Are you richer than your parents?

[Anonymous]

I have more than my parents but I do wonder whether I am that generation where our family progress peaks so to speak.

My grandparents were European / Depression Era immigrants, parents were 1st generation American / Baby Boomers, they didn’t have much to start with but made something of themselves. They had enough to help me through college but not enough to where my sister and I failed to develop a work ethic.

We are trying to make sure we don’t spoil our kids and that they grow up with a drive and work ethic. Hope it works out, but I don’t know how you know until you know...

[Anonymous]

Anonymous wrote:Better off than my parents, but not better off than my ILs.

+1 A drastic difference between the 2 families.

Mom was divorced twice, and married a blue collar guy for the 3rd trip down the altar. They are 70+ and retired and are still paying their mortgage.

FIL was a C-level exec at a major corporation and retired on a golden parachute. They've been extremely generous with 529 & private school funding, house downpayment, plus other gifting.

OP, I wish I'd had someone set me straight about salary expectations for my major. I didn't get any career guidance from my parents or teachers. I do OK in marketing, but if I'd known what a law degree could mean, I may have borrowed to attend law school.

[Anonymous]

nope

[Anonymous]

You should not have become a doctor if you didn't want to become one. It's more of a calling and, hopefully, about more than just money.

[Anonymous]

I'm 55 and am significantly less wealthy than my parents. At this age they owned a single family home free and clear, owned two cars and we able to go on small vacations, eat out a couple times a week and were all set up for retirement with pensions and lifetime healthcare.

My parents helped me get a good engineering degree and I've worked ever since. I just never quite figured stuff out and have never made good money despite being around Washington for more than half of my life. I'll never be as financially secure as my parents. This week, I need to come up with a couple thousand for my tax bill. Then, I need to make the mortgage. Sigh.

[Anonymous]

My parents and in-laws had way more money than we do at our age (and I’m a lawyer) but we have family dinner almost every night which was rare for both of us growing up. I wouldn’t change a thing.

[Anonymous]

Anonymous wrote:My parents were engineers and forced me to become an engineer, and I became an engineer. I hated it and changed careers, but I appreciate the education I got as an engineer - it has made me good at what I do now. I am therefore thankful to my parents for forcing me to learn engineering. I am doing *MUCH* better than my parents.

I'm not going to let my kids chase their idiotic dreams. They are going to learn something with a predictable and abundant financial future.

Robots will do more so if you are thinking medicine, you are wrong. Only a small number of lawyers make it big so nah can’t be law. Finance? Robot investing is the future...real estate? What did you have in mind?

[Anonymous]

We are better off than both sets of parents and better off than our adult kids. Not planned, it just happened. Our goal in life was to just be. It turned out better than we could ever imagine.

My father died in his 40s. My mother died in her early 60s. Before they could see how well our lives turned out. My mother would be shocked.

[Anonymous]

Oh no... my parents have wayyyy more money than me. I wish they could help me out a bit...we have a great relationship and they are aware that I’m struggling financially.

[Anonymous]

Uh, if you want to become a lawyer feel free to do so. You can still work and go to school (not so much with med school). It’s four years of grueling night classes and a tremendous amount of debt. Enjoy!

[Anonymous]

I am much better off than my parents and will never be as well off as my in-laws. My husband and I are both ok with where we are and the choices we made to arrive here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents were engineers and forced me to become an engineer, and I became an engineer. I hated it and changed careers, but I appreciate the education I got as an engineer - it has made me good at what I do now. I am therefore thankful to my parents for forcing me to learn engineering. I am doing *MUCH* better than my parents.

I'm not going to let my kids chase their idiotic dreams. They are going to learn something with a predictable and abundant financial future.

Robots will do more so if you are thinking medicine, you are wrong. Only a small number of lawyers make it big so nah can’t be law. Finance? Robot investing is the future...real estate? What did you have in mind?

NP. Something with designing robots?

[Anonymous]

Anonymous wrote:Oh no... my parents have wayyyy more money than me. I wish they could help me out a bit...we have a great relationship and they are aware that I’m struggling financially.

Curious about this. What would you want from them? My parents have more than we do but there's never been any expectations. Early on I was a little upset but now that I'm more established I like the relationship because I know there's nothing coming. Seems like it makes for a healthier relationship when money expectations aren't thrown in

[Anonymous]

Yes, but not when I was in the 20s and 30s and well into my 40's.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh no... my parents have wayyyy more money than me. I wish they could help me out a bit...we have a great relationship and they are aware that I’m struggling financially.

Curious about this. What would you want from them? My parents have more than we do but there's never been any expectations. Early on I was a little upset but now that I'm more established I like the relationship because I know there's nothing coming. Seems like it makes for a healthier relationship when money expectations aren't thrown in

Not PP, but we plan on funding out children's ROTHs if they are not able to do so - as well as a nice vacation here and there. We started with their first jobs after graduating from HS.