Reply to Can we talk about parents buying their adult children luxury homes

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's one thing to give a helping hand it's another thing to just give into your adult children. The idea that this will preserve or grow generational wealth is unlikely over many generations. Most of the heirs get lazy and then over the generations the go broke or stagnate/lose wealth relative to inflation because they don't need to do anything. [/quote]

You have no clue what you are speaking about ... I have many friends who have helped their children with down payments to get into homeownership.  These kids are hardworking and great citizens who give back to those communities on their own (including their tax dollars that come with home ownership), their parents are not there maintaining the house and paying the utility bills.  These kids got a helping hand (kinda like what Biden is doing with all his freebies) and they will make of it what they will, but they are far from lazy and directionless.  [/quote] According to this NASDAQ article "It is estimated that 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third." https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10
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Honestly I don't feel that bad about leaving less wealth to my grandkids. The wealth was created by my great-grandfather, mostly, plus decades of stock market growth. If they want to be wealthier, they will need to earn more. As long as I pass along a healthy safety net, I'm fine with it. Our earned income is still very respectable and I think we are contributing members of society with a healthy and happy family. "Earn more than you inherited" isn't a very realistic standard in a wealthy family. [/quote]

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