Reply to How much is considered generational wealth?

Forum Index » Money and Finances

Reply to "How much is considered generational wealth? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]In my opinion, if it can easily be spent on basic necessities within a generation, then it's not generational wealth. My parents are leaving ~1 million for grandkids college and another million to my brother and I. Welp that will be more than gone as soon as they hit college and will just help me pay off my house a little faster. Even with 10 million, that would be gone by the next generation considering all the grandkids and great grandkids. Not even enough to accumulate interest. 100 million yes you are getting to a point where it works because assume a ~5% return just living off that, you're drawing $5 million a year and then you can start supporting a good lifestyle for multiple families[/quote]

I definitely see this perspective but would counter that your children leaving college debt free allows them to save money for a house or to invest in a business, which will build enormous wealth, and if you pay off your mortgage faster its not as though you are going to stop earning (I assume), so that money will go into savings for the next generation to pay off college, etc -- it does have reverberations across your future generations. Not having student debt is a HUGE advantage for young people to set themselves up for financial success. But, that said, I hear ya - no one is going to be dropping out of the workforce to sail around the world. 
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics