4 ms·

Where do rich families come from?

by engineer_22 5y ago

bitwize 5y ago
Slavery. White supremacy. Privilege.
- fallingknife 5y ago
  I don't think that this is a serious response but it deserves a rebuttal anyway. 80% of millionaires in the USA are first generation. Of that other 20% basically none goes back to slavery. Slavery made some people quite wealthy but it doesn't scale the way a modern corporation does so we are talking multi millionaires not billionaires. That level of wealth just doesn't last that long. One side of my family were slave owners in north Carolina and that money didn't even make it to my grandfather. Anecdotal but that's usually how it goes.
- Exuma 5y ago
  Good lord
  - throwaaskjdfh 5y ago
    I think it was a reasonable point. Inter-generational wealth transfer is very durable over time. Whether or not someone inherits "house money" (and can plan their lifestyle and tolerance for risk according to that expectation) still corresponds to closely to race in the US. A family history of slavery might not necessarily be the cause, but having ancestors who were allowed into the property club, at a time in the past when there was still headroom to pump appreciation faster than inflation, makes a difference in what people inherit.
    - pc86 5y ago
      > Inter-generational wealth transfer is very durable over time. You're going to need a citation for this because every article I've ever read about it says that within 2-3 generations most family fortunes (excluding those truly massive billion+ fortunes) are gone. Social mobility between upper-middle and upper class across multiple generations is incredibly high/fluid.
      - watwut 5y ago
        Last time I read about this, social mobility is actually quite low right now no matter where you look.
      - dukeyukey 5y ago
        Even today Norman surnames (compared to Anglo-Saxon/Celtic) are massively overrepresented in the wealthy in the UK, from an event that happened nearly a thousand years ago. Individuals might rise and fall through social/economic classes, but families as a whole are pretty sticky.
- deleted 5y ago
  [deleted]
- craftinator 5y ago
  Where do rich non-white families come from?
aqme28 5y ago
Do you mean to imply that it's genetic?
- insert_coin 5y ago
  He means rich families where also once poor.
Philadelphia 5y ago
Luck, or crime, or some combination of the two.
- DevKoala 5y ago
  Nobody worked hard for their money in your world? I was cleaning floors at a fast food place just 15 years ago. If you were to see my parents driving the new car I bought for them this year (I need them to be safe), I bet you’d say the same. Do you understand what is wrong with your perspective?
  - Philadelphia 5y ago
    1) You’re probably not rich in the sense of generational wealth. 99% of people aren’t. 2) There’s no aspect of luck in your success? If you had gotten sick, would you be where you are now? If the company that hired you had gone with another candidate, would you be where you are now? Did a friend refer you to your job? If you had been born in a different time or a different country, would you have the same opportunities? Hard work is good for success, but it’s not sufficient. And that’s especially the case for gaining outsized wealth.
    - DevKoala 5y ago
      > You’re probably not rich in the sense of generational wealth. 99% of people aren’t The majority of people who start new businesses do not have generational wealth. In fact, those who achieve generational wealth often turn into investors who collaborate with entrepreneurs. > If the company that hired you had gone for another candidate, would you be where are now? There were half a dozen other offers waiting. Looking at the performance over the years of the companies that made these offers, I would be wealthier. > Hard work is good for success, but it’s not sufficient. And that’s especially the case for gaining outsized wealth. Hard work is a key component of success. Even those who inherit generational wealth have the option of living off their trust fund or pursuing their ambitions. It is key to understand that hard work is your best tool for success; it is the only thing you have control over. Also, I am using here “hard work” in a broad sense. Hard work isn’t only putting hours in front of the computer, but also coming out of your shell to socialize in order to find mentors, learning new things, keeping yourself healthy, etc.
etangent 5y ago
where do rain droplets come from?
tester756 5y ago
hard work, determination, consistency, outperforming
Shadonototro 5y ago
communism

Where do rich families come from?

bitwize 5y ago

Slavery. White supremacy. Privilege.

fallingknife 5y ago
I don't think that this is a serious response but it deserves a rebuttal anyway. 80% of millionaires in the USA are first generation. Of that other 20% basically none goes back to slavery. Slavery made some people quite wealthy but it doesn't scale the way a modern corporation does so we are talking multi millionaires not billionaires. That level of wealth just doesn't last that long. One side of my family were slave owners in north Carolina and that money didn't even make it to my grandfather. Anecdotal but that's usually how it goes.
Exuma 5y ago
Good lord
- throwaaskjdfh 5y ago
  I think it was a reasonable point. Inter-generational wealth transfer is very durable over time. Whether or not someone inherits "house money" (and can plan their lifestyle and tolerance for risk according to that expectation) still corresponds to closely to race in the US. A family history of slavery might not necessarily be the cause, but having ancestors who were allowed into the property club, at a time in the past when there was still headroom to pump appreciation faster than inflation, makes a difference in what people inherit.
  - pc86 5y ago
    > Inter-generational wealth transfer is very durable over time. You're going to need a citation for this because every article I've ever read about it says that within 2-3 generations most family fortunes (excluding those truly massive billion+ fortunes) are gone. Social mobility between upper-middle and upper class across multiple generations is incredibly high/fluid.
    - watwut 5y ago
      Last time I read about this, social mobility is actually quite low right now no matter where you look.
    - dukeyukey 5y ago
      Even today Norman surnames (compared to Anglo-Saxon/Celtic) are massively overrepresented in the wealthy in the UK, from an event that happened nearly a thousand years ago. Individuals might rise and fall through social/economic classes, but families as a whole are pretty sticky.
deleted 5y ago
[deleted]
craftinator 5y ago
Where do rich non-white families come from?

aqme28 5y ago

Do you mean to imply that it's genetic?

insert_coin 5y ago
He means rich families where also once poor.

Philadelphia 5y ago

Luck, or crime, or some combination of the two.

DevKoala 5y ago
Nobody worked hard for their money in your world? I was cleaning floors at a fast food place just 15 years ago. If you were to see my parents driving the new car I bought for them this year (I need them to be safe), I bet you’d say the same. Do you understand what is wrong with your perspective?
- Philadelphia 5y ago
  1) You’re probably not rich in the sense of generational wealth. 99% of people aren’t. 2) There’s no aspect of luck in your success? If you had gotten sick, would you be where you are now? If the company that hired you had gone with another candidate, would you be where you are now? Did a friend refer you to your job? If you had been born in a different time or a different country, would you have the same opportunities? Hard work is good for success, but it’s not sufficient. And that’s especially the case for gaining outsized wealth.
  - DevKoala 5y ago
    > You’re probably not rich in the sense of generational wealth. 99% of people aren’t The majority of people who start new businesses do not have generational wealth. In fact, those who achieve generational wealth often turn into investors who collaborate with entrepreneurs. > If the company that hired you had gone for another candidate, would you be where are now? There were half a dozen other offers waiting. Looking at the performance over the years of the companies that made these offers, I would be wealthier. > Hard work is good for success, but it’s not sufficient. And that’s especially the case for gaining outsized wealth. Hard work is a key component of success. Even those who inherit generational wealth have the option of living off their trust fund or pursuing their ambitions. It is key to understand that hard work is your best tool for success; it is the only thing you have control over. Also, I am using here “hard work” in a broad sense. Hard work isn’t only putting hours in front of the computer, but also coming out of your shell to socialize in order to find mentors, learning new things, keeping yourself healthy, etc.

etangent 5y ago

where do rain droplets come from?

tester756 5y ago

hard work, determination, consistency, outperforming

Shadonototro 5y ago

communism