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[quote=Anonymous]My parents and in-laws were extremely hardworking, first gen immigrants (scientists and engineers) who achieved their American Dream - building enough wealth to fully fund their kids’ and grandkids’ private education, weddings, down payments, etc. with generous retirement pensions that will see their assets continue growing for life.

My spouse and I, as well as our respective siblings, didn’t work nearly as hard but all went to prestigious schools and embarked on typical “striver” careers in finance, consulting, law, and the like. I stepped off the hamster wheel to become a SAHP and only went back to work part-time once our kid was in middle school. We lack the security of lifetime pensions, but having had the advantage of being born on 3rd base, have accumulated more retirement savings and overall wealth at this point than our parents.

Our kid is heading to one of our undergraduate alma maters this fall, and if we were both born on 3rd base, they’re being waved straight to home. While we’ve raised them to recognize their privilege and tried to teach them good financial values, I’m not sure how much has actually gotten through given they haven’t really been tested. Any advice for preventing generational decline from those who have been there, done that?[/quote]

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