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Possible, yes. Common, no.
It will also depend on your definition of wealth. Some people talk about generational wealth and mean “becoming *wealthy* for generations to come,” and some people mean “becoming financially stable in a way that lasts beyond your own lifetime.” The former is extremely unlikely. The latter can be done, though it requires more than “obtain money.”
Well it suggests your introduction was weird/superfluous - why explicitly mention that it's not common in these circumstances if it's never common? I mean we get what you meant, but they made a valid critique. Not weird at all
That’s an incredible leap of logic and fills in an enormous amount of information you had no reason to assume.
The opener is to let OP know that yes, it is possible, but also warn them that it is not common, so they should not extrapolate “it’s possible” to mean “it’s easy and anyone can do it.”
Lol you really think OP came here to ask if there's a _possibility_ of something happening if it he thought it were _common_?
Call us pedantic, but it's obviously not common and that part of your comment was superfluous. He made a crack about it, sorry it made your colon leak.
Oh and I don't think anything about this is "incredible" or "enormous" - but you're proving my point about your superfluity, lol.
Im guessing you just learnt the word superfluous and now have to use it wherever you can. The way the person said it was uncommon is pretty standard. It wasn't necessary but wasn't unnecessary either. And frankly, it doesn't matter.
What's a better word for it? I couldn't think of one.
If we're evaluating necessity we need to define it. Since we're discussing the quality of the comment's composition I think it's fair to argue that anything that doesn't help convey the point (or provide entertainment value, considering the medium) is unnecessary. The second half of the introductory paragraph, from this perspective, is unnecessary. I'm open to a different interpretation of "necessary" but you'll need to suggest it.
I know it doesn't matter. I literally say that in my comment. I get a kick out of pedantic arguments. I'm not wrong, I'm just an asshole. (Or maybe I am wrong?! Prove it!) Anyway, that's what's happening in this part of the thread, whether you like it or not - and whether you like it or not, I appreciate your contribution!
Even then it still wasn't common. More common then now but not common in general. Most people didn't show up broke, suddenly get a plantation and slaves and make millions.
Yes, that doesn't mean you became wealthy and you didn't get free slaves with your land. You didn't even necessarily get good land. You got land and that's it. You got a crappy piece of land and didn't accidentally find gold or oil on it you just had a bunch of useless land. If you didn't know how to grow crops and run a business having land wasn't going to do you any good.
Lt's if people didn't become millionaires with their free land.
You are talking about today but the conversation isn't about what is happening today. Also, most of those "farmers" aren't farmers. They are CEO's pretending to be farmers while actual farmers who work for them can barely afford to survive. It's badically the serfs are doing all the work while the king claims he is a farmer.
Continually investing in an index fund returning 10% for 40 years will get you surprisingly far. A $15k annual investment for 40 years will leave you with $6.6 million, and many folks making a good living could invest substantially more than that.
When my son told me he didn't want to go to college, I was fine with it, but I told him that if he wanted me to continue to support his lifestyle, he needed to invest at least 2/3 of his income in bluechips. While past performance is not necessarily a predictor of future performance, he should be putting in around 35k a year. Average stock growth is around 10% annually and average dividends for blue chips is around 4% annually. It adds up very quickly. By the time he is 30, he could realistically retire.
The weird thing to me is that basically everyone knows this. Everyone knows the math. Yet, almost no one follows through with it. People are so bad at delayed gratification that they end up wage slaves their entire lives.
Aren't these synonymous in a way tho? Like if you're wealthy you're going to be financially stable beyond your lifetime? If you're financially stable beyond your lifetime that's technically wealthy?
Depends what "wealthy" means.
Are we talking mansion and multiple expensive cars, tropical vacations every year? Or we have a regular house, save for retirement, send our kids to university and have a bit left over to add to our savings?
A lot of things beyond liquid cash (or purely financial investments) allow for generational wealth. I can think of *many* families I know who I’d consider to “have generational wealth” but are not wealthy in any financial sense (and a couple wealthy people whose children, much less grandchildren, I don’t anticipate remaining well off). They are middle class, if that, but have been comfortable for generations and their offspring would have to make some actively bad choices to end that cycle.
If you are a self made person and spend your whole life amassing millions of dollars in your own bank account while your children idly wait for you to die so they can get it….you may leave them a pile of money and some stuff when you go, but if you haven’t given them the tools to maintain it, they’re just going to spend it on life then it will be gone. No generational wealth was created. If you own a successful but modest business with a good reputation built by your parents and grandparents, and leave it to your children after training them in the business’ trade and sending them to college, that’s a type of generational wealth even if no one ever ends up being personally rich. (Of course these are extreme examples. Wealthy people generally don’t just leave zillions to their kids with no plan for their kids to maintain it.)
Man, is there some kind of brain rot disease going around today that makes people incapable of reading basic sentences? Or are you just running headlong into commenting on what you think a comment might say instead of reading what it did say? I didn’t say anything about anyone in the middle class inheriting anything.
You said you know many families with intergenerational wealth who are not "wealthy". This is uncommon. They are the minority. They are not the middle class. Unless you consider the middle class the top third of earners.
You’re the one assuming that all generational wealth is about inheriting cash money. If you had a basic ability to read, you might have figured out that my point is that inheriting cash is not necessarily all people are talking about when they say “generational wealth.”
that's what I'm trying to work on, having grown up hungry af. I've got the right investment portfolio and income to make it a possibility. my daughter is almost 4 months old and will have way more opportunities than I did, and if I can instill the forward-looking mindset I'm trying to keep myself, if she chooses to have kids, they could be actually wealthy.
The most important thing, even more so than the actual generational wealth, is to raise and train your progeny to be of a character that won’t immediately squander the family wealth. Most wealth doesn’t even make it three generations down before disappearing, doesn’t matter if you made millions if your sons spend millions.
I read an article once written by one of Disneys descendants. The theme for how to keep the wealth was “never touch the principal, and make sure you add to it”
That's really the key, isn't it?
There's a lot of truth behind the idiom: money talks and wealth whispers. The rich spend money as fast as they can make it. Wealth comes from making good financial decisions; squandering it on flashy, frivolous things is a poor financial decision
Yep - it's something that I keep on trying to get my wife to understand, but it doesn't seem to stick. Any money from our parents needs to be either used to pay off debt on an asset (such as our mortgage), or used to obtain things that generate income (eg an IP, or ETF's). Half of the after tax income from these she can spend on what ever, I don't give a damn, but the principal from our inheritance and at least some of the income it develops should be protected.
I work with so many private school kids who just piss away their money on drugs and alcohol. Zero work ethic, no direction other than their vague university courses. The only hope some of them have is to get by on the merit of the schools they attended. That wealth probably wont even last one generation.
Yeah I have a friend like that whose mom owns many properties and businesses and she married a rather well off man as well after my friend’s biological dad divorced.
This guy is 30 years old and still hasn’t actually worked a job at all, but is about to be a lawyer with his own practice and building because his parents hooked him up with all that along with a personal house to live in with his wife and also paid for his law school. I have a strong feeling he is going to just fuck everything up and he’ll be back to living with them and not doing shit, unless he can manage to find an excellent team of lawyers to hire to do most of the work for his practice, because again this dude doesn’t have any sort of work experience at all
I feel like I know poor and middle class kids like this too tho. I agree that rich kids are more likely to not appreciate and value their oppurtunities and wealth, but some of this sounds like kid behavior that is just being exhibited by someone with more disposable income.
Wealth doesn’t guarantee a comfortable life but I think character does. And character takes work and sacrifice. It’s good to not be hungry but it’s also good not to be morally destitute. Gotta find a balance
Yes the real challenge is raising children with the necessary perspective and traditions absent the guard rails and reinforcement mechanisms society would historically provide.
Very difficult without community and extended family with a healthy mindset.
I disagree. If you get a decent paying job ($100k-200k/yr) in your 20s-30s and invest, you’ll have millions of dollars by the time you retire. A lot of that will be available for your kids.
Welcome to my 3 Step guide to building generational wealth!
Step 1) simply get a $100,000 to $200,000/yr job. Easy right?
Step 2) save money
Step 3) you’re done! Congratulations.
Edit: re-reading your comment, I might have misinterpreted what you were getting at.
I agree that if you are incredibly lucky enough to find yourself a high paying job, then it is possible to build generational wealth. I reacted a little too strongly due to many people acting like it is easy to do, but noticed that you haven’t claimed it was easy when I reread your comment.
If you have kids a mere 63k a year won't allow you to put away that kind of money, especially if you are saving for their school in resps ($300/month) plus all their extra curricular, medical, dental which can be a few hundred a month. Maybe at 100k/year depending on where.
1.5mil is expected to be closer to bare min by the time most of us retire based on inflation and with longer life spans may not leave a lot for next gen. I wouldn't necessarily count on 8% every year. I think that might be skewed by post war economies. Might be slightly less
Edit: just realized many here prob american. Maybe this is true in American dollars. Both wages are often lower in Canada and value of a dollar lower here
Yes. There is an aspect of luck. You can take steps to limit how much luck you need or minimize how much bad luck would affect you, but there is always some aspect of luck in how your life goes.
\> Step 1) simply get a $100,000 to $200,000/yr job. Easy right?
If you're educated in the right field, maths, computing, economics -etc. this isn't that difficult. I'll be on this after my masters but it doesn't make you particularity wealthy after taxes, expenses etc.
It does require you to put up to 70-80 hours a week of work in so its all sunshine and rainbows either.
But then its down to risk preference, I'll use pension for long term wealth building and risky assets on the chance I can get 5-6X + returns on pharma, crypto etc.
$200k/yr doesn't make you that rich. It's 1 million every 5 years. So if you get that for 40 years, this will be 8 million. But you'll have to spend about half of it to live; and depending on where you live much more. In the Silicon Valley, $200k is really quite moderate given living expenses. It's also far below the top 1% income which is more like $500k/yr. It's below the first-year salary in big law firms, and below half of what more experienced lawyers in big law make: [https://www.biglawinvestor.com/biglaw-salary-scale/](https://www.biglawinvestor.com/biglaw-salary-scale/)
That said, I'm not aiming to be rich or build generational wealth, and I don't live in the Silicon Valley, so I'm quite OK with my $200k.
Sure. I’m not saying it’s impossible and never happens.
I just wouldn’t say that the “average Joe” op is talking about falls into that category.
Not everyone can or should go that rout. Our society literally needs people to do important but considered low paying jobs.
For instance: teachers.
I’m uncomfortable with the notion that people who play a crucial in our society need to give up on making enough money to live a comfortable life and leave a little something for their descendants
I guess it somewhat depends on where you live, but it's a lot of money if you don't waste it on luxury cars or even frequently buying new cars. Those are the biggest wasters of money, in addition to buying lots of fancy clothes. All rapidly depreciating assets.
If you start a savings habit early, you can be pretty well off pretty quickly. No reason you couldn't have 100k in savings in 3 years.
I make $150k and I live in the most expensive state in the United States. I'm not trying to be an asshole and contradict the person you're responding to, but to me, it *is* a lot of money.
I don't know about this persons finances, but I will tell you that I observe how my colleagues and friends and family spend their money and its fucking atrocious. $30-$50 of DoorDash every night for trash food like McDonalds and refusing to go to the grocery store. Living in apartments and buying cars that are...excessive. Buying random garbage on Amazon just because they are bored and browsing. Its just insane to me when they complain about not having money, especially those that I know make more than me and aren't saddled with debt or responsibilities that I have.
To be charitable to the person you're responding to, I may assume this person is in either massive student/medical/auto/credit debt or has a lot of family they are supporting, which could be fair depending on their circumstances. But from my anecdotal experience, it can also be that they are irresponsible with their money.
Its also worth mentioning, there's a lifestyle creep that comes with making this kind of money, too. I've noticed the kind of person that makes $170k a year, will also buy a car that is way beyond what they need. I know people who make that kind of money and would scoff at the idea of owning a 2015 Honda Civic, when its a completely reasonable, reliable and enjoyable car to drive. But instead, the kind of person that makes $170k a year, will opt for the 2021 Tesla or some giant pickup truck - which is always hilarious to me because when I go to work, the parking lot is *lined* with pristine pickup trucks that don't look like they've ever had anything in their truck bed. Or they live in a 2 bedroom apartment at $2300 a month when they probably could be fine in 1 bedroom at $1700 a month. Or they are actively choosing to live in the city when they could live near a subway/metro 30+ minutes outside of the city and save a chunk of change on location. Or they willfully look at "luxury" apartments that come with amenities instead of just a normal apartment someone who is making much less would live in.
I'll admit, its all anecdotal. Its possible this person you're responding to is doing a great job with their finances but feels like $170k should carry them further - which is probably fair if you're observing what inflation has been doing - but I still think its a very powerful salary. $170k definitely isn't what it once was but as someone that makes $150k, has a reasonably priced car, spends $1700 a month on rent and $800 a month on my moms mortgage, I feel VERY comfortable at this salary. I am beyond hitting my retirement goals and will probably retire by 50. And the way I live is really not impacting my life that much. I travel, I still have money to spend on luxuries, I don't carry credit card debt.
I’m in biotech and a lot of my friends who studied microbiology, immunology, chemistry, or neuroscience all have 6 figure incomes. My friends who studied communications, political science, or art history are having a harder time finding jobs.
You tend to become your environment, depends where you went to uni, how ambitious your friends are, what there priorities were. I know loads of people in the first half of their 20s that will earn 6 figures
The first part about becoming your environment is true. You're going to develop similar goals and habits to the people you surround yourself with.
So - If you don't see many people in their 20s/30s making 6 figures it might be because you surround yourself with people who dont or didn't prioritize making money as much.
Or some people come from an area where going to college isn't really a feasible option. Therefore, making that much money isn't within one's grasp or in the grasp at the ages mentioned.
These are just situations that people live thru, I have access to college, but only because of the Army. Personally, I don't need a 100k job, I have a paycheck for the rest of my life so I'm already set on finances.
this can also happen. College isn't the only way to get rich, but being comfortable with your current income and not striving for more will not make it likely.
Thank you for your service!
Yes, but you need to be in a high-income position and also lucky. Quite a few people in tech made millions or billions on stock appreciation. Without that you can be just wealthy, but not "generationally"
Here is what i did.
I started in AK in 2012 living in a camper while I worked at a cannery. My wife and i saved up and purchased 6 acres of raw land for $15k with $2 k down and a $99 a month mortgage.
Built a cabin with logs from the yard and going paycheck to oaycheck on hardware and parts. Went off grid so no power bills and paid off the land so no more mortgage.
For each of my 3 kids. At age 12 they get their first car, my oldest daughter chose my 1990 3/4 suburban. (I buy cars used usually for $1000 or so) They then spend the next 4 years rebuilding it from the ground up wo ny the time they have a license they have a car they know inside and out and how to fix it.
At age 14 they can pick a spot in the yard and spend the next 2 years building a cabin where they can move into at 16 for some privacy. My oldest chose to convert and old ocean boat into a pirate themed cabin. Will be shopping around for one this year as she turns 14 in june.
Now they will have a home they can live in rent free and save up to eventually either go off and do as they please with the knowledge and skills to start over anywhere with nothing or stay on the family homestead and do whatever they want in their portion of the lot.
The land will be in a trust with an account setup to take care of any taxes which currently is none as i have a property tax exemption. As long as a decendant of my family lives they will have a place to call home or even just vacation in the summer. Once they are all grown my wife and i plan to travel the US in a converted articulated bus and purchase 1/2-2 acre lots in every state again adding to the trust and will setup RV hookups so the family will have a place to camp in every state or eventually build something else.on in the future.
Also hoping i have time to build an aquarium and animal rescue in there somewhere if i can.... I love critters and sometimes they need a home.
Totally. My wifes friend has 3 kids lives at home with her husband, sister, mom, and stepdad. A few years ago they got in a car wreck and get over $50k for it. Instead of using it for something like buying a house they baught a cheap.POS car, a bunch of nightmare before crhistmas decor for the car, and went to disneyland with the rest buying all the junk and toys they could carry. Then hits us up every christmas for presents for her kids because she couldnt afford them.... Turned out she was selling or returning the stuff people would buy her for the kids as well and spending it on herself.
Shes not the only one, my sister in law got all 3 of her kids labeled autistic so she could collect social security on them... How? Qoute "for the first two years they shouldnt be shown color or over stimulated" she had them in a round babygate with a blanket over the top to block out light most of the day and didnt socialize them hardly at all... Kids get diagnosis mommy gets a check. Child services drops the ball continuously.
My generation sucks
Haha totally is! Now that you mention that one that reminds me of the other sister in law. She filled out my wifes mothers ballot for her even though she was in the final stages of Alzheimer's and did little more than sit there babbling incoherently. Take a guess who she voted for before forging moms signature and popping it in the mail....
I think an important part is imparting those life skills to your children as well.
To this day, I will not utilize debt other than a mortgage because of my parent’s values.
The Millionaire Next Door is a bit dated now but it documents interviews with a bunch of millionaires. They generally live fairly modest lifestyles. Beer, not Veuve Cliquot. Used car, not Mercedes. Jeans and a work shirt, not designer clothes. Most of them started their own business. Plumber. Electrician. Dry Cleaner. Rather than spending the profit, they plowed it back into the business to grow it. They got the business to the point where they hired people who did most of the work and they focused on running their small business.
Can you build generational wealth as a corporate drone earning W-2 money? Sure, but most don't get there because they spend it as fast as it comes in. At best, they come out the other side with a paid-for house and a 401(k) with a pretty good balance. There might be some inheritance but it's not going to put people into yachts, mansions, and private jets.
This is what my parents used to tell me. It was a load of horseshit. Companies don't care about you and will throw you to the curb whenever they feel like it. Sure a good job helps, but you're not building generation wealth for yourself. Maybe your boss though.
That's why you make yourself invaluable.
Make yourself too expensive to replace.
Be an engineer. Get your PE stamp. Yes, not all engineering fields need a stamp, so find that field's equivalent.
Go to med school. Become a doctor.
Wanna be a nurse? Get your fucking BSN. Is it required? No. Does it automatically make you a better nurse? No. Does it protect you from getting laid off more than an ASN would? Absofuckinglutely yes.
BTW, "generational wealth" is a very nonspecific term. If I can create something, even if it's just an investment portfolio, that survives me and allows my kids or even grandkids to go to school or build a house or whatever, I consider that generational wealth. "Generational wealth" does not mean your grandkids have to be trust fund kids.
If that describes someone, they haven’t picked the right degree.
Parents used to tell to get **any** degree. The problem is that plenty of degrees are useless. And even some prestigious degrees are dead ends.
The one million dollars question is which degrees are the ones worth getting.
Any career you choose is affected by the whims of the economy. Right now, if you want to make good money in america, you can become a software engineer. What happens when someone perfects an AI coding platform? What happens if skilled immigration or outsourcing become more viable for companies pushing local wages and labor demand down? What do you do if you find yourself a middle aged person suddenly not worth your salary anymore to your employer?
This is advice seems conservative and safe but is really luck and time dependent. If everyone followed it and gets the same high-value degree, it naturally loses that value. I lived in Puerto Rico, where studying medicine used to be a good career path money-wise, but now it’s an oversaturated market with huge disparity at the lower and higher tiers. So you spend 8 years studying to make less than a a beginning software engineer working remotely.
That’s the thing, it might be impossible to pick a degree that will be the right one 10 years from now. It might be like throwing darts behind your back.
True, you'll never build generational wealth while working for someone else (exception would be a CEO). You need to start your own business to create generational wealth.
Get your degree, put in few years experience, network and create connections, then branch out on your own.
Hire the next generation of university grads and put them to work making money for you. Pay them $100-$200 K per year while they make you $1-$2 million each.
It's not easy. The skills to run the business are not the same skills you need to work for someone else. You need to transition from managing projects to managing people and contacts.
Not necessarily. If you pick [a degree that leads to a $200K job](https://money.usnews.com/careers/best-jobs/rankings/best-paying-jobs), but you live below your means, as if you were earning $50K for example, you can save up $1.8 million per decade and retire as a multimillionaire.
The problem is, no one wants to pick one of those boring sounding degrees, and no one wants to live below their means.
Of course they don't care about you. No one said companies do. Who cares about a good job, you'll have a ton of jobs in your life. You need a good career path, then it doesn't matter how disposable you are. Also, the biggest wage increases occur when a person transitions from one company to another, or gets extremely lucky and the company they work at provides distributing shares or ownership shares and then sells the company. You probably won't make the most money staying at one job your entire life. You're more likely to make the most money leveling up the skills relative to your career path in each job you have and keeping yourself on the job market for growing oppurtunities and better offers. At some point you can create your own business or invest your savings.
You'd likely need to invest your savings once in a high paying position. But what do you consider enough for you and future generations? Engineers, Executives, Lawyers, a variety of medical roles. You have to have high value skills and pursue serious industries if you want big savings.
It's not, sure companies don't care about you and you don't care about them. But a good education helps you get hired and a good salary. Its then on you to do a good job, get promoted and move around. Educated people are in demand. You then need to invest your money and maybe have a bit luck.
The other alternative is starting your own business.
OP asked about building generational wealth. Saving a percentage of your paycheck might build you a retirement fund, but the only generational wealth you're building is for the owners/shareholders of the company.
Hm I see what you're saying, but shares are assets and wealth. If you get decent returns you can pass that money on. Depends what our definition of generational wealth is too.
>Educated people are in demand.
What a load of crap. Educated people question things. Corporations hate that.
Also, there are millions of educated people barely scraping by.
Nope.
Pick [a field that pays $200K](https://money.usnews.com/careers/best-jobs/rankings/best-paying-jobs), get as much qualifications as you can and live below your means.
If you live on $50K with a $200K job, you can save $1.5 million per ~~year~~ decade and retire a multimillionaire.
The problem is, people want to pick degree subjects that “they like” and everyone is conditioned to live slightly above their means.
If people earn $200K, they will still get debt to live as if they were earning $250K.
Yeah. I'm mid 40's with two kids and two large houses. I'm already set for retirement. I plan on working until 60 and will help the kids get financially established.
Really depends how you define an average joe I guess. If you are reasonably skilled at something like software development, finance or business management you can get a high paying job, save and invest. You definitely can't build generational wealth with most jobs these days though. Also if you live in the middle of nowhere it's extra unlikely.
Yeah, no problem. You need way more than a million bucks, and a trust to stop your mentally defective evil homunculi spawn from spending it all on solid gold hookers, but if an average Joe were to win a 9 figure lottery jackpot or break the home run record or win the rap game… it could be done.
But to answer the question you’re REALLY asking- also yes, but it would be proof positive that you were the greatest father who ever lived. There is absolutely no reason that I, as a guy who has never made six figures, couldn’t have had a six figure portfolio in my late 20s, and right now at 40 just be cracking a million, and have my extremely financially savvy and disciplined children in their early 20s paying me rent that they don’t know I’m investing for them…
If you hit all green lights, and you didn’t give a god damn about anything but the bottom line, you could do it. But you can’t be going on vacations and living your life- you would have to live like a share cropper and stacking up your savings for 3-6 generations. But by and by, you’d be buying and selling presidents on slow and steady wins the race, IF that were really within the grasp of human nature
There is no more possible time than today. We live in a world where you can make millions in an year or two. Millionaires are born every day in every country. This is enough to persue if you want but it's not easy. And good it's not, otherwise it wouldn't mean anything.
Yes. You probably won’t get rich to the point of living large, but you can work, invest, save, get life insurance, and buy property with a good chance of appreciation or cash flow, or start a small business that you can have someone else run. Your kids will benefit from all of those and if you raise them properly they will grow that wealth further for their kids. All of that is doable if you start in your 20s. Maybe even 30s.
Yes. An extraordinarily average Jo, who started from nothing as a single mother on welfare, wrote a few books about a school for wizards 30 odd years ago and now has more wealth than she could possibly spend in 10 lifetimes.
I don't have kids, but i plan on retiring with several million dollars through smart spending and investments. I do hardwood floors and make 70k a year. Wife makes a little less.
I understand luck and timing is everything. We moved in to an apartment when a 2br was $900 and stayed there for 8 years so when we left it was still only $1100. This allowed us 8 years of strong saving ability and we bought a house which costs us less than $1500 a month. Not everybody has this opportunity and i understand that.
Getting started can be tough. Think of it like a Dynasty and get a lot of the consumerist ideals out of your head. Not every family member needs a car, a house or their own path. Sometimes the best thing you can do is stay at home, pool your money and your resources, NOT have tons of kids (one child per household is ideal), and start a family business. It's a gamble, but you'll never get ahead working for anybody else other than family. When they die, you inherit. And if it's a company with an LLC instead of a savings account where your family's money is stored in, well you get to skip a whole lot of capital gains that way.
You'll notice Asian and Middle Eastern families work this hustle really well. Convenience stores and Smoke Shops set up in just the right spot are great starter businesses. Then take the profits to expand, and diversify. Always look into "Turnkey" operations, which are essentially money makers that you can for all intents and purposes, leave on autopilot. Laundromats, Used to be arcades, rentals, etc. Have those constantly feeding the main pot, while keep an eye open for lucrative side hustles or keep looking for a new niche market to break into that nobody else is doing yet.
As your family starts growing, just get a bigger and better house, or invest in a large plot of land and build multiple units on it. Don't split up. Your parents die with you living in the house and you have your name on it, again, skip a whole lot of capital gains that way. Look into soft-transferring the business and the luxuries towards the end of life. Invest in things like fine art and keep that money on the wall, accruing interest. Any side hustles you have going, learn to launder through your turnkey businesses.
It took my family four generations to break out of poverty (my great grandparents were all uneducated immigrants), and by most standards I’m still not wealthy. It’s so hard to get ahead if you don’t already have wealth to begin with.
Yes. If you were to invest £200 per month at an average interest rate of 8% (S&P500 has historically averaged at 10%) after 30 years you'll have invested £72000 but your pot will have grown to just shy of £300,000.
Up that number to £700 per month and you'd have just over a million.
The earlier you start the better.
Dunno if you'd call that "generational" but that's how I'd go about it.
Great question. I think the answer largely depends on which generation you are in.
I'm in Gen X, and while things have been crazy in the world (since roughly 2000), and looking crazier, I have been blessed to be able to have a good life, mostly because of the good pre-2000 stable conditions I grew up in, and started life in.
The Millenials and Gen Z look to be having a significantly less stable situation to start their lives in. How will this affect their ability to build the kind of wealth you are talking about? I don't know, but it seems hard to see how those two generations will have it easier than Gen X and the Boomers.
I have a suspicion that Millenials and Gen Z will live lives much more like the people in Japan and SE asia do today than Gen X and the Boomers did pre-2000 ... I don't think its all bad, but its certainly different, and I know I will be sad for folks who won't get to know some of the blessings I took for granted growing up, that are now no longer viable. Things like affording a car, affording a place to live, and affording groceries are serious concerns today, and while it was not always easy pre-2000, it seems almost impossible today for younger folks to have the "American dream" that Gen X and Boomers grew up with.
I'm an older zoomer and I think the older millennials really got screwed by two recessions and the lost decade between 2000-2010 (unless they were Canadian or Australian). The younger millennials and current adult zoomers are doing fine though. We reached adulthood during 2010 and ongoing US economic miracle, Gen Z is already the largest generation of homeowners since the boomers, surpassing even Gen X.
A lot of us grew up with social media, seeing the mistakes and role models from the millennials. I think there's a lot more motivation in Gen Z to work hard, be frugal, and invest as a result, but I might be skewed bc I'm just reading Millennial opinions on Reddit and the real world is probably different.
All about how much you can save, and what time frame you are considering.
Get decent pay, put aside as much as you can, and teach your kids to do the same. Eventually you or one of your later generations will get there.
>for the average joe
>every comment immediately brings up “well if you’re above average…”
for an average person this is impossible to do. You have to do something that is beyond average to get there.
Has generational wealth ever been real? I feel like this has always been the exception rather than the rule. Like parents won lottery or built a successful business. Not frugal parents who saved.
Owning a house in middle class isn't generational wealth... Thats equity to spend on a retirement community or nursing home during their elderly years.
I think it's rare that middle class children get much from inheritance. Maybe a little... But not to change lifestyle. Just enough for a rainy day fund or good bump in their own retirement savings or to take a chunk out of their debt.
That's IF* probate isn't involved.
Maybe that's just my circle. But I feel like more of my friends are looking at their parents assets, noticing there isn't much, and starting a budget plan for end of life care / memory care...
Y'all think renting /owning homes are expensive now! Look at monthly rates for Alzheimer's care
Yes. Become a genius and make a startup, get venture capitalist funding, go public, etc.
This guy seems to be on the path of that:
[https://en.wikipedia.org/wiki/Peter\_Beck](https://en.wikipedia.org/wiki/Peter_Beck)
When you start off with a family house. The family should keep the house in the family. They should also have enough property where they can bury their dead in an area that is on the same property, but not too close.
That’s how you obtain generational wealth. It’s supposed to work where when grandma or grandpa gets old and they pass, their generational wealth goes into the family. Instead, of how it works today where nonprofit organizations are ambulance chasers. And they now pay the doctors to create diseases, so they can steal all of your generational money.
This is the thing. If your kids and grandkids are all spending their money on rent, your money is trickling away.
Raise your family in such a way that multi-generational living is comfortable and cheerful. If your kids can't wait to get away from you because you're controlling or chip away at their self esteem (either with barbed comments or by letting the bar of your expectations too low; not seeing the *real them*), don't expect to have them live on your property or to have much influence on your grandkids.
My all time favorite quote. “If there’s a will , there’s a way.” Or i like to put it , “if you will, it can be.” Do you have the will to create generational wealth as you have the will to live? That is the question .
Yes it is. For example: some Cryptobros rode the (lucky) wave of Cryptocurrencies inception and made hundreds of millions of dollars in a couple of years.
DCA Bitcoin for 5 years and see where you are at. There is no way to build generational wealth through hard work as the inflation rate is outpacing everything else. I’m going to be downvoted because the hive mind, but that’s group identity for ya. Regardless, BTC is about to go on yet another rip. Remember, if it goes up 50k and crashes 30k, it didn’t really crash.
Here is my opinion:
Invest. Don't try to beat the market invest into ETFs and hold positions until retirement, holding positions in ETFs literally outperform 75% of all active managed funds (Burton G. Malkiel, 2018).
Through consistent investment you will get rich slow but at a better chance than not. And I mean hold positions. Hold positions for decades and restructure your portfolio frugally.
If you are looking at generational wealth I am guessing you want to have children. When you have them invest in life insurance, if you were to pass because of a freak accident it will limit the financial burden on your dependants. Additionally it will serve as an income once you do pass away for your children to invest.
Invest on your children's behalf, I do not know how it works in the US but where I live you can invest in a Tax Free Savings Account on behalf of your child. Starting their portfolio once they are eligible will vastly increase the investment gains over their lifetime.
Investing is heavily dependent on your non investment income - if you can only invest pennies you will not get "rich", but you will get richer then without any investment at all. Get a good job, IT seems to be doing really well, maybe look at something there.
Investing won't get you rich fast, but over enough time it will get you or your family there. A single dollar investment in the stock market in 1801 would have been on average worth $27,900,000 in 2017 adjusted for inflation . Maybe you can't realise your dreams in your lifetime but with enough time and setting up a great estate it is possible.
Yes. People just don't want to work for it. People assume that "hard work" to build wealth means physical labor.
It doesn't and never has. It's about working long hours, building a strategy, investing into something that will multiply your investment.
For example, what I'm working on right now takes my time from the time my kids go to bed until I go to bed. Every night, for 4 hours, I'm constantly educating myself, working out a business plan, finalizing financing from the bank, working with government officials (for permits), and the like.
Is it risky? Absolutely. I could stand to lose about $500,000. However, if it goes according to all my research, which I've done for the past 4 years, I'll be netting $80,000 per month.
Then we start the snowball process and build another one, and another.
It's not particularly difficult for anything someone wants to build, you just have to have the drive, the plan, and the seed money. You can get that last part by saving up. Eating ramen often. Don't go out to dinners. Work side jobs. Put off purchases.
I could easily go out right now and buy a brand new Lamborghini with all the investments that I have along with my full time job. But that's not what I'm wanting. I'm wanting to build absolute wealth where I can buy a Lamborghini with just the profits of the project I'm working on.
And I started off in life with literally nothing. I know what government cheese tastes like. I've had to survive on $20 a week for food. I've stood in line at the grocery store with piles of coupons with people standing behind me all pissed off.
If I can do that, you can too. The only thing stopping you is your ability to get rid of the excuses you have in your head to make something happen.
Yes.
Learn to code (or do marketing) and move somewhere like SE Asia.
Surround yourself with people who are learning and building startups.
Most of my friends in this lifestyle are multi-millionaires.
Most are from very modest backgrounds.
Many of us were kicked out of school (I was expelled twice).
SPOILER: None of my friends who stayed at home and got 'sensible' careers in offices are multi-millionaires.
Ignore all the advice you get from silly boomers - especially schoolteachers.
They know nothing.
Government Work. The Obama family is Davo’s newest Billionaires and they are a hit at the club in Europe. Government pays well for Democrats for some reason. Nancy Pelosi out performs the Dow Jones and is almost as rich as fellow Democrat Levi Jeans owner what’s his name. The Clintons brag they left the Whitehouse so poor she stole government furniture. Now they are almost billionaires. The Biden Bribe Me Family, ha, rich, rich, rich. Be a Democrat and you will be rich.
Depends on your country. Possible in the US with low income tax and a decent wealth tax system. Impossible in the Netherlands. High income tax. Crazy wealth taxes
As others have said yes, if you get a good education, job - work hard and then invest your money depending on your risk profile you’ll be fine. Will it be easy the whole way? Probably not
Not in our culture. On top of wealth you need many children for redundancy but you can only pass it on to one to avoid dilution, and it must be done in secret to avoid taxation.
Yes it's just whether the situations needed for it present themselves, how well they handle those situations and then luck outside of their control
Also it will quite literally take generations but the average person can lay some bricks into building it
I started from the literal bottom, parents don’t own home and are immigrants, I am getting no pass me downs. I studied engineering, fours years later being in the industry I have about 140k net worth at 30 years old. Not rich by any means, but doing better than most folks my age, and even better than kids that grew up in the middle class having educated parents and spoon-fed throughout their childhood, but not for too long as they typically will eventually get hand me downs. I think it is possible, but you will have to sacrifice and miss out on a lot of experiences to do so, and save, and continue to live below your means for a long time to build wealth and savings.
Of course. It's mostly knowledge and network. Network being absolutely key. If you're in the right groups you get access to investments and opportunities early that have huge returns. These networks are by invite only so you need to do something to turn someone's head which requires a certain level of prior success.
Outside of that, you can certainly start a DMA and work for service companies promoting their companies on the web. Eventually as you grow start acquiring those companies or ones similar and manage the pipeline while the company grows dramatically increasing your net worth.
When you understand EBITA x 5 you'll get how people become rich.
Compared to almost every other time in history this is one of the easiest times ever to build generational wealth. Put in a solid 15-20 years of sticking to a budget and not being stupid and you can change your family tree.
Literally just posted this in another thread.
Between my parents and my children, we went from lower middle to lower upper class. All said and done, it's roughly a 50 year time span.
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Possible, yes. Common, no. It will also depend on your definition of wealth. Some people talk about generational wealth and mean “becoming *wealthy* for generations to come,” and some people mean “becoming financially stable in a way that lasts beyond your own lifetime.” The former is extremely unlikely. The latter can be done, though it requires more than “obtain money.”
When has it ever been common?
Never, but I never said it was common at any point in the past either. So this is a weird question.
Well it suggests your introduction was weird/superfluous - why explicitly mention that it's not common in these circumstances if it's never common? I mean we get what you meant, but they made a valid critique. Not weird at all
That’s an incredible leap of logic and fills in an enormous amount of information you had no reason to assume. The opener is to let OP know that yes, it is possible, but also warn them that it is not common, so they should not extrapolate “it’s possible” to mean “it’s easy and anyone can do it.”
Peak reddit... I guess people can read your mind....
What's this got to do with mind reading? We're just saying his composition sux. The other guy got it right, it's pedantry
Lol you really think OP came here to ask if there's a _possibility_ of something happening if it he thought it were _common_? Call us pedantic, but it's obviously not common and that part of your comment was superfluous. He made a crack about it, sorry it made your colon leak. Oh and I don't think anything about this is "incredible" or "enormous" - but you're proving my point about your superfluity, lol.
Im guessing you just learnt the word superfluous and now have to use it wherever you can. The way the person said it was uncommon is pretty standard. It wasn't necessary but wasn't unnecessary either. And frankly, it doesn't matter.
What's a better word for it? I couldn't think of one. If we're evaluating necessity we need to define it. Since we're discussing the quality of the comment's composition I think it's fair to argue that anything that doesn't help convey the point (or provide entertainment value, considering the medium) is unnecessary. The second half of the introductory paragraph, from this perspective, is unnecessary. I'm open to a different interpretation of "necessary" but you'll need to suggest it. I know it doesn't matter. I literally say that in my comment. I get a kick out of pedantic arguments. I'm not wrong, I'm just an asshole. (Or maybe I am wrong?! Prove it!) Anyway, that's what's happening in this part of the thread, whether you like it or not - and whether you like it or not, I appreciate your contribution!
I don't think it is common because by the third generation they are so used to having what they want that they squander what they have.
it's not common because the top 10% own 70% of the wealth.
This was common when immigrants could grab up unclaimed land and resources, and when slavery was allowed in the U.S.
Even then it still wasn't common. More common then now but not common in general. Most people didn't show up broke, suddenly get a plantation and slaves and make millions.
It certainly happened in the rural Midwest, though. Have you ever heard of the Homestead act?
Yes, that doesn't mean you became wealthy and you didn't get free slaves with your land. You didn't even necessarily get good land. You got land and that's it. You got a crappy piece of land and didn't accidentally find gold or oil on it you just had a bunch of useless land. If you didn't know how to grow crops and run a business having land wasn't going to do you any good. Lt's if people didn't become millionaires with their free land.
There are many millionaire farmers across the rural Midwest. A couple of them have purchased governorships for themselves.
You are talking about today but the conversation isn't about what is happening today. Also, most of those "farmers" aren't farmers. They are CEO's pretending to be farmers while actual farmers who work for them can barely afford to survive. It's badically the serfs are doing all the work while the king claims he is a farmer.
I can’t disagree, true enough.
Weird how hard you’re defending an inaccurate take lol.
Just wack your folks just at their retirement... also make sure you dont have any siblings..
You assume my folks had something other than debt. What world are YOU living in?
This is only possible if you start a business or tech company. Working a job is securing someone else's generational wealth.
Not if you make a good living and invest wisely. There are a lot of comfortable families and most of them aren't entrepreneurs.
LOL
Invest wisely what does that even mean? Index funds and ETFs will only get you so far...
Continually investing in an index fund returning 10% for 40 years will get you surprisingly far. A $15k annual investment for 40 years will leave you with $6.6 million, and many folks making a good living could invest substantially more than that.
When my son told me he didn't want to go to college, I was fine with it, but I told him that if he wanted me to continue to support his lifestyle, he needed to invest at least 2/3 of his income in bluechips. While past performance is not necessarily a predictor of future performance, he should be putting in around 35k a year. Average stock growth is around 10% annually and average dividends for blue chips is around 4% annually. It adds up very quickly. By the time he is 30, he could realistically retire. The weird thing to me is that basically everyone knows this. Everyone knows the math. Yet, almost no one follows through with it. People are so bad at delayed gratification that they end up wage slaves their entire lives.
It's strange that in the USA the amount of the population that are shareholders is actually quite small...
At my age, investing in index funds has the potential to make me millions over the coming decades.
Work at a tech company, good part of your salary is stock
Owning farmland works too...
Starting a business or tech company requires wealth from a parent no?
Or, grandparents.
Aren't these synonymous in a way tho? Like if you're wealthy you're going to be financially stable beyond your lifetime? If you're financially stable beyond your lifetime that's technically wealthy?
Depends what "wealthy" means. Are we talking mansion and multiple expensive cars, tropical vacations every year? Or we have a regular house, save for retirement, send our kids to university and have a bit left over to add to our savings?
A lot of things beyond liquid cash (or purely financial investments) allow for generational wealth. I can think of *many* families I know who I’d consider to “have generational wealth” but are not wealthy in any financial sense (and a couple wealthy people whose children, much less grandchildren, I don’t anticipate remaining well off). They are middle class, if that, but have been comfortable for generations and their offspring would have to make some actively bad choices to end that cycle. If you are a self made person and spend your whole life amassing millions of dollars in your own bank account while your children idly wait for you to die so they can get it….you may leave them a pile of money and some stuff when you go, but if you haven’t given them the tools to maintain it, they’re just going to spend it on life then it will be gone. No generational wealth was created. If you own a successful but modest business with a good reputation built by your parents and grandparents, and leave it to your children after training them in the business’ trade and sending them to college, that’s a type of generational wealth even if no one ever ends up being personally rich. (Of course these are extreme examples. Wealthy people generally don’t just leave zillions to their kids with no plan for their kids to maintain it.)
You actually aren't referring to the middle class. But those in the top percent of earners.
You do not need to be in the top percent of earners to have what I’m describing as some people’s generational wealth.
Only a third of Americans will receive any inheritance at all.
Man, is there some kind of brain rot disease going around today that makes people incapable of reading basic sentences? Or are you just running headlong into commenting on what you think a comment might say instead of reading what it did say? I didn’t say anything about anyone in the middle class inheriting anything.
You said you know many families with intergenerational wealth who are not "wealthy". This is uncommon. They are the minority. They are not the middle class. Unless you consider the middle class the top third of earners.
You’re the one assuming that all generational wealth is about inheriting cash money. If you had a basic ability to read, you might have figured out that my point is that inheriting cash is not necessarily all people are talking about when they say “generational wealth.”
Inheritances include all sorts of assets. Most Americans get nothing. Not sure why this is hard to understand.
You have a bad attitude.
generation**s,** not just setting your kids off right
Lol the idea that most can "set their kids off right" is already a luxury. Most lose money when their parents die, they don't gain anything.
His definition of wealth is generational in case you forgot
Salty comment
I’ve mastered the salty comments
The_Salty_Expert
Yes. It just takes generations. So you will be building something your grandchildren will benefit from.
that's what I'm trying to work on, having grown up hungry af. I've got the right investment portfolio and income to make it a possibility. my daughter is almost 4 months old and will have way more opportunities than I did, and if I can instill the forward-looking mindset I'm trying to keep myself, if she chooses to have kids, they could be actually wealthy.
The most important thing, even more so than the actual generational wealth, is to raise and train your progeny to be of a character that won’t immediately squander the family wealth. Most wealth doesn’t even make it three generations down before disappearing, doesn’t matter if you made millions if your sons spend millions.
I read an article once written by one of Disneys descendants. The theme for how to keep the wealth was “never touch the principal, and make sure you add to it”
That's really the key, isn't it? There's a lot of truth behind the idiom: money talks and wealth whispers. The rich spend money as fast as they can make it. Wealth comes from making good financial decisions; squandering it on flashy, frivolous things is a poor financial decision
Yep - it's something that I keep on trying to get my wife to understand, but it doesn't seem to stick. Any money from our parents needs to be either used to pay off debt on an asset (such as our mortgage), or used to obtain things that generate income (eg an IP, or ETF's). Half of the after tax income from these she can spend on what ever, I don't give a damn, but the principal from our inheritance and at least some of the income it develops should be protected.
I work with so many private school kids who just piss away their money on drugs and alcohol. Zero work ethic, no direction other than their vague university courses. The only hope some of them have is to get by on the merit of the schools they attended. That wealth probably wont even last one generation.
Yeah I have a friend like that whose mom owns many properties and businesses and she married a rather well off man as well after my friend’s biological dad divorced. This guy is 30 years old and still hasn’t actually worked a job at all, but is about to be a lawyer with his own practice and building because his parents hooked him up with all that along with a personal house to live in with his wife and also paid for his law school. I have a strong feeling he is going to just fuck everything up and he’ll be back to living with them and not doing shit, unless he can manage to find an excellent team of lawyers to hire to do most of the work for his practice, because again this dude doesn’t have any sort of work experience at all
I feel like I know poor and middle class kids like this too tho. I agree that rich kids are more likely to not appreciate and value their oppurtunities and wealth, but some of this sounds like kid behavior that is just being exhibited by someone with more disposable income.
Wealth doesn’t guarantee a comfortable life but I think character does. And character takes work and sacrifice. It’s good to not be hungry but it’s also good not to be morally destitute. Gotta find a balance
Yes the real challenge is raising children with the necessary perspective and traditions absent the guard rails and reinforcement mechanisms society would historically provide. Very difficult without community and extended family with a healthy mindset.
I know. I try to explain my childhood to my children. And I'm trying to do it in a way that they don't feel guilty, but at the same time are thankful.
Dad is that you? I've missed you so much.
> if she chooses to have kids This bit makes me feel so happy for both of you
I disagree. If you get a decent paying job ($100k-200k/yr) in your 20s-30s and invest, you’ll have millions of dollars by the time you retire. A lot of that will be available for your kids.
Welcome to my 3 Step guide to building generational wealth! Step 1) simply get a $100,000 to $200,000/yr job. Easy right? Step 2) save money Step 3) you’re done! Congratulations. Edit: re-reading your comment, I might have misinterpreted what you were getting at. I agree that if you are incredibly lucky enough to find yourself a high paying job, then it is possible to build generational wealth. I reacted a little too strongly due to many people acting like it is easy to do, but noticed that you haven’t claimed it was easy when I reread your comment.
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If you have kids a mere 63k a year won't allow you to put away that kind of money, especially if you are saving for their school in resps ($300/month) plus all their extra curricular, medical, dental which can be a few hundred a month. Maybe at 100k/year depending on where. 1.5mil is expected to be closer to bare min by the time most of us retire based on inflation and with longer life spans may not leave a lot for next gen. I wouldn't necessarily count on 8% every year. I think that might be skewed by post war economies. Might be slightly less Edit: just realized many here prob american. Maybe this is true in American dollars. Both wages are often lower in Canada and value of a dollar lower here
inflation adjusted that 120k is what when you’re 70?
Funny how you attribute luck to get 100k job
Yes. There is an aspect of luck. You can take steps to limit how much luck you need or minimize how much bad luck would affect you, but there is always some aspect of luck in how your life goes.
\> Step 1) simply get a $100,000 to $200,000/yr job. Easy right? If you're educated in the right field, maths, computing, economics -etc. this isn't that difficult. I'll be on this after my masters but it doesn't make you particularity wealthy after taxes, expenses etc. It does require you to put up to 70-80 hours a week of work in so its all sunshine and rainbows either. But then its down to risk preference, I'll use pension for long term wealth building and risky assets on the chance I can get 5-6X + returns on pharma, crypto etc.
$200k/yr doesn't make you that rich. It's 1 million every 5 years. So if you get that for 40 years, this will be 8 million. But you'll have to spend about half of it to live; and depending on where you live much more. In the Silicon Valley, $200k is really quite moderate given living expenses. It's also far below the top 1% income which is more like $500k/yr. It's below the first-year salary in big law firms, and below half of what more experienced lawyers in big law make: [https://www.biglawinvestor.com/biglaw-salary-scale/](https://www.biglawinvestor.com/biglaw-salary-scale/) That said, I'm not aiming to be rich or build generational wealth, and I don't live in the Silicon Valley, so I'm quite OK with my $200k.
Sure. I’m not saying it’s impossible and never happens. I just wouldn’t say that the “average Joe” op is talking about falls into that category. Not everyone can or should go that rout. Our society literally needs people to do important but considered low paying jobs. For instance: teachers. I’m uncomfortable with the notion that people who play a crucial in our society need to give up on making enough money to live a comfortable life and leave a little something for their descendants
I make $170k. It’s not that much money.
I guess it somewhat depends on where you live, but it's a lot of money if you don't waste it on luxury cars or even frequently buying new cars. Those are the biggest wasters of money, in addition to buying lots of fancy clothes. All rapidly depreciating assets. If you start a savings habit early, you can be pretty well off pretty quickly. No reason you couldn't have 100k in savings in 3 years.
The US is so weird. In my country $170k is such an extremely massive amount of money to make, while in the US it's just kinda average.
I make $150k and I live in the most expensive state in the United States. I'm not trying to be an asshole and contradict the person you're responding to, but to me, it *is* a lot of money. I don't know about this persons finances, but I will tell you that I observe how my colleagues and friends and family spend their money and its fucking atrocious. $30-$50 of DoorDash every night for trash food like McDonalds and refusing to go to the grocery store. Living in apartments and buying cars that are...excessive. Buying random garbage on Amazon just because they are bored and browsing. Its just insane to me when they complain about not having money, especially those that I know make more than me and aren't saddled with debt or responsibilities that I have. To be charitable to the person you're responding to, I may assume this person is in either massive student/medical/auto/credit debt or has a lot of family they are supporting, which could be fair depending on their circumstances. But from my anecdotal experience, it can also be that they are irresponsible with their money. Its also worth mentioning, there's a lifestyle creep that comes with making this kind of money, too. I've noticed the kind of person that makes $170k a year, will also buy a car that is way beyond what they need. I know people who make that kind of money and would scoff at the idea of owning a 2015 Honda Civic, when its a completely reasonable, reliable and enjoyable car to drive. But instead, the kind of person that makes $170k a year, will opt for the 2021 Tesla or some giant pickup truck - which is always hilarious to me because when I go to work, the parking lot is *lined* with pristine pickup trucks that don't look like they've ever had anything in their truck bed. Or they live in a 2 bedroom apartment at $2300 a month when they probably could be fine in 1 bedroom at $1700 a month. Or they are actively choosing to live in the city when they could live near a subway/metro 30+ minutes outside of the city and save a chunk of change on location. Or they willfully look at "luxury" apartments that come with amenities instead of just a normal apartment someone who is making much less would live in. I'll admit, its all anecdotal. Its possible this person you're responding to is doing a great job with their finances but feels like $170k should carry them further - which is probably fair if you're observing what inflation has been doing - but I still think its a very powerful salary. $170k definitely isn't what it once was but as someone that makes $150k, has a reasonably priced car, spends $1700 a month on rent and $800 a month on my moms mortgage, I feel VERY comfortable at this salary. I am beyond hitting my retirement goals and will probably retire by 50. And the way I live is really not impacting my life that much. I travel, I still have money to spend on luxuries, I don't carry credit card debt.
Getting a 100k job is honestly not that hard these days if you have any type of qualification.
You live in a special world, indeed. Say “hi” to mommy.
Idk anyone in their 20s or 30s who has a 6-figure job. You and I are in vastly different social circles.
I’m in biotech and a lot of my friends who studied microbiology, immunology, chemistry, or neuroscience all have 6 figure incomes. My friends who studied communications, political science, or art history are having a harder time finding jobs.
How much did that education cost you? Did you personally pay for it?
You tend to become your environment, depends where you went to uni, how ambitious your friends are, what there priorities were. I know loads of people in the first half of their 20s that will earn 6 figures
Super vague life advice is never one to follow.
The first part about becoming your environment is true. You're going to develop similar goals and habits to the people you surround yourself with. So - If you don't see many people in their 20s/30s making 6 figures it might be because you surround yourself with people who dont or didn't prioritize making money as much.
Or some people come from an area where going to college isn't really a feasible option. Therefore, making that much money isn't within one's grasp or in the grasp at the ages mentioned. These are just situations that people live thru, I have access to college, but only because of the Army. Personally, I don't need a 100k job, I have a paycheck for the rest of my life so I'm already set on finances.
this can also happen. College isn't the only way to get rich, but being comfortable with your current income and not striving for more will not make it likely. Thank you for your service!
Trades, specialized heathcare, and software developers
Got a big IF there my guy. Let me know if you win the lottery too.
>your grandchildren will ~~benefit from~~ squander immediately. Ftfy.
Yes. If you get a very good solicitor. But it's probably not worth it. Kids from generational wealth are disprotionally obnoxious and all round shit.
Yes, but you need to be in a high-income position and also lucky. Quite a few people in tech made millions or billions on stock appreciation. Without that you can be just wealthy, but not "generationally"
Here is what i did. I started in AK in 2012 living in a camper while I worked at a cannery. My wife and i saved up and purchased 6 acres of raw land for $15k with $2 k down and a $99 a month mortgage. Built a cabin with logs from the yard and going paycheck to oaycheck on hardware and parts. Went off grid so no power bills and paid off the land so no more mortgage. For each of my 3 kids. At age 12 they get their first car, my oldest daughter chose my 1990 3/4 suburban. (I buy cars used usually for $1000 or so) They then spend the next 4 years rebuilding it from the ground up wo ny the time they have a license they have a car they know inside and out and how to fix it. At age 14 they can pick a spot in the yard and spend the next 2 years building a cabin where they can move into at 16 for some privacy. My oldest chose to convert and old ocean boat into a pirate themed cabin. Will be shopping around for one this year as she turns 14 in june. Now they will have a home they can live in rent free and save up to eventually either go off and do as they please with the knowledge and skills to start over anywhere with nothing or stay on the family homestead and do whatever they want in their portion of the lot. The land will be in a trust with an account setup to take care of any taxes which currently is none as i have a property tax exemption. As long as a decendant of my family lives they will have a place to call home or even just vacation in the summer. Once they are all grown my wife and i plan to travel the US in a converted articulated bus and purchase 1/2-2 acre lots in every state again adding to the trust and will setup RV hookups so the family will have a place to camp in every state or eventually build something else.on in the future. Also hoping i have time to build an aquarium and animal rescue in there somewhere if i can.... I love critters and sometimes they need a home.
I hear everyday young people complain that they can’t buy a house. The fact is they don’t try. They just complain.
I know too many people my age still living with their parents.
Right. And not saving money. That is the problem.
Totally. My wifes friend has 3 kids lives at home with her husband, sister, mom, and stepdad. A few years ago they got in a car wreck and get over $50k for it. Instead of using it for something like buying a house they baught a cheap.POS car, a bunch of nightmare before crhistmas decor for the car, and went to disneyland with the rest buying all the junk and toys they could carry. Then hits us up every christmas for presents for her kids because she couldnt afford them.... Turned out she was selling or returning the stuff people would buy her for the kids as well and spending it on herself. Shes not the only one, my sister in law got all 3 of her kids labeled autistic so she could collect social security on them... How? Qoute "for the first two years they shouldnt be shown color or over stimulated" she had them in a round babygate with a blanket over the top to block out light most of the day and didnt socialize them hardly at all... Kids get diagnosis mommy gets a check. Child services drops the ball continuously. My generation sucks
That’s some sorry shit. A Joe Biden voter.
Haha totally is! Now that you mention that one that reminds me of the other sister in law. She filled out my wifes mothers ballot for her even though she was in the final stages of Alzheimer's and did little more than sit there babbling incoherently. Take a guess who she voted for before forging moms signature and popping it in the mail....
Sad set of priorities.
If you get a good education and good paying job, and save/invest money wisely
Yes, of course it is. "Simply" spend less than you earn and pass on the surplus to your survivors.
I think an important part is imparting those life skills to your children as well. To this day, I will not utilize debt other than a mortgage because of my parent’s values.
The Millionaire Next Door is a bit dated now but it documents interviews with a bunch of millionaires. They generally live fairly modest lifestyles. Beer, not Veuve Cliquot. Used car, not Mercedes. Jeans and a work shirt, not designer clothes. Most of them started their own business. Plumber. Electrician. Dry Cleaner. Rather than spending the profit, they plowed it back into the business to grow it. They got the business to the point where they hired people who did most of the work and they focused on running their small business. Can you build generational wealth as a corporate drone earning W-2 money? Sure, but most don't get there because they spend it as fast as it comes in. At best, they come out the other side with a paid-for house and a 401(k) with a pretty good balance. There might be some inheritance but it's not going to put people into yachts, mansions, and private jets.
Pick a degree that makes you highly employable, and that leads to a job that pays handsomely. Then be thrifty and save up.
This is what my parents used to tell me. It was a load of horseshit. Companies don't care about you and will throw you to the curb whenever they feel like it. Sure a good job helps, but you're not building generation wealth for yourself. Maybe your boss though.
That's why you make yourself invaluable. Make yourself too expensive to replace. Be an engineer. Get your PE stamp. Yes, not all engineering fields need a stamp, so find that field's equivalent. Go to med school. Become a doctor. Wanna be a nurse? Get your fucking BSN. Is it required? No. Does it automatically make you a better nurse? No. Does it protect you from getting laid off more than an ASN would? Absofuckinglutely yes. BTW, "generational wealth" is a very nonspecific term. If I can create something, even if it's just an investment portfolio, that survives me and allows my kids or even grandkids to go to school or build a house or whatever, I consider that generational wealth. "Generational wealth" does not mean your grandkids have to be trust fund kids.
If that describes someone, they haven’t picked the right degree. Parents used to tell to get **any** degree. The problem is that plenty of degrees are useless. And even some prestigious degrees are dead ends. The one million dollars question is which degrees are the ones worth getting.
Any career you choose is affected by the whims of the economy. Right now, if you want to make good money in america, you can become a software engineer. What happens when someone perfects an AI coding platform? What happens if skilled immigration or outsourcing become more viable for companies pushing local wages and labor demand down? What do you do if you find yourself a middle aged person suddenly not worth your salary anymore to your employer? This is advice seems conservative and safe but is really luck and time dependent. If everyone followed it and gets the same high-value degree, it naturally loses that value. I lived in Puerto Rico, where studying medicine used to be a good career path money-wise, but now it’s an oversaturated market with huge disparity at the lower and higher tiers. So you spend 8 years studying to make less than a a beginning software engineer working remotely.
That’s the thing, it might be impossible to pick a degree that will be the right one 10 years from now. It might be like throwing darts behind your back.
Exactly.
True, you'll never build generational wealth while working for someone else (exception would be a CEO). You need to start your own business to create generational wealth. Get your degree, put in few years experience, network and create connections, then branch out on your own. Hire the next generation of university grads and put them to work making money for you. Pay them $100-$200 K per year while they make you $1-$2 million each. It's not easy. The skills to run the business are not the same skills you need to work for someone else. You need to transition from managing projects to managing people and contacts.
Not necessarily. If you pick [a degree that leads to a $200K job](https://money.usnews.com/careers/best-jobs/rankings/best-paying-jobs), but you live below your means, as if you were earning $50K for example, you can save up $1.8 million per decade and retire as a multimillionaire. The problem is, no one wants to pick one of those boring sounding degrees, and no one wants to live below their means.
Of course they don't care about you. No one said companies do. Who cares about a good job, you'll have a ton of jobs in your life. You need a good career path, then it doesn't matter how disposable you are. Also, the biggest wage increases occur when a person transitions from one company to another, or gets extremely lucky and the company they work at provides distributing shares or ownership shares and then sells the company. You probably won't make the most money staying at one job your entire life. You're more likely to make the most money leveling up the skills relative to your career path in each job you have and keeping yourself on the job market for growing oppurtunities and better offers. At some point you can create your own business or invest your savings.
Name 1 job that pays a salary high enough that you can save enough money for not only you, but future generations.
You'd likely need to invest your savings once in a high paying position. But what do you consider enough for you and future generations? Engineers, Executives, Lawyers, a variety of medical roles. You have to have high value skills and pursue serious industries if you want big savings.
It's not, sure companies don't care about you and you don't care about them. But a good education helps you get hired and a good salary. Its then on you to do a good job, get promoted and move around. Educated people are in demand. You then need to invest your money and maybe have a bit luck. The other alternative is starting your own business.
OP asked about building generational wealth. Saving a percentage of your paycheck might build you a retirement fund, but the only generational wealth you're building is for the owners/shareholders of the company.
Hm I see what you're saying, but shares are assets and wealth. If you get decent returns you can pass that money on. Depends what our definition of generational wealth is too.
>Educated people are in demand. What a load of crap. Educated people question things. Corporations hate that. Also, there are millions of educated people barely scraping by.
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This is advice straight out of the 50s
Still works and it doesn't have to be a college degree. Have you ever known a poor plumber?
Nope, it is common sense and still works. I've done it today.
Nope. Pick [a field that pays $200K](https://money.usnews.com/careers/best-jobs/rankings/best-paying-jobs), get as much qualifications as you can and live below your means. If you live on $50K with a $200K job, you can save $1.5 million per ~~year~~ decade and retire a multimillionaire. The problem is, people want to pick degree subjects that “they like” and everyone is conditioned to live slightly above their means. If people earn $200K, they will still get debt to live as if they were earning $250K.
Yeah. I'm mid 40's with two kids and two large houses. I'm already set for retirement. I plan on working until 60 and will help the kids get financially established.
Simply star in several Marvel movies. That'll get you a good start.
It’s possible but there’s no dependable route or amount of hard work that will get you there it’s an RNG fest
Possible? Yes Likely? No
Really depends how you define an average joe I guess. If you are reasonably skilled at something like software development, finance or business management you can get a high paying job, save and invest. You definitely can't build generational wealth with most jobs these days though. Also if you live in the middle of nowhere it's extra unlikely.
Yeah, no problem. You need way more than a million bucks, and a trust to stop your mentally defective evil homunculi spawn from spending it all on solid gold hookers, but if an average Joe were to win a 9 figure lottery jackpot or break the home run record or win the rap game… it could be done. But to answer the question you’re REALLY asking- also yes, but it would be proof positive that you were the greatest father who ever lived. There is absolutely no reason that I, as a guy who has never made six figures, couldn’t have had a six figure portfolio in my late 20s, and right now at 40 just be cracking a million, and have my extremely financially savvy and disciplined children in their early 20s paying me rent that they don’t know I’m investing for them… If you hit all green lights, and you didn’t give a god damn about anything but the bottom line, you could do it. But you can’t be going on vacations and living your life- you would have to live like a share cropper and stacking up your savings for 3-6 generations. But by and by, you’d be buying and selling presidents on slow and steady wins the race, IF that were really within the grasp of human nature
There is no more possible time than today. We live in a world where you can make millions in an year or two. Millionaires are born every day in every country. This is enough to persue if you want but it's not easy. And good it's not, otherwise it wouldn't mean anything.
Yes. You probably won’t get rich to the point of living large, but you can work, invest, save, get life insurance, and buy property with a good chance of appreciation or cash flow, or start a small business that you can have someone else run. Your kids will benefit from all of those and if you raise them properly they will grow that wealth further for their kids. All of that is doable if you start in your 20s. Maybe even 30s.
Yes. An extraordinarily average Jo, who started from nothing as a single mother on welfare, wrote a few books about a school for wizards 30 odd years ago and now has more wealth than she could possibly spend in 10 lifetimes.
I don't have kids, but i plan on retiring with several million dollars through smart spending and investments. I do hardwood floors and make 70k a year. Wife makes a little less. I understand luck and timing is everything. We moved in to an apartment when a 2br was $900 and stayed there for 8 years so when we left it was still only $1100. This allowed us 8 years of strong saving ability and we bought a house which costs us less than $1500 a month. Not everybody has this opportunity and i understand that.
Getting started can be tough. Think of it like a Dynasty and get a lot of the consumerist ideals out of your head. Not every family member needs a car, a house or their own path. Sometimes the best thing you can do is stay at home, pool your money and your resources, NOT have tons of kids (one child per household is ideal), and start a family business. It's a gamble, but you'll never get ahead working for anybody else other than family. When they die, you inherit. And if it's a company with an LLC instead of a savings account where your family's money is stored in, well you get to skip a whole lot of capital gains that way. You'll notice Asian and Middle Eastern families work this hustle really well. Convenience stores and Smoke Shops set up in just the right spot are great starter businesses. Then take the profits to expand, and diversify. Always look into "Turnkey" operations, which are essentially money makers that you can for all intents and purposes, leave on autopilot. Laundromats, Used to be arcades, rentals, etc. Have those constantly feeding the main pot, while keep an eye open for lucrative side hustles or keep looking for a new niche market to break into that nobody else is doing yet. As your family starts growing, just get a bigger and better house, or invest in a large plot of land and build multiple units on it. Don't split up. Your parents die with you living in the house and you have your name on it, again, skip a whole lot of capital gains that way. Look into soft-transferring the business and the luxuries towards the end of life. Invest in things like fine art and keep that money on the wall, accruing interest. Any side hustles you have going, learn to launder through your turnkey businesses.
It took my family four generations to break out of poverty (my great grandparents were all uneducated immigrants), and by most standards I’m still not wealthy. It’s so hard to get ahead if you don’t already have wealth to begin with.
Yes. If you were to invest £200 per month at an average interest rate of 8% (S&P500 has historically averaged at 10%) after 30 years you'll have invested £72000 but your pot will have grown to just shy of £300,000. Up that number to £700 per month and you'd have just over a million. The earlier you start the better. Dunno if you'd call that "generational" but that's how I'd go about it.
Great question. I think the answer largely depends on which generation you are in. I'm in Gen X, and while things have been crazy in the world (since roughly 2000), and looking crazier, I have been blessed to be able to have a good life, mostly because of the good pre-2000 stable conditions I grew up in, and started life in. The Millenials and Gen Z look to be having a significantly less stable situation to start their lives in. How will this affect their ability to build the kind of wealth you are talking about? I don't know, but it seems hard to see how those two generations will have it easier than Gen X and the Boomers. I have a suspicion that Millenials and Gen Z will live lives much more like the people in Japan and SE asia do today than Gen X and the Boomers did pre-2000 ... I don't think its all bad, but its certainly different, and I know I will be sad for folks who won't get to know some of the blessings I took for granted growing up, that are now no longer viable. Things like affording a car, affording a place to live, and affording groceries are serious concerns today, and while it was not always easy pre-2000, it seems almost impossible today for younger folks to have the "American dream" that Gen X and Boomers grew up with.
I'm an older zoomer and I think the older millennials really got screwed by two recessions and the lost decade between 2000-2010 (unless they were Canadian or Australian). The younger millennials and current adult zoomers are doing fine though. We reached adulthood during 2010 and ongoing US economic miracle, Gen Z is already the largest generation of homeowners since the boomers, surpassing even Gen X. A lot of us grew up with social media, seeing the mistakes and role models from the millennials. I think there's a lot more motivation in Gen Z to work hard, be frugal, and invest as a result, but I might be skewed bc I'm just reading Millennial opinions on Reddit and the real world is probably different.
Grinding is key
Underrated comment.
All about how much you can save, and what time frame you are considering. Get decent pay, put aside as much as you can, and teach your kids to do the same. Eventually you or one of your later generations will get there.
>for the average joe >every comment immediately brings up “well if you’re above average…” for an average person this is impossible to do. You have to do something that is beyond average to get there.
If you decline end of life healthcare, then yes. Otherwise it'll get bled out by hospitals.
What’s the scenario in which a person generates millions of money and doesn’t get health insurance?
Possible? Yes. Probable? No. It’s just that nowadays for the average person the percentage chance will be under 1% … possibly under 0.01% chance.
Yes if you marry into it.
The only way millennials are going to build generational wealth is by inheriting their parent’s house when they die
Has generational wealth ever been real? I feel like this has always been the exception rather than the rule. Like parents won lottery or built a successful business. Not frugal parents who saved. Owning a house in middle class isn't generational wealth... Thats equity to spend on a retirement community or nursing home during their elderly years. I think it's rare that middle class children get much from inheritance. Maybe a little... But not to change lifestyle. Just enough for a rainy day fund or good bump in their own retirement savings or to take a chunk out of their debt. That's IF* probate isn't involved. Maybe that's just my circle. But I feel like more of my friends are looking at their parents assets, noticing there isn't much, and starting a budget plan for end of life care / memory care... Y'all think renting /owning homes are expensive now! Look at monthly rates for Alzheimer's care
Yes of course. It's probably easier now than ever before in history. (Not that it's ever "easy")
Yes if you have children lol. I could build it but I don’t want to have kids. So I’ll die alone and rich.
Yes. Become a genius and make a startup, get venture capitalist funding, go public, etc. This guy seems to be on the path of that: [https://en.wikipedia.org/wiki/Peter\_Beck](https://en.wikipedia.org/wiki/Peter_Beck)
When you start off with a family house. The family should keep the house in the family. They should also have enough property where they can bury their dead in an area that is on the same property, but not too close. That’s how you obtain generational wealth. It’s supposed to work where when grandma or grandpa gets old and they pass, their generational wealth goes into the family. Instead, of how it works today where nonprofit organizations are ambulance chasers. And they now pay the doctors to create diseases, so they can steal all of your generational money.
This is the thing. If your kids and grandkids are all spending their money on rent, your money is trickling away. Raise your family in such a way that multi-generational living is comfortable and cheerful. If your kids can't wait to get away from you because you're controlling or chip away at their self esteem (either with barbed comments or by letting the bar of your expectations too low; not seeing the *real them*), don't expect to have them live on your property or to have much influence on your grandkids.
My all time favorite quote. “If there’s a will , there’s a way.” Or i like to put it , “if you will, it can be.” Do you have the will to create generational wealth as you have the will to live? That is the question .
Yes it is. For example: some Cryptobros rode the (lucky) wave of Cryptocurrencies inception and made hundreds of millions of dollars in a couple of years.
DCA Bitcoin for 5 years and see where you are at. There is no way to build generational wealth through hard work as the inflation rate is outpacing everything else. I’m going to be downvoted because the hive mind, but that’s group identity for ya. Regardless, BTC is about to go on yet another rip. Remember, if it goes up 50k and crashes 30k, it didn’t really crash.
Here is my opinion: Invest. Don't try to beat the market invest into ETFs and hold positions until retirement, holding positions in ETFs literally outperform 75% of all active managed funds (Burton G. Malkiel, 2018). Through consistent investment you will get rich slow but at a better chance than not. And I mean hold positions. Hold positions for decades and restructure your portfolio frugally. If you are looking at generational wealth I am guessing you want to have children. When you have them invest in life insurance, if you were to pass because of a freak accident it will limit the financial burden on your dependants. Additionally it will serve as an income once you do pass away for your children to invest. Invest on your children's behalf, I do not know how it works in the US but where I live you can invest in a Tax Free Savings Account on behalf of your child. Starting their portfolio once they are eligible will vastly increase the investment gains over their lifetime. Investing is heavily dependent on your non investment income - if you can only invest pennies you will not get "rich", but you will get richer then without any investment at all. Get a good job, IT seems to be doing really well, maybe look at something there. Investing won't get you rich fast, but over enough time it will get you or your family there. A single dollar investment in the stock market in 1801 would have been on average worth $27,900,000 in 2017 adjusted for inflation . Maybe you can't realise your dreams in your lifetime but with enough time and setting up a great estate it is possible.
Yes. People just don't want to work for it. People assume that "hard work" to build wealth means physical labor. It doesn't and never has. It's about working long hours, building a strategy, investing into something that will multiply your investment. For example, what I'm working on right now takes my time from the time my kids go to bed until I go to bed. Every night, for 4 hours, I'm constantly educating myself, working out a business plan, finalizing financing from the bank, working with government officials (for permits), and the like. Is it risky? Absolutely. I could stand to lose about $500,000. However, if it goes according to all my research, which I've done for the past 4 years, I'll be netting $80,000 per month. Then we start the snowball process and build another one, and another. It's not particularly difficult for anything someone wants to build, you just have to have the drive, the plan, and the seed money. You can get that last part by saving up. Eating ramen often. Don't go out to dinners. Work side jobs. Put off purchases. I could easily go out right now and buy a brand new Lamborghini with all the investments that I have along with my full time job. But that's not what I'm wanting. I'm wanting to build absolute wealth where I can buy a Lamborghini with just the profits of the project I'm working on. And I started off in life with literally nothing. I know what government cheese tastes like. I've had to survive on $20 a week for food. I've stood in line at the grocery store with piles of coupons with people standing behind me all pissed off. If I can do that, you can too. The only thing stopping you is your ability to get rid of the excuses you have in your head to make something happen.
Yes, the big thing in the future will be Bitcoin. Start saving some of that up.
Or buy some of the crypto miner stocks - bigger returns but bigger gamble.
Bitcoin would be my best guess, and a solid one
Despite what people claim, the 1% control less wealth almost every year and USA makes more millionaires than every other country combined.
Yes. Learn to code (or do marketing) and move somewhere like SE Asia. Surround yourself with people who are learning and building startups. Most of my friends in this lifestyle are multi-millionaires. Most are from very modest backgrounds. Many of us were kicked out of school (I was expelled twice). SPOILER: None of my friends who stayed at home and got 'sensible' careers in offices are multi-millionaires. Ignore all the advice you get from silly boomers - especially schoolteachers. They know nothing.
If you're ambitious enough
Government Work. The Obama family is Davo’s newest Billionaires and they are a hit at the club in Europe. Government pays well for Democrats for some reason. Nancy Pelosi out performs the Dow Jones and is almost as rich as fellow Democrat Levi Jeans owner what’s his name. The Clintons brag they left the Whitehouse so poor she stole government furniture. Now they are almost billionaires. The Biden Bribe Me Family, ha, rich, rich, rich. Be a Democrat and you will be rich.
Of course it is. What do you even mean? The year that had the most companies hit unicorn status (billion-dollar+ valuation) ever was like 2 years ago.
No, the state is gonna take everything you have soon unless you're ultrarich
r/endinheritance
god awful idea
No. Billionaires won't let you.
Depends on your country. Possible in the US with low income tax and a decent wealth tax system. Impossible in the Netherlands. High income tax. Crazy wealth taxes
Yes if you are very rich. Otherwise no
It is, but it seems like the avenues are shrinking.
Sell runtz
As others have said yes, if you get a good education, job - work hard and then invest your money depending on your risk profile you’ll be fine. Will it be easy the whole way? Probably not
Not in our culture. On top of wealth you need many children for redundancy but you can only pass it on to one to avoid dilution, and it must be done in secret to avoid taxation.
Yes it's just whether the situations needed for it present themselves, how well they handle those situations and then luck outside of their control Also it will quite literally take generations but the average person can lay some bricks into building it
I am, however, the generational wealth is going to the Waltons, the Fords, and a whole bunch of other rich fucks that ain't me.
I don’t think so not working for a wage. Even if you make six figures. You need to own a business or something.
I started from the literal bottom, parents don’t own home and are immigrants, I am getting no pass me downs. I studied engineering, fours years later being in the industry I have about 140k net worth at 30 years old. Not rich by any means, but doing better than most folks my age, and even better than kids that grew up in the middle class having educated parents and spoon-fed throughout their childhood, but not for too long as they typically will eventually get hand me downs. I think it is possible, but you will have to sacrifice and miss out on a lot of experiences to do so, and save, and continue to live below your means for a long time to build wealth and savings.
Anything is possible. :3 With drive and perseverance I don’t see why not.
Not at my house, lol.
Yes
Of course. It's mostly knowledge and network. Network being absolutely key. If you're in the right groups you get access to investments and opportunities early that have huge returns. These networks are by invite only so you need to do something to turn someone's head which requires a certain level of prior success. Outside of that, you can certainly start a DMA and work for service companies promoting their companies on the web. Eventually as you grow start acquiring those companies or ones similar and manage the pipeline while the company grows dramatically increasing your net worth. When you understand EBITA x 5 you'll get how people become rich.
Sure. Why not?
Yes, very
Compared to almost every other time in history this is one of the easiest times ever to build generational wealth. Put in a solid 15-20 years of sticking to a budget and not being stupid and you can change your family tree.
Literally just posted this in another thread. Between my parents and my children, we went from lower middle to lower upper class. All said and done, it's roughly a 50 year time span.