Downward social mobility - anyone worries about it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down.

+1
My family has been in the US since the Revolution. There have been a lot of ups and downs in the family’s fortunes since then. For some reason, wealthy people today seem to think that family fortunes stay intact over generations.

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.

Eh.. to some degree. I am the PP you’re replying to. Your suggestions don’t solve the financial problems caused by substance abuse (common in rich families), things like the Great Depression, embezzlement, fraud, and a simple lack of desire to work hard. In a wealthy family, over the generations these things are almost guaranteed to appear.

Not just to some degree.

Multigenerational trusts can mitigate many of the issues you mentioned. These really took off in the 1980s and 90s with federal and state tax law changes, especially the Tax Reform Act of 1986. Financial literacy and education have become much more developed and standardized. Basically every decent investing book ever written has been done so after 1949 when Ben Graham wrote the The Intelligent Investor. Even The Missing Billionaires which came out a few years ago and documents why so many early 1900s wealthy families aren’t rich today—we just know so much more than we used to about how to manage wealth.

I guess this is good for wealthy families, but creating a permanent upperclass has to be bad for our country.

-an old school (not MAGA) Republican

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.dcurbanmom.com/jforum/posts/list/1250406.page

This same issue was brought up in a mega thread last year

But it’s interesting to see it pop up again. It shows that many different people definitely have this on top of mind

Rude awakening when the application season is over. Every year. Like a clock. It’s a hell lot more difficult to get in ivy league now than 20 years ago.

In my opinion, the problem isn’t how hard it is to get into the Ivy League. The real issue is that even after getting into elite colleges, students still face uncertainty about their future, as resources are increasingly concentrated among the ultra-wealthy and selfish people.

Do you still think hard work alone is the key to survival? Tell that to people with stellar performance who still ended up laid off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down.

+1
My family has been in the US since the Revolution. There have been a lot of ups and downs in the family’s fortunes since then. For some reason, wealthy people today seem to think that family fortunes stay intact over generations.

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.

Eh.. to some degree. I am the PP you’re replying to. Your suggestions don’t solve the financial problems caused by substance abuse (common in rich families), things like the Great Depression, embezzlement, fraud, and a simple lack of desire to work hard. In a wealthy family, over the generations these things are almost guaranteed to appear.

Not just to some degree.

Multigenerational trusts can mitigate many of the issues you mentioned. These really took off in the 1980s and 90s with federal and state tax law changes, especially the Tax Reform Act of 1986. Financial literacy and education have become much more developed and standardized. Basically every decent investing book ever written has been done so after 1949 when Ben Graham wrote the The Intelligent Investor. Even The Missing Billionaires which came out a few years ago and documents why so many early 1900s wealthy families aren’t rich today—we just know so much more than we used to about how to manage wealth.

I guess this is good for wealthy families, but creating a permanent upperclass has to be bad for our country.

-an old school (not MAGA) Republican

People often say the middle class was a large bubble that emerged after World War II, and that idea has been on my mind a lot. Looking at history, it does seem accurate: for most of human history, resources have been concentrated in the hands of a very small group—whether kings/the royals in the past or billionaires today. Governments are created to serve everyone, regardless of SES, but in reality, that’s rarely how things play out, whether under democracy or communism.

There is no solution to the selfish gene.

[Anonymous]

A lack of ambition has consequences. Let the cards fall where they will; it's your kid's choices, not yours.

[Anonymous]

I don’t think kids lack ambition. We adults created an environment where they’re expected to fight on their own. It’s easy to say, “Don’t blame boomers for your lack of opportunities,” but the real question is: why do our kids—Gen Z—have to compete with the global elite? That was never the case in our time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down.

+1
My family has been in the US since the Revolution. There have been a lot of ups and downs in the family’s fortunes since then. For some reason, wealthy people today seem to think that family fortunes stay intact over generations.

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.

Eh.. to some degree. I am the PP you’re replying to. Your suggestions don’t solve the financial problems caused by substance abuse (common in rich families), things like the Great Depression, embezzlement, fraud, and a simple lack of desire to work hard. In a wealthy family, over the generations these things are almost guaranteed to appear.

Not just to some degree.

Multigenerational trusts can mitigate many of the issues you mentioned. These really took off in the 1980s and 90s with federal and state tax law changes, especially the Tax Reform Act of 1986. Financial literacy and education have become much more developed and standardized. Basically every decent investing book ever written has been done so after 1949 when Ben Graham wrote the The Intelligent Investor. Even The Missing Billionaires which came out a few years ago and documents why so many early 1900s wealthy families aren’t rich today—we just know so much more than we used to about how to manage wealth.

I guess this is good for wealthy families, but creating a permanent upperclass has to be bad for our country.

-an old school (not MAGA) Republican

I’m an old school (not progressive) Democrat. Let’s join forces.

[Anonymous]

Young people have had to hustle since the beginning of time.

I don't know of any young people having to compete with the global elite.

The young people I know are working 2-3 jobs to complete their college educations. They are doing well now and buying houses.

[Anonymous]

Anonymous wrote:As the college application process wraps up, I’m realizing something that’s getting harder and harder to ignore: it really seems like DC is headed for downward social mobility. I just don’t see them pursuing a career that would allow them to maintain the lifestyle they grew up with. And since they’re not getting into Ivy League schools, they won’t even have the prestige, however little it may be, that might help them hold onto whatever social status comes with it.

And then there’s the bigger picture. The spouse they end up with will probably be in the same situation, and then there are their kids and the whole family trajectory. Add in the rise of AI and the disappearance of jobs, and it’s only going to make things worse.

Maybe this isn’t something people say out loud. One of those quiet anxieties. But can we rant about it on an anonymous forum.

Are you wealthy? Will you have a trust or assets to pass down to them to pay for private school for their kids etc, help them purchase a home? If you are "wealthy" and worried they can't keep up with current social status then that is how you would ensure they can continue it. That is what many do in this area (just don't admit it).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.dcurbanmom.com/jforum/posts/list/1250406.page

This same issue was brought up in a mega thread last year

But it’s interesting to see it pop up again. It shows that many different people definitely have this on top of mind

Rude awakening when the application season is over. Every year. Like a clock. It’s a hell lot more difficult to get in ivy league now than 20 years ago.

In my opinion, the problem isn’t how hard it is to get into the Ivy League. The real issue is that even after getting into elite colleges, students still face uncertainty about their future, as resources are increasingly concentrated among the ultra-wealthy and selfish people.

Do you still think hard work alone is the key to survival? Tell that to people with stellar performance who still ended up laid off.

We prefer to hire from the State Universities. These grads have more hustle than those from the Ivys.

[Anonymous]

Many millions of people from around the world see the US as the land of opportunity.

[Anonymous]

Anonymous wrote:A lack of ambition has consequences. Let the cards fall where they will; it's your kid's choices, not yours.

What is your definition of ambition? What is the end goal? You can ambitious and brilliant (I think of scientists, researchers, academics) and not wealthy. And you can wealthy AF and not very ambitious because you got handed $$$.

[Anonymous]

Anonymous wrote:A lack of ambition has consequences. Let the cards fall where they will; it's your kid's choices, not yours.

People like you are in denial about the state of the world. Our generation didn’t do well because we were ambitious. We were born at the right time. You could be above average intelligent and go to a great school. Make good money straight out of college. These kids work twice as hard to get into not as prestigious schools and don’t have the same opportunities. That is why parents are anxious. I think the problem is that these parents hold onto the belief that landing in a T20 will lessen the blow to their kids. I’m not so sure.

[Anonymous]

Anonymous wrote:Young people have had to hustle since the beginning of time.

I don't know of any young people having to compete with the global elite.

The young people I know are working 2-3 jobs to complete their college educations. They are doing well now and buying houses.

The young people I know are afraid to drive cars and live on door dash delivery and coffee shop coffee. God help them if they have to actually drive the grocery store, buy groceries AND cook food.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down.

+1
My family has been in the US since the Revolution. There have been a lot of ups and downs in the family’s fortunes since then. For some reason, wealthy people today seem to think that family fortunes stay intact over generations.

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.

Eh.. to some degree. I am the PP you’re replying to. Your suggestions don’t solve the financial problems caused by substance abuse (common in rich families), things like the Great Depression, embezzlement, fraud, and a simple lack of desire to work hard. In a wealthy family, over the generations these things are almost guaranteed to appear.

Not just to some degree.

Multigenerational trusts can mitigate many of the issues you mentioned. These really took off in the 1980s and 90s with federal and state tax law changes, especially the Tax Reform Act of 1986. Financial literacy and education have become much more developed and standardized. Basically every decent investing book ever written has been done so after 1949 when Ben Graham wrote the The Intelligent Investor. Even The Missing Billionaires which came out a few years ago and documents why so many early 1900s wealthy families aren’t rich today—we just know so much more than we used to about how to manage wealth.

I guess this is good for wealthy families, but creating a permanent upperclass has to be bad for our country.

-an old school (not MAGA) Republican

There is no such thing as a "old school Republcian"

The National Debt proves that fact.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A lack of ambition has consequences. Let the cards fall where they will; it's your kid's choices, not yours.

People like you are in denial about the state of the world. Our generation didn’t do well because we were ambitious. We were born at the right time. You could be above average intelligent and go to a great school. Make good money straight out of college. These kids work twice as hard to get into not as prestigious schools and don’t have the same opportunities. That is why parents are anxious. I think the problem is that these parents hold onto the belief that landing in a T20 will lessen the blow to their kids. I’m not so sure.

OMG wake up people

Trump is destroying this country with his sycophants.

They told you in Project 2025 they want to burn this country to the ground and make you beg them for food, jobs, healthcare etc.

Shame on all of you who think you are immune from his shit.