Anonymous wrote:

Anonymous wrote:It's not an obsession, it's a general frame of mind.

My family are European aristocrats (titles, castles, etc) and we have genealogical records that go back to the 10th century. It's always been impressed in the minds of new generations that you don't just think about yourself. You are one individual in the family line. Your job is to accept your family history (warts and all), raise your kids as best you can, try and sustain yourself economically and teach them that they, too, have to maintain financial stability. Castles are extremely expensive to maintain, and since they're full of family lore, no generation wants to be the one to let them go. Over more than a thousand years of our history, some generations have been extremely wealthy and successful, and some have been dirt poor. A lot of my relatives are now middle class. Cycles are inevitable and depend on world wars, economic recessions, changes in the tax system, etc.

The idea is not to accumulate and transmit wealth at all costs. It's to leave behind something worthwhile for future generations.

Are you the French poster-because is so, I am so tired of hearing abt your castle! If not, don’t be like the French lady.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Why are you making your kids take out loans if your dad is offering to pay? That seems like your pride is getting in the way of your kids' best interests.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because poverty sucks. I can from wealth and my wife does not. For the first time in my life I got to experience someone who was actually poor and crying while telling me how much they struggle. I still don't truly understand poverty. But I'll do everything I can do so that our kids have more than we did.

I’ll help you understand poverty. If your child has a place to live in an area where jobs are in abundance (as opposed to a rural depressed area or an inner city), it’s almost guaranteed they won’t be destitute. If they are mentally well, that’s already a huge deal and most likely they won’t be homeless.
If they have some financial literacy and college education, that’s what will carry them.
These are the factors that make one poor or not poor.

None of these things are within your control, though - your kid may not be healthy, or may suffer a life changing event that makes them unable to work. The area they live and their field of work in can become depressed for all kinds of reasons. People want their kids to be fed and housed nonetheless, because they love their kids. Money is security against poverty when life goes wrong.

Beyond that, money is the freedom to leave a crappy boss, or take a job they love that doesn't pay well, or stay home with the kids, or travel. People want more for their kids than "not destitute."

I don't understand why this is even a question.

I can somewhat control where kid lives by not raising them in the boonies and helping them afford a place that isn’t in the boonies.

Anonymous wrote: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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because poverty sucks. I can from wealth and my wife does not. For the first time in my life I got to experience someone who was actually poor and crying while telling me how much they struggle. I still don't truly understand poverty. But I'll do everything I can do so that our kids have more than we did.

I’ll help you understand poverty. If your child has a place to live in an area where jobs are in abundance (as opposed to a rural depressed area or an inner city), it’s almost guaranteed they won’t be destitute. If they are mentally well, that’s already a huge deal and most likely they won’t be homeless.
If they have some financial literacy and college education, that’s what will carry them.
These are the factors that make one poor or not poor.

None of these things are within your control, though - your kid may not be healthy, or may suffer a life changing event that makes them unable to work. The area they live and their field of work in can become depressed for all kinds of reasons. People want their kids to be fed and housed nonetheless, because they love their kids. Money is security against poverty when life goes wrong.

Beyond that, money is the freedom to leave a crappy boss, or take a job they love that doesn't pay well, or stay home with the kids, or travel. People want more for their kids than "not destitute."

I don't understand why this is even a question.

Anonymous wrote:It's not an obsession, it's a general frame of mind.

My family are European aristocrats (titles, castles, etc) and we have genealogical records that go back to the 10th century. It's always been impressed in the minds of new generations that you don't just think about yourself. You are one individual in the family line. Your job is to accept your family history (warts and all), raise your kids as best you can, try and sustain yourself economically and teach them that they, too, have to maintain financial stability. Castles are extremely expensive to maintain, and since they're full of family lore, no generation wants to be the one to let them go. Over more than a thousand years of our history, some generations have been extremely wealthy and successful, and some have been dirt poor. A lot of my relatives are now middle class. Cycles are inevitable and depend on world wars, economic recessions, changes in the tax system, etc.

The idea is not to accumulate and transmit wealth at all costs. It's to leave behind something worthwhile for future generations.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Your Dad can not take it with him. Why not have your kid graduate without debt. It such a great way to start out.

Stop this debt talk. Not PP, but my kid is going to local schools. They are so cheap that he is paying for them, because he works and he also had enough to open his Roth IRA. The kid is part of building generational wealth, but also self sufficiency.
It is too early to make the kids soft. Grandpa can leave the money when he passes. The little bit of student loans they mentioned,
will do good.
The kid going to local school is a great start. Grandpa can relax.

Using family money to pay for kids' education doesn't make kids soft. Other things make kids soft. Being able to focus 100% on undergrad and law or medical school puts them ahead of their peers, and starting out with a big law job or a medical practice and no debt puts them in a sweet spot to be self-sufficient and live a UMC or better life and set their own kids up for success. Good luck to your kids on staying in the top 10% of their class and getting into law or medical school, and then staying in the top 10% of their law or medical school class to get the best jobs while also working their way through school.

Anonymous wrote:There is something extraordinary about knowing your basic needs will be met regardless of your employment. The freedom to quit a job you hate or take a job you love that does not pay as much is a true gift.

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Anonymous wrote:Combo of anxiety of Gen X paired with greediness and Instagramification of Millenials/Gen Z. Apparently Gen X can't just enjoy their savings and spend it on themselves at long last, now they have to build enough wealth for their kids to be slackers and their future grandchilden too. No early retirement for you!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not obsessing over it, but it would give me joy to see my grandchildren have their college tuition paid for like I had mine paid for--by my grandparents.

My dad wants to pay our kids tuition. Nope we are good. He will go to the local cheap state college which we can afford and he will take some student loans.

Your Dad can not take it with him. Why not have your kid graduate without debt. It such a great way to start out.

Stop this debt talk. Not PP, but my kid is going to local schools. They are so cheap that he is paying for them, because he works and he also had enough to open his Roth IRA. The kid is part of building generational wealth, but also self sufficiency.
It is too early to make the kids soft. Grandpa can leave the money when he passes. The little bit of student loans they mentioned,
will do good.
The kid going to local school is a great start. Grandpa can relax.

Anonymous wrote:http://www1.lasalle.edu/~reese/adams.htm

The Adam's quote frequently condensed to : soldiers to mathematicians to poets.

My personal definition of generational wealth.

Anonymous wrote:I'm trying to understand the obsession behind generational wealth. If your retirement is on target, your kids college education funded and you own a home then why are you obsessively stressing over the generation beyond your kids?