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.
The age old problem about unfairness in the world. Unfortunately I don't believe this is a condition that we can ever rectify. When I joined the military, there was quite the abundance of young men that were all sourced from rather humble families. We were all treated equally, pretty much we were all treated like the ding dongs we were. Even though we all were paid the same, all dressed the same and were all treated the same, we still had those unfortunate guys that made awful decisions and did stupid things. It made me realize that personal decision making is for more important than most people realize. Most of the people that I have encountered have managed to make their lives more difficult or when difficult circumstances come, they make poor decisions in how to handle it. My upbringing was not ideal, my sister and I were latch key kids. We pretty much raised ourselves from the time I was 5 and she was 7. Mom worked from 7 in the morning to about 4 at a manufacturing plant. She would leave there and start work at a restaurant from 5 to midnight. She did this five days a week. In Saturday morning she went to a cafe as a waitress from the morning till she started the evening shift at the restaurant that she worked at all week. Sunday morning she would sleep in until noon, trying to get back some energy, but she would go back to work from 5 to 10 at the restaurant. My sister was like Wednesday from the Addams family. She was always coming up with new ways to try and kill me. In retrospect, it is funny in a morbid way. My sister and I used to laugh about it when we were adults. I joined the military before her, but we both came out completely different people. I credit the military for raising me and teaching me the hard lessons in life. It could have gone an entirely different way for both of us, but we both turned out really well. My mother has done very well for herself and is retired very comfortably because of how she saved and invested her modest income. The take away that I have is that this country provided opportunities for all of us, what we decided to do with that opportunity is what decided our fate. In the end it all boils down to choices. People claim they don't have choices, but there is always a choice. It may not be good choices, but there is always a choice between doing right and wrong. Some people make some choices that can ruin their entire lives. I had several of those in my life, fortunately I always made the right decision and did not ruin my life, but it very well could have gone the wrong way. I very nearly committed murder when I was a teenager. Before I committed to it, I reconsidered and did not go through with it. Whatever made me change my mind was one of those seminal moments in my life that would have changed my entire future. One bad decision would have destroyed any decent future. I think most people aren't brought to a situation like that, but instead make multiple smaller decisions that slowly destroy their own lives.
That's a hell of a life experience to have, mine may have been humble but it doesn't compare. Thanks again for sharing.
As much as I preach, I don't have answers either. Reparations in the form of cash payout isn't going to correct course, but I hope that a meaningful way to offset historical mistakes can be found.
Tyou.The problem with the past is that it is unchangeable. I have quite a bit of experience with people complaining about their upbringing or wrongs done to them, they keep reliving the past and dwelling on it. What is done is done, we either learn from our past and move on or it consumes us and we are doomed by our own hand. I have a friend that makes my childhood seem wonderful by comparison. He was born in prison in New York, he was in the foster care since he was and infant, he was molested, starved, beaten and neglected from foster family to foster family until he was 12, he was then put in a group home because there were no foster parents available for a boy that age. He was placed with a foster family at 15 that actually treated him well. He still keeps contact with them and considers them family. He joined the Marines when he was 18, he has stunted growth because he was starved as a child, but even though he is only 5'4", he worked hard in the Marine Corps and joined Force Recon. After getting out of the Marine Corps (helicopter crash where he broke his back and suffered a traumatic brain injury), he went back to the Boys home and worked there while going to college, he then joined Customs and Border protection and worked with them for a few years at the border in Texas. He later came back here and worked as a Deputy Sherriff before finally coming to work at our agency. He has a family and works very hard. His childhood is a matter of fact that does not affect him negatively, he just makes sure to provide his son with a better life. Compared to his life, I had it made. That is why I don't think too much of people complaining about how rough the US is. Besides, I have spent a substantial amount of time in third world countries to know how good we have it here.
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.
The age old problem about unfairness in the world. Unfortunately I don't believe this is a condition that we can ever rectify. When I joined the military, there was quite the abundance of young men that were all sourced from rather humble families. We were all treated equally, pretty much we were all treated like the ding dongs we were. Even though we all were paid the same, all dressed the same and were all treated the same, we still had those unfortunate guys that made awful decisions and did stupid things. It made me realize that personal decision making is for more important than most people realize. Most of the people that I have encountered have managed to make their lives more difficult or when difficult circumstances come, they make poor decisions in how to handle it. My upbringing was not ideal, my sister and I were latch key kids. We pretty much raised ourselves from the time I was 5 and she was 7. Mom worked from 7 in the morning to about 4 at a manufacturing plant. She would leave there and start work at a restaurant from 5 to midnight. She did this five days a week. In Saturday morning she went to a cafe as a waitress from the morning till she started the evening shift at the restaurant that she worked at all week. Sunday morning she would sleep in until noon, trying to get back some energy, but she would go back to work from 5 to 10 at the restaurant. My sister was like Wednesday from the Addams family. She was always coming up with new ways to try and kill me. In retrospect, it is funny in a morbid way. My sister and I used to laugh about it when we were adults. I joined the military before her, but we both came out completely different people. I credit the military for raising me and teaching me the hard lessons in life. It could have gone an entirely different way for both of us, but we both turned out really well. My mother has done very well for herself and is retired very comfortably because of how she saved and invested her modest income. The take away that I have is that this country provided opportunities for all of us, what we decided to do with that opportunity is what decided our fate. In the end it all boils down to choices. People claim they don't have choices, but there is always a choice. It may not be good choices, but there is always a choice between doing right and wrong. Some people make some choices that can ruin their entire lives. I had several of those in my life, fortunately I always made the right decision and did not ruin my life, but it very well could have gone the wrong way. I very nearly committed murder when I was a teenager. Before I committed to it, I reconsidered and did not go through with it. Whatever made me change my mind was one of those seminal moments in my life that would have changed my entire future. One bad decision would have destroyed any decent future. I think most people aren't brought to a situation like that, but instead make multiple smaller decisions that slowly destroy their own lives.
That's a hell of a life experience to have, mine may have been humble but it doesn't compare. Thanks again for sharing.
As much as I preach, I don't have answers either. Reparations in the form of cash payout isn't going to correct course, but I hope that a meaningful way to offset historical mistakes can be found.
Tyou.The problem with the past is that it is unchangeable. I have quite a bit of experience with people complaining about their upbringing or wrongs done to them, they keep reliving the past and dwelling on it. What is done is done, we either learn from our past and move on or it consumes us and we are doomed by our own hand. I have a friend that makes my childhood seem wonderful by comparison. He was born in prison in New York, he was in the foster care since he was and infant, he was molested, starved, beaten and neglected from foster family to foster family until he was 12, he was then put in a group home because there were no foster parents available for a boy that age. He was placed with a foster family at 15 that actually treated him well. He still keeps contact with them and considers them family. He joined the Marines when he was 18, he has stunted growth because he was starved as a child, but even though he is only 5'4", he worked hard in the Marine Corps and joined Force Recon. After getting out of the Marine Corps (helicopter crash where he broke his back and suffered a traumatic brain injury), he went back to the Boys home and worked there while going to college, he then joined Customs and Border protection and worked with them for a few years at the border in Texas. He later came back here and worked as a Deputy Sherriff before finally coming to work at our agency. He has a family and works very hard. His childhood is a matter of fact that does not affect him negatively, he just makes sure to provide his son with a better life. Compared to his life, I had it made. That is why I don't think too much of people complaining about how rough the US is. Besides, I have spent a substantial amount of time in third world countries to know how good we have it here.