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[quote=Anonymous][quote=Anonymous][quote=Anonymous]does your spouse work? or are you a single earner family?? your bio reads like mine (even though I am much older than you (61 now)). came to US at age 16 w/ a few $ in my pocket. hard work and education got me where I am. have a few million (~7 i think) at this point but certainly not enough to call "generational wealth." my lessons learned over the years are 1) you can't do it with single income if you have a professional job (like you). you need one income to support living and another income to save; 2) stay focused on your savings and investment approach (slow and steady); and 3) save, save and save more... GL[/quote]

Your $7M can certainly be "generational wealth", if it grows before you pass on, and if your heirs husband it carefully.  Wealth disappears from families when the generations receiving it mishandle it - they don't understand why or how to save and invest, they don't know how to minimize their tax burden, and/or they squander it as a windfall instead of treating it as the basis and foundation for an enduring family fortune.[/quote]

This.

And it all begins with being close to children, grandchildren, etc.

If they don't value your relationship with them, then they won't value the wealth you built and added to and gave to them. Good parenting teaches money management and not overspending.[/quote]

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