Reply to If you grew up lower class and became rich

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich.  Hah, was I a fool.  
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.  
2) 90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it).[/quote]

PP here - I've worked cleaning restrooms and as a $600 an hour lawyer.  I'd rather spend 70 hours per week as a lawyer (where people repect you and defer to you) vs. 40 hours cleaning (where people assume you are stupid).

With respect to net worth, most MC, UMC, & UC people will inherit most of their life's net worth when their parents pass away.  Most poor people will inherit a funeral bill.  So yes, most NW is inherited.[/quote]

HuH? Most NW is NOT inherited. [/quote]

Are you thinking about amount of net worth or the number of people whose wealth is from inheritances? Because “old” wealth, while inherited by a smaller number of people, is a much larger amount than the self made people making and saving a couple million. Take Trump. He received between 200-400M from his dad. It would take 100 self made multimillionaires to amass that amount of wealth. [/quote]

That's cool but if you think about the richest people in the world right now, there are not so many Trumps. And the people who are like Trump are not that rich comparatively.

1. Bernard Arnault, inherited a small business from family and turned it into LVMH.
2. Jeff Bezos - Amazon
3. Elon Musk - Tesla, SpaceX, and I guess Twitter
4. Mark Zuckerberg - Facebook
5. Larry Ellison - Oracle
6. Warren Buffet - Berkshire Hathaway 
7. Bill Gates - Microsoft
8. Larry Page - Google
9. Sergey Brin - Google
10. Steve Ballmer - Microsoft

All of these people have an estimated net worth of more than 100B, so just 50 times more than Trump. They're all relatively self-made. To the extent they may have received a million or two from a family member to start their business, no person, except maybe the very first Bitcoin investor, could have grew that million by 100,000X to 100B+.[/quote]

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