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When you have the assurance that you'll get wealth handed down to you, it opens up the possibility to explore things you're good at and take on more risk to ama

by 1-6 3y ago

When you have the assurance that you'll get wealth handed down to you, it opens up the possibility to explore things you're good at and take on more risk to amass greater wealth. So really, it's a push and pull situation. Billionaires do indeed know how to get rich but they're from stable backgrounds which permits them to do so. Meanwhile, most of us are stuck at 9-to-5 jobs and worried about making good on our interest payments.

TheOtherHobbes 3y ago
You can also explore things you're terrible at. Just being able to afford to do them and promote yourself gives you a huge advantage over other people in those fields. There are a lot of these people in the arts. Some are quite well known. This kind of inherited wealth is hugely distorting emotionally and psychologically. In fact any significant fame is, because you lose touch with ordinary concerns. You're more likely to surround yourself with yes people - not just because they fluff you, but because they feel like a known and (somewhat) trustworthy quantity. When there are huge numbers involved you can only really spend time with people who have similar resources. This complete disconnect is incredibly corrosive.
steveBK123 3y ago
I mean, you'd hope so but if you look around at the offspring.. mostly not. Trust fund kids end up in nepobaby jobs in media/acting/modeling/music/politics, in senior roles in family businesses, or getting really into things like equestrian riding. Ever look at what for example.. Gates/Jobs/etc kids do for a living?
hn_throwaway_99 3y ago
That's partially true, but I've very much seen the flip side as well. I know a few people that had trust funds, and for them it was absolutely the worst thing that could have been given to them. It basically stunted their growth to the point that they never really escaped the orbit of their parents because their parents always had the "leash" of paying for their lifestyle. Obviously that experience isn't universal - there are plenty of wealthy families that grow their wealth over generations, but I think it's more the case that these families cultivate their social standing, relationships, and businesses, so it's not like they're just burdened with wealth alone.
- 1-6 3y ago
  Wealth is a multiplier. If the kid is a bump on the log, they’ll be even more of one with more money. If they’re driven to succeed, they’ll be able to accomplish much much more with money that can fuel their endeavors.

by 1-6 3y ago

TheOtherHobbes 3y ago

You can also explore things you're terrible at. Just being able to afford to do them and promote yourself gives you a huge advantage over other people in those fields. There are a lot of these people in the arts. Some are quite well known. This kind of inherited wealth is hugely distorting emotionally and psychologically. In fact any significant fame is, because you lose touch with ordinary concerns. You're more likely to surround yourself with yes people - not just because they fluff you, but because they feel like a known and (somewhat) trustworthy quantity. When there are huge numbers involved you can only really spend time with people who have similar resources. This complete disconnect is incredibly corrosive.

steveBK123 3y ago

I mean, you'd hope so but if you look around at the offspring.. mostly not. Trust fund kids end up in nepobaby jobs in media/acting/modeling/music/politics, in senior roles in family businesses, or getting really into things like equestrian riding. Ever look at what for example.. Gates/Jobs/etc kids do for a living?

hn_throwaway_99 3y ago

That's partially true, but I've very much seen the flip side as well. I know a few people that had trust funds, and for them it was absolutely the worst thing that could have been given to them. It basically stunted their growth to the point that they never really escaped the orbit of their parents because their parents always had the "leash" of paying for their lifestyle. Obviously that experience isn't universal - there are plenty of wealthy families that grow their wealth over generations, but I think it's more the case that these families cultivate their social standing, relationships, and businesses, so it's not like they're just burdened with wealth alone.

1-6 3y ago
Wealth is a multiplier. If the kid is a bump on the log, they’ll be even more of one with more money. If they’re driven to succeed, they’ll be able to accomplish much much more with money that can fuel their endeavors.