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The Horses musician told The Observer that she always had hope in the next generation to pave its own path.
Smith said: "I think that each generation has to do things their way. I don't think my lot was any better or any cooler than the present time.
"My daughter now is 22, about the same age I was when I went to the Chelsea Hotel with Robert [Mapplethorpe], and I wish for her all the magic and all the possibilities I had. They're the future."
She added: "I'm certainly not the future. I was the future when I was younger. Now I'm happy to be the present."
Smith released her memoir Just Kids last month and plays sold-out shows at London's Union Chapel and Glasgow's Oran Mor on March 21 and 24.
More: Patti Smith, Showbiz
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