Lateral to that, I don't think we talk enough about "family wealth". In a relatively minor example, my parents were not super well off for most of my childhood, but as an adult I see how much of an impact having much wealthier aunts and uncles and cousins around me was as a safety net and a place for my parents to reach out to if things got bad. A community of wealth/comfort can act as a less direct but still hugely impactful part of being able to live a comfortable life
True. Wasn't until my parent's recent ugly divorce that I learned my wealthier uncle/aunt subsidized my dad's poor decisions with his business, and are the only reason my parents kept their house after 2008.
My parents were piss broke for a solid chunk of my life and the fact that my grandparents would come and pick us up to go grocery shopping was such a blessing because we didn't have to rely on social safety nets or community pantries to scrape by, and it freed up money for my parents to use towards bills and other expenses. I am very aware that that isn't the norm though, especially now.
We were poor when I was a kid, but my parents both landed union jobs in the early ‘70s. They did so well, in large part to my mom’s excellent money management, that they were able to help my brother and me with college tuition. Since the ‘89s, union jobs are fewer and wages/benefits have stagnated. The economic dynamics at the lower end of the economic scale don’t afford the kind of generational privilege they once did. That’s something that most boomers don’t recognize. It is much harder for younger people now. That being said, neither my brother nor I have done as well as our parents even with masters degrees.
I definitely have had the privilege of being able to rely on my family for financial help when I need it. Not for massive things, but even just asking for $30 to buy food when things got really bad. I think that's another thing some people don't realise is a privilege. Having family and friends that can be financially supportive in times of crisis, even just a little, is a massive privilege in and of itself. And I feel like we don't talk about that enough.
Don't forget about the wealth of networking and trade secrets of families. There are a lot of people who work in the realm of their parents' field of expertise because of the advantage of pretty much insider information.
@@AbsolutelyJason I think you can either embrace your social caste or be doomed to live a life of contradictions. I was co-workers with someone in the latter camp for two years, she was experimenting with the "homesteader life" and working a dead-end job as an EMT at my agency in flyover country, USA. She was the most well-read self-proclaimed socialist I've ever met. I can't begin to understand how she rationalized her worldview, her lifestyle was undoubtedly enabled by investments in the same corporations she despised. She sold the homestead and moved away after two years of that life. Of course there's the third option of giving away all of your wealth, but as far as I know I've never met a trust fund kid that took that path.
When you don't have to work for anything, nothing you have really matters. I'm a law student going into trust and estate law and it is very sad to see the cases where older generations really try to improve their children or grandchildren's lives and they just end up spoiled brats who don't appreciate anything, and even blame the older relative for not giving them more. In my opinion, trusts can be good (better than gifting money straight out in a lump sum) but they should be kept spread out among many relatives and designated toward specific costs or time periods.
@@___.51 what does "embracing your social caste" even mean? I think it's really admirable to be a wealthy kid and still try to be an ally to working class people rather than buying into the propaganda that you're superior because of your money. And these "contradictions" don't really seem to be anything more than a weird purity test. Like the kinda person who thinks you can't be against child labor if you have an iphone.
So down payment for a house is a less extreme version of generational wealth? I don’t even get free meals like some people do when visiting their parents … feeling really poor now
They might be stingy with the food because of the house payment. My parents haven't paid for anything for me since I turned 18. They couldn't afford anything for me. But despite that they will always feed me if I ask because they think that's the bear minimum they should do when they couldn't even get me a phone. Different people spend money differently. And when a large sum is transfered, wealth has been transfered. Wealth doesn't have to become generational to exist. Be grateful you even got a house when so many rent for their whole lives.
generational wealth on the small scale- my husband and i haven't had to shop for furniture or kitchen cookery since we've been together because we've had the older people in our lives leave or give us items they don't need anymore. it's weird thinking about how much that couldve cost and how lucky we got
I absolutely recognize this. My parents were not rich by any means but where able to save enough to pay for my college. This allowed me to focus on my studies without having to get a job. Because of that money saved I was able to save enough to get a down payment on a house. I know I couldn't have done this otherwise. I am very thankful. I see all my friends and other people who are struggling with student loans and recognize how lucky I am. And even though I don't have loans I am all for student debt forgiveness.
I think another form of generational wealth is the knowledge of how best to invest and play the money game. A lot of people don't have that kind of knowledge or education so they can't pass it down
So my family was modestly wealthy. My mom's dad was an old communist and had some money from that but he was also a narcissist and my mom was a scapegoat so she didn't see a dime. My dad's mom had a nice house in the suburbs but my dad sold it and basically lost the money. He later died in a huge debt. I still see myself as immensely priviledged though. Not only because I live in a rich and safe country where education and healthcare are free but also because my parents were very educated and I was able to land the good jobs and I received help when needed.
I don't think there's anything wrong with making sure you're loved ones are financially comfortable. But it's crucial for them to have learned how to make money honestly and ethically, be responsible with money and be humble, generous and never arrogant. We should build systems that help everyone realize their full potentials and everyone should be living with dignity and at least their basic needs. People rejoice in knowing that their loved ones aren't in difficulty and most parents will do everything they can for their kids, it's unfair that some parents can't provide for their kids the way they'd like to but the goal should be to empower them and not to vilify and punish the ones who can. I'm obviously excluding people who've amassed their wealth through unethical and exploitative means.
I don't have any debt because of scholarships and my parents paying for my school. This is a privilege. They worked during school and didn't want me too. If I ever have kids I want to be able to do the same for them.
Hard agree. As someone fairly middle class in the uk a lot of people in similar situations including my siblings don't realise the freedom we have from having parents with means who could help with university school and buying a house. When I left my husband I was able to live with my uncle while i figured things out. I would be in such a different place without this
I'm kind of sick of this discussion. I'm a single mom, my daughter's father walked out and left me (us) with nothing. I'm chronically ill and have had to place myself in a lot of debt to create a home for me and the little one. He is only on part time as he can not handle the responsibility (his own words). She will be growing up in a poor household, we've been through food scarcity resently. My æarebts passed away and we are pretty much on our own. Her paternal grandfather however, is a millionaire. He set up a trustfund which will not be available till in another 20'ish years. Is that "generationel wealth"? I guess. But it's not like she'll grow up a spoiled brat with a ton of priviliges, far from it... she'll grow up in a below average economic household. That trusyfund is fairly useless, because she'll likely have to struggle through some of the most formative years. I always saud I would not do that to my child (my dad passed early, I grrw up like this) but I'm sick there's a limit to how much I can ring in. Just dont assume everyone with a trustfund has no idea of the real world and dont assume they've been packed in privilige their entire life.
How is it “useless”? It might not be helpful for you right now but your daughter will have a huge advantage later on in life. Thats what she will remember as the average human lifespan is nearly 80 years!. Plus, there is an amazing sense of peace in knowing she WILL be taken care of better at some point. Do you know how many people would LOVE to trade places? Delayed GUARANTEED advantages are still advantages. So she might not grow up spoiled but she still has opportunities others can only dream of. So please be grateful for what you have. Teach her to be kind. In some ways, watching you work hard will help her use her advantages later on in life better. The average trust fund kid is not prepared in the same way. Comfort doesnt mean happiness and fulfillment. There is a sense of peace in earning your success.
Any time I hear some one talk about privilege I just hear I’m trying to make you jealous that your poor to take wealth from ppl I don’t think should have it
Could we use "advantage" or "benefit" instead of "privilege" for the modest range, and "resources" or even "money" instead of "wealth"? I had the advantage of parents who were very self-disciplined in their use of resources, and could as a result pay for my college education (as well as set a good example of how to live on below-median income). Nothing since then. I was not granted the immense privilege of wealth. I've seen that, and it wasn't what I experienced.
I think the point here is that it is a spectrum. Curious though, it seems like privilige is a prickly word for you...is it because you disagree with the spectrum argument? Its a genuine question, just trying to understand.
@@courtneywitherspoon8584 The external perception is always a binary scale - privileged, or not privileged (aka, under-privileged), hammered into the oppressor/oppressed framing. Even though the benefits are on a spectrum of outcomes, a person is on one side of that binary equation or the other. Yes, I am prickly on the topic, because once that snappy binary categorization is in place, there is no recovery available on repeal.
You dont see it as a privilege because thats your start point. Having your college paid for and getting a downpayment are huge advantages during key times. They massively change the trajectory of your life if used well. But I dont spend time with people with trust funds so my comparison spectrum is limited. As someone whose parents lost everything during war, no matter how hard I work, I will struggle to keep up with my more mediocre classmates. It was quite jarring to realize this. Here I thought I was being savvy and everything. Oh well. I am grateful for what I have and that is the true key to happiness. I still see myself as massively privileged because my comparison point is more global.
@@thezu9250 IF the car in high school, living expenses in college, 'start-up' expenses for a career, and downpayment on real estate was the start point, it was privilege. I am thankful for the advantages I had, and for the modest-well-used resources that enabled me to struggle to where I am now. . But you're proving my point - you've made it binary: If I had even the slightest advantages or resources, then I was "privileged" and not one of the globally disadvantaged. (And in a global comparison, there are plenty of priviledged non-Americans).
- some parents piss away a lot of money (on themselves/kids), so when it's time to go to higher ed, work, buy a house, etc there isn't any wealth to pass on. - some parents are fighting tooth and nail for their kids, so naturally there isn't any wealth to pass on. - some parents are actually starving, giving their kids the food, and are cutting back on their own portions. - - - in other families, maybe both parents are working in tech, so +300k income. hopefully there's something to pass on? I'd consider traditional generational wealth to be over $1M in assets/cash not including the principal family home residence. Having 50k-100k for college fund though is a nice leg up.
But why does it matter how uneven the playing field is?? This narrative has to change. Hubby and I don't even have university degrees. We launched two businesses with nothing and created wealth. People who work as hard as we have to achieve success are entitled to give money to our children to set them up for life. I don't understand why this narrative pits people who have help from their parents to people who don't. Life has never been fair. Most people take risks and work to CREATE wealth. This narrative of "wealth is bad, or ultra rich is bad" is bizarre. People need to mind their business and their money. My kids aren't "privileged". They have parents who have worked their asses off , and rightly so!
If you have to ask why fairness matters then maybe you're not actually interested in discussing this matter at all, but I'll try with a point that might resonate with you: An even playing field is the basic requirement for meritocracy, i. e. a system where your own skill and labour determines where you end up in society. In a merit-based system, there are no short cuts to positions of power or wealth. Merit-based systems generally lead to better and more efficient businesses and government, because talent is more efficiently put to work than in unequal societies. For example, in the US a child's family's wealth is literally several times more important than their own skill in determining their future career, so it is a very unequal country in terms of opportunity. This also means that - sorry for being blunt - stupid rich kids get good, important jobs over smart poor kids, and often end up having a lot of influence and power as well. That is generally bad both for the businesses and the society. An even playing field would mean that more people would be able to realize their potential and flourish. This is naturally a good thing for the people in question, but also generally good for most businesses because of that spread-out purchasing power. Luxury industries are often an exception, though, so maybe if you sell diamond-coated Ferraris or something to that effect, inequality may be a good thing for you - at least in the short run.
I had the privilege of working three jobs at a time and going to college. I’ve had the privilege of having one child I could afford. And I made my child work from the time she was 14, didn’t let her own her own car. I paid her tuition. Perhatthat was a privilege for her, but she earned it by working 28 hrs weekly and maintaining an A average. Mark Twain said that many people didn’t recognize opportunity because it showed up in overalls d looked like work.
Thank you for recognizing that being able enough to work more jobs is a priviledge. I dearly wish I could be able to do that. Also good on you for letting your daughter work from this young age. My dad insisted on me working since I was 13 and it helped me so much I can't even begin to explain.
Was your daughter working in a family owned business? Who employed her at the age of 14? What sort of work is available to the average 14 year old that doesn’t conflict with school hours?
People are far too concerned with others and not nearly focused enough on their own lives. Get your own life. Want a happy life? Stop bitching about what you don't have and go get it.
Thank you!! Thought I was the only one that got that. And why do we really care about rich people anymore? I'm a housekeeper and I just clean my rooms, go home, pay my bills, have tea and chill lol😂.
"This doesn't mean people who've received generational wealth are inherently bad." You make it sound like they're pretty bad when you're using a scoffing tone while talking about the generational wealth scenarios. At this point in time, the message that all financial experts should be promoting is how to accrue as much wealth as possible to pass along to your family, because what pre-teen or teen right now will ever be able to afford a house, or maybe even a car? Instead of talking down about generational wealth being privileged (since privilege somehow turned into a bad, shameful word within the last 10 years), you and others like you should be bolstering it and telling people how they, too, could make the right moves to ensure their families are setup for success financially.
@@vulpixelful I've never seen a video on this channel that talks in-depth about RESPs and whether those are a good step for saving for your child(ren) if they decide not to go to college. I did a quick search to confirm this and that content doesn't exist here. I used to be in the same boat of being pissed at wealthy people and envious of others' luck because their families actually cared about their kids and their futures, but after years of that, I moved onto thinking more about how I could setup my own family for success by 1) accruing assets and 2) transferring those assets to my child. I just think making videos about how unfair it is that some people have advantages doesn't get us who haven't had those advantages anywhere. We can rant all day, but that doesn't teach any of us how to make our own slice of that pie and pass on wealth to our following generations. I recommend anyone reading this comment do a search on this channel for "rich" and see that all of the videos paint rich people in a bad light.
@@ShallaBal82 Sis, RESPS are Canadian and this is an US-centric channel. Our equivalent are 529s. Guests on her podcast have not only brought this up for children, but even in the context of individuals paying for their own education. Even then, in the US setting up a Roth IRA for children is more flexible, depending on your options. Just because the channel doesn't talk about a very specific topic doesn't mean it's anti-wealth building. That doesn't even make sense logically, tbh.
@@vulpixelful I was using just one example of something that could be talked about in-depth for people to understand how they, too, could pass along wealth to their families; a five-point essay on the myriad ways one could obtain and pass along generational wealth isn't meant for a comment section as I'm sure you can appreciate. The point of my comments is that I don't think it's particularly helpful to simply point out that generational wealth exists in a very snarky and bitter tone and then NOT talk about how the average viewer of TFD could setup their own version of generational wealth so they could help their own families.
I agree with the description. But she didn't need to throw shade at Kylie's age by saying "way back in the 2010s". That's not necessary. Women should still lift up women regardless of socioeconomic status.
I didn’t view that as a dig at Kylie’s age, more so that showing the prevalence of it by saying “even this contemporary example is still over a decade old”
@@karinagutierrez7134 I just think the attention needs to go away from the individual wealthy people and be focused more on the institutions with agendas that insulate and venerate them. Such as Forbes magazine, Vogue magazine, Harper's Bazaar, GQ, etc. Just a thought.
Lateral to that, I don't think we talk enough about "family wealth". In a relatively minor example, my parents were not super well off for most of my childhood, but as an adult I see how much of an impact having much wealthier aunts and uncles and cousins around me was as a safety net and a place for my parents to reach out to if things got bad. A community of wealth/comfort can act as a less direct but still hugely impactful part of being able to live a comfortable life
True. Wasn't until my parent's recent ugly divorce that I learned my wealthier uncle/aunt subsidized my dad's poor decisions with his business, and are the only reason my parents kept their house after 2008.
That is generational wealth
A whole country as such community is Switzerland.
Yes so many of us have absolutely no safety net or family support.
My parents were piss broke for a solid chunk of my life and the fact that my grandparents would come and pick us up to go grocery shopping was such a blessing because we didn't have to rely on social safety nets or community pantries to scrape by, and it freed up money for my parents to use towards bills and other expenses. I am very aware that that isn't the norm though, especially now.
With the years passing I realize that just having parents that don't struggle with money is a already a blessing.
We were poor when I was a kid, but my parents both landed union jobs in the early ‘70s. They did so well, in large part to my mom’s excellent money management, that they were able to help my brother and me with college tuition. Since the ‘89s, union jobs are fewer and wages/benefits have stagnated. The economic dynamics at the lower end of the economic scale don’t afford the kind of generational privilege they once did. That’s something that most boomers don’t recognize. It is much harder for younger people now. That being said, neither my brother nor I have done as well as our parents even with masters degrees.
I definitely have had the privilege of being able to rely on my family for financial help when I need it. Not for massive things, but even just asking for $30 to buy food when things got really bad. I think that's another thing some people don't realise is a privilege. Having family and friends that can be financially supportive in times of crisis, even just a little, is a massive privilege in and of itself. And I feel like we don't talk about that enough.
Don't forget about the wealth of networking and trade secrets of families. There are a lot of people who work in the realm of their parents' field of expertise because of the advantage of pretty much insider information.
I've never gotten a job that I didn't have either a reference or prior experience at.
Trust fund kids might not be inherently bad people but I’ve never met one that wasn’t annoying and out of touch with reality
They aren't inherently bad, they just inevitably become bad. It's not the nature, it's the nurture, or lack thereof.
I can imagine there could be quite a difference in perspective.
@@AbsolutelyJason I think you can either embrace your social caste or be doomed to live a life of contradictions. I was co-workers with someone in the latter camp for two years, she was experimenting with the "homesteader life" and working a dead-end job as an EMT at my agency in flyover country, USA. She was the most well-read self-proclaimed socialist I've ever met. I can't begin to understand how she rationalized her worldview, her lifestyle was undoubtedly enabled by investments in the same corporations she despised. She sold the homestead and moved away after two years of that life.
Of course there's the third option of giving away all of your wealth, but as far as I know I've never met a trust fund kid that took that path.
When you don't have to work for anything, nothing you have really matters. I'm a law student going into trust and estate law and it is very sad to see the cases where older generations really try to improve their children or grandchildren's lives and they just end up spoiled brats who don't appreciate anything, and even blame the older relative for not giving them more. In my opinion, trusts can be good (better than gifting money straight out in a lump sum) but they should be kept spread out among many relatives and designated toward specific costs or time periods.
@@___.51 what does "embracing your social caste" even mean? I think it's really admirable to be a wealthy kid and still try to be an ally to working class people rather than buying into the propaganda that you're superior because of your money. And these "contradictions" don't really seem to be anything more than a weird purity test. Like the kinda person who thinks you can't be against child labor if you have an iphone.
So down payment for a house is a less extreme version of generational wealth? I don’t even get free meals like some people do when visiting their parents … feeling really poor now
May I ask if that's because they don't feed you or they actually ask for money from you if you eat at their house?
They might be stingy with the food because of the house payment. My parents haven't paid for anything for me since I turned 18. They couldn't afford anything for me. But despite that they will always feed me if I ask because they think that's the bear minimum they should do when they couldn't even get me a phone. Different people spend money differently. And when a large sum is transfered, wealth has been transfered. Wealth doesn't have to become generational to exist. Be grateful you even got a house when so many rent for their whole lives.
generational wealth on the small scale- my husband and i haven't had to shop for furniture or kitchen cookery since we've been together because we've had the older people in our lives leave or give us items they don't need anymore. it's weird thinking about how much that couldve cost and how lucky we got
Such a blessing! I bought a new bedroom set last year when i moved and 😅. Still so blessed to be able to afford it.
I absolutely recognize this. My parents were not rich by any means but where able to save enough to pay for my college. This allowed me to focus on my studies without having to get a job. Because of that money saved I was able to save enough to get a down payment on a house. I know I couldn't have done this otherwise. I am very thankful. I see all my friends and other people who are struggling with student loans and recognize how lucky I am.
And even though I don't have loans I am all for student debt forgiveness.
I think another form of generational wealth is the knowledge of how best to invest and play the money game. A lot of people don't have that kind of knowledge or education so they can't pass it down
Right. Don't be ashamed, just be honest.
So my family was modestly wealthy. My mom's dad was an old communist and had some money from that but he was also a narcissist and my mom was a scapegoat so she didn't see a dime. My dad's mom had a nice house in the suburbs but my dad sold it and basically lost the money. He later died in a huge debt. I still see myself as immensely priviledged though. Not only because I live in a rich and safe country where education and healthcare are free but also because my parents were very educated and I was able to land the good jobs and I received help when needed.
I don't think there's anything wrong with making sure you're loved ones are financially comfortable. But it's crucial for them to have learned how to make money honestly and ethically, be responsible with money and be humble, generous and never arrogant. We should build systems that help everyone realize their full potentials and everyone should be living with dignity and at least their basic needs. People rejoice in knowing that their loved ones aren't in difficulty and most parents will do everything they can for their kids, it's unfair that some parents can't provide for their kids the way they'd like to but the goal should be to empower them and not to vilify and punish the ones who can. I'm obviously excluding people who've amassed their wealth through unethical and exploitative means.
Paying for college? Down payments for homes are “moderate”? Those are HUGE advantages!!!
Social safety net programs like grants and home loans for first time.buyers that don't have wealth and perfect credit 👌
I don't have any debt because of scholarships and my parents paying for my school. This is a privilege. They worked during school and didn't want me too. If I ever have kids I want to be able to do the same for them.
Hard agree. As someone fairly middle class in the uk a lot of people in similar situations including my siblings don't realise the freedom we have from having parents with means who could help with university school and buying a house. When I left my husband I was able to live with my uncle while i figured things out. I would be in such a different place without this
I'm kind of sick of this discussion.
I'm a single mom, my daughter's father walked out and left me (us) with nothing. I'm chronically ill and have had to place myself in a lot of debt to create a home for me and the little one. He is only on part time as he can not handle the responsibility (his own words).
She will be growing up in a poor household, we've been through food scarcity resently. My æarebts passed away and we are pretty much on our own.
Her paternal grandfather however, is a millionaire. He set up a trustfund which will not be available till in another 20'ish years.
Is that "generationel wealth"? I guess. But it's not like she'll grow up a spoiled brat with a ton of priviliges, far from it... she'll grow up in a below average economic household. That trusyfund is fairly useless, because she'll likely have to struggle through some of the most formative years. I always saud I would not do that to my child (my dad passed early, I grrw up like this) but I'm sick there's a limit to how much I can ring in.
Just dont assume everyone with a trustfund has no idea of the real world and dont assume they've been packed in privilige their entire life.
How is it “useless”? It might not be helpful for you right now but your daughter will have a huge advantage later on in life. Thats what she will remember as the average human lifespan is nearly 80 years!. Plus, there is an amazing sense of peace in knowing she WILL be taken care of better at some point. Do you know how many people would LOVE to trade places? Delayed GUARANTEED advantages are still advantages.
So she might not grow up spoiled but she still has opportunities others can only dream of. So please be grateful for what you have. Teach her to be kind. In some ways, watching you work hard will help her use her advantages later on in life better. The average trust fund kid is not prepared in the same way. Comfort doesnt mean happiness and fulfillment. There is a sense of peace in earning your success.
It's an important recognition for sure!
I don’t understand trust funds. I’ll never know and that’s ok!
Any time I hear some one talk about privilege I just hear I’m trying to make you jealous that your poor to take wealth from ppl I don’t think should have it
Why would I think people who are wealthy are bad?
Because telling people they have privilege really sets them off if they're invested in the idea that they accomplished their success alone.
What exactly are you “quoting” with the endless air quotes?
Could we use "advantage" or "benefit" instead of "privilege" for the modest range, and "resources" or even "money" instead of "wealth"?
I had the advantage of parents who were very self-disciplined in their use of resources, and could as a result pay for my college education (as well as set a good example of how to live on below-median income). Nothing since then.
I was not granted the immense privilege of wealth. I've seen that, and it wasn't what I experienced.
I think the point here is that it is a spectrum. Curious though, it seems like privilige is a prickly word for you...is it because you disagree with the spectrum argument? Its a genuine question, just trying to understand.
@@courtneywitherspoon8584 The external perception is always a binary scale - privileged, or not privileged (aka, under-privileged), hammered into the oppressor/oppressed framing.
Even though the benefits are on a spectrum of outcomes, a person is on one side of that binary equation or the other. Yes, I am prickly on the topic, because once that snappy binary categorization is in place, there is no recovery available on repeal.
You dont see it as a privilege because thats your start point. Having your college paid for and getting a downpayment are huge advantages during key times. They massively change the trajectory of your life if used well. But I dont spend time with people with trust funds so my comparison spectrum is limited. As someone whose parents lost everything during war, no matter how hard I work, I will struggle to keep up with my more mediocre classmates. It was quite jarring to realize this. Here I thought I was being savvy and everything. Oh well. I am grateful for what I have and that is the true key to happiness. I still see myself as massively privileged because my comparison point is more global.
@@thezu9250 IF the car in high school, living expenses in college, 'start-up' expenses for a career, and downpayment on real estate was the start point, it was privilege.
I am thankful for the advantages I had, and for the modest-well-used resources that enabled me to struggle to where I am now.
. But you're proving my point - you've made it binary: If I had even the slightest advantages or resources, then I was "privileged" and not one of the globally disadvantaged.
(And in a global comparison, there are plenty of priviledged non-Americans).
Idk you should ask all those white Appalachian families about all that generational wealth they’ve been hiding in those hills and hollers.
- some parents piss away a lot of money (on themselves/kids), so when it's time to go to higher ed, work, buy a house, etc there isn't any wealth to pass on.
- some parents are fighting tooth and nail for their kids, so naturally there isn't any wealth to pass on.
- some parents are actually starving, giving their kids the food, and are cutting back on their own portions.
- - -
in other families, maybe both parents are working in tech, so +300k income. hopefully there's something to pass on?
I'd consider traditional generational wealth to be over $1M in assets/cash not including the principal family home residence.
Having 50k-100k for college fund though is a nice leg up.
A majority of people don't even get 20k
10,000 years of humanity, it’s always been that way. And it will not change.
Or your skin colour is a privilege and a generational benefit
But why does it matter how uneven the playing field is?? This narrative has to change. Hubby and I don't even have university degrees. We launched two businesses with nothing and created wealth. People who work as hard as we have to achieve success are entitled to give money to our children to set them up for life. I don't understand why this narrative pits people who have help from their parents to people who don't. Life has never been fair. Most people take risks and work to CREATE wealth. This narrative of "wealth is bad, or ultra rich is bad" is bizarre. People need to mind their business and their money. My kids aren't "privileged". They have parents who have worked their asses off , and rightly so!
If you have to ask why fairness matters then maybe you're not actually interested in discussing this matter at all, but I'll try with a point that might resonate with you:
An even playing field is the basic requirement for meritocracy, i. e. a system where your own skill and labour determines where you end up in society. In a merit-based system, there are no short cuts to positions of power or wealth. Merit-based systems generally lead to better and more efficient businesses and government, because talent is more efficiently put to work than in unequal societies. For example, in the US a child's family's wealth is literally several times more important than their own skill in determining their future career, so it is a very unequal country in terms of opportunity. This also means that - sorry for being blunt - stupid rich kids get good, important jobs over smart poor kids, and often end up having a lot of influence and power as well. That is generally bad both for the businesses and the society.
An even playing field would mean that more people would be able to realize their potential and flourish. This is naturally a good thing for the people in question, but also generally good for most businesses because of that spread-out purchasing power. Luxury industries are often an exception, though, so maybe if you sell diamond-coated Ferraris or something to that effect, inequality may be a good thing for you - at least in the short run.
@@Mielipuolukkait's a troll making up nonsense, you dont have to actually explain things to trolls as it's your time they are trying to waste
So, what's your point?
Enough with the air quotes please.
Hard work and good decisions trumps all that bs.
In my experience "modest" generational wealth is getting $40/month for food your Freshman in college. Get out of here with "modest tuition paid"
It’s not « wealth » in that case
how to be envious 101?
I had the privilege of working three jobs at a time and going to college. I’ve had the privilege of having one child I could afford. And I made my child work from the time she was 14, didn’t let her own her own car. I paid her tuition. Perhatthat was a privilege for her, but she earned it by working 28 hrs weekly and maintaining an A average.
Mark Twain said that many people didn’t recognize opportunity because it showed up in overalls d looked like work.
You can't help privilege, but you can pursue opportunities
Thank you for recognizing that being able enough to work more jobs is a priviledge. I dearly wish I could be able to do that. Also good on you for letting your daughter work from this young age. My dad insisted on me working since I was 13 and it helped me so much I can't even begin to explain.
Was your daughter working in a family owned business? Who employed her at the age of 14? What sort of work is available to the average 14 year old that doesn’t conflict with school hours?
Ya, lets just drop the privilege crap.
The cope is real. We are making up things still, I see.
Like money.
So your mad that you grew up poor
People are far too concerned with others and not nearly focused enough on their own lives. Get your own life. Want a happy life? Stop bitching about what you don't have and go get it.
Yeah, grow some bootstraps! And then pull yourself up by them!
U sound mad
I love what you did to the moneylenders at the temple.
Thank you!! Thought I was the only one that got that. And why do we really care about rich people anymore? I'm a housekeeper and I just clean my rooms, go home, pay my bills, have tea and chill lol😂.
"This doesn't mean people who've received generational wealth are inherently bad." You make it sound like they're pretty bad when you're using a scoffing tone while talking about the generational wealth scenarios. At this point in time, the message that all financial experts should be promoting is how to accrue as much wealth as possible to pass along to your family, because what pre-teen or teen right now will ever be able to afford a house, or maybe even a car? Instead of talking down about generational wealth being privileged (since privilege somehow turned into a bad, shameful word within the last 10 years), you and others like you should be bolstering it and telling people how they, too, could make the right moves to ensure their families are setup for success financially.
This whole channel is about teaching you about how to build wealth. We can do that and recognize privilege
Apparently only poor people can , "work hard" and people that benefit from generational wealth are not quite inherently bad.
@@vulpixelful I've never seen a video on this channel that talks in-depth about RESPs and whether those are a good step for saving for your child(ren) if they decide not to go to college. I did a quick search to confirm this and that content doesn't exist here.
I used to be in the same boat of being pissed at wealthy people and envious of others' luck because their families actually cared about their kids and their futures, but after years of that, I moved onto thinking more about how I could setup my own family for success by 1) accruing assets and 2) transferring those assets to my child.
I just think making videos about how unfair it is that some people have advantages doesn't get us who haven't had those advantages anywhere. We can rant all day, but that doesn't teach any of us how to make our own slice of that pie and pass on wealth to our following generations.
I recommend anyone reading this comment do a search on this channel for "rich" and see that all of the videos paint rich people in a bad light.
@@ShallaBal82 Sis, RESPS are Canadian and this is an US-centric channel. Our equivalent are 529s. Guests on her podcast have not only brought this up for children, but even in the context of individuals paying for their own education. Even then, in the US setting up a Roth IRA for children is more flexible, depending on your options.
Just because the channel doesn't talk about a very specific topic doesn't mean it's anti-wealth building. That doesn't even make sense logically, tbh.
@@vulpixelful I was using just one example of something that could be talked about in-depth for people to understand how they, too, could pass along wealth to their families; a five-point essay on the myriad ways one could obtain and pass along generational wealth isn't meant for a comment section as I'm sure you can appreciate.
The point of my comments is that I don't think it's particularly helpful to simply point out that generational wealth exists in a very snarky and bitter tone and then NOT talk about how the average viewer of TFD could setup their own version of generational wealth so they could help their own families.
I agree with the description. But she didn't need to throw shade at Kylie's age by saying "way back in the 2010s". That's not necessary. Women should still lift up women regardless of socioeconomic status.
I didn’t view that as a dig at Kylie’s age, more so that showing the prevalence of it by saying “even this contemporary example is still over a decade old”
@@karinagutierrez7134 I just think the attention needs to go away from the individual wealthy people and be focused more on the institutions with agendas that insulate and venerate them. Such as Forbes magazine, Vogue magazine, Harper's Bazaar, GQ, etc. Just a thought.
You're reading an insult where there was literally none. What the hell goes on in your head, that that's what you leaped to?
The thought of her age never came to mind.