3 ms·

UBI takes care of the financial risk component, less so the parental knowledge of the rules of the game, connections or free capital to invest. I think this is

UBI takes care of the financial risk component, less so the parental knowledge of the rules of the game, connections or free capital to invest. I think this is all obvious if you dig just below the surface of most ultra successful people in NY/CA Finance & Tech space. These people are largely smart, well educated, but also raised in a particular way with connections that you only have from being in the top 5% at birth. There is the financial backing that allows these people to take large risks because they aren’t worried about a paycheck, the capital to invest in their ventures, and the connections to clients/partners/other investors. The founder of the last firm I worked told a story about his father giving him the option of a big party when he came of age in middle school or to have the cash value of the party to invest. He chose to invest, and that is how he launched his investment career, he told us proudly. Cool story, until you inflation adjust the dollar figure was something like $100k at the age of 14. So he started his young adult life +$100K whereas my wife&I started our adult lives (post college) -$100K in debt. Another place I worked the founder started in his 20s with $1M equivalent in capital... etc etc

steveBK123 6y ago
I would add that simply having been raised rich doesn’t guarantee any sort of success, it just makes it easier if the aptitude is there.. which is why so many of the ultra ultra rich come from ultra rich families who came from rich families who... Capital accumulates over time as long as the inheritor has some aptitude. I live in a condo in NYC that is owned almost equally by three groups - investors, trust funders, rich worker bees. The trust funders are an interesting lot to observe. We have the child of a minor politician in an oil rich countries in one of our most expensive units. My neighbor has never to my knowledge had any sort of a job in his life, but owned 4 apartments before age 30, before selling all of them at a loss in the last year. We have people in their 20s with job titles like “makeup artist”, “political organizer/activist”, “personal assistant”, “journalist”, etc living in paid-off $1M apartments. Even the “investor” units are interesting as more than half of them are owned by some combination of the developer, the developers children, the developers silent partner, the developers lawyer, etc..

steveBK123 6y ago

I would add that simply having been raised rich doesn’t guarantee any sort of success, it just makes it easier if the aptitude is there.. which is why so many of the ultra ultra rich come from ultra rich families who came from rich families who... Capital accumulates over time as long as the inheritor has some aptitude. I live in a condo in NYC that is owned almost equally by three groups - investors, trust funders, rich worker bees. The trust funders are an interesting lot to observe. We have the child of a minor politician in an oil rich countries in one of our most expensive units. My neighbor has never to my knowledge had any sort of a job in his life, but owned 4 apartments before age 30, before selling all of them at a loss in the last year. We have people in their 20s with job titles like “makeup artist”, “political organizer/activist”, “personal assistant”, “journalist”, etc living in paid-off $1M apartments. Even the “investor” units are interesting as more than half of them are owned by some combination of the developer, the developers children, the developers silent partner, the developers lawyer, etc..