alt Hacker NewsHow much do you need for your children to not work or provide complete financial freedom (i.e. can buy a home, raise a family, etc. without thinking about the income of their job)? That is the "generational" in generational wealth.
You need more than $1.5m today should be $6m by the time they're 20. Depending on inflation, cost-of-living, tuition, etc. that might be enough.
People talking about generational wealth aren't saying, "what if they live a frugal life in the Topeka suburbs."
Generational wealth is just wealth that survives to the next generation. It doesn't have to be extravagant wealth when it gets there to count.
Also wealth does not start at the ability to live an extravagant life without a salary... You're wealthy way before that point.