4 ms·

I don’t know about “future rich millennials” but the trend of millennials extrapolating from their circle of friends to all of society is one that I could do wi

I don’t know about “future rich millennials” but the trend of millennials extrapolating from their circle of friends to all of society is one that I could do without. Any data on whether inherited or gifted assets have become a larger fraction of net worth than labor for most Americans? (Or Australians for that matter? I’m sure Hacker News is full of people who are living proof that social mobility through wages exists. I don’t know if it’s up or down, but am sure it has nothing to do with the author’s friends taste in wine. Also, all the talk of “inheritance” is weird in the context of millennials. The average person will only inherit their parents in their fifties or sixties, and even then split it with one or more siblings.

throwaway1280 4y ago
Eh. I'm in exactly the same group she's talking about (born in 84, so at the upper end of millennial age) and my inheritance has started already. My parents have calculated that they have enough to live on until the time they expect to die, so they're passing any extra onto me early to avoid inheritance tax. Personally, it kinda grates on me. I'm very much a soft socialist, who believes in everybody paying their fair share of tax. I've also derived a lot of satisfaction over the years in becoming self-sufficient[1] and being able to pay my own way without them having to prop me up. But it's their money and they're free to do with it as they wish. As it stands, I'm doing the privileged thing that the author mentions, and 'refusing' it: it's going in an investment account and I'll continue to live within the means that I earn myself. But I know that that still means that I'll never be afraid of having to live on the dole, or do a job that I utterly hate. In any case, even without that money, as an ex-FAANG developer I'm still significantly more privileged than most of my peers: I don't have any debt, I own my (fairly cheap) home outright, and I own a (very cheap) car and motorbike, also outright. Amongst my friends, most of whom are renters working in precarious jobs, I just don't mention money. [1] How does that work with the socialism? Well - I'm happy to take from the government, because everybody can get the same, and I've repaid that with taxes over the years.
- enjeyw 4y ago
  > Personally, it kinda grates on me. Presumably there are (relatively) straight-forward solutions to this issue no? For instance; accept the money from your parents, invest it into an Index Fund without touching it, and when your parents do pass on, donate the inheritance to GiveDirectly or whatever charity you deem worthwhile.
- imilk 4y ago
  If it grates you so much, give the money to someone or something else who would appreciate it more.
Apocryphon 4y ago
> Any data on whether inherited or gifted assets have become a larger fraction of net worth than labor for most Americans? Presumably, that's what the book The Asset Economy studies in detail, but unfortunately this essay only touches on it in broad strokes and does not serve as a review of it. Looks like here's one, though: https://news.ycombinator.com/item?id=24175336 https://news.ycombinator.com/item?id=24175336

throwaway1280 4y ago

Eh. I'm in exactly the same group she's talking about (born in 84, so at the upper end of millennial age) and my inheritance has started already. My parents have calculated that they have enough to live on until the time they expect to die, so they're passing any extra onto me early to avoid inheritance tax. Personally, it kinda grates on me. I'm very much a soft socialist, who believes in everybody paying their fair share of tax. I've also derived a lot of satisfaction over the years in becoming self-sufficient[1] and being able to pay my own way without them having to prop me up. But it's their money and they're free to do with it as they wish. As it stands, I'm doing the privileged thing that the author mentions, and 'refusing' it: it's going in an investment account and I'll continue to live within the means that I earn myself. But I know that that still means that I'll never be afraid of having to live on the dole, or do a job that I utterly hate. In any case, even without that money, as an ex-FAANG developer I'm still significantly more privileged than most of my peers: I don't have any debt, I own my (fairly cheap) home outright, and I own a (very cheap) car and motorbike, also outright. Amongst my friends, most of whom are renters working in precarious jobs, I just don't mention money. [1] How does that work with the socialism? Well - I'm happy to take from the government, because everybody can get the same, and I've repaid that with taxes over the years.

enjeyw 4y ago
> Personally, it kinda grates on me. Presumably there are (relatively) straight-forward solutions to this issue no? For instance; accept the money from your parents, invest it into an Index Fund without touching it, and when your parents do pass on, donate the inheritance to GiveDirectly or whatever charity you deem worthwhile.
imilk 4y ago
If it grates you so much, give the money to someone or something else who would appreciate it more.

Apocryphon 4y ago

> Any data on whether inherited or gifted assets have become a larger fraction of net worth than labor for most Americans? Presumably, that's what the book The Asset Economy studies in detail, but unfortunately this essay only touches on it in broad strokes and does not serve as a review of it. Looks like here's one, though: https://news.ycombinator.com/item?id=24175336 https://news.ycombinator.com/item?id=24175336