This kinda evoked some thoughts as I'm turning 35 in a few hours & been looking back at my life so far.
My parents were not wealthy by conventional definition. In fact, for the first 16 years of my life, our family was "below the poverty line" as per government's definition. But my father's employer funded school fees in full as a perk. That's the only reason they could afford to put me through school while government came up with education loans for college.
I was privileged in the sense I had absolute freedom. Parents involved me on all things family finance from when I was 5 or 6ish, whether I understood or not. I knew what they earnt, where the money came from, their debts, even the lending rates. But they never asked anything of me. Signed report cards, attended PTMs, never questioned me if any complaints came up. Whether I had passed or failed, ranked first or tenth in class, won a competition or not, they always were happy for me, for trying. They gave me freedom to explore & figure out my own way. Continued for even college when I wanted to leave home to study or when I chose a smaller off campus centre which had my preferred stream than their main campus which had a lot more exposure, was more popular, and was relatively cheaper. It was always my choice with them backing me. Even in the choice of my life partner. Even at some points, that relationship was cinematically dramatic.
I still have a far way to go to be considered wealthy but I've reached a point in life where my monthly income tax payment is more than my their total annual salary when I went to college. The joy they had when we bought our first house last year, fulfilling my dad's 3+ decades long wish, was worth going against the financial wisdom of owning vs renting (I'm still Pro renting!).
But the seed for my success was not just me - it's my dad's quiet suffering through a the toxic work for years just so I can get an education, continuing to suffer after graduation so I could focus on my loan repayments, my mom's persistence to work despite her cerebral palsy, determination to complete her discontinued education (she got her BA around the same time as I got my B Tech), powering through discrimination at work for almost 2 decades for being disabled, without holding any grudges (she's still friends with all of them), despite her own siblings & family constantly putting her down for decades, and an always angry (and now I realise, an ungrateful) teenager (me).
Took me a long time to realise whatever achievements I have, I have because of them. If that's generational wealth by some non conventional definition, I'm grateful to be truly wealthy.
Hopefully I get a few more decades with them to show gratitude better. It's painful to see them growing weaker in front of me.
This is generational wealth