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Question: What do the wealthy people do with their fortunes? Hint: They’re not letting it sit idle in their savings account.

by Jdam 8y ago

Clubber 8y ago
The more important question is how did the wealthy get their fortunes. I think the last I checked, 2/3rds of them inherited it. Some hard work there. https://www.cnbc.com/id/49167533 https://www.cnbc.com/id/49167533
- briandear 8y ago
  So what. Should we lobotomize ultra high IQ children in order to level the playing field? Genetics and finances are unfair. However, some janitor’s kid could become a millionaire if he can execute on good ideas. Some milkionaire’s kid can become broke if she doesn’t manage the money well. Stop being jealous— what someone else has doesn’t affect you. You can still create your own wealth.
  - Clubber 8y ago
    >lobotomize ultra high IQ children Who said anything about high IQ? You think kids who inherit their parent's money have high IQs? >However, some janitor’s kid could become a millionaire if he can execute on good ideas. He could win the lottery too. >Some milkionaire’s kid Freudian slip. >what someone else has doesn’t affect you. Maybe so, maybe not, but if I have something a rich kid wants, like say a software idea, they can easily ruin me through lawsuits. >can become broke if she doesn’t manage the money well. Yes, but I'll bet bad choices from a millionaire's kid has a less likelihood of ruin than bad choices from a janitor's kid.
  - maccard 8y ago
    The odds are stacked against both in those scenarios. Some janitors kid is unlikely to execute on good ideas, as he has nothing to fall back on if things go wrong, so he is unlikely to take the risk in the first place. Meanwhile, some millionaire's kid is also unlikely to end up broke even if they criminally mismanage (see current POTUS as a prime example)
foepys 8y ago
True. They're giving it to other rich people in the hopes of making even more money. Or they stash it in the Bahamas. I agree with you, that some of the money is being reinvested and "average" people benefit from it. The statistics however are speaking against you. The rich are getting richer and the poor are getting poorer in nearly all first world countries. Trickle-down economics don't work.

Question: What do the wealthy people do with their fortunes? Hint: They’re not letting it sit idle in their savings account.

by Jdam 8y ago

Question: What do the wealthy people do with their fortunes? Hint: They’re not letting it sit idle in their savings account.

Clubber 8y ago

The more important question is how did the wealthy get their fortunes. I think the last I checked, 2/3rds of them inherited it. Some hard work there. https://www.cnbc.com/id/49167533 https://www.cnbc.com/id/49167533

briandear 8y ago
So what. Should we lobotomize ultra high IQ children in order to level the playing field? Genetics and finances are unfair. However, some janitor’s kid could become a millionaire if he can execute on good ideas. Some milkionaire’s kid can become broke if she doesn’t manage the money well. Stop being jealous— what someone else has doesn’t affect you. You can still create your own wealth.
- Clubber 8y ago
  >lobotomize ultra high IQ children Who said anything about high IQ? You think kids who inherit their parent's money have high IQs? >However, some janitor’s kid could become a millionaire if he can execute on good ideas. He could win the lottery too. >Some milkionaire’s kid Freudian slip. >what someone else has doesn’t affect you. Maybe so, maybe not, but if I have something a rich kid wants, like say a software idea, they can easily ruin me through lawsuits. >can become broke if she doesn’t manage the money well. Yes, but I'll bet bad choices from a millionaire's kid has a less likelihood of ruin than bad choices from a janitor's kid.
- maccard 8y ago
  The odds are stacked against both in those scenarios. Some janitors kid is unlikely to execute on good ideas, as he has nothing to fall back on if things go wrong, so he is unlikely to take the risk in the first place. Meanwhile, some millionaire's kid is also unlikely to end up broke even if they criminally mismanage (see current POTUS as a prime example)

foepys 8y ago

True. They're giving it to other rich people in the hopes of making even more money. Or they stash it in the Bahamas. I agree with you, that some of the money is being reinvested and "average" people benefit from it. The statistics however are speaking against you. The rich are getting richer and the poor are getting poorer in nearly all first world countries. Trickle-down economics don't work.