Reply to What are the classic components of an UMC or UC American childhood?

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[quote=Anonymous][quote=Anonymous]parents talk to their kids about money-not "we can't pay the light bill" but about saving, retirement, investing, mortgages, etc.  Things that build real wealth.  [/quote]

Yes. I agree with that. My parents did that with my sister and me. They discussed investment strategy with us, planning for retirement, etc. I think our income qualified us to be, from a percentage standpoint, upper class -- they made probably $400K/year in the 90s and early 00s when I was growing up. My sister and I went to private high school and we were full-pay. However, from a social lifestyle standpoint, we weren't upper class. We didn't have trust funds or country club memberships. We were somewhere in between. Neither of my parents came from wealth, but they did build it up.

Now, my husband came from a solidly middle class household. We've built up a high HHI ($350K) that allows us to give our daughter a great lifestyle. My parents are the X factor, though. They are at the point where they are able to give us--and our daughter--the sort of financial support that borders certainly on upper class. They're going to be able to pay for her college completely. They gave us $50K for our wedding. Unless something unexpected happens, I should inherit several million dollars from them when they die.

I think my family should be in the dictionary next to the entry for "how white people build up generational wealth." I can't even begin to describe the sort of privilege it is to know you have this sort of financial safety net.

It incenses me when people who have this privilege don't acknowledge it. It's an absolute blessing. [/quote]

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