Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
CNBC reports that Millennials who have long complained about how they have the worst luck may actually turn out to be the luckiest generation in history as wealth from the top gets transferred to them.
For those invested in the markets this may be good news as Millennials are known to spend more money than Boomers and Gen-X which could buoy the economy upwards.
I honestly hope the millennials end up being the wealthiest generation.
For them to be that way, my generation (50's to 60's) will see decreased inflation and a booming stock market.
So far, the millennials are very smart, especially in technology. But they didn't show much sense taking on so much student loan debt and they're still having to live in their parents' basements. Throw in a $750 average car payment and they're behind the 8 ball economically.
But the way the world has recently gone, this Ole Mom and Pop are going to spend all our money. Our 3 kids shouldn't be looking to inherit more than some really beautiful furniture and a few handmade oriental rugs. We're spending our extra funds touring the world on vacations--40+ such trips so far.
Sorry kids, but you were provided educations without debt. And you've been given the chance to save for your retirement.
I honestly hope the millennials end up being the wealthiest generation.
For them to be that way, my generation (50's to 60's) will see decreased inflation and a booming stock market.
So far, the millennials are very smart, especially in technology. But they didn't show much sense taking on so much student loan debt and they're still having to live in their parents' basements. Throw in a $750 average car payment and they're behind the 8 ball economically.
But the way the world has recently gone, this Ole Mom and Pop are going to spend all our money. Our 3 kids shouldn't be looking to inherit more than some really beautiful furniture and a few handmade oriental rugs. We're spending our extra funds touring the world on vacations--40+ such trips so far.
Sorry kids, but you were provided educations without debt. And you've been given the chance to save for your retirement.
I hope your kids are more appreciative of the past than many other younger people.
My friend had beautiful carved mahogany chairs. Their kids didn't want them. I can understand that the pieces might not have fit their style "aesthetic", but these are works of art, handed down from prior generations. No appreciation at all.
Similar response to parent's offers of Baccarat and Lalique show pieces, including some vases.
Maybe my friends should invest in Solo red cups. That seems to be the height of style for drinking vessels amongst the "youngsters".
BTW, when I sold my house, I gave my beautiful Asian rugs to my housekeeper. She appreciates their beauty.
The larger issue is a family's values & culture with respect to wealth. Many people who inherit wealth are not equipped with the tools to manage that wealth nor the value system with respect to that wealth. What is the purpose of inherited wealth - is it to be spent (as some posters here on C-D posit) or is it to be preserved for future generations? What role does philanthropy play? Should I establish a family office - how do I evaluate wealth managers, estate planning attorneys, and accountants? What about professional trustees and trust protectors? How do I live a life of purpose?
It is all too common for lottery winners to quit their jobs, which turns out to be a rash decision. Millennial family members would do well to think hard about this long before they inherit anything. There is a reason there is an old adage "shirt sleeves to shirt sleeves in 3 generations" as family wealth has a habit of evaporating.
There are some programs to help teach family members about the issues of generational wealth and how to manage it. I've looked at some of these in-depth.
This book focuses on what an individual like you and families like yours can do to protect and grow your wealth, share it with others, and build lasting personal and family legacies based on it. The lessons learned and shared here come from my many years as a wealth industry professional combined with the experience of rep- resenting my family as longtime clients of the industry. There is value in having sat on both sides of the table, and I want to share that value with you.
Whether you are building your wealth over time or acquired it sud- denly, whether you have a few hundred thousand in assets or a few hundred million, whether your family situation is simple or complex, the principles discussed in this book will help you sustain, grow, and, most important, enjoy your wealth.
Everyone dreams of striking it rich—by selling a business, scoring a great investment, receiving an inheritance, or winning the lottery. In fact, most people generate their wealth, small or large, by patiently accu- mulating and nurturing their asset base. Either way, integrating all the components of wealth management into a coherent, satisfying whole is the challenge we have before us.
I was one of the lucky ones because I was born into a wealthy family. For me, the dream began with $25,000 and the founding of what became the Carnation Company by my great-grandfather E. A. Stuart in 1899.
Last edited by moguldreamer; 03-02-2024 at 07:55 AM..
A friend of mine is concerned about this issue. He has two kids: the son spends a lot of money, and the daughter is content living a life of very modest means.
They will inherit his estate at some point - probably in the $75 million to $100 million range by then. He's pretty sure the son, left to his own devices, would blow through his portion in a few years. The daughter, in contrast, would continue to drive a 15 year old beater and wear clothing that would be turned away if someone tried to donate it to Goodwill.
A trustee will prevent his son from spending more than a safe withdrawal rate each year - but how does he get his daughter to spend more?
CNBC reports that Millennials who have long complained about how they have the worst luck may actually turn out to be the luckiest generation in history as wealth from the top gets transferred to them.
I would invest most of my inheritance in the stock market and real estate, and just watch it grow over time.
And also a few trips to places like Alaska, Japan and New Zealand.
A trustee will prevent his son from spending more than a safe withdrawal rate each year - but how does he get his daughter to spend more?
This should be the very least of his worries. Why should he care if she doesn't want to spend more on herself? She is content with her life the way it is, which is rare and worth respecting.
Very likely, however, inheriting that sum of money will inspire her to indulge in some things she does enjoy. She may not care about cars or clothes but maybe she'd like to travel. Or to be able to send up a fund for her favorite charity.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
