I think about this sometimes. My husband grew up much wealthier than I did and we’ve sort of established a middle ground lifestyle that is amazing compared to how I grew up but kind of typical for his experience. We save a lot and live in a community where I suspect most HHI are lower than ours. But still, not only do I really wonder what the job market will look like in 20 years, both of our fathers were laid off at 50, well before they wanted to be done working. I have seen that happen to some slightly older friends too. I will help my kids with college expenses and they are both very smart but beyond that I don’t know what we can do. Try to emphasize savings and charity and not feeling entitled I guess.

Anonymous wrote:We live way below our means, so they've always seen us clean our own house, work in our own garden, do our own cooking, do car and home repairs... and they've learned to do these things as well. We've always talked about budgeting and how much things cost.

They're young adults and teens now and they are aware we have significant assets. They will have to manage those at some point. But hopefully living a solidly middle class, instead of an upper class life, will have taught them skills and thrift.

This, and we have a small house, so they don't know the wealthy lifestyle.

Make them work service jobs in high school

Anonymous wrote:Teach your kids to work hard and not expect everything to be given to them. Plenty of kids and/will/are succeeding. No need to prepare for downward mobility if kids are hungry like kids used to be.

+1 I just listened to a podcast on basic investing and compounding interest with my 12 year old on the way back from sports.

Work ethic, financial literacy and compounding interest - the keys to success.

Anonymous wrote:I think this is a real possibility, not a semi sarcastic question. For the vast majority of us. The current system is untenable.

I’m teaching my kids to work hard and be flexible. My DH and I are awkward nerds who never networked. I’ll be teaching my kid to be better at that. We will probably never be good at it but he can improve on my zero level lol.

I’d rather have a good relationship with my kids than try to mold them into walking achievements that will secure ever diminishing spots in the UMC. Flexibility and understanding the need for multiple income streams may serve them better. Practical skills like cooking too.

OP here, I wasnt being sarcastic at all

I am genuinely serious - surprised this is only a couple of pages when a lot of us are going to have to deal with this in the next couple of decades

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

This is the scenario I'm trying to prepare for

+1
Also, was traveling away from the "elite coasts" and there are so many brain-dead adults. Seriously stupid stupid people*--- that I am reminded that our kids will be the top 5% of intellects without even trying. *I do not know if it's the geo, or drugs, or these people were dropped on their heads. It was astonishing and very eye-opening.

That’s a really awful thing to say.

And unfortunately 100% accurate. The US interior has some incredibly stupid folks as well as ignorant and uninterested in the ways of the world.

Anonymous wrote:We live way below our means, so they've always seen us clean our own house, work in our own garden, do our own cooking, do car and home repairs... and they've learned to do these things as well. We've always talked about budgeting and how much things cost.

They're young adults and teens now and they are aware we have significant assets. They will have to manage those at some point. But hopefully living a solidly middle class, instead of an upper class life, will have taught them skills and thrift.

+1. And we will inherit significantly from DH’s frugal parents. (Mine are frugal but not wealthy.) Hoping by the time our kids inherit our wealth + that of their grandparents they will be wise enough not to go crazy. We will see.

Anonymous wrote:Live frugally and save as much as possible so I can give DC a sizable nest egg that hopefully can be invested and supplement salary enough to eke out a middle class life.

Or your child will find a job where she is very successful. I have two nieces that have very high incomes in their early 30’s. One is a college drop out who started at a low level job at a start up. Within five years she’s made it to VP of sales and makes mid-six figures. My other niece on the other side of the family got a degree that’s not even necessary, an event planner. Covid shut down her job and she became a recruiter for jobs that were urgently needed. She was making $300,000 per year. Not sure if it will continue but hopefully it will. Both nieces are making much more than their parents did, both nieces average students but they had what it takes for these type of jobs.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

This is the scenario I'm trying to prepare for

+1
Also, was traveling away from the "elite coasts" and there are so many brain-dead adults. Seriously stupid stupid people*--- that I am reminded that our kids will be the top 5% of intellects without even trying. *I do not know if it's the geo, or drugs, or these people were dropped on their heads. It was astonishing and very eye-opening.

That’s a really awful thing to say.

Trust me. I felt awful thinking it. But I was blown away. I'm still processing. People are not wrong about our elite bubbles I guess.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What the heck is downward mobility?

UMC to MC

Unlikely if they go to a decent college and graduate with a useful degree

A “useful” degree doesn’t equal a high salary. Generations flip flop all the time. Some do much better than their parents and some do worse income wise. I don’t understand you’re thinking that this generation is on a downward track.

Our children have had all their expenses paid for and their living expenses will be paid for as adults. They will work but not top 10% incomes. My husband and I both come from families that weren’t interested in materialistic goods. No LV bags, no Mercedes, nothing show-offy. Good quality, good taste but no labels all over everything. Our kids are the same way.

Trying to keep up with trends and fancy places just because Beyoncé goes there is a quick way to start losing money.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

This is the scenario I'm trying to prepare for

+1
Also, was traveling away from the "elite coasts" and there are so many brain-dead adults. Seriously stupid stupid people*--- that I am reminded that our kids will be the top 5% of intellects without even trying. *I do not know if it's the geo, or drugs, or these people were dropped on their heads. It was astonishing and very eye-opening.

That’s a really awful thing to say.

Live frugally and save as much as possible so I can give DC a sizable nest egg that hopefully can be invested and supplement salary enough to eke out a middle class life.

Anonymous wrote:

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

This is the scenario I'm trying to prepare for

+1
Also, was traveling away from the "elite coasts" and there are so many brain-dead adults. Seriously stupid stupid people*--- that I am reminded that our kids will be the top 5% of intellects without even trying. *I do not know if it's the geo, or drugs, or these people were dropped on their heads. It was astonishing and very eye-opening.

Anonymous wrote:Just do what all the other Boomers are currently doing— finance your kids’ lives until you die and they inherit your wealth.

This is the scenario I'm trying to prepare for

Anonymous wrote:I don't worry about my kids I worry about my grandkids. My kids have trust funds I can't take from them. I want them to go into stable careers even though they don't have to.

Why don’t you create generation skipping trusts if you’re worried about the grandchildren?