If you are rich, not just upper middle class

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am part of a large extended family with significant wealth from three generations ago.

I would say that some branches of descendants are more successful than others which suggests some parenting component but there are also huge ranges within siblings.

I don’t think substance abuse or major periods of joblessness come from wealth. Wealth might make some of them last longer or be less damaging. It’s hard to say.

If you studied it, I doubt descendants of middle class families and wealthy ones would have very different batting averages than after a few generations.

My family passes down a family business through all male lines. There's definitely a difference, wealth-wise after even one generation between the boys' and girls' families.

that family sounds like it’s pretty f$&ed up

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am part of a large extended family with significant wealth from three generations ago.

I would say that some branches of descendants are more successful than others which suggests some parenting component but there are also huge ranges within siblings.

I don’t think substance abuse or major periods of joblessness come from wealth. Wealth might make some of them last longer or be less damaging. It’s hard to say.

If you studied it, I doubt descendants of middle class families and wealthy ones would have very different batting averages than after a few generations.

My family passes down a family business through all male lines. There's definitely a difference, wealth-wise after even one generation between the boys' and girls' families.

that family sounds like it’s pretty f$&ed up

I mean, it's traditional I guess. Girls inherit a share of the parents' cash, but boys get set up and then in turn set up their boys. I keep waiting to see if my cousins will break the cycle and at least bring their sisters into the fold, but so far they don't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

This is just emblematic of the tendency of people on this board (in the US?) to think it's never enough. Unless you spend a hefty portion, your kids can live off of the earnings from 25 million.

PP you replied to. No, I know they can't, because we spend our dividends and it's not a lot. That's because we deliberately chose high tech stock for growth, not Dividend Kings that generate large dividends. Our high tech stocks do not generate much in dividends.

And since we want to preserve the capital, and try to keep it at high risk for maximum growth potential, we're not going to sell our Apple and Netflix stocks for Coca-Cola or Hormel, you know. We invested because we believed in the companies we selected and we like high tech. This is what we know. I'll be dammed if I owe my fortune to an unhealthy fizzy drink But I love Apple products and I've been a happy user of Netflix ever since its mail-in DVD service, so I want to own stock in those ventures. Same for Amazon or Alphabet (Google). I only buy stocks from companies that I value and which have made my life easier.

[Anonymous]

I think my boyfriend is, but not totally sure.

His kids are definitely being raised to work.

[Anonymous]

I want my child to be mentally strong and work in a job/career that makes them happy. They will need to do something but will have more options available to them.

[Anonymous]

I'm poor and my kids will have an option to not work. Ofcourse I want them to work, and they most likely will. I was abused at work for years. I made sure my kids can walk out if this ever happened to them. We are at this point in life that they can easily do that and just manage family money.
Not at 8 figures, but money is growing way faster than we can spend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 25M, but our HHI is not high. The millions came because we were lucky/savvy in the stock market when we were young, and now we're older.

Our kids know how much we have, and they are preparing for careers in case everything goes south. But our goal is to build family wealth and our kids, having lived a relatively frugal lifestyle like us, will try to build on that for future generations as well.

Me again. Honestly, I feel your question would be valid if we were talking 100M and above. But with our 25M, I don't think our kids can plan on not working.

If you have 3 kids you could give each of them 5M and you’d still have 10M left over

That’s only not enough if you have a pretty high standard of living

[Anonymous]

We are borderline rich. DH earns a seven figure income but we don’t come from money so we have low 8 figure NW. we always tell our kids what makes them NOT rich is that each of them have to work and support their own families.

[Anonymous]

Anonymous wrote:I'm poor and my kids will have an option to not work. Ofcourse I want them to work, and they most likely will. I was abused at work for years. I made sure my kids can walk out if this ever happened to them. We are at this point in life that they can easily do that and just manage family money.
Not at 8 figures, but money is growing way faster than we can spend.

Tough to reconcile those two statements.