Quote:
Originally Posted by Digging4Truth
The concept of "the family homestead" is one long lost to the past in most peoples lives.
I can't say how successful I will be but I would like to bring that concept back into being in my own family.
The loss of "the family homestead" has caused, IMO, the loss of many other opportunities that we no longer have.
1. Mom & dad are shipped off to the nursing home when they get old. Why? Because we've all moved off and gotten our own lives.
2. Very few people build generational wealth anymore. Each generation has to start over building their own wealth because they leave their parents wealth behind to begin again and then just sell off the homestead for quickly spent cash when they die.
I need a few more acres but I plan on passing on an acre or so to each of my kids who want to make this their family homestead. When I am dead and gone they will have to figure out how to divide what is here and I hope they build their lives here too. Maybe they can buy a few more acres to give to their kids and as each generation passes on more land or homes become available to generations coming along.
If the family could keep the homestead concept going then, over the years, wealth is accumulated because of kept land... continual upgrading as needs arise... little need to "start over" but, rather, use what is there.
I have a lot more study to do on the subject but I think it would serve us well to give it a go and the kids seem keen on the idea.
Thoughts?
Suggestions?
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I have thought about what you wrote for many years. It is a nice idea, however, it's reality only goes so far.
For example, shipping a parent off to a nursing home.....a person might be able to care for their older person while they are still in the stages of needing assisted living, but by the time they need nursing home care....they may have serious dementia of some need that makes it impossible for the family to care for them. A happy medium of believing that you will care for your parents as long as you can is, I think, the best thought possible.
Generational wealth is a great idea, but again, it only goes so far unless you have great wealth. Many parents give their kids money for a down payment or whatever....it comes in different forms rather than a acre. How much is an acre worth? $3000.00? Selling off the homestead may be used for down payments for the kids or for college. None of that is bad.
Hybrid Mode
