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Reply to "Upper middle class people- why don’t you want your kids to live a life of leisure?"
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[quote=Anonymous]Most UMC families are doing well, but the parents have oodles of money only later in life. Through their 50s and 60s they’re still trying to maintain a lifestyle and that costs a fair sum. It’s only in their 70s and later do they realize the momentum of compounding investment returns and the notion that they have too much. By that time, however, their kids are well into their 40s or 50s. I don’t know that most kids want to wait until their parents die to have a nice material life. Then, the money gets split multiple ways. Also, there’s just the uncertainties of the market and life. Finally, and probably most importantly, people should do something meaningful with their life. People need goals and to take them seriously. Mastery of a skill or body of knowledge and using that mastery to achieve something is fulfilling to many. It’s also s good example for the next generation. [/quote]
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