Reply to If you are rich, not just upper middle class

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are UHNW and our three adult children are all doing very well on their own. I believe we instilled in them from early on that doing well in school, working hard and making it on your own builds character. Ultimately they will inherit a lot of money and they likely will allow it to build for their children and grandchildren. Yes, we are generous with annual gifting and 529 plans and we have provided short term bridge loans to buy homes but they do just fine on their own.[/quote]

In my experience, the vast majority of UHNW/HNW (upper end) kids work hard, and are making it on their own/doing well.  Typically their parents instilled those values in them, and expect the kids to use the generational wealth as a supplement.  For example, they might choose a lower paying career that is their passion simply because they can or might work for a non-profit simply because salary does not matter.  But rarely are the kids sitting around doing nothing.  Most are highly productive adults who are highly successful on many levels. 
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Yep. It’s fascinating to think about how this impacts our labor market and opps for the other classes, too. The past century is the first time in the US we haven’t had a true leisure class at large so you end up with the elites continuing to “take up space” in the job market. I think that’s a good thing in pure economic output terms but it also adds to class tension. [/quote]

Obviously it's a good thing.  We need more excellent Teachers/SW/jobs that impact society that are lower paying typically for the education required.  They are lucky if they can afford to do so[/quote]

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