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> do you think the majority of rich people prepared for "getting rich" by reading hundreds of motivational and self-help books? No, I don't. But you know what

by allwein 11y ago

> do you think the majority of rich people prepared for "getting rich" by reading hundreds of motivational and self-help books? No, I don't. But you know what they do have? They've grown up in a household and a culture that teaches them thousands of small lessons in being and staying rich. They don't have to read about it, because their parents and friends and lawyers and accountants and country club associates have all been reinforcing those lessons their entire lives.

reboog711 11y ago
According to The Millionaire Next Door; I am not sure this is true. Many children of 'rich people' have their lifestyle funded by their parents and only learn how to spend beyond their means; which does not accumulate them wealth in the long-term.
- surge 11y ago
  That's basically the difference from what used to be referred to as 'new' rich vs 'old' rich back in the day. The old rich were families whose wealth passed down or perpetuated through generations specifically because they taught their kids the discipline needed to build and keep wealth. Where as new rich fizzled out fairly quickly.
  - dragonwriter 11y ago
    > The old rich were families whose wealth passed down or perpetuated through generations specifically because they taught their kids the discipline needed to build and keep wealth. No, the old rich were families whose wealth was secured by long-established bonds of connection with other old-rich families who constituted the ruling class and dominated politics and business and acted together, for protection of their mutual interest, as a tribe jealously defending against outsiders, the new rich were those who had secured money but not yet been admitted to the ruling tribe. (This is still the case, though "old rich" and "new rich" aren't particularly popular terms for it; if your family has connections where, e.g., the Saudi royals will bail out your failing enterprises for the value of maintaining a useful network, and you wealthy establishment donors will pour fortunes into your brothers campaign for office for the same reason despite being willing to say that they think the whole thing is a waste as long as they can be anonymous while doing so, what your parents have given to you is connections more than discipline.)
lawpoop 11y ago
Isn't it rather the money they have access to, from their parents, that allows them to invest, rather than spend all of their money on subsistence? Hearing how dad weathered a hostile merger, or a neat tax shelter, doesn't mean much if you aren't in a place to have that happen to you in the first place.
dragonwriter 11y ago
> But you know what they do have? Inheritance. And connections.

by allwein 11y ago

reboog711 11y ago

According to The Millionaire Next Door; I am not sure this is true. Many children of 'rich people' have their lifestyle funded by their parents and only learn how to spend beyond their means; which does not accumulate them wealth in the long-term.

surge 11y ago
That's basically the difference from what used to be referred to as 'new' rich vs 'old' rich back in the day. The old rich were families whose wealth passed down or perpetuated through generations specifically because they taught their kids the discipline needed to build and keep wealth. Where as new rich fizzled out fairly quickly.
- dragonwriter 11y ago
  > The old rich were families whose wealth passed down or perpetuated through generations specifically because they taught their kids the discipline needed to build and keep wealth. No, the old rich were families whose wealth was secured by long-established bonds of connection with other old-rich families who constituted the ruling class and dominated politics and business and acted together, for protection of their mutual interest, as a tribe jealously defending against outsiders, the new rich were those who had secured money but not yet been admitted to the ruling tribe. (This is still the case, though "old rich" and "new rich" aren't particularly popular terms for it; if your family has connections where, e.g., the Saudi royals will bail out your failing enterprises for the value of maintaining a useful network, and you wealthy establishment donors will pour fortunes into your brothers campaign for office for the same reason despite being willing to say that they think the whole thing is a waste as long as they can be anonymous while doing so, what your parents have given to you is connections more than discipline.)

lawpoop 11y ago

Isn't it rather the money they have access to, from their parents, that allows them to invest, rather than spend all of their money on subsistence? Hearing how dad weathered a hostile merger, or a neat tax shelter, doesn't mean much if you aren't in a place to have that happen to you in the first place.

dragonwriter 11y ago

> But you know what they do have? Inheritance. And connections.