Reply to Does wealth beget Wealth?

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Reply to "Does wealth beget Wealth?"

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[quote=Anonymous][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 [b]became successful after a dedicated life of hard work and discipline. [/b]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]

THAT's the real compound interest.[/quote]

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