Actually, with his logic and the quality of his analysis, by his own description, my money would have been on him being 3rd generation.
it aint much! but it is what it is. for what its worth, i am in the top 3 percentile of my age group and self made! I literally lend/give my parents money. i actually gave them 15k in my first year out of college to help pay off their 50k cc debt and have been loaning them money throughout the years. my dad still owes me like 10k. my mom owed me 30k ish. recently paid me off due to a refinance. my family did well because i told them what to do whether it was to do a loan modification, auto loan, personal loan, cotnribute to 401k, and invest that 401k. solo 401k etc. you can argue that they turned it around. but i would argue that without me, they would not be where they are as they still have massive spending problems. anyways here is a brief timeline.
1st gen. my great grandparents were major landowners and got rich through a logging co in philippines. not sure on net worth but they were massive as philippines was one of the strongest coutnries in asia at the time.
2nd gen. grandparents inherited over $1.5m to 3m depending on exchange rate you use. they were highly educated. one was the chief doctor of the major city. the other was a pharmacist who didnt practice. they inherited a lot of property that they sold. megamalls are built there at the moment. they invested in businesses that failed, they bought buildings that were repossessed. they also gave a lot of money to help people. today, my grandma still alive, but actually stole my dad’s share of inheritance something like 25k that was handed down by a dead relative. funny thing is before that my dad was sending her close to 5k per year for like 8 years. she hasnt received anything in the past 4. supposedly she was bad mouthing my dad for not sending helping. so im assuming her net worth is close to 0.
3rd gen. parents were mixed. dad didnt do well in school. went to a school known for rich kids that werent smart. he inherited close to 100k and mostly from his uncles and aunts. mom was a poor valedictorian in some backwater place in philippines she ended up in the top public school. she’s in IT and the main reason we are in the us. majority of their 650k net worth is from her 401k and house. they are like 60.
i’m half their age. and my net worth is 450k which is literally just a couple of years away.
Simp move nerdy, an alpha would have called the debt (ultra senior secured obvi) in and put debt collectors on their parents.
lol. im not charging him a rate right now and paused payments cuz he is out of work. its at 6 percent i think. anyways i recall mentioning it before. it was definitely a mistake loaning him money. caused a lot of friction! im actually giving him another 2k loan on top of that right now. cuz one of my dad’s revolving balance is about to start charging him 20% interest rate. he promised me his stimulus and birthday gift and that i get seniority over my mom. my mom’s been paying his rolex and lexus paymetns. lol but yea my dad actually mishandled the money alongside my grandparents. the blame falls on him. this is why i consider him 3rd gen.
anyways better i charge him an ok rate, than cc charging him more. keeping it in the family i always say!
■■■■ fam, you go straight for the jugular eh?
Jugular? Not even remotely close my dear! Is it simptember already or what! Let’s not go ■■■■ riding!
My family did something even more retarded. My greatgreatgrandfather owned a factory and quite a bit of real estate back in the day. A good old self made businessman in the early 1900s, he was loaded. Then my grandfather’s generation inherited him and instead of doing some estate planning, they let the property go from sibling to sibling as the siblings died (there was 6 of them and only one had kids). And every time the state took their 20-30% cut of the inheritance. So once the last sibling (my grandfather) inherited the property, there was pretty much nothing left because it had not been invested and the majority of it had gone to pay inheritance taxes! Luckily my parents turned it around and were able to become pretty wealthy again. But sometimes it really grinds my gears thinking that if managed even semi-intelligently, the property could’ve been in the tens of millions today. Too bad they didn’t have the CFAI around back in the day!
That sucks my dude. Why didn’t they just cut it up gavelkind style. So bizarre. I think in my family it was suppose to be split up equally. But dad claims it wasn’t. The issue was that the lawyer of the family split it so it benefitted his family and friends more. A real conflict of interest. In any case there are still relatives that has not worked a day in their life. So some definitely managed it well. They supposedly just invested with bonds which were are at super high rates in the 80s and 90s. We are much richer than them now. But apparently when I was a kid, we were looked down on because we mismanaged our inheritance.
Similar story. My great great grand parents made a fortune in gold mining and subsequently providing services to miners during the gold rush. Great great grandpa was shot in a duel he actually won (killed the other guy) but it cost him his leg. Their son, great grandpa used the gold money to get into the oil business and substantially increased their fortune. He and his wife had six children, two of whom went into the oil business with him. In the 1980s he passed and the they set up a family office led by my cousin, who is an idiot. Lost it all investing in pogs and dog races and a magic business Penn and Teller bankrupted.
Well unlike all the fancy people on this forum, I’m from a regular family with no riches in the past. Closest I have is that my grandparents were involved in organized crime and made lots of money in prohibition.
^ I don’t even have that. Just working class scrubs on both sides of the family.
well ■■■■. you can change your family’s stars. so that future generations can rest on your laurels. you will bring honor to your ancestors, and your future generations will remember you for your sacrifice. at least thats how i imagine it.
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
― Warren Buffett