Generational wealth. What's behind the obsession?

[Anonymous]

It's a return to an agrarian culture where you had an asset that could sustain you and you family for generations

[Anonymous]

http://www1.lasalle.edu/~reese/adams.htm

The Adam's quote frequently condensed to : soldiers to mathematicians to poets.

My personal definition of generational wealth.

[Anonymous]

Seeing the difference on the learning opportunities & experiences our friends with generational wealth can offer their kids, vs the very little we can makes it obvious. If you can provide for future generations that’s amazing. I’d love to offer more financial stability and comfort as the launch pad for our child.

[Anonymous]

Anonymous wrote:http://www1.lasalle.edu/~reese/adams.htm

The Adam's quote frequently condensed to : soldiers to mathematicians to poets.

My personal definition of generational wealth.

Please don't use link.Just Google entire quote. If you care to.

[Anonymous]

They don’t come form wealth. Real rich people, don’t care.

[Anonymous]

Not thinking beyond my child yet but yes I’d like him to have something to hold him over while he is a poor college student, at least.

[Anonymous]

anxiety

[Anonymous]

Anonymous wrote: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.

I’ll help you understand poverty. If your child has a place to live in an area where jobs are in abundance (as opposed to a rural depressed area or an inner city), it’s almost guaranteed they won’t be destitute. If they are mentally well, that’s already a huge deal and most likely they won’t be homeless.
If they have some financial literacy and college education, that’s what will carry them.
These are the factors that make one poor or not poor.

[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.

Nah. There is purpose and honor in work, and feeling accountable/responsible. EVERYONE should have the motivation of providing for their own basic needs- food, clothing, and shelter. It is the human experience. Those who don't or are monied or coddled often become feckless, with no life purpose.

[Anonymous]

Anonymous wrote: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.

Not being wealthy, does not make you poor. Making 200k doesn’t mean you’re living in poverty.

[Anonymous]

Anonymous wrote:Building generational wealth is fine I guess...My neighbor is 29 and a "TikTok content creator". He is a product of "generational wealth".

I think people who are aiming for generational wealth should (and hopefully) do put some serious conditions. A relative down the line choosing to create content filming people farting because they don't have to worry about money is kind of ridiculous.

But, the point is, after you're dead you really have no control over what your relatives do with your money. If you really can't stomach someone being less productive because you provided for them, then maybe leaving your money to future generations isn't for you.

Similarly, if you want to endow a foundation or donate to a non-profit you love in order to make sure your wishes are carried out, that might be a better plan.

[Anonymous]

Combo of anxiety of Gen X paired with greediness and Instagramification of Millenials/Gen Z. Apparently Gen X can't just enjoy their savings and spend it on themselves at long last, now they have to build enough wealth for their kids to be slackers and their future grandchilden too. No early retirement for you!

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I’ll help you understand poverty. If your child has a place to live in an area where jobs are in abundance (as opposed to a rural depressed area or an inner city), it’s almost guaranteed they won’t be destitute. If they are mentally well, that’s already a huge deal and most likely they won’t be homeless.
If they have some financial literacy and college education, that’s what will carry them.
These are the factors that make one poor or not poor.

None of these things are within your control, though - your kid may not be healthy, or may suffer a life changing event that makes them unable to work. The area they live and their field of work in can become depressed for all kinds of reasons. People want their kids to be fed and housed nonetheless, because they love their kids. Money is security against poverty when life goes wrong.

Beyond that, money is the freedom to leave a crappy boss, or take a job they love that doesn't pay well, or stay home with the kids, or travel. People want more for their kids than "not destitute."

I don't understand why this is even a question.

[Anonymous]

If you got help from your parents or grandparents, you should pay it forward to the next generation or two. You are taught from a young age to be good stewards of your family's wealth. Some people are. It's different if you are completely self-made. You feel less of an obligation to the next generation, especially if you have to take care of your parents. You may feel like your kids should struggle as you did. You may feel entitled to spend your earnings on yourself. You may be extremely frugal until the day you die and surprise your kids and grandkids with a big inheritance.

[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.

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

Stop this debt talk. Not PP, but my kid is going to local schools. They are so cheap that he is paying for them, because he works and he also had enough to open his Roth IRA. The kid is part of building generational wealth, but also self sufficiency.
It is too early to make the kids soft. Grandpa can leave the money when he passes. The little bit of student loans they mentioned,
will do good.
The kid going to local school is a great start. Grandpa can relax.