Anyone here grow up wealthy or well off but have not surpassed parents/grandparents/GG Parents wealth or earnings?

[Anonymous]

For folks building generational wealth for their children, how do you define generation wealth , what is the threshold per child that they may be inheriting or in lifestyle subsidies/extras over time? Is it $1M or $5M per child you are thinking?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Uh, yeah, probably the majority of all such people have not surpassed their parents. Haven't you heard that we're the first generation not to do better than our parents? That applies to all income brackets.

Neither me nor my three siblings have even matched our dad's income—and he only made like $250K/year, not millions. However, one sister is married to a high-earner and the other is dating a high-earmer (~$400K). Sucks that women can marry their way into wealth but men have to earn it.

Men can also marry into it. I know 5+ couples where the woman is the higher earner.

Then why does every single, high-earning woman in the relationship forum say that marriage would only make sense if their potential partner earns as much or more than they do?

No clue. Perhaps I just know smarter women, who are more confident in themselves and choose a partner based on love and them being a good person, with minimal focus on "how much can they earn"?

Now I'll admit, all but one of the men earn over $250K (the other works for a non-profit), so they are still have great careers. But their wives earn much more.

[Anonymous]

Anonymous wrote:Yep. I grew up UMC. I’m … bordering on middle class as an adult. That’s just how life works out sometimes.

+1. Divorced and struggling to provide a middle class lifestyle for my kids here in the DC area. My UMC Boomer parents help with things like travel sports and other activities. They also come help a lot when I have to travel for work. I make just over 6 figures, which feels poor at this point. It's pretty depressing but would be very hard to take on a more intense career with 2 elementary kids at home.

[Anonymous]

Anonymous wrote:Yes, it’s hard for it not to impact your self esteem. But then, when I focus on helping others in my non-work efforts (teach Sunday school, give money to charity, volunteer or sign up for some good thing), my self esteem goes back up. A life worth living is not just about money, and your parents gave you flexibility. If could be your father works hard to fill a void. Have the conversations you need to have with yourself, your parents, and the higher power.

This is good advice. I will never out earn my father (not even close!) but my job provides me with a lot of meaning. He worked on Wall Street and has a lot of life regrets... missing out on family stuff, traveling all the time and ultimately not giving back to his community. He is trying now in retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sure, that's where neoliberal economics have gotten us.

My mom was a SAHP, and my dad was a small town family doctor. No family money, just living below their means and investing. They are sitting on millions, and when they die, my inheritance will maybe bring me close to where they were at my age in terms of net worth.

We have two professional incomes and we're doing... fine. It takes twice as many working hours to get to 70% of the level they were at 30 years ago.

Are you living in a small town, living far below your means? If not, then

If I were living in a small town, my house would cost half what my city house costs, my other expenses would be the same (thanks to corporate collusion on consumer goods), AND my salary would be half what it is in the city-- assuming I could even get a job at my current professional level, and not be stuck as a bank teller or something. I'd still be behind where my parents were.

And yes, we live below our means. Been saving like crazy since I started working. First for a house, then for kids' education and retirement. All the calculators say I'm at about 70% of where I should be for retirement, but I have never not maxed out my contributions.

There isn't a single economic indicator that demonstrates any kind of status quo. The economy is objectively different than it was, and it requires more work hours for the same outcomes if you're lucky.

So not living in a small town, not living as much below your means as you claim your parents did, and still complaining your parents had a better quality of life.

You could make the choices they made, you know. You don't want to. And yes the nicer lifestyle we're all enjoying costs more!

Mom, is that you?? Please read any one of the many articles I've sent you. The evidence is incontrovertible, unless you're on a 24-7 Fox news diet and think that gold is a wise investment. Oh, but you didn't finish college, so you might not understand the data.

[Anonymous]

My childhood best friend. Grew up the child of a specialist physician and a SAHM. She married an attorney but he chooses to work for the DA’s office. Friend does not work.

Her parents pay for fancy vacations and the grandkids college accounts. But they live a simple life in a smaller town otherwise. She honestly hasn’t complained to me.

[Anonymous]

We were always very comfortable growing up with both my parents working. I didn’t realize they were wealthy but I knew they were big savers. They are incredibly generous with their children and now grandchildren and with charity so I assume that they are quite wealthy. We are doing very well on our own and it’s hard for me to imagine building their kind of wealth but it’s nothing I worry about.

[Anonymous]

My family is stealth wealthy, so I didn't even know we were rich until I filled out FAFSA because my counselor said it's "always work a try," my parents' income was seven figures from their business back in the 90s. I live better than they do, but they have much more money in the bank because they are ultra frugal.

[Anonymous]

Anonymous wrote:Yes, it’s hard for it not to impact your self esteem. But then, when I focus on helping others in my non-work efforts (teach Sunday school, give money to charity, volunteer or sign up for some good thing), my self esteem goes back up. A life worth living is not just about money, and your parents gave you flexibility. If could be your father works hard to fill a void. Have the conversations you need to have with yourself, your parents, and the higher power.

Thank you

[Anonymous]

Anonymous wrote:My family is stealth wealthy, so I didn't even know we were rich until I filled out FAFSA because my counselor said it's "always work a try," my parents' income was seven figures from their business back in the 90s. I live better than they do, but they have much more money in the bank because they are ultra frugal.

We were stealth wealthy too. I also thought I had to fill out FAFSA and my dad so earned 7 figures in the 90’s. Boy those were the good old days.

[Anonymous]

Anonymous wrote:My family is stealth wealthy, so I didn't even know we were rich until I filled out FAFSA because my counselor said it's "always work a try," my parents' income was seven figures from their business back in the 90s. I live better than they do, but they have much more money in the bank because they are ultra frugal.

Yeah FAFSA. We simply skipped that despite our College counselor trying to say the same thing. I was like the estimates tell we will owe $500K+ per year. So yeah don't think we are getting anything.

[Anonymous]

My parents are wealthier, I started out ok but divorce always ruins those plans.

[Anonymous]

I am definitely earning more than my parents. But they were migrants and were in jobs where it was hard to build wealth (teacher and Government worker). Their solution to building wealth was saving, rather than investing or working their way into better paid jobs. They are now comfortable but are also modest in their expenses.

I have been able to be far more generous with my children. We live in a much better area, I was able to put them through private school and can pay for college. I will be able to help buy them homes. I have however worked harder than my parents and took greater risks in my career. I am now teaching my children to invest when young so their lives are easier once they get to my age. I don’t expect they will necessarily earn more than me but hopefully they don’t have to.

[Anonymous]

Anonymous wrote:I am an anomaly i guess. Dad made high six figures in sales for his career, I am over $1M now in my late 30s.

It's all about career choice

What is your profession

[Anonymous]

Anonymous wrote:I am definitely earning more than my parents. But they were migrants and were in jobs where it was hard to build wealth (teacher and Government worker). Their solution to building wealth was saving, rather than investing or working their way into better paid jobs. They are now comfortable but are also modest in their expenses.

I have been able to be far more generous with my children. We live in a much better area, I was able to put them through private school and can pay for college. I will be able to help buy them homes. I have however worked harder than my parents and took greater risks in my career. I am now teaching my children to invest when young so their lives are easier once they get to my age. I don’t expect they will necessarily earn more than me but hopefully they don’t have to.

Thank you