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

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[quote=Anonymous][quote=Anonymous][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.

[b]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.  [/b]

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]

I don't agree with this framing.  My parents, and my spouse's parents, were all public teachers - the textbook definition of middle class.  They did all of the bolded.  And while not entirely financing their grandkids' educations, they have made not insubstantial contributions to their 529 accounts, to the extent they are able.

No one in their right mind would say that they have generational wealth.  Paying for your kids' college is just expected.

[b]When I think of generational wealth, I think trust funds.  Not necessarily at a "never have to work again and become a profligate dipsh!t like Paris Hilton" level, but something that kicks off income, and can be tapped for large expenses (tuition, substantial downpayment, etc.) without cleaning it out.  I don't have a particular value in mind, it's more of an attitude.[/b]  [/quote]

This.  What PPs describe is called middle class taking care of their kids providing financial security and ensuring they don't end up on skid row if they fail to work to survive.  Also making sure their kids aren't born into poverty where you work full time for mere survival hand to mouth.  That's not "generational wealth"  :lol:  [/quote]

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