Reply to Does wealth beget Wealth?

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Reply to "Does wealth beget Wealth?"

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[quote=Anonymous][quote=Anonymous]Everywhere I see the well-to-do people around me are people who come from privileged backgrounds. The lawyer who's father was a doctor; the chemical engineer who's family is blue blooded; the foreign policy adviser who's father was a VP at Morgan Stanley; the aerospace engineer with an oil industry executive for a dad etc.

Where does this leave regular, middle class people? Can we hope to rise? Why or why not?
[/quote]

Yes, generational wealth can be a good stepping stone, but much more important is the up bringing. If the parents do not raise their kids to be successful, then the kids will be failures. I know of a billionaire whose son is a playboy, never really worked, ever. I know of a successful real estate developer whose daughter is an admin assistant at age 35 making barely any money, but is getting a lot of support form the parents.

On the other hand, most of the successful doctors, lawyers, and business people I know are first generation success. They came from diverse and humble backgrounds and became successful after a dedicated life of hard work and discipline. Most of them are raising their kids to follow in their steps.

The class mobility in the US is very good, as you can see it flows both ways. [/quote]

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