If your family had generational wealth when did it end?

[Anonymous]

Generational wealth typically lasts just 3 generations. Wondering when yours is up and if you plan to continue the wealth?

[Anonymous]

How do you define generational wealth?

[Anonymous]

My husband’s family’s has been going for more than three generations with no end in sight.

[Anonymous]

Not mine, but a friend. It ran out in less than 1 generation. Dad had remarried, but had the proper documents in place to pass down his wealth. JP Morgan conspired with the step Mother to steal assets from the estate. 300K+ later in legal fees the funds couldn't be recovered.

Another family friend it's lasted 3 generations but I suspect it'll be gone after this one. They spend money like it's water so don't know if much will be left.

[Anonymous]

Anonymous wrote:My husband’s family’s has been going for more than three generations with no end in sight.

bragger *troll* alert with no explication

[Anonymous]

Grandfather patented two very profitable things that are still in use today. We should all be filthy rich but he divorced my grandma and remarried. She outlived him and I assume her kids/his stepkids are doing very well.

So it goes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband’s family’s has been going for more than three generations with no end in sight.

bragger *troll* alert with no explication

Troll? I was just answering the question the OP asked.

[Anonymous]

My great grandparents inherited the equivalent of just over one million dollars circa 1930. It’s been invested and reinvested and now helping to educate grandchildren.

[Anonymous]

My husband’s great, great, great grandpa had a very large piece of land that he owned. Over the years, rights to farm and hunt on it have been leased and now there is a fairly new home on it. It’s changed hands many times (including many times during the lifetimes of owners), with no end in sight.

I will be the second generation to pass down generational wealth. I guarantee it will pass down to my kids. I’m
Also, I’m saving their 529s to fund the college educations of future generations, so a good amount will fund college for a third generation. One big difference is that I inherited a large amount of retirement, but it was right before the RMD was 10 year withdrawal requirement was enacted. I only take the bare minimum now, but if I die, a massive amount of money will be going to my heirs in around a decade. That makes spending it easier, I guess.

[Anonymous]

Anonymous wrote:How do you define generational wealth?

+1

A general definition of generational wealth is your parents having enough money to help support you through college, or to help with a down payment on a first home, or something fairly modest like that. I don't imagine millions in inheritance being necessary. I don't think the definition I use comes with a 3 generation expiration date. Though, for that matter, I don't think most families squander millions in 3 generations either.

[Anonymous]

Anonymous wrote:Grandfather patented two very profitable things that are still in use today. We should all be filthy rich but he divorced my grandma and remarried. She outlived him and I assume her kids/his stepkids are doing very well.

So it goes.

Np, remarriage w/deep pockets is such a bad idea. My dad remarried at 76 after my mom passed.

[Anonymous]

Great grandparents accumulated about a dozen residential and commercial properties in downtown Chicago. One of their children (grandparents sister) got involved with drugs and gambling and it was all gone. Didn't make it past two generations.

[Anonymous]

This is more of an immigrant story. My great great grandmother on my mothers and grandmothers side married quite young (I think 21 y.o.) and was widowed quite young in south asia. She inherited a lot of land- so much land that apparently piles of money would come in every month. She was famous for wearing gloves while she sorted the piles of money on a huge sheet. Her daughter married a lawyer who was also quite wealthy. She died in childbirth after having my grandmother. During the partition of India they left behind a huge mansion on the Ganges (now used as a university). Still had enough money to have a huge house in Pakistan. My grandmother married a spendthrift, who spent all of her inheritance except for a large house she built. My mother moved to America and married someone who was even worse about money (a thief). I grew up in the US but had to do everything via scholarships and loans because of this, absolutely no generational wealth at that time. Worked 5 jobs in college so grades suffered so I missed any type of prestigious consulting type job. But somehow I made it and I married an old money Midwest guy who is solidly UMC.

My mom prioritized education for us so despite the loans I am now UMC, all 80k in loans from the 2000’s paid off. Interestingly, my brother who is a PhD level education took my Mom’s little tiny nest egg and has multiplied it into what I think is a lot of money (~$200,000k into $7 million) through sheer hard work and research.

Education and moral values is the key! Nobody in my family drinks heavily or uses drugs. All kids should be prepared to make their own way in life.

[Anonymous]

My dad's grandfather founded a manufacturing company in Pennsylvania around 1910 and the family was quite wealthy for a while. A propensity for heavy drinking, the Great Depression and the early death of my dad's father left my dad and his siblings pretty much penniless.

My dad managed to build up a bit of wealth (not quite generational) but a decade plus of end of life care for my parents erased that as well.

[Anonymous]

Anonymous wrote:Grandfather patented two very profitable things that are still in use today. We should all be filthy rich but he divorced my grandma and remarried. She outlived him and I assume her kids/his stepkids are doing very well.

So it goes.

Sounds like this is still generational wealth, only not for you or your kids.