Would be great if all things were equal, and if everyone had the same opportunities and starting place in the race.. but I think we can see that's a whole other can of worms ;)
Actually, I believe in adversity creating stronger and more capable people that push themselves to achieving great goals. The people that we celebrate as heroes are the ones that demonstrate perseverance in the face of impossible odds. No one celebrates the child of a millionaire graduating an Ivy League school, but someone that came from an impoverished and broken home from a gang ridden ghetto is a hero and celebrated for their motivation and exceptionalism for doing the same. This is what distinguishes people from one another. Anyone can succeed when you hold all the cards, but greatness is found when you are dealt a shitty hand and you succeed regardless. It is hard to be spoiled when you grew up in a trailer park with a single parent that worked two and three jobs to support her children. Especially when she was an immigrant that came here without speaking english and with a 3rd grade education. The reason why America is so great is because she had a chance to come here and succeed. In her home country, there was no opportunity for success. No matter how hard she would've worked, there was no path possible. My mother is my hero and I celebrate her because she defied the odds. I wouldn't change anything from my upbringing, it has made me who I am.
Absolutely true, but regardless of who is celebrated, those who succeed are more likely to have started with a solid foundation (generational wealth). And, the subject I was avoiding, black people arguably are hugely disadvantaged in this regard, due to the impacts of racism on their ancestors.
Realistically, you're not going to will everything you have to charity so that your children grow stronger in adverse conditions, it's just not how the human brain is wired.
The statistics of success of inherited wealth do not seem to agree with generational wealth. The far majority of inherited wealth is squandered and lost within two generations. I don't have the stats for it, but I think I can find it. It was in the area around 80% lost within one generation. The number was increases to over 90% in the second generation. There are some well known families that have prevented this with lawyers and trusts, but virtually all of the new rich generally lose it all. This is definitely noticeable in the children of actors, professional athletes and politicians. Few children actually make something of their lives and far more ended up with catastrophic lives
It's not just about wealth wealth, per your previous comments it's also about stability that modest means provide. I applaud your success through adversity, but not everyone would have made it, and some of those who wouldn't have grew up in a stable family environment which afforded them the opportunity to succeed regardless. Not everyone was on the same starting line, whether it's due to their parents being recent citizens from another country, or being recent citizens due to emancipation. Parents who have trouble providing for their children are more likely to produce parents who have trouble providing for their children, and here we are.
Would be great if all things were equal, and if everyone had the same opportunities and starting place in the race.. but I think we can see that's a whole other can of worms ;)
Thanks for the discussion and the insights
Actually, I believe in adversity creating stronger and more capable people that push themselves to achieving great goals. The people that we celebrate as heroes are the ones that demonstrate perseverance in the face of impossible odds. No one celebrates the child of a millionaire graduating an Ivy League school, but someone that came from an impoverished and broken home from a gang ridden ghetto is a hero and celebrated for their motivation and exceptionalism for doing the same. This is what distinguishes people from one another. Anyone can succeed when you hold all the cards, but greatness is found when you are dealt a shitty hand and you succeed regardless. It is hard to be spoiled when you grew up in a trailer park with a single parent that worked two and three jobs to support her children. Especially when she was an immigrant that came here without speaking english and with a 3rd grade education. The reason why America is so great is because she had a chance to come here and succeed. In her home country, there was no opportunity for success. No matter how hard she would've worked, there was no path possible. My mother is my hero and I celebrate her because she defied the odds. I wouldn't change anything from my upbringing, it has made me who I am.
Absolutely true, but regardless of who is celebrated, those who succeed are more likely to have started with a solid foundation (generational wealth). And, the subject I was avoiding, black people arguably are hugely disadvantaged in this regard, due to the impacts of racism on their ancestors.
Realistically, you're not going to will everything you have to charity so that your children grow stronger in adverse conditions, it's just not how the human brain is wired.
The statistics of success of inherited wealth do not seem to agree with generational wealth. The far majority of inherited wealth is squandered and lost within two generations. I don't have the stats for it, but I think I can find it. It was in the area around 80% lost within one generation. The number was increases to over 90% in the second generation. There are some well known families that have prevented this with lawyers and trusts, but virtually all of the new rich generally lose it all. This is definitely noticeable in the children of actors, professional athletes and politicians. Few children actually make something of their lives and far more ended up with catastrophic lives
It's not just about wealth wealth, per your previous comments it's also about stability that modest means provide. I applaud your success through adversity, but not everyone would have made it, and some of those who wouldn't have grew up in a stable family environment which afforded them the opportunity to succeed regardless. Not everyone was on the same starting line, whether it's due to their parents being recent citizens from another country, or being recent citizens due to emancipation. Parents who have trouble providing for their children are more likely to produce parents who have trouble providing for their children, and here we are.