Generational Wealth

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cfbmemes_

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How does it actually happen? Does there need to be a build up from a could of good generations for it to last? As a school teacher and football coach is it possible to set my son up? Right now our goal is to minnimun save him 1k a year until we decide he's mature enough for it. He's 1 right now.

Have you made it? Does your family eat from your labor?
 
We’re doing decent. We’ll be leaving some behind for the kid when all is said and done. Not Rockefeller territory certainly, but enough that she’ll appreciate. That said, I look back and think how easy it would have been to have done more in that aspect, and so easy to have done at least a little more for those less fortunate (not just money, but time). That’s my focus from here on out.
 
Big 8 Rules said:
We’re doing decent. We’ll be leaving some behind for the kid when all is said and done. Not Rockefeller territory certainly, but enough that she’ll appreciate. That said, I look back and think how easy it would have been to have done more in that aspect, and so easy to have done at least a little more for those less fortunate (not just money, but time). That’s my focus from here on out.
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The wife and I struggle to keep the bills paid sometimes, but we are all over this. We do all we can every time we can.
 
Big 8 Rules said:
We’re doing decent. We’ll be leaving some behind for the kid when all is said and done. Not Rockefeller territory certainly, but enough that she’ll appreciate. That said, I look back and think how easy it would have been to have done more in that aspect, and so easy to have done at least a little more for those less fortunate (not just money, but time). That’s my focus from here on out.
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I have learned in the past few years that giving of your time to those less fortunate is more valuable than giving money.
 
I tried to teach (by example) a good work ethic, which means getting up and going to work every day and trying to do a good job.. and making him realize that he is in that particular working class that gets no help from anybody (Govt) and that we dont want help from anybody, we want it, we earn it, period.
I also tried to teach to live within your means, fuck the jones'.. We're also lucky enough to live in an area where simple pleasures are enough, a bonfire, a tailgate, some cold beer, and a charcoal grill makes us feel like the kings of our universe.
When my parents died, I got a little chunk, through my working life, I added to it.. I told my son that if he would do the same, and teach his son to do the same, then one day, somebody in our lineage would be set up.
 
Bama Believer said:
I tried to teach (by example) a good work ethic, which means getting up and going to work every day and trying to do a good job.. and making him realize that he is in that particular working class that gets no help from anybody (Govt) and that we dont want help from anybody, we want it, we earn it, period.
I also tried to teach to live within your means, fuck the jones'.. We're also lucky enough to live in an area where simple pleasures are enough, a bonfire, a tailgate, some cold beer, and a charcoal grill makes us feel like the kings of our universe.
When my parents died, I got a little chunk, through my working life, I added to it.. I told my son that if he would do the same, and teach his son to do the same, then one day, somebody in our lineage would be set up.
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Absolutely. There is so much that we leave our kids with, and money is only one piece of the puzzle. And not the most important.
 
Will never have generational wealth as it is defined but I am better off than what my parents where at the same stage in life.

Growing up poor was a major incentive to find a better life as it was no fun.

Leading by example is what the kids need to see. Also, telling them no on things is a good life lesson.
 
batchaps4me said:
I have set aside some money for the grandkids but not that much. TBH, acquired wealth will not be retained or even used wisely unless the habits necessary to acquire wealth are passed on as well. IMHO the habits are more important.
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Agree on the habits.

I have a sibling that is counting on our parents money when they pass.
 
Answering as someone that did inherit generational wealth when Mom and Dad made their journeys, the ranch, house and the buffalo help in ensuring that not only my husband and I, but our daughter is taken care of.

But they are no where near the generational wealth of learning honor, unconditional love, respect, empathy and other values that both taught me. Those are the greatest gifts you give your children. Not money, not land, not material possessions.

Without Mom and Dad teaching me these things, the ranch, buffalo, house would mean nothing.

Without their teachings, I would not have gone to Syria, I would not be working with our rape survivors here on the Rez, I would not be the person I am.

They both taught me that Mitákuye Oyás'iŋ (all are related) is not just an empty phrase but something to live by each and every day. To me, that IS what generational wealth is about.
 
CFBHome said:
How does it actually happen? Does there need to be a build up from a could of good generations for it to last? As a school teacher and football coach is it possible to set my son up? Right now our goal is to minnimun save him 1k a year until we decide he's mature enough for it. He's 1 right now.

Have you made it? Does your family eat from your labor?
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Only been financially secure for the last 20 years or so, before that had to scramble to pay the bills. Agree with most of the previous posts. The best you can do is set him up for success. Work ethic is key, you have it, kids live by what they see, not what you say, you've got that covered. Have you investigated prepaying his college tuition? He will be miles ahead as an adult if he has no college dept. Most states have programs that provide for that, and it may be deductible for you today.
 
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Gentle Horse said:
Answering as someone that did inherit generational wealth when Mom and Dad made their journeys, the ranch, house and the buffalo help in ensuring that not only my husband and I, but our daughter is taken care of.

But they are no where near the generational wealth of learning honor, unconditional love, respect, empathy and other values that both taught me. Those are the greatest gifts you give your children. Not money, not land, not material possessions.

Without Mom and Dad teaching me these things, the ranch, buffalo, house would mean nothing.

Without their teachings, I would not have gone to Syria, I would not be working with our rape survivors here on the Rez, I would not be the person I am.

They both taught me that Mitákuye Oyás'iŋ (all are related) is not just an empty phrase but something to live by each and every day. To me, that IS what generational wealth is about.
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Thank you for posting. We have really missed you.

I agree with that. Wealth can definitely be from intangible teachings. I just don't want my son to fret. I also want him to have the option to having more than one kid.
 
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