Generational wealth. What's behind the obsession?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

I'm not obsessed, but there is only SO MUCH money I can spend. As we have gotten older our expenses are less and less. I do not get joy from buying things. At 48 I have the furntiure I need, I only gain and lose the same 10lbs so my clothes fit, we only travel with 3 often just 2 of us, and we are sitting at a very low interest rate and payment for a house that is now probably too big for us. I'm not going to just spend money becuase we have it. We just have a bunch of money left over each month and continue to dump into the market and occasionally buy a rental property when the right deal pops up.

I'm not looking to leave my kids money, I'm looking to give it to them when they need it most when they are starting their own adult lives.

You are a minority. Most people love to spend to get more luxuries and the sky is the limit. We would not have immense greed we have now with people accumulating insane wealth and still not wanting to pay more taxes if people were like you. I could find lots of ways to spend, there is always a problem to tackle, a service to outsource, improvement to be made beyond furniture A nicer car, a nicer vacation in a nicer resort, 1st class travel, spa visits, nicer gym membership, home improvements (unless it's already perfect, but somehow people buying multimillion dollar homes always get work done), 2nd/3rd home that are always money pits, etc. There is a level of wealth where all this is no longer aspirational and is a given. But I highly doubt you are at this level of wealth.

we own a lot of properties and when we travel we travel well. I have no tolerance anymore for construction in my home (Its too disruptive) and I live in a home i love. I just don’t think you are much exposed to people who aren’t class obsessed and who are comfortable and secure in themselves. I promise you not everyone with money is how you imagine. I no longer want to be surrounded by clutter and things. compulsive spending just doesn’t feel good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

I'm not obsessed, but there is only SO MUCH money I can spend. As we have gotten older our expenses are less and less. I do not get joy from buying things. At 48 I have the furntiure I need, I only gain and lose the same 10lbs so my clothes fit, we only travel with 3 often just 2 of us, and we are sitting at a very low interest rate and payment for a house that is now probably too big for us. I'm not going to just spend money becuase we have it. We just have a bunch of money left over each month and continue to dump into the market and occasionally buy a rental property when the right deal pops up.

I'm not looking to leave my kids money, I'm looking to give it to them when they need it most when they are starting their own adult lives.

You are a minority. Most people love to spend to get more luxuries and the sky is the limit. We would not have immense greed we have now with people accumulating insane wealth and still not wanting to pay more taxes if people were like you. I could find lots of ways to spend, there is always a problem to tackle, a service to outsource, improvement to be made beyond furniture A nicer car, a nicer vacation in a nicer resort, 1st class travel, spa visits, nicer gym membership, home improvements (unless it's already perfect, but somehow people buying multimillion dollar homes always get work done), 2nd/3rd home that are always money pits, etc. There is a level of wealth where all this is no longer aspirational and is a given. But I highly doubt you are at this level of wealth.

we own a lot of properties and when we travel we travel well. I have no tolerance anymore for construction in my home (Its too disruptive) and I live in a home i love. I just don’t think you are much exposed to people who aren’t class obsessed and who are comfortable and secure in themselves. I promise you not everyone with money is how you imagine. I no longer want to be surrounded by clutter and things. compulsive spending just doesn’t feel good.

A lot of people are at the level of having all their needs met and don’t want or need anything but the basics. It’s a comfortable way to live. You’ll find the wealthiest guy in town at the Y near the fancy gym down the road. You can’t assume anything about someone owning a $90k car because too many people spend a huge amount of their income on their car. Kids in public schools come from all kinds of incomes. It’s easy living.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

I'm not obsessed, but there is only SO MUCH money I can spend. As we have gotten older our expenses are less and less. I do not get joy from buying things. At 48 I have the furntiure I need, I only gain and lose the same 10lbs so my clothes fit, we only travel with 3 often just 2 of us, and we are sitting at a very low interest rate and payment for a house that is now probably too big for us. I'm not going to just spend money becuase we have it. We just have a bunch of money left over each month and continue to dump into the market and occasionally buy a rental property when the right deal pops up.

I'm not looking to leave my kids money, I'm looking to give it to them when they need it most when they are starting their own adult lives.

You are a minority. Most people love to spend to get more luxuries and the sky is the limit. We would not have immense greed we have now with people accumulating insane wealth and still not wanting to pay more taxes if people were like you. I could find lots of ways to spend, there is always a problem to tackle, a service to outsource, improvement to be made beyond furniture A nicer car, a nicer vacation in a nicer resort, 1st class travel, spa visits, nicer gym membership, home improvements (unless it's already perfect, but somehow people buying multimillion dollar homes always get work done), 2nd/3rd home that are always money pits, etc. There is a level of wealth where all this is no longer aspirational and is a given. But I highly doubt you are at this level of wealth.

we own a lot of properties and when we travel we travel well. I have no tolerance anymore for construction in my home (Its too disruptive) and I live in a home i love. I just don’t think you are much exposed to people who aren’t class obsessed and who are comfortable and secure in themselves. I promise you not everyone with money is how you imagine. I no longer want to be surrounded by clutter and things. compulsive spending just doesn’t feel good.

+1000

Also if you own multiple homes, you don't live with construction. You go to another home while the work is being done. And you do a complete renovation all at once because you can afford it. So the house is no longer " a money pit"

We live for experiences not things. If we buy something it's because we will use it...otherwise we don't add jt

[Anonymous]

Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

[Anonymous]

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Ummm nope. Our kids will have their lives supplemented by our wealth. But they will not have access if they don't "do something meaningful". They can work for a non profit, be a ssahp (once kids are around) but they cannot just sit at home and do nothing. Well they cannot but their trust fund won't support that. Well raised them to have goals and careers. They only use our contributions to supplement life---they currently still live within their own means (they can afford everything about their lifestyle except the vacations they take with us ) but our help means they save more for retirement, and get a newer car before they really need to (I'd replaced a 12 yo car with a new one we got them--but had we not funded it they were happy to drive it for another 3-5 years)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Ummm nope. Our kids will have their lives supplemented by our wealth. But they will not have access if they don't "do something meaningful". They can work for a non profit, be a ssahp (once kids are around) but they cannot just sit at home and do nothing. Well they cannot but their trust fund won't support that. Well raised them to have goals and careers. They only use our contributions to supplement life---they currently still live within their own means (they can afford everything about their lifestyle except the vacations they take with us ) but our help means they save more for retirement, and get a newer car before they really need to (I'd replaced a 12 yo car with a new one we got them--but had we not funded it they were happy to drive it for another 3-5 years)

Oh please. Nauseating.

[Anonymous]

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Working a 9-5 job where you have little agency sucks...but the vast majority of even very wealthy children work. Very few just spend their lives as Philanthropists or Social Media Influencers or other "fake" jobs that they tell people at cocktail parties.

Now, they may run the family business or have some other job where they basically have complete agency over their lives.

Bill Gates' daughter is a physician working in a hospital. Supposedly, Gates will only leave his kids $10MM each (not sure if he is still abiding by that).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Working a 9-5 job where you have little agency sucks...but the vast majority of even very wealthy children work. Very few just spend their lives as Philanthropists or Social Media Influencers or other "fake" jobs that they tell people at cocktail parties.

Now, they may run the family business or have some other job where they basically have complete agency over their lives.

Bill Gates' daughter is a physician working in a hospital. Supposedly, Gates will only leave his kids $10MM each (not sure if he is still abiding by that).

The other one is a founder still in college w a multibillion dollar company already

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Working a 9-5 job where you have little agency sucks...but the vast majority of even very wealthy children work. Very few just spend their lives as Philanthropists or Social Media Influencers or other "fake" jobs that they tell people at cocktail parties.

Now, they may run the family business or have some other job where they basically have complete agency over their lives.

Bill Gates' daughter is a physician working in a hospital. Supposedly, Gates will only leave his kids $10MM each (not sure if he is still abiding by that).

The other one is a founder still in college w a multibillion dollar company already

Yep, born on third base and rounding home.

[Anonymous]

Are you really that jealous of Phoebe Gates? She worked hard at building an app, building a business, and raising funding while attending college full-time.

[Anonymous]

The "I can just work" takes such a short view of history. Generational wealth doesn't just insulate you from having to work because you don't want it. It means you can afford to flee in cases of war or upheaval. It means you can have a second house to go or quit a job where you are being abused. It means you can have "bone spurs" rather than be drafted into the army for a capricious foreign war. It means when the job market becomes nonexistent and investment income is much of what there is (c.f. Britain 19th century eg) your children will not be destitute. I come from a family of refugees on both sides, so I know what generational wealth is for. If you have to ask, well...lucky you.

[Anonymous]

Anonymous wrote:Are you really that jealous of Phoebe Gates? She worked hard at building an app, building a business, and raising funding while attending college full-time.

Acknowledging the unearned benefits she has is not the same as jealousy.

[Anonymous]

Anonymous wrote:The "I can just work" takes such a short view of history. Generational wealth doesn't just insulate you from having to work because you don't want it. It means you can afford to flee in cases of war or upheaval. It means you can have a second house to go or quit a job where you are being abused. It means you can have "bone spurs" rather than be drafted into the army for a capricious foreign war. It means when the job market becomes nonexistent and investment income is much of what there is (c.f. Britain 19th century eg) your children will not be destitute. I come from a family of refugees on both sides, so I know what generational wealth is for. If you have to ask, well...lucky you.

This. Its about safety and security, or at least creating as much as one possibly can for one's family. Read up on Maslow's hierarchy of needs if you'd like to learn more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Working a 9-5 job where you have little agency sucks...but the vast majority of even very wealthy children work. Very few just spend their lives as Philanthropists or Social Media Influencers or other "fake" jobs that they tell people at cocktail parties.

Now, they may run the family business or have some other job where they basically have complete agency over their lives.

Bill Gates' daughter is a physician working in a hospital. Supposedly, Gates will only leave his kids $10MM each (not sure if he is still abiding by that).

Because the kids of most rich people were raised to value education, have goals for likfe/career and plan to achieve a lot in life. Most don't just want to sit around and do nothing

And yes gates is a good example--the kids are expected to achieve in life, sure with no financial worries but they are not allowed to just do nothing

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because working sucks for the vast majority of people so why would anyone want to force their family into working if they don't have to?


Is this a serious question? Is there really anyone out there so stupid they can't figure out this incredibly obvious answer?

Working a 9-5 job where you have little agency sucks...but the vast majority of even very wealthy children work. Very few just spend their lives as Philanthropists or Social Media Influencers or other "fake" jobs that they tell people at cocktail parties.

Now, they may run the family business or have some other job where they basically have complete agency over their lives.

Bill Gates' daughter is a physician working in a hospital. Supposedly, Gates will only leave his kids $10MM each (not sure if he is still abiding by that).

The other one is a founder still in college w a multibillion dollar company already

Yep, born on third base and rounding home.

Ok, but not just sitting around doing nothing. She can't help who her parents are.