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Reply to "How did the rich people you know get rich?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Specific examples please.[/quote] Generational wealth. And it didn't have to be a lot of wealth. But, they paid for their kids' colleges, helped with things like down payments, home renovations, childcare expenses, paid for travel . . . that allowed their kids to have excess money to invest and grow. [/quote] This is so true. We are paying for our kids college, due to savings and doing well enough so that now we could cash flow it if needed. One has graduated and working/living on their own. They want to fully support themselves, but we are always willing to help. In fact, we "gift them" $15K per year to fund their Roth IRA and rest into their 401K---because time is on your side and the benefits of investing $6-15K/year into retirement starting at age 18 is huge (we matched their earnings during HS/Summers up to what they put in their Roth since they started working). By the time DC is 30, they will be almost be set for retirement---they will have over $2M just from before 30 investing for when they turn 65. It's a gift we can afford but will make their entire life and their future kid's lives so much easier. They know we will put trusts in place for any future education for them and for any future grandkids. [/quote] Is this entire board a self-congratulatory forum for rich people to humblebrag about their terrific lives?[/quote]
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