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Why do Wealthy Parents have Wealthy Children? [pdf]
- simonblack 6y agoThat's probably because we grew up learning and knowing that money is merely a tool. That means we don't have to prove anything, and consequently we don't need to spend lavishly on ostentatious displays of wealth. In fact, spending lavishly on ostentatious displays of wealth soon puts an end to your wealth. Look at our jewelry, there's very little: A 25-year-old Longines watch that's looking a bit faded and battered, but is extremely accurate; a plain gold wedding ring; and a pair of plain diamond ear-studs. Look at our cars, they're probably previously upmarket but haven't been upgraded in years, like a 16 year-old Mercedes C-class that still runs well. Look at our houses, sufficient is 'good enough'. We live in an 1800-square foot, 3-bedroom apartment on the eighth floor. That's nothing fancy. We don't need a Ferrari, we don't need 10 watches that cost 15 grand each, we don't need a 40,000 square-foot mansion. We spend when we have to, we don't spend when we don't need to. We don't waste time and money on 'get rich quick' gambles.