Generational wealth. What's behind the obsession?

[Anonymous]

I think of it as passing down enough that the next generation doesn’t have to struggle as much. The other side of the generational wealth coin is generational poverty. When I have heard people talking about it, it is about getting out of the generational poverty hole.

[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.

He will take only $5500/year for 4 years.

[Anonymous]

I'll find the article and post it. But I read that generational wealth money dries up very very quickly. Much sooner than people think.

[Anonymous]

Because poverty sucks. I can from wealth and my wife does not. For the first time in my life I got to experience someone who was actually poor and crying while telling me how much they struggle. I still don't truly understand poverty. But I'll do everything I can do so that our kids have more than we did.

[Anonymous]

Anonymous wrote: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?

Honestly it's the feeling that the American Dream won't be achievable for the next generation so they'll need assistance to have a decent standard of living. Labor doesn't create wealth anymore, all the capital is being concentrated in the hands of a half dozen graduates of apartheid private schools, and the idea the existence of a safety net is being attacked while kleptocrats raid the Treasury to pad their pockets.

[Anonymous]

Americans are very privileged people and I think it's a problem. I say it's a problem because as soon as they struggle the sky is falling. For example the job market is bad currently for young grads. But you know in most part of the world this "bad" US job market for young college grads is still better than the job market that college grads elsewhere will ever experience.

[Anonymous]

Darwin, baby. Genes that try to propagate are genes that propagate.

And money is a way to keep score at who is winning.

[Anonymous]

It's also about keeping it in the family. You want to directly benefit your own kids (and fine if their spouse indirectly benefits, but they certainly aren't going to get access to the principal), and then you want to directly benefit your kids' kids. You want as many generations of your bloodline as possible to prosper.

[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.

Your Dad can not take it with him. Why not have your kid graduate without debt. It such a great way to start out.

[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.

Wow.

[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.

+1. My parents gave this gift to me, and I’m giving it to my DC as well.

[Anonymous]

I am thinking about this more and more with AI and the current state of the postgrad job market

[Anonymous]

Anonymous wrote: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?

Because I want to set my kids and my kids' kids up in a world that is increasingly difficult for families, financially. Money = some level of safety and happiness. Not an insurance but it helps. And I say this as someone who has received nothing from anyone since I turned 18. It was hard. I don't want that for my kids and grandkids.

[Anonymous]

It is a sense for security for your kids. My parents didn't just splurge with tre money they were given. They passed it down. We will do the same...unless we need it then we know it's there. Maybe a medical thing or job loss or flee the country!

[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.

My Uncle gave all his millions to his grandkids with trusts for his great grandkids. Left his own kids zero. They were rotten brats. Lucky for him all grandkids over 21 at time of his death. They said they did not care about money well now they have what they want.