Reply to Generational wealth. What's behind the obsession?

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[quote=Anonymous]I think we all need to pause and define what is "generational wealth"?

I am not leaving trust funds for my children so that they can afford to never work in their lives. Because that will mean an eventual decline of my family. Also, I am not that rich.

My idea of generational wealth is mainly providing for 
- costs of modern age childhood, 
- college until employment, 
- shelter until the child/adult wants to live on their own and the math works, 
- medical insurance till they are eligible and I have employment that covers it
- My own retirement and financial solvency so that my child is not burdened financially in taking care of me.

Because of my own culture, I will not consider the child launched until they are married. So let me throw in the following -
- Kid's wedding (Depending on my economic condition, it will be a wedding I can afford, not what my kid dreams about!)
- Car (because public transportation is not well-established in this country)
- Set up for a professional life  - basic furnishings for an apartment, professional wardrobe

And if I was really doing well financially, I would throw in 
- Help with some downpayment of a condo/apartment
- Help with childcare - labor or money.

If I have some more financial bandwidth, I will also add
- Family vacations where I covered some or all costs

And if I was quite rich 
- Education for my grandkids

Super rich? 
- Trust funds. 
- Real estate and other assets. [/quote]

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