3 ms·

Anecdotes are fun, but the data suggests over and over again that financially successful parents have more financially successful children.

smartician 13y ago
* citation needed I can see how this is true when you compare poor vs. non-poor families. But the article is about staying middle class vs. pursuing riches by founding a successful company. It's probably true that the children of millionaires will be financially better off than children of middle class families, but that leads back to the point of the article: Will that affluence make them happy and more fulfilled?
Zelphyr 13y ago
Your statement erroneously associates financial success with happiness. Provably untrue.
- CodeMage 13y ago
  I was going to complain about the same thing, but it turns out that @lsc said "more money does not always mean more successful children". Perhaps it was a poor choice of words and he really meant "happier" instead of "more successful".
  - lsc 13y ago
    I was talking about financial success, of course. I'm not qualified to speak of 'self-actualization' or what have you. I specifically said: >Now, I mean, when I say I'm more successful, I mean financially, maybe they are happier, I don't know. It's quite possible; I certainly wouldn't call myself well-adjusted. And certainly, that can be more important than money; but I'm pretty much the only one here that wouldn't be in trouble if our parental safety net went away, and that's kindof a big thing, I think. so yeah. it's quite possible my siblings are happier than I am. I don't know, but I am fairly certain that they would be happier than they are now if they had more money (or rather, had more independent earning power.) I mean, sure, money doesn't buy happiness... but, at least until you have 'enough'? it makes a pretty big difference; I've had 'enough' I think, by that standard, pretty much since I reached the age of majority, and it gives me a huge degree of freedom that my siblings mostly don't have. (that said, I probably would be a lot happier if I focused less on money and more on the other stuff. I mean, right now I'm putting a lot of effort into running a business when I could live fairly well just contracting for other people maybe one third of the time, and instead focus on other things.)
- enraged_camel 13y ago
  Provably untrue only after a certain point. It is very difficult to be happy when one is homeless, or is living paycheck to paycheck and has to stress about paying bills on time.
- greggman 13y ago
  According to new research mo money = mo happy without limits http://www.marketwatch.com/story/science-money-makes-you-happier-2013-04-30 http://www.marketwatch.com/story/science-money-makes-you-hap...
jcampbell1 13y ago
The actual data exists but is not that strong. IIRC, it says that 40% of people born in the bottom quintile remain in the bottom quintile, but 60% dont. The same goes for the top quintile. I am just recalling these numbers from a potentially faulty memory, but if you want to see for yourself, search for "intergenerational economic mobility"

smartician 13y ago

* citation needed I can see how this is true when you compare poor vs. non-poor families. But the article is about staying middle class vs. pursuing riches by founding a successful company. It's probably true that the children of millionaires will be financially better off than children of middle class families, but that leads back to the point of the article: Will that affluence make them happy and more fulfilled?

Zelphyr 13y ago

Your statement erroneously associates financial success with happiness. Provably untrue.

CodeMage 13y ago
I was going to complain about the same thing, but it turns out that @lsc said "more money does not always mean more successful children". Perhaps it was a poor choice of words and he really meant "happier" instead of "more successful".
- lsc 13y ago
  I was talking about financial success, of course. I'm not qualified to speak of 'self-actualization' or what have you. I specifically said: >Now, I mean, when I say I'm more successful, I mean financially, maybe they are happier, I don't know. It's quite possible; I certainly wouldn't call myself well-adjusted. And certainly, that can be more important than money; but I'm pretty much the only one here that wouldn't be in trouble if our parental safety net went away, and that's kindof a big thing, I think. so yeah. it's quite possible my siblings are happier than I am. I don't know, but I am fairly certain that they would be happier than they are now if they had more money (or rather, had more independent earning power.) I mean, sure, money doesn't buy happiness... but, at least until you have 'enough'? it makes a pretty big difference; I've had 'enough' I think, by that standard, pretty much since I reached the age of majority, and it gives me a huge degree of freedom that my siblings mostly don't have. (that said, I probably would be a lot happier if I focused less on money and more on the other stuff. I mean, right now I'm putting a lot of effort into running a business when I could live fairly well just contracting for other people maybe one third of the time, and instead focus on other things.)
enraged_camel 13y ago
Provably untrue only after a certain point. It is very difficult to be happy when one is homeless, or is living paycheck to paycheck and has to stress about paying bills on time.
greggman 13y ago
According to new research mo money = mo happy without limits http://www.marketwatch.com/story/science-money-makes-you-happier-2013-04-30 http://www.marketwatch.com/story/science-money-makes-you-hap...

jcampbell1 13y ago

The actual data exists but is not that strong. IIRC, it says that 40% of people born in the bottom quintile remain in the bottom quintile, but 60% dont. The same goes for the top quintile. I am just recalling these numbers from a potentially faulty memory, but if you want to see for yourself, search for "intergenerational economic mobility"