Family / Status / Next Generation
The transmission of resources, responsibility and opportunity across generations.
Allowance
In family life, an allowance is money given regularly to a child or dependent for agreed uses. It is often called pocket money.
College Fund
A college fund is money saved or invested toward future higher-education expenses, held through arrangements that depend on the family and jurisdiction.
Dual Income
Dual income describes a household supported by earnings from two people, commonly partners.
Family Office
A family office is an organization or professional service that coordinates financial affairs for a wealthy family; multi-family offices serve more than one family.
Financial Literacy
Financial literacy is the knowledge and skills used to understand financial information, evaluate choices and make informed decisions about money.
Generational Wealth
Generational wealth is money and other valuable assets transferred across generations, together with arrangements that influence how those resources are held, used and preserved.
Inheritance
Inheritance is money, property or other assets passed to someone after another person dies.
Nepo Baby
Nepo baby is an informal, often critical label for someone whose opportunities are helped by family connections, especially in visible or competitive industries.
New Money
New money describes wealth acquired relatively recently by a person or family, rather than inherited through several generations.
Old Money
Old money describes wealth established and retained within a family over generations, often associated with longstanding social connections and status.
Pocket Money
Pocket money is a small amount given to a child for personal spending, often regularly. It commonly means the same thing as an allowance.
Prenup
A prenup, or prenuptial agreement, is an agreement made before marriage addressing financial matters such as property and obligations, with legal effect determined by applicable law.
Privilege
Privilege is an advantage linked to circumstances such as family resources, social position, connections or institutional access that others may not share.
Rich Kids
Rich kids is an informal description of children or young adults growing up with substantial family financial resources.
Sandwich Generation
The sandwich generation refers to adults supporting younger and older generations at the same time, through money, care, time or a combination.
Stay-at-Home Mom
A stay-at-home mom is a mother whose primary work is unpaid care of children and household responsibilities rather than paid employment outside that role.
Trust Fund
A trust fund consists of assets held and managed by trustees for beneficiaries under a trust arrangement and the law that applies to it.