Reply to Generational wealth. What's behind the obsession?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Building generational wealth is fine I guess...My neighbor is 29 and a "TikTok content creator". He is a product of "generational wealth".

I think people who are aiming for generational wealth should (and hopefully) do put some serious conditions. A relative down the line choosing to create content filming people farting because they don't have to worry about money is kind of ridiculous.[/quote]

The flip side of that is that a lot of people have jobs that are genuinely valuable because they don't have to worry about what's marketable. [b]Most of my friends who are academics are able to do that because they come from money. My kid will need to work for a living, but if I could hand her enough money to go teach Latin to college students without worrying about retirement, I'd do that in a heartbeat.[/b][/quote]

Again, it's one thing if you are the kid of someone worth $250MM+...quite another if it's just say $25MM.

Generational wealth isn't just one generation builds it and then every successive generation just lives off it, unless that one generation does massively well.

Wealth nearly always disappears by the 3rd generation if nobody decides they are going to build off it.  It gets split among too many heirs, a bunch of those heirs (usually, the first descendants) just blow their portion, etc.

FYI...at least when they did a study of Harvard demographics, the poorest students were actually the most likely to pursue academia and NPO work because they were able to attend Harvard for free and did not come from a dynasty of PE or hedge fund people.  The wealthiest students actually were the ones most likely to go into finance, consulting, hedge funds, etc...part of that is they probably had connections/family history for those jobs.[/quote]

This. My guess is that most people who think they are building generational wealth are not aware that that wealth will probably last 1/2 generation. Yes leave money to your offsprings but don't make it an obsession. Enjoy your life. When you are dead and didn't get to sleep certain things because you were so preoccupied with leaving a lot of money that's kind of sad.[/quote]

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