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So like rich kids with generational wealth under capitalism? Sign me up!
by barneygale 4y ago
So like rich kids with generational wealth under capitalism? Sign me up!
- slt2021 4y agoAccording to statistics - rich kids squander ALL of their wealth in ~ 2 generations, so dont worry about rich kids. Stupid ones (of which there are a majority) wont be rich for long. "Approximately 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that." [1] 1: https://fortune.com/recommends/investing/generational-wealth-explained/ https://fortune.com/recommends/investing/generational-wealth... in the end only smart ones will have $$$, everything according to their merits/efforts
- barneygale 4y ago> According to statistics - rich kids squander ALL of their wealth in ~ 2 generations, so dont worry about rich kids. Stupid ones (of which there are a majority) wont be rich for long. So it's not a meritocracy - it's an inter-generational relay race. A meritocracy involves a level playing field. A 100% inheritance tax would help.