Generational wealth

[Blues Man]

Can an average married couple have a plan that will build wealth for future generations of the family?

I think it can be done.

The problem is that the people who start it will not necessarily benefit monetarily from it but future generations will.

I don't think people in this country are capable of that type of long term thinking.

 

[westwall]

Can an average married couple have a plan that will build wealth for future generations of the family?

I think it can be done.

The problem is that the people who start it will not necessarily benefit monetarily from it but future generations will.

I don't think people in this country are capable of that type of long term thinking.

Many are. But Marxists hate it, so will try and regulate it out of existence.

 

[Blues Man]

Many are. But Marxists hate it, so will try and regulate it out of existence.

I don't see how they could.

IMO the only thing stopping a family from doing this is that the people who begin will not see the personal monetary rewards

 

[westwall]

I don't see how they could.

IMO the only thing stopping a family from doing this is that the people who begin will not see the personal monetary rewards

Taxes are the tool that Marxists use to strip wealth from families.

 

[Blues Man]

Taxes are the tool that Marxists use to strip wealth from families.

But that can be mitigated in many ways

 

[westwall]

But that can be mitigated in many ways

Not when they are fully in control. Read about the kulaks.

 

[Cellblock2429]

Can an average married couple have a plan that will build wealth for future generations of the family?

I think it can be done.

The problem is that the people who start it will not necessarily benefit monetarily from it but future generations will.

I don't think people in this country are capable of that type of long term thinking.

/----/ There is an old adage that says, the super wealthy plan out 100 years, the wealthy plan out 50 years, and the upper middle class plans out to the next two generations. (That would be me.) The working class plans out until their next paycheck, while the poor plan out to their next meal.

https://www.npr.org/sections/money/2012/08/01/157664524/how-the-poor-the-middle-class-and-the-rich-spend-their-money

 

[Blues Man]

/----/ There is an old adage that says, the super wealthy plan out 100 years, the wealthy plan out 50 years, and the upper middle class plans out to the next generation. (That would be me.) The working class plans out until their next paycheck, while the poor plan out to their next meal.
View attachment 892462

https://www.npr.org/sections/money/2012/08/01/157664524/how-the-poor-the-middle-class-and-the-rich-spend-their-money

Even a poor person can find money to save. I know because I did.

 

[jotathought]

Can an average married couple have a plan that will build wealth for future generations of the family?

I think it can be done.

The problem is that the people who start it will not necessarily benefit monetarily from it but future generations will.

I don't think people in this country are capable of that type of long term thinking.

Every youthful individual can contribute fractionally in investing ... $50, $100 a month and turn that into treasure trove of wealth .. relying on boomers, who have already consumed their estates from the greatest generation and relying on it is ... financially foolish.

 

[Blues Man]

Every youthful individual can contribute fractionally in investing ... $50, $100 a month and turn that into treasure trove of wealth .. relying on boomers, who have already consumed their estates from the greatest generation and relying on it is ... financially foolish.

That's the idea but do you think people have the discipline to do it knowing the money will never be theirs?

 

[Cellblock2429]

Even a poor person can find money to save. I know because I did.

/---/ I never said there weren't exceptions. There are many cases where poor working minimum wages saved a fortune for their retirement.
BTW, I did the same thing when I set out on my own in 1971. Rather than renting an apartment for $300 a month plus utilities, I rented a furnished room for $25 a week that included utilities. My take-home pay was about $80 a week, barely enough to get by, so I tended bar two nights a week and brought home $70 a week, depending on tips, and was able to save $50 a week. The rest went for food. basic clothing and college tuition. It took me two years to find a better paying job so I could quit bartending. And I had about 5 grand in the bank in 1973 dollars.

 

[Cellblock2429]

Every youthful individual can contribute fractionally in investing ... $50, $100 a month and turn that into treasure trove of wealth .. relying on boomers, who have already consumed their estates from the greatest generation and relying on it is ... financially foolish.

/----/ I agreed with you up to the crack about Boomers consuming their estates. WTF are you talking about? I'm a Boomer and have grown my estate.

 

[Blues Man]

/---/ I never said there weren't exceptions. There are many cases where poor working minimum wages saved a fortune for their retirement.
BTW, I did the same thing when I set out on my own in 1971. Rather than renting an apartment for $300 a month plus utilities, I rented a furnished room for $25 a week plus utilities. My take-home pay was about $80 a week, barely enough to get by, so I tended bar two nights a week and brought home $70 a week, depending on tips, and was able to save $50 a week. The rest went for food. basic clothing and college tuition. It took me two years to find a better paying job so I could quit bartending. And I had about 5 grand in the bank in 1973 dollars.

I got a job in a 24 hr diner when I was 16 and had a free meal every shift and I worked a lot of doubles. yes it was probably illegal but I had dropped out of HS and no one was around to keep tabs on me. I was able to get named an emancipated minor when I was 17 as well.

 

[Cellblock2429]

/---/ I never said there weren't exceptions. There are many cases where poor working minimum wages saved a fortune for their retirement.
BTW, I did the same thing when I set out on my own in 1971. Rather than renting an apartment for $300 a month plus utilities, I rented a furnished room for $25 a week that included utilities. My take-home pay was about $80 a week, barely enough to get by, so I tended bar two nights a week and brought home $70 a week, depending on tips, and was able to save $50 a week. The rest went for food. basic clothing and college tuition. It took me two years to find a better paying job so I could quit bartending. And I had about 5 grand in the bank in 1973 dollars.

/----/ TYPO: I meant to post I rented a furnished room for $25 a week that included utilities.

 

[Cellblock2429]

I got a job in a 24 hr diner when I was 16 and had a free meal every shift and I worked a lot of doubles. yes it was probably illegal but I had dropped out of HS and no one was around to keep tabs on me. I was able to get named an emancipated minor when I was 17 as well.

/----/ Well, as a bartender, I did get a free microwaved sandwich and free beer on shift, but your deal was better food wise.

 

[Cellblock2429]

That's the idea but do you think people have the discipline to do it knowing the money will never be theirs?

/---/ You can tell when a working-class person has $300 sneakers, and the upper middle class has a $35 pair from Costco.

 

[Blues Man]

/---/ You can tell when a working-class person has a $1,000 iPhone, and the upper middle class has a basic phone.

I've had the same cell phone for 5 or 6 years now and I bought reconditioned to boot

And I hate the fucking thing.

 

[Cellblock2429]

I've had the same cell phone for 5 or 6 years now and I bought reconditioned to boot

And I hate the fucking thing.

/---/ Agreed. I had an iPhone 12 for almost 5 years, and while I was in Costco, I got an upgrade to a 15 Pro for $200 with trade-in plus a $100 Costco gift card. Net cost: $100 for the latest and greatest.

 

[Muhammed]

Even a poor person can find money to save. I know because I did.

Yep. And I know people who make 6 figures that are living week to week. They're in massive debt and struggling to pay their bills.

I've always chose to live well below my means. That way I have money to invest.

I could die today and my grandchildren would still be financially set for life.

 

[Blues Man]

Yep. And I know people who make 6 figures that are living week to week. They're in massive debt and struggling to pay their bills.

I've always chose to live well below my means. That way I have money to invest.

I could die today and my grandchildren would still be financially set for life.

I don't have any family besides my wife so we were able to check out of the rat race early if I had kids and grand kids I'd probably still be working. I'm kind of glad I don't