Parents reveal the gritty steps they take to build ‘generational wealth’. Plus, how to teach kids about money

Core Insights - The article discusses how some parents are pursuing generational wealth through various financial strategies, ranging from sensible to extreme measures [1][2] Group 1: Personal Backgrounds and Financial Perspectives - Jeremy Jacobson and Winnie Tseng's childhood experiences of deprivation shaped their cautious approach to spending and finances [3] - Ja'Net Adams, a first-generation college graduate, faced significant student debt and a lack of financial safety nets, influencing her wealth-building strategies [4] - Sam Dogen learned money discipline early, working at McDonald's to gain spending money, which instilled a strong work ethic and financial awareness [4] Group 2: Wealth-Building Strategies - Dogen set a specific savings target of $3 million and diversified his investments across stocks, real estate, bonds, and cash, emphasizing the need for impactful saving [5] - Jacobson and Tseng opted for a simpler investment strategy by placing their funds in low-cost index funds to minimize management stress [6] - Adams adopted a rigorous approach to eliminate her $50,000 debt by cutting out all discretionary spending for two years, demonstrating a commitment to her financial goals [6]