Anonymous wrote:Save and invest every penny.

No eating out, no activity fees for kids, drop TV fees, only on car and buy only the cheapest car possible, vacation is one week camping at a national or state park. Public schools, groceries only from Walmart, Aldi. No driving kids around .. they ride bikes. Take a statistically wise risk... No insurance for anything but health and cheapest auto. No air conditioning in any month other than July (one July week you'll be camping).make your kids get part time jobs asap if they don't play public school sports.

Save and invest every penny in lowest cost S&P index fund with dividends reinvested. In the end it outperforms almost everything and you don't have to think about it.

You will be so rich and your kids will be physically and mentally strong .

Save and invest every penny.

OP you are doing great. Agree you should get some counseling.

I am first generation college, law school and work for government as a lawyer. I am not an immigrant but my parents grew up poor. I had student loans and paid them off. I didn’t take advantage of the public student loan forgiveness because I didn’t know any better. I am 50 now and a tsp millionaire. Might not mean anything to rich people here but it means a lot to me. Save, live below your means. It is hard to avoid the pressure here to live beyond means and to buy a bigger house. Read some financial stuff on the weekends and teach your kids about money. Just wanted to let you know that you are doing great and smart for asking for advice.

Anonymous wrote:

Anonymous wrote:does your spouse work? or are you a single earner family?? your bio reads like mine (even though I am much older than you (61 now)). came to US at age 16 w/ a few $ in my pocket. hard work and education got me where I am. have a few million (~7 i think) at this point but certainly not enough to call "generational wealth." my lessons learned over the years are 1) you can't do it with single income if you have a professional job (like you). you need one income to support living and another income to save; 2) stay focused on your savings and investment approach (slow and steady); and 3) save, save and save more... GL

Your $7M can certainly be "generational wealth", if it grows before you pass on, and if your heirs husband it carefully. Wealth disappears from families when the generations receiving it mishandle it - they don't understand why or how to save and invest, they don't know how to minimize their tax burden, and/or they squander it as a windfall instead of treating it as the basis and foundation for an enduring family fortune.

This.

And it all begins with being close to children, grandchildren, etc.

If they don't value your relationship with them, then they won't value the wealth you built and added to and gave to them. Good parenting teaches money management and not overspending.

Anonymous wrote:does your spouse work? or are you a single earner family?? your bio reads like mine (even though I am much older than you (61 now)). came to US at age 16 w/ a few $ in my pocket. hard work and education got me where I am. have a few million (~7 i think) at this point but certainly not enough to call "generational wealth." my lessons learned over the years are 1) you can't do it with single income if you have a professional job (like you). you need one income to support living and another income to save; 2) stay focused on your savings and investment approach (slow and steady); and 3) save, save and save more... GL

Your $7M can certainly be "generational wealth", if it grows before you pass on, and if your heirs husband it carefully. Wealth disappears from families when the generations receiving it mishandle it - they don't understand why or how to save and invest, they don't know how to minimize their tax burden, and/or they squander it as a windfall instead of treating it as the basis and foundation for an enduring family fortune.

Anonymous wrote:

Anonymous wrote:Most wealth is built through one avenue - real estate.

Buy up strip malls and nondescript apartment complexes. Make sure it's well managed and tenants treated with respect.

OP has a high salary but somehow doesn't seem to have much in terms of assets. Buying multi unit dwellings or commercial real estate is just a bridge too far.

Best case scenario for OP is to cut back on expense and just invest in index funds. I'd try to get the idea of generational wealth out of my head. I don't even know how much wealth is generational wealth? It could mean 1 million to one person and 100 million to another. But that 1 million could also turn into 100 million if your heirs are responsible.

Anonymous wrote:Most wealth is built through one avenue - real estate.

Buy up strip malls and nondescript apartment complexes. Make sure it's well managed and tenants treated with respect.

does your spouse work? or are you a single earner family?? your bio reads like mine (even though I am much older than you (61 now)). came to US at age 16 w/ a few $ in my pocket. hard work and education got me where I am. have a few million (~7 i think) at this point but certainly not enough to call "generational wealth." my lessons learned over the years are 1) you can't do it with single income if you have a professional job (like you). you need one income to support living and another income to save; 2) stay focused on your savings and investment approach (slow and steady); and 3) save, save and save more... GL

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