Surprise, surprise. People in modern times are rediscovering that conservative traditional values actually make economic sense. This article is about a woman employment lawyer noticing that grandparents are key to parents being able to secure generational wealth. In modern times, childcare is very expensive. If young adult families (with children) wish to be able to save money, it is very helpful -- critical -- to have retired grandparents that live nearby to be able to help take care of their children. This marks the difference between those families who will be able to save, and those who will not. Grandparents are the key to millennial parents securing generational wealth, by Jane Ridley, Business Insider, August 6, 2024 Daphne Delvaux, an advocate for improved childcare, says parents with family nearby are better off. The employment lawyer says it's a key factor in securing generational wealth. The article interviews one mom who paid $4,000 monthly for a nanny, and then another couple whose older parents do the job of childcare. When Jessica Papi, a millennial, was trying to get pregnant, she discussed future childcare options with her mom, Carol Mooney. They both knew that paying for a nanny or day care would significantly impact Papi and her husband's income. It would be particularly expensive since they'd often need 12 hours of daily cover. "Mom said, 'I want you to have a career, so we'll support you with this,'" Papi told Business Insider, adding that her boomer parents were thinking of her finances and peace of mind. The problem was that the would-be grandparents lived at least a two-hour drive from her home in New Jersey. After debating the pros and cons, they decided that Mooney and her spouse should leave New York and move near their daughter and son-in-law. Papi said she and her husband were more financially stable because of her parents' support. Some of the money the Papis save on childcare costs goes toward their retirement funds. They also plan to set up an investment account for their daughter. "These arrangements are incredibly beneficial to parents," Daphne Delvaux, an employment lawyer who advocates for better childcare provision in the US, told Business Insider. The problem is, due to rising housing prices and the increasingly unaffordable cost of living in many regions of the U.S., many young adults have moved away from where they grew up. This means that many young families are living too far away from their older parents, who otherwise would have been able to help provide childcare. Younger families who have grandparents living nearby who are willing to help provide childcare will allow these families to save money, and thus be able to pass down generational wealth. related thread: Younger generation moving to rural regions because they cannot afford housing (Economics & Trade, Nov 15, 2023)
You have a notorious history of posting outrageous things likely to derail the discussion topic within the first couple of posts of a thread. Bad habit, you should really work on trying to stop that. The Republican Party is not going to get rid of Social Security, even if the Republican Party had complete control and Democrats had no votes. So you bringing up Social Security seems kind of disingenuous. As for healthcare, I'm not so sure that political issue is really related to generational wealth. The question is who pays for it. Trying to argue that the Right will make it difficult to secure generational wealth because they oppose various wealth redistribution schemes (which seems like what you might be trying to do) is a weak and very strained argument. I'd say it's wacky and absurd. I assume when you try to deflect, it's because you can't put up an argument against the topic and unhappily agree. Now, if you'd like to continue this discussion in another thread, you are welcome to. But based on your past history, I'm just going to assume this was a stupid attempt on your part to derail the topic in the first post. "Look away over there! Republicans are bad!"
if the right kill social security and bring back pre-existing conditions, there wont be much generational wealth to pass on for grandparents
But the Republican party (which is the party further towards the Right in the U.S.) is not going to kill social security any time soon. So why don't you get off that? (If you disagree with that, then start another thread and leave the link here. I am not going to allow you to derail this thread by taking it off topic, as you have done so many countless times in other threads) I personally think that "pre-existing conditions" doesn't really have much to do with the issue of generational wealth when we are talking about the larger group. You realize, don't you, that insurance prices would just have to rise to pay for that? Averaged out, it would probably not do much to increase overall generational wealth. I'm not saying it's not an issue, but overall I just do not see how it fits together very well with the political discussion of generational wealth.
I was done at the first post, then you question my opinion that grandparents are gonna have less generational wealth to pass on to their children if Republicans kill Social Security "grandparents are key to parents being able to secure generational wealth." Social Security helps them do that, they can live with their children as well and take care of the grandkids and help out with the bills, without social security, some parents will also be taking care of their parents
Sorry, off topic. Please stop. There is no chance Republicans will kill Social Security. That is a lie. Please start another thread and stop derailing my thread.
let's hope so as it will hurt generational wealth, SS was one of the best things that happened to families funny thing is, it seems we agree on this topic, Grandparents are the key to generational wealth and housing prices are too high right now for those just starting out, they need all the help they can get heck if we lowered the retirement age, more grandparents could move in with their children and they could help each other while helping the kids buy a house
wonder how this will effect housing prices "The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement" https://www.cnn.com/2024/03/15/economy/nar-realtor-commissions-settlement/index.html "In a sweeping move expected to dramatically reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions."
That's not going to happen. In fact it's fairly probable politicians are going to decide to raise the retirement age, as an "easy fix", since Social Security is in such bad shape. (Which will be a terrible thing in my opinion, but I am just saying I foresee it has a very high chance of happening)
it could happen, I hope not as that would hurt many of our elderly when it was 65, that was 8% more for every year, 5 years then it went to 67 and is now 8% more for working those extra 3 years so it not only moves out the time to get the full amount, but give you less for working to 70 and that is if you are lucky enough to live that long SS should be doing better due to Covid, have not seen new numbers
Generational wealth is a myth. Most studies shows that it is drastically reduced by the second generation and almost entirely non-existent by the third. I hardly knew my grandparents and certainly didn't see a dime flow from them to my parents let alone to me and after we sold my mother's house what was left to split up got thrown in with the rest of the monthly bill money. Generational Wealth: Why do 70% of Families Lose Their Wealth in the 2nd Generation? https://www.nasdaq.com/articles/gen...se-their-wealth-in-the-2nd-generation-2018-10
I think you're getting distracted from the point. This is about the likelihood that the grown up children will even be able to save, and have wealth. The "gift" their older parents gave them was helping to look after their children (grandchildren). Which is almost equivalent to money, if we look at the cost of childcare.
That was my view, that it was largely mythical, outside of a estate settlement. If your parents die and you get their car, is that generational wealth?
if they don't lose their job and get sick before 65, lose the house, everything... or your parents... as most grandparents are not millionaires, let alone billionaires
How so? I wouldn't want to be driving my parents car these days even if it had gone obsolete or watching their TV.
Well this lawyer needs a better term that is not generational wealth. That is them building their OWN wealth and unless those grandparents are living with them or have custody of the children I don't see where that is going to alleviate a lot of those expenses. And even more to the point how many seniors upon retiring wish to then become the 12 hour a day caretakers of their grandchildren five days a week maybe six?
