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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Generational wealth is just a family's pooling of resources.  And you can start doing it right now too.

To start with, the most obvious is living in a multigenerational home.  Staying together in the same house brings with it economies of scale, in-built eldercare, in-built childcare, distributed household chores - laundry, grocery, shopping, cleaning, ability to outsource chores to outsiders by pooling in money.

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We do!  My son is a single father with one child, we have a middle schooler, so we have 5 living together.   Our parents started by creating trusts for the their kids, grandkids and great grandchildren.  My son has an 8 figure trust fund from grandparents that he hasn’t touched because of our living situation and the fact that he doesn’t like to spend money.  We have a single family home but are looking for a two family home because he has a serious girlfriend.   We would be joint owners and he would automatically get the house when we’re gone.   Two family around here is 1.5 - 2 million. I’m not sure we would be doing this if he was married but since he’s not it has made a huge difference in his finances.

Besides one family I know the only other families I know who do this are immigrant families, mostly Asian countries.  [/quote]

Nice. I think Africans do the same as well. Not sure.[/quote]

Since so many black families in America were denied access to buy affordable housing for decades, a lot are making a top priority buying a home for all generations current and future.  [/quote]

+1. I am an Aerospace engineer and one of the few or more likely the only one who has gone to college and studied a subject other than psychology or the likes. I had an amazing counselor in high school who saw potential in me and made sure that I took all the advanced courses available. My parents knew nothing about college and believe it or not I had never heard of Purdue until it came time to apply for college. I am trying to build generational wealth OP so yes I am obsessed about doing so and won't apologize for it. I am living a very basic lifestyle so my kids and their kids can break the cycle of poverty in our family. It's an obsession of mine. I can go on and on about why I am obsessed about it but when I see the kind of life I have now I want to make sure my kids and their descendants have a similar and better lifestyle. Despite the fact that I am saving and investing most of my paycheck for my kids and their kids, I still have an amazing life. How can one not be obsessed with generational wealth. My kids don't need to buy their own home because the one I have is big enough for them..I'll move and rent so they can have it.[/quote]

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