Generational wealth. What's behind the obsession?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:The problem with creating true generational wealth, $25M+, is that kids are not having kids anymore. With current fertility rates, if you have 2 kids there is a chance you get no grandkids and a good chance you will have no great grandkids….let alone 4-5-6 generations out.

The other issue is that all the driven/good future offspring will preserve or grow the money, but eventually you get a bad generation. And what happens is the least deserving wastes it all.

But isn’t part of the reason people aren’t having kids because they’re too expensive and hard to care for? I would presume money would help make it more feasible because they could outsource or a parent could stay home etc.

I gave my kids 5-6 reasons not to have children. They are well aware what made our lives difficult. It wasn't the kids being expensive or difficult and it wasn't the money.
I told them that I wish someone had reminded me that not having kids was an option. Both boys said they don't want any.

Hmmm maybe they don’t want kids because they think THEIR OWN MOM doesn’t want them! Great job, mom!

I won't even be on the same continent. More to do with them being boys and young when I asked. They may change their minds.

Dear god posts like this make me so immensely grateful for my own parents. Imagine winning the generational wealth lottery but this is your mother.

Ditto. One of my friends calls me a nepo baby because I work in a family business I'll inherit. (I also doubled gross revenue over the past 7 years.) But, I think my real resource is solid healthy married parents who cared. Weirdly he's an example of a downwardly mobile family. His grandparents had solidly upper middle class lives when my grandparents were living in cold water depression era tenement flats. But, his parents were flakes. His mom was always running off with one guru or another. His dad is on his sixth or seventh wife and the most self absorbed moron on the planet. My real inheritance is a fairly healthy childhood with stable loving parents

They’re both “real” inheritances, doofus, and the people who work for you are placating you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The wsj says there are 470,000 families worth $30 million or more. And over $200,000 worth $50 million or more. Almost 100,000 with $100 million or more.

That’s not a lot of people. 770,000 people in a country of 350,000,000.

The ranges are overlapping, it's 430,000* total. It's also households not people so the denominator is 133M**. That is a pretty small percentage still, 0.32% of households >$30M.

* https://www.thestreet.com/personal-finance/americas-wealthiest-households-hit-30-million-as-middle-class-lags

** https://data.census.gov/profile/United_States