2 ms·

Well put. If you've lived in NYC for any amount of time, you see both sides of this. 1) Disparate industries seemingly conspiring to extract every marginal dol

Well put. If you've lived in NYC for any amount of time, you see both sides of this. 1) Disparate industries seemingly conspiring to extract every marginal dollar out of wealthy people (good for them). That is, there seems to be no amount of money you can have that isn't easily disposed of in NYC, leaving you wishing you had 10x more. 2) Wealthy people by inheritance who seem to be genuinely room temperature IQ out competing high income earners for the best apartments, with all cash offers

sackfield 3y ago
Do you happen to know if those low intelligence wealthy people are slowly losing their wealth? Or is there a structure (like a trust) that administers this so they can't lose too much of it by their own action.
- Staple_Diet 3y ago
  There's a common refrain that wealth disappears within 3 generations.
  - steveBK123 3y ago
    From my NYC observations, 3 generations seems like the best case.
- steveBK123 3y ago
  It definitely varies. In Brooklyn there are plenty of kids who inherited money and working jobs that do not match their wealth/housing/lifestyle. So they are spending down whatever wealth they inherited for sure. The typical picture I've seen is that the parents/trust buy them a condo all-cash, and then the underemployed then live a lifestyle that implies easily a $1M/year income except in a job that would imply a $0-$100k income. So unless they inherit like $25M+, they are spending it down quickly. I've also seen the early stages of this from the other end with my colleagues, where parents in NYC who come from more modest backgrounds, end up making FAANG level salaries but then having kids that want to get a philosophy degree and work at an NGO (while enjoying having a place in Manhattan to live and traveling internationally 3x/year). I guess theres a fine line between giving your kids space to grow & pushing too hard / trying to choose their path for them.. But being raised in comfort does seem to remove the striving mindset and understanding that this lifestyle doesn't come for free or from a fun job.
  - throwaway7653 3y ago
    I've see much more limited versions of this. Living a $150k lifestyle on $65k income. Basically, blending in with the 20-something white collar scene. Then, they throw a wedding, and it removes all doubt :)

sackfield 3y ago

Do you happen to know if those low intelligence wealthy people are slowly losing their wealth? Or is there a structure (like a trust) that administers this so they can't lose too much of it by their own action.

Staple_Diet 3y ago
There's a common refrain that wealth disappears within 3 generations.
- steveBK123 3y ago
  From my NYC observations, 3 generations seems like the best case.
steveBK123 3y ago
It definitely varies. In Brooklyn there are plenty of kids who inherited money and working jobs that do not match their wealth/housing/lifestyle. So they are spending down whatever wealth they inherited for sure. The typical picture I've seen is that the parents/trust buy them a condo all-cash, and then the underemployed then live a lifestyle that implies easily a $1M/year income except in a job that would imply a $0-$100k income. So unless they inherit like $25M+, they are spending it down quickly. I've also seen the early stages of this from the other end with my colleagues, where parents in NYC who come from more modest backgrounds, end up making FAANG level salaries but then having kids that want to get a philosophy degree and work at an NGO (while enjoying having a place in Manhattan to live and traveling internationally 3x/year). I guess theres a fine line between giving your kids space to grow & pushing too hard / trying to choose their path for them.. But being raised in comfort does seem to remove the striving mindset and understanding that this lifestyle doesn't come for free or from a fun job.
- throwaway7653 3y ago
  I've see much more limited versions of this. Living a $150k lifestyle on $65k income. Basically, blending in with the 20-something white collar scene. Then, they throw a wedding, and it removes all doubt :)