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]I assume you're aware of the phrase: "shirtsleeves to shirtsleeves" in three generation? https://www.forbes.com/sites/dennisjaffe/2019/01/28/the-shirtsleeves-to-shirtsleeves-curse-how-family-wealth-can-survive-it/?sh=209b61b86c8d

My first cousins are living proof of this. My uncle inherited a business worth $30-50 million from his father who founded it. My cousins got $5-$10 million a piece at 18 from their grandparents and have done very little with themselves in terms of life other than spend down their inheritance. They're not very happy either. Kind of like my uncle. It's my cousin's kids that are now downwardly mobile. Their relatively modest wealth has been spent and they have bad role models who lack a proper work ethic or connections to help them succeed. You're thinking too shortsightedly by giving your kids a "life of leisure" and screwing not only them and their motivation to positively contribute to society but also the next generation. I'd rather my kids inherit money later in life after they've accomplished things for themselves and developed a marketable skill set with the ability to pass that on to their own kids. [/quote]

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