Based on my own observations, building up and passing down that generational wealth is definitely not a universal concept. It is more prevalent in certain cultures -- Chinese culture certainly encourages it, as is Italian and Greek cultures.
And then there is affordability itself. For parents raising families in the 70's and 80's, cost of living and housing affordability were not major issues. In fact, with the high interest rates in the 80's, it might have been a more prudent thing to rent instead of buy.
Of course, wealthy families -- and I'm talking about the 1 and 2-percenters here -- they have always known the importance of intergenerational wealth.
Quote:
Originally Posted by PeanutButter
I was talking to this girl today who said she was third generation Canadian and she and her family were renting. It really makes me question why they don't have at least two or three properties. I would think that every generation is just passing down wealth and all you have to do is maintain it. Which makes me realize how important it is to educate my kids about personal finance and wealth.
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