons enter the workforce and can afford to qualify for a mortgage on a home.
My wife and I will be providing my kids with gift money each to pay for the down payment on a house that they will move into. They will live in each house for a year then convert it to a rental property and I will gift them another down payment to buy their next home.
Over the course of about 10 years, my wife and I will transfer approximately $237,775 (combined between the two of us) to my kids to cover both down payments and help with some negative cash flow for each of my two sons.
For each of them, this is approximately how much we will be gifting them each year shown in a chart:Read More