Anonymous wrote:

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.

will it also pay for your grandkids' private schooling, college, and grad schools, or will your kids have to face the fact that you let the gravy train dry up, and if they want to provide their kids the same standard of living, they're on their own?

Anonymous wrote:

Anonymous wrote:None of the above with the net worth in the millions is UMC. You are wealthy, guys. Congrats!

Nope.

Anonymous wrote:None of the above with the net worth in the millions is UMC. You are wealthy, guys. Congrats!

Anonymous wrote:With this salary maybe we are middle class. I see many salaries posted here are $300-500k

HHI -$160k. Was $450k till last year. One of us retired.
Age 52,55
4
NW - $5M including house. No gold or pensions etc.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.

will it also pay for your grandkids' private schooling, college, and grad schools, or will your kids have to face the fact that you let the gravy train dry up, and if they want to provide their kids the same standard of living, they're on their own?

Please. DP but do you hear yourself? I fully expect that if my kids want my standard of living, then they will have to work hard for it. Just like their parents do and their grandparents did. We've already given them a loving and supportive household, two smart parents with good work ethics, legacies at Ivy league and other top 20 institutions, savings that will fund whichever public or private college they get into and potentially giving them a nice estate (subject to whatever tax regime they find themselves in when we die) but it won't be until they've achieved things on their own. They're starting off better than all but 2-3% of households in this country.

I have several downwardly mobile relatives (i.e., mediocre white guys) that have been given all the things you described - private prep schools, private college, etc. and haven't amounted to anything. In my own job, I can spot these types a mile away. It's the prep school guy from Lehigh or Middlebury or some other middling college trading on his high school's reputation. Somewhat lazy and entitled but loves talking about his former lacrosse/crew/squash/etc. glory days. They're your future white rhinos -- endangered by changing demographics and expectations.

If they’re white rhinos, the asset management and commercial real estate industries are rhino preserves lol .

Oh yes. PP here. They're all over things like private wealth management, life insurance and commercial real estate. All industries ripe for disruption or changing tastes/engagement by younger generations.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.

will it also pay for your grandkids' private schooling, college, and grad schools, or will your kids have to face the fact that you let the gravy train dry up, and if they want to provide their kids the same standard of living, they're on their own?

Please. DP but do you hear yourself? I fully expect that if my kids want my standard of living, then they will have to work hard for it. Just like their parents do and their grandparents did. We've already given them a loving and supportive household, two smart parents with good work ethics, legacies at Ivy league and other top 20 institutions, savings that will fund whichever public or private college they get into and potentially giving them a nice estate (subject to whatever tax regime they find themselves in when we die) but it won't be until they've achieved things on their own. They're starting off better than all but 2-3% of households in this country.

I have several downwardly mobile relatives (i.e., mediocre white guys) that have been given all the things you described - private prep schools, private college, etc. and haven't amounted to anything. In my own job, I can spot these types a mile away. It's the prep school guy from Lehigh or Middlebury or some other middling college trading on his high school's reputation. Somewhat lazy and entitled but loves talking about his former lacrosse/crew/squash/etc. glory days. They're your future white rhinos -- endangered by changing demographics and expectations.

If they’re white rhinos, the asset management and commercial real estate industries are rhino preserves lol .

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.

will it also pay for your grandkids' private schooling, college, and grad schools, or will your kids have to face the fact that you let the gravy train dry up, and if they want to provide their kids the same standard of living, they're on their own?

Please. DP but do you hear yourself? I fully expect that if my kids want my standard of living, then they will have to work hard for it. Just like their parents do and their grandparents did. We've already given them a loving and supportive household, two smart parents with good work ethics, legacies at Ivy league and other top 20 institutions, savings that will fund whichever public or private college they get into and potentially giving them a nice estate (subject to whatever tax regime they find themselves in when we die) but it won't be until they've achieved things on their own. They're starting off better than all but 2-3% of households in this country.

I have several downwardly mobile relatives (i.e., mediocre white guys) that have been given all the things you described - private prep schools, private college, etc. and haven't amounted to anything. In my own job, I can spot these types a mile away. It's the prep school guy from Lehigh or Middlebury or some other middling college trading on his high school's reputation. Somewhat lazy and entitled but loves talking about his former lacrosse/crew/squash/etc. glory days. They're your future white rhinos -- endangered by changing demographics and expectations.

Anonymous wrote:

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.

will it also pay for your grandkids' private schooling, college, and grad schools, or will your kids have to face the fact that you let the gravy train dry up, and if they want to provide their kids the same standard of living, they're on their own?

Anonymous wrote:

Anonymous wrote:We consider ourselves lower upper middle class.
375 HHI
3 M in savings
1 kid

I've used that term; I love it.

Anonymous wrote:I don't know honestly. I admit upfront I am in the "I have a public service job but my father's estate pays for private schools and will pay for private college and graduate school for my kids" bucket.