Generational wealth

[rightwinger]

I don't think that inter-generational transfers of substantial wealth is necessarily a good thing. It tends to produce worthless heirs.

Not really

What I have found out about inheritance is that parents tend to live a long, long time.
I am 67 and my mom is 92 so I am still many years away from my parents inheritance.

Being worthless waiting for my inheritance would not really work out

 

[MarathonMike]

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.

We did it, and so did many of our friends. I would say anyone starting out now has a tougher road ahead with real estate, college tuition, and general cost of living so high but it can still be done.

 

[MarathonMike]

I don't think that inter-generational transfers of substantial wealth is necessarily a good thing. It tends to produce worthless heirs.

Not always, but that is often the case.

 

[jotathought]

Large screen TVs cost a few hundred dollars
Try again

A few hundred dollars that would pay mucho dividends in the market ... just basics.

 

[rightwinger]

A few hundred dollars that would pay mucho dividends in the market ... just basics.

Poor people would be rich if they didn’t have TVs

 

[jotathought]

Poor people would be rich if they didn’t have TVs

Yes they would .. at least more wealth than they have now .. because we all know that tvs are an essential requirement to live. It just demonstrates how individuals prioritize their financial future with buying short-term consumer goods over life long outcomes.

 

[rightwinger]

Yes they would .. at least more wealth than they have now .. because we all know that tvs are an essential requirement to live. It just demonstrates how individuals prioritize their financial future with buying short-term consumer goods over life long outcomes.

A TV costs a few hundred dollars and lasts over ten years
I doubt if it is bankrupting the future of poor people

 

[Blues Man]

I don't think that inter-generational transfers of substantial wealth is necessarily a good thing. It tends to produce worthless heirs.

Bias.

 

[Blues Man]

We did it, and so did many of our friends. I would say anyone starting out now has a tougher road ahead with real estate, college tuition, and general cost of living so high but it can still be done.

How many generations ?

 

[Blues Man]

A TV costs a few hundred dollars and lasts over ten years
I doubt if it is bankrupting the future of poor people

It's not but what is is the money they piss away every day that they don't think about.

 

[MarathonMike]

How many generations ?

We'll be leaving our two "kids" (adults) plenty but it will be up to them to perpetuate it beyond that. If that's what you meant.

 

[jotathought]

A TV costs a few hundred dollars and lasts over ten years
I doubt if it is bankrupting the future of poor people

a few hundred dollars in Tesla in 2018 would gross over $3000.00 in 2022. That's a lot more than antiquated technology after 10 years.

 

[Blues Man]

We'll be leaving our two "kids" (adults) plenty but it will be up to them to perpetuate it beyond that. If that's what you meant.

I was talking about something more long term than that.

It would involve your kids being part of the wealth building process in their adult years.

 

[MarathonMike]

I was talking about something more long term than that.

It would involve your kids being part of the wealth building process in their adult years.

I'm hoping they will build their own wealth as we did. They are both doing well and are good money managers, so I believe they will.

 

[Blues Man]

I'm hoping they will build their own wealth as we did. They are both doing well and are good money managers, so I believe they will.

Then that's not really generational wealth there is no lasting legacy

 

[MarathonMike]

Then that's not really generational wealth there is no lasting legacy

Whatever.

 

[BackAgain]

I am opposed to even the terminology “generational wealth.”

A man makes a good living. He usually doesn’t squander his earnings. He manages to always save money paycheck to paycheck. He invests wisely. He gets raises and promotions.

He compounds his interest in a variety of ways. His money makes money as he continues to earn money. He pays his taxes. He gets “wealthy” over time and retires more than comfortably.

He and his wife make plans to pass down the wealth to the kids. Property. Trusts. The will. The whole shebang.

So here is the deal. The government wants it. The liberals want it. They ask questions like: “why should he be allowed to keep all that money when society needs it?”

What claim does the government have on his accumulated post taxed wealth? What claim does “society” have on it. On what basis? Why the hell should he and his wife not be able to pass along their accumulated wealth to their children and grandchildren?

 

[jwoodie]

Bias.

Pious.

 

[hadit]

I don't think that inter-generational transfers of substantial wealth is necessarily a good thing. It tends to produce worthless heirs.

Oh, I don't know how worthless they are. In fact, free spending heirs accomplish what liberals and socialists want the government to do at gun point, which is to distribute a family's fortune to the rest of the country. Paris Hilton can pump more money into the economy on a weekend shopping trip than I can all year.

 

[Blues Man]

I am opposed to even the terminology “generational wealth.”

A man makes a good living. He usually doesn’t squander his earnings. He manages to always save money paycheck to paycheck. He invests wisely. He gets raises and promotions.

He compounds his interest in a variety of ways. His money makes money as he continues to earn money. He pays his taxes. He gets “wealthy” over time and retires more than comfortably.

He and his wife make plans to pass down the wealth to the kids. Property. Trusts. The will. The whole shebang.

So here is the deal. The government wants it. The liberals want it. They ask questions like: “why should he be allowed to keep all that money when society needs it?”

What claim does the government have on his accumulated post taxed wealth? What claim does “society” have on it. On what basis? Why the hell should he and his wife not be able to pass along their accumulated wealth to their children and grandchildren?

Actually people do squander their earnings. Our entire economy is based on people squandering their earnings.