Reply to If your family had generational wealth when did it end?

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[quote=Anonymous]My maternal grandparents wealth remains with my maternal uncle and his sons. At least 6 generations of wealth based on extensive farming property. They are like the BRF - property does not get divide. The sons inherit the wealth and they have not sold the property. Daughters are married off and do not get anything more than a modest dowry.  They get married to white collar professional men with capacity to earn adequately and who feel great about marrying daughter of  illustrious family.  Just like the BRF, the Firm is all about preserving the wealth. The sons also work professional white collar jobs so that they do not touch the generational wealth or squander it away.

my paternal grandfather started from scratch and my dad did not get anything more than an education. My mom made sure that he built a house because she believed (seeing her wealthy family) that real estate as well as agricultural property was the way to prosperity.  Our dad gave us an education and got us married. Now in our middle age, we might get some modest amount after we sell his house.

My DH and I, immigrated to US with an education and no money. We too started off with nothing. My kids will get an education and a paid for wedding. We can give them a car each and maybe we will give them some cash gift once we retire etc.  The thing is that for my grandfather, father, us, my kids - all of us will have to continue to earn a living.   And we have been lucky for at least the past few generations to not face any catastrophic situation  - war, crime, extreme weather, pandemic, addiction, slavery, family dysfunction etc - that wiped everything out.

My philosophy is -  you should have enough money to at least cover the first level of Maslow's hierarchy of need and get everyone educated so they can grow up and earn a living.   We all have walked a tightrope of making prudent decisions and walk on the straight and narrow. We are not risk takers. [/quote]

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