Anonymous
Post 07/12/2023 08:30     Subject: If your family had generational wealth when did it end?
We have 6 generations. Still going strong. We believe in hard work and long term investments in the stock market. We have a small trust but it only throws out about $10,000 a year. IT is very small. The trusts benefit the financial institutions more than the heirs (through fees, income from tax returns etc) so we are not a big believer in trusts. Not having trusts allows you to invest in stocks with better returns.

Great grandpa invented a critical safety item for the industrial revolution. Grandpa put the company on the map. I'm 4th generation. Sixth generation are all under 5.


Anonymous
Post 07/12/2023 08:26     Subject: Re:If your family had generational wealth when did it end?
Most experts say real money only lasts three generations.
Anonymous
Post 07/12/2023 08:24     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.



"Wealthy" is subjective. Starting out life knowing that there is something to fall back on - parental wealth whether accrued through the generations or just in one - can. make a huge difference in life. Not to mention that loans are less likely to be a significant part of your financial equation.
Anonymous
Post 07/12/2023 04:24     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How do you define generational wealth?


Literally the term means when wealth (any money or real assets) are passed from one generation to the next. Any other definition is DCUM bs.


Really? So when grandpa gives a grandkid $20, that's generational wealth? When a parent passes away and leaves $10,000 split between three heirs, that's generational wealth?

If that's really your position, all future conversations regarding generational wealth are pointless.


of you die and your heirs inherit property- that is generational wealth, it is enough to cause the huge wealth gap between Black and white Americans and the gap between white and South-Asian Americans. knowing how to preserve property and pass it on to your heirs even it is a small amount has a snowball effect through the generations- its why poor white Appalachians have measurable more wealth than their equally miserable and same living standard Black peers in the Delta. I had a friend in college who was white and her parents took out a loan on their owned since the revolution small farm on the eastern shore and she was enraged when someone said she was benefiting from generational wealth since she was under so much pressure to pay back that loan and also their lives as small farmers was incredibly labor intensive and lacking in luxury but she was still better off than our peers who had nothing. In fact her family was dumb- their forbears who kept the farm for 200 years even if it was a hardscrabble living were smarter b/c they kept their land mortgage free until this college obsessed generation came along. She is doing well and they still have their farm but they were one pregnancy or drug addiction away from losing inherited property passed on over 2 centuries! generational wealth doesn't mean that you are independently wealthy.


No, inheriting any property at all is not generational wealth. The word wealth means something: inherited property versus inherited wealth.

Also, I mean this in a gentle way, but try and make your sentences shorter. It’s very hard to digest when they are too long. Example: “ I had a friend in college who was white and her parents took out a loan on their owned since the revolution small farm on the eastern shore and she was enraged when someone said she was benefiting from generational wealth since she was under so much pressure to pay back that loan and also their lives as small farmers was incredibly labor intensive and lacking in luxury but she was still better off than our peers who had nothing.”
Anonymous
Post 07/11/2023 22:15     Subject: If your family had generational wealth when did it end?
Anonymous wrote:DH's family is old DC money. His great grandfather was wealthy and celebrated (most DCUM types would recognize the name), continued through to his mother who lives a comfortable UMC life, but has a trust. I don't think DH or his siblings will see anything other than a normal sized inheritance.


Well, given that the vast majority of people in the US do not inherit anything (60-70%) and the bottom 50% of those who do inherit on average less than 10k, it's probably not actually a "normal-sized inheritance" which would be 0-10k. Inheriting over 100k puts you in the top 10% of inheritance (though that will likely go up over time as more people die with 401ks and the like rather than pensions).
Anonymous
Post 07/11/2023 15:47     Subject: If your family had generational wealth when did it end?
DH's family is old DC money. His great grandfather was wealthy and celebrated (most DCUM types would recognize the name), continued through to his mother who lives a comfortable UMC life, but has a trust. I don't think DH or his siblings will see anything other than a normal sized inheritance.
Anonymous
Post 07/11/2023 15:40     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.



Why do you feel the need to force consensus to your opinion when others have pointed to standardized definitions that differ from it, and have posed arguments on why it's important to track generational wealth of any amounts?


because generational wealth has become a tik tok buzzword. It's ridiculous to think $10k is a generational transfer of wealth..


No, the tiktok buzzwork is "old money".

Generational Wealth as defined in Fortune: https://fortune.com/recommends/investing/generational-wealth-explained/

Anonymous
Post 07/11/2023 15:27     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.



Why do you feel the need to force consensus to your opinion when others have pointed to standardized definitions that differ from it, and have posed arguments on why it's important to track generational wealth of any amounts?


because generational wealth has become a tik tok buzzword. It's ridiculous to think $10k is a generational transfer of wealth..


You are really digging into your obstinate cluelessness. It's an economic term first. The people on this site are mainly too old for TikTok.
Anonymous
Post 07/11/2023 15:15     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:
Anonymous wrote:Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.



Why do you feel the need to force consensus to your opinion when others have pointed to standardized definitions that differ from it, and have posed arguments on why it's important to track generational wealth of any amounts?


because generational wealth has become a tik tok buzzword. It's ridiculous to think $10k is a generational transfer of wealth..
Anonymous
Post 07/11/2023 12:05     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.



Why do you feel the need to force consensus to your opinion when others have pointed to standardized definitions that differ from it, and have posed arguments on why it's important to track generational wealth of any amounts?
Anonymous
Post 07/10/2023 20:29     Subject: Re:If your family had generational wealth when did it end?
Can we just agree that inheriting $10k is not “wealth” ..You inherited grandmas wedding ring or your crazy uncle’s gun collection.

Generational wealth should make the person receiving the assets….wealthy.

Anonymous
Post 07/10/2023 20:06     Subject: Re:If your family had generational wealth when did it end?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How do you define generational wealth?


Literally the term means when wealth (any money or real assets) are passed from one generation to the next. Any other definition is DCUM bs.


Really? So when grandpa gives a grandkid $20, that's generational wealth? When a parent passes away and leaves $10,000 split between three heirs, that's generational wealth?

If that's really your position, all future conversations regarding generational wealth are pointless.


of you die and your heirs inherit property- that is generational wealth, it is enough to cause the huge wealth gap between Black and white Americans and the gap between white and South-Asian Americans. knowing how to preserve property and pass it on to your heirs even it is a small amount has a snowball effect through the generations- its why poor white Appalachians have measurable more wealth than their equally miserable and same living standard Black peers in the Delta. I had a friend in college who was white and her parents took out a loan on their owned since the revolution small farm on the eastern shore and she was enraged when someone said she was benefiting from generational wealth since she was under so much pressure to pay back that loan and also their lives as small farmers was incredibly labor intensive and lacking in luxury but she was still better off than our peers who had nothing. In fact her family was dumb- their forbears who kept the farm for 200 years even if it was a hardscrabble living were smarter b/c they kept their land mortgage free until this college obsessed generation came along. She is doing well and they still have their farm but they were one pregnancy or drug addiction away from losing inherited property passed on over 2 centuries! generational wealth doesn't mean that you are independently wealthy.
Anonymous
Post 07/09/2023 20:44     Subject: Re:If your family had generational wealth when did it end?
One 2G grandfather left over $13MM when he died ~1912; another, about $4MM at death ~1900. Part of Mrs Astor's "Guilded Age" 400, 5th Ave mansions, the works.

The depression, alcoholism, and marrying impecunious women (including from old-school NY elite families), and in my line, all that's left is a bunch of silver, horse paintings, and brown furniture nobody wants.

The trick to maintaining generational wealth: leveraging your social cachet to marry into other wealthy families. My dad had plenty of 2nd cousins who were fabulously rich because their parents and grandparents married into big-money families.

Anonymous
Post 07/09/2023 00:36     Subject: If your family had generational wealth when did it end?
My great grandfather was very smart during the depression and took his money out of the stock market early, and ended up buying 52 apartment buildings. My mum has never had to worry about money and just spent her life inheriting. She has a master degree but retired when she was 44. My dad grew up poor on welfare and became a diplomat. My mum paid off his loans when they got married. He still works. I work a low paying job as a preschool teacher. I know I don’t have to error about money but I’m doing a job I love. My mum said the money we will inherit is to pass on to the next generation, so they will also have security.
Anonymous
Post 07/08/2023 22:30     Subject: If your family had generational wealth when did it end?
A more suitable term is “intergenerational wealth”, generational wealth would not necessarily mean that the wealth conveyed from one generation to the next. The “inter” is the whole point.