Reply to Preventing generational decline

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[quote=Anonymous][quote=Anonymous]OP here. I appreciate all the thoughtful replies, and am realizing my concerns about generational decline are likely overblown and premature!

We’re far from family office-level wealth, so yes, I imagine our kid will need to work in order to maintain the lifestyle we’ve provided for them to date. To their credit, they don’t seem to be afraid of hard work - for example, they successfully balanced a part-time job throughout senior year of high school with academics and other extracurriculars (and of course college applications).

I guess my real fear is about resilience. This kid has never experienced a meaningful setback in life. That may be a topic for another forum, but specifically in terms of money and finances, I wonder how they would even react if faced with a lower standard of living![/quote]

You address this with discussions about family and personal values, which should be immutable without regard to how much is in the bank at any given time.  And, as suggested earlier, a solid understanding of personal finance and investing is the key to building, retaining, and growing wealth, even in the face of financial headwinds.  Investing instead of speculating, and spending less than your income are basic principles which will serve your child well in good times and in bad.  Flexibility and adaptability are essential traits to inculcate, along with knowledge about investing, saving, and spending wisely.  [/quote]

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