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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm trying to understand the obsession behind generational wealth. If your retirement is on target, your kids college education funded and you own a home then why are you obsessively stressing over the generation beyond your kids?[/quote]

I’ve built a mini-empire with my IT business and having homes in Lake Tahoe (Nevada), Wyoming, and Florida. I want my kids, their kids, and their kids’ kids to enjoy that. They say family wealth is lost within 3 generations so I need to ensure that doesn’t happen.[/quote]

They will certainly enjoy this while you are alive, but then it's up to them, and not much you can do to ensure this.  I know some ultra high networth families who have the same angst about their kids being able to afford the lifestyle they are accustomed to, and the certain ease of life where working is optional or quitting a job you do not like it totally ok, while luxurious things around you are a given.   The parents look stressed, kids look relaxed and happy.  IDK if it's a good balance.  The parents are worn out to have to carry the burdens of multiple kids and grandkids on their shoulders.  Parents envision having luxury retirement with loving kids/grandkids all around enjoying their multiple properties and luxury vacations.  But reality is they are worried about cash flow behind this veneer and putting properties rarely used or high maintenance on sale.  There is a fear of disappearing wealth and overtaxation by whatever government may come down the line.   Parents still hustle even though they could be happily retired because their kids are used to very high standards.   It's not carefree or a retirement at all. [/quote]

Well that is silly IMO.  Our kids know the money doesn't flow if they don't also work/contribute to life.  We didn't work hard to create wealth so they can sit at home and play video games, etc.  They have to forge their own path in life, but are lucky to know they have a safety net.  But they still have to find their path in life. [/quote]

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