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re: We're all really three full generations away from creating real generational wealth on
Posted on 4/10/23 at 8:38 am to DiamondDog
Posted on 4/10/23 at 8:38 am to DiamondDog
You describe discipline and responsibility. Not sure who has that anymore. Also, you are assuming none of the money is spent for 3 generations. What's it for, then?
1
Posted on 4/10/23 at 8:40 am to DiamondDog
I don't think there should be generational wealth. I think people should earn it for themselves.
Posted on 4/10/23 at 4:47 pm to Diamondawg
quote:Some studies say 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that. There are many factors there, but a lot has to do with financial literacy and not creating a strategy (Trusts) to keep passing it on.
you are assuming none of the money is spent for 3 generations.
You're ultimately relying on people to keep it going when you're gone...and the cares of the dead weigh less than nothing relative to the greed of the living.
Posted on 4/10/23 at 5:56 pm to RoyalWe
Has anyone here ever been to the Biltmore estate in Asheville, NC? Truly amazing place! Even more amazing (to me anyway) are the stories behind the Vanderbilt family, particularly George’s (the man who developed the estate) daughter, Cornelia. That one made Paris Hilton look like Warren Buffett. All that to say, one can put plans in place, counting on future generations to continue down the rational path… but all it takes is one goofball to screw it all up.
Although it’s still the largest privately owned home in America and the current owners are partially descended from ol’ George, they don’t carry the Vanderbilt name. The same is true of the many other gilded age mansions that were owned by other branches of the Vanderbilt family.
I agree with RoyalWe. Outside of tightly woven trusts, it seems that it’s very difficult to keep generational wealth growing. Somewhere in the lineage there’s going to be a playboy, playgirl… or just an outright moron (look at the British royal family).
Although it’s still the largest privately owned home in America and the current owners are partially descended from ol’ George, they don’t carry the Vanderbilt name. The same is true of the many other gilded age mansions that were owned by other branches of the Vanderbilt family.
I agree with RoyalWe. Outside of tightly woven trusts, it seems that it’s very difficult to keep generational wealth growing. Somewhere in the lineage there’s going to be a playboy, playgirl… or just an outright moron (look at the British royal family).
Posted on 4/10/23 at 9:01 pm to DiamondDog
Buy land in a remote area, create a place for your family to enjoy.
Posted on 4/10/23 at 9:09 pm to Cuz413
That’s what George Vanderbilt did. 
Posted on 4/10/23 at 9:16 pm to BestBanker
quote:
Now apply an inflation calculation at 3.5-6%
What planet are we on?
Posted on 4/10/23 at 11:19 pm to DiamondDog
Most people like to ignore the slow run-up when talking about a rich family, but wealth usually takes a long time to accrue.
A great-grandfather might move to a country with a bright future and put his children into primary school. The children might grow up to become factory workers who do well enough to send their kids to college. Those kids do well enough to not only send their kids to college but also to invest in real estate/entrepreneurship and build assets. The kids might graduate college and take the business to the next level, from a small mom and pop to a regional/national brand.
It’s boring, it’s slow, but it’s the most proven way to success and wealth. Steady, incremental gains.
A great-grandfather might move to a country with a bright future and put his children into primary school. The children might grow up to become factory workers who do well enough to send their kids to college. Those kids do well enough to not only send their kids to college but also to invest in real estate/entrepreneurship and build assets. The kids might graduate college and take the business to the next level, from a small mom and pop to a regional/national brand.
It’s boring, it’s slow, but it’s the most proven way to success and wealth. Steady, incremental gains.
Posted on 4/10/23 at 11:48 pm to DiamondDog
you live in fantasy world
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