Generational wealth. What's behind the obsession?

[Anonymous]

Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

[Anonymous]

Anonymous wrote:Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

We do! My son is a single father with one child, we have a middle schooler, so we have 5 living together. Our parents started by creating trusts for the their kids, grandkids and great grandchildren. My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money. We have a single family home but are looking for a two family home because he has a serious girlfriend. We would be joint owners and he would automatically get the house when we’re gone. Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

We do! My son is a single father with one child, we have a middle schooler, so we have 5 living together. Our parents started by creating trusts for the their kids, grandkids and great grandchildren. My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money. We have a single family home but are looking for a two family home because he has a serious girlfriend. We would be joint owners and he would automatically get the house when we’re gone. Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.

Nice. I think Africans do the same as well. Not sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

We do! My son is a single father with one child, we have a middle schooler, so we have 5 living together. Our parents started by creating trusts for the their kids, grandkids and great grandchildren. My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money. We have a single family home but are looking for a two family home because he has a serious girlfriend. We would be joint owners and he would automatically get the house when we’re gone. Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.

Nice. I think Africans do the same as well. Not sure.

Since so many black families in America were denied access to buy affordable housing for decades, a lot are making a top priority buying a home for all generations current and future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

We do! My son is a single father with one child, we have a middle schooler, so we have 5 living together. Our parents started by creating trusts for the their kids, grandkids and great grandchildren. My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money. We have a single family home but are looking for a two family home because he has a serious girlfriend. We would be joint owners and he would automatically get the house when we’re gone. Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.

Nice. I think Africans do the same as well. Not sure.

Since so many black families in America were denied access to buy affordable housing for decades, a lot are making a top priority buying a home for all generations current and future.

or just tired of renting and slumlords

[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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Generational wealth is just a family's pooling of resources. And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home. Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

We do! My son is a single father with one child, we have a middle schooler, so we have 5 living together. Our parents started by creating trusts for the their kids, grandkids and great grandchildren. My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money. We have a single family home but are looking for a two family home because he has a serious girlfriend. We would be joint owners and he would automatically get the house when we’re gone. Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.

Nice. I think Africans do the same as well. Not sure.

Since so many black families in America were denied access to buy affordable housing for decades, a lot are making a top priority buying a home for all generations current and future.

+1. I am an Aerospace engineer and one of the few or more likely the only one who has gone to college and studied a subject other than psychology or the likes. I had an amazing counselor in high school who saw potential in me and made sure that I took all the advanced courses available. My parents knew nothing about college and believe it or not I had never heard of Purdue until it came time to apply for college. I am trying to build generational wealth OP so yes I am obsessed about doing so and won't apologize for it. I am living a very basic lifestyle so my kids and their kids can break the cycle of poverty in our family. It's an obsession of mine. I can go on and on about why I am obsessed about it but when I see the kind of life I have now I want to make sure my kids and their descendants have a similar and better lifestyle. Despite the fact that I am saving and investing most of my paycheck for my kids and their kids, I still have an amazing life. How can one not be obsessed with generational wealth. My kids don't need to buy their own home because the one I have is big enough for them..I'll move and rent so they can have it.

[Anonymous]

Anonymous wrote:

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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

Maybe…but the larger point is she isn’t sitting on her ass never working or just working some low pay lifestyle job like others are proposing for their kids either vastly smaller fortunes.

They did a study of Harvard grads and the kids going into high paying jobs came from the wealthiest families for the most part…maybe this was from family connections, but again, they weren’t going to work for NPOs and what not.

In fact, the poorest kids had the highest %age deciding to get PhDs or work at NPOs because their entire 4 years were free so they didn’t have student loans to worry about paying post-grad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

Maybe…but the larger point is she isn’t sitting on her ass never working or just working some low pay lifestyle job like others are proposing for their kids either vastly smaller fortunes.

They did a study of Harvard grads and the kids going into high paying jobs came from the wealthiest families for the most part…maybe this was from family connections, but again, they weren’t going to work for NPOs and what not.

In fact, the poorest kids had the highest %age deciding to get PhDs or work at NPOs because their entire 4 years were free so they didn’t have student loans to worry about paying post-grad.

Well, as far as being a doctor or going into a "high paying job," no one gets bill gates rich from that. CEOs can get pretty rich without founding, but only a handful of them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

Maybe…but the larger point is she isn’t sitting on her ass never working or just working some low pay lifestyle job like others are proposing for their kids either vastly smaller fortunes.

They did a study of Harvard grads and the kids going into high paying jobs came from the wealthiest families for the most part…maybe this was from family connections, but again, they weren’t going to work for NPOs and what not.

In fact, the poorest kids had the highest %age deciding to get PhDs or work at NPOs because their entire 4 years were free so they didn’t have student loans to worry about paying post-grad.

Well, as far as being a doctor or going into a "high paying job," no one gets bill gates rich from that. CEOs can get pretty rich without founding, but only a handful of them.

I don't understand your point. There are very wealthy Private Equity MD's or Hedge Fund MD's or VC MD's...some may in fact become billionaires without having started the PE fund or the Hedge Fund. Mike Moritz didn't found Sequoia but became a billionaire leading investments in some recognizable Tech companies and is worth I think around $5BN. There are many people either at a $1BN+ or close to it who were just employees at Citadel or Blackstone or wherever.

Sure...it's not "Bill Gates" money at $100BN+...but it's plenty.

[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)

This is literally my point. You build generational wealth so your kids can choose to work easy jobs safe in the knowledge that there will be absolutely no consequences if they get laid off or fired, or be stay at home parents instead of being forced to work and live off only what they earn.

Good lord, it's absolutely mind boggling how people who can't even read and parse a simple comment manage to accumulate wealth. Certainly goes to show it's absolutely not what you know that gets you rich.

[Anonymous]

Anonymous wrote:

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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

They give to their kids now, to assist them. The "no giving more than $10M" was awhile ago, and I do think it simply means, they are not leaving them wealth. They expect the kids to forge their own path in life, but with great assistance along the way financially.

But all 3 kids are motivated, smart, hard working. As is the case with many rich kids....majority will do well in life.

[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?

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)

This is literally my point. You build generational wealth so your kids can choose to work easy jobs safe in the knowledge that there will be absolutely no consequences if they get laid off or fired, or be stay at home parents instead of being forced to work and live off only what they earn.

Good lord, it's absolutely mind boggling how people who can't even read and parse a simple comment manage to accumulate wealth. Certainly goes to show it's absolutely not what you know that gets you rich.

And the response was literally to the question "why do people make their kids work"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

Well, idk what is in her inheritance but the daughter who is a doctor spends multiple millions a year on horses. And has for a long time. Maybe it's her mom, I don't know and I don't care, but I can't imagine it's "spend millions on horses every year until I die" and then what, it all gets auctioned?

She's married to someone in the same stratosphere as her financially--he's also into horses.

But fact is she's accomplished a lot being a doctor, and you don't get there without being smart and qualified

I think he's just regular rich. He's on much better horses now thanks to her. I agree that she's very accomplished, I just think that thing about Bill Gates not leaving money to his kids is something he said once a long time ago and I don't know if he changed his mind or it's her mom, but she's not living on her doctor money.

Maybe…but the larger point is she isn’t sitting on her ass never working or just working some low pay lifestyle job like others are proposing for their kids either vastly smaller fortunes.

They did a study of Harvard grads and the kids going into high paying jobs came from the wealthiest families for the most part…maybe this was from family connections, but again, they weren’t going to work for NPOs and what not.

In fact, the poorest kids had the highest %age deciding to get PhDs or work at NPOs because their entire 4 years were free so they didn’t have student loans to worry about paying post-grad.

Well, as far as being a doctor or going into a "high paying job," no one gets bill gates rich from that. CEOs can get pretty rich without founding, but only a handful of them.

Key point is most rich kids don't just sit around and do nothing. They actually could live extremely nice lifestyles with what they do.

[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?

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.

Jealous much?