Reply to How much is considered generational wealth?

Forum Index » Money and Finances

Reply to "How much is considered generational wealth? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]In my opinion, if it can easily be spent on basic necessities within a generation, then it's not generational wealth. My parents are leaving ~1 million for grandkids college and another million to my brother and I. Welp that will be more than gone as soon as they hit college and will just help me pay off my house a little faster. Even with 10 million, that would be gone by the next generation considering all the grandkids and great grandkids. Not even enough to accumulate interest. 100 million yes you are getting to a point where it works because assume a ~5% return just living off that, you're drawing $5 million a year and then you can start supporting a good lifestyle for multiple families[/quote]

Then you don't understand the point of BUILDING generational wealth. YOU are supposed to build it too! It entirely depends which generation you are in this process, and whether you've been taught to build wealth for the next generations as well.

My immigrant in-laws were war refugees and despite being upper class in their home country, had to start from scratch. They will pass on money to their children, who have witnessed their belt-tightening and have been taught to invest carefully and think of the next generation. I think what helps is the memory of what they lost. They want to have it all again, and since that's hard to do in just one generation, they fully accept the concept of sacrifice over generations to become wealthy and influential again.

As the scion of an impoverished aristocrat, I am fully on board with all that :-)

In that construct, any wealth can become generational wealth. It's the mindset that counts.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics