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Reply to "Generational wealth. What's behind the obsession?"
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[quote=Anonymous]Here is the thing about generational wealth. It’s deeply connected to trusts which are designed to be passed from generation to generation. In order to do that, they generally limit income to two percent or less. Let’s say you inherit a trust worth $15 million. You aren’t living on income of $15 million. You living on $300,000. That’s a great annual income. But you will have trouble keeping with the Jones in Chevy Chase or McLean if you don’t have an actual job.i That’s why you see these multi-generational beneficiaries with do-gooder jobs. They emphasize education while flying economy and driving beat up Volvos to the family compound in Maine. Their kids go to private schools and then to decent colleges without carrying any debt. [/quote]
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