Generational wealth. What's behind the obsession?

[Anonymous]

I'm trying to understand the obsession behind generational wealth. If your retirement is on target, your kids college education funded and you own a home then why are you obsessively stressing over the generation beyond your kids?

[Anonymous]

Ego!

[Anonymous]

I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

[Anonymous]

I think once you have grandchildren, you bond and want to see them prosper. Perhaps it's that simple.

[Anonymous]

Building generational wealth is fine I guess...My neighbor is 29 and a "TikTok content creator". He is a product of "generational wealth".

I think people who are aiming for generational wealth should (and hopefully) do put some serious conditions. A relative down the line choosing to create content filming people farting because they don't have to worry about money is kind of ridiculous.

[Anonymous]

AI

[Anonymous]

There is something extraordinary about knowing your basic needs will be met regardless of your employment. The freedom to quit a job you hate or take a job you love that does not pay as much is a true gift.

[Anonymous]

It's a boomer and those before them obsessing and GenX to an extent.

Millennials and Gen Z have 1 or 2 kids max and more and more are going the route of no kids. I think they are not going to worry about the generation after them

[Anonymous]

It's not an obsession, it's a general frame of mind.

My family are European aristocrats (titles, castles, etc) and we have genealogical records that go back to the 10th century. It's always been impressed in the minds of new generations that you don't just think about yourself. You are one individual in the family line. Your job is to accept your family history (warts and all), raise your kids as best you can, try and sustain yourself economically and teach them that they, too, have to maintain financial stability. Castles are extremely expensive to maintain, and since they're full of family lore, no generation wants to be the one to let them go. Over more than a thousand years of our history, some generations have been extremely wealthy and successful, and some have been dirt poor. A lot of my relatives are now middle class. Cycles are inevitable and depend on world wars, economic recessions, changes in the tax system, etc.

The idea is not to accumulate and transmit wealth at all costs. It's to leave behind something worthwhile for future generations.

[Anonymous]

Seems like a lot of the argument is different meanings. Some mean being able to pay for your grandkids' college or helping your kids with a downpayment. Others mean "wealth where people are living comfortably off of estate income ... you’d need around $25 million."

The former seems reasonable to me; the latter absurd.

https://www.dcurbanmom.com/jforum/posts/list/1174111.page

"Generational Wealth: People throw around this term a lot. What number is usually meant by it? How much we talking?"

[Anonymous]

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Why are you making your kids take out loans if your dad is offering to pay? That seems like your pride is getting in the way of your kids' best interests.

[Anonymous]

Anonymous wrote:There is something extraordinary about knowing your basic needs will be met regardless of your employment. The freedom to quit a job you hate or take a job you love that does not pay as much is a true gift.

This. Boy do I wish I was born into generational wealth haha. I hate my job with a passion. But I have a family to feed, retirement to save for etc.

I would be chilling in Maui right now.

So those of you who are able to create generational wealth keep at it.

Oh and I have to send money to my parents in Africa and help random people who reach out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Why are you making your kids take out loans if your dad is offering to pay? That seems like your pride is getting in the way of your kids' best interests.

Agreed. That poster is an idiot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

What? You sound awful