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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Part of the problem with generational wealth is the greed and general oneriness of some family members.
Not to mention when there are large numbers of offspring who have large numbers of offspring-- situations like this is a breeding ground for confusion and dissent.
When my Grandpa died, my Grandma sold off all their rights to the property in the country just so that she would not have to deal with our family members from Ohio, who apparently are an exceptionally bad crop of people. She divided her share of the wealth among her children and that was the end of it for my immediate family.
Not too many years after that, no one was paying taxes on the land any more and the land was taken by the govt and sold to someone who uses the acreage as their own private hunting grounds.
I wish she had kept it-- but humans can be so onery!
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