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[quote=Anonymous]Does anyone recall a semi-recent thread where the poster asked about people in their 30s and how common it was to help parents and older generations? Generational wealth is the opposite of helping your parents, grandparents, and siblings financially. It’s literally anything passed from one generation to the next.

Anyone who argues about $1M vs $5M is out of touch with most of America. Most generational wealth comes from home equity gained from home ownership and the mortgages interest deduction. That’s why generational net worth differs so much by race.

From Motley Fool “ In 2022, the median net worth of white Americans was $284,310. The median net worth of Black Americans and Hispanic Americans was more than $200,000 less than that. The median net worth of Black Americans in 2022 was $44,100, and the median wealth of Hispanic Americans was $62,120.”

From Yahoo Finance “ At least 53% of Americans admit they don’t have an emergency fund, according to a recent poll conducted by CNBC and Momentive. That figure skyrockets to at least 74% for those with a household income below $50,000 per year.”

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