Reply to Downward social mobility - anyone worries about it?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down. [/quote]

+1
My family has been in the US since the  Revolution.  There have been a lot of ups and downs in the family’s fortunes since then.  For some reason, wealthy people today seem to think that family fortunes stay intact over generations. [/quote]

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.[/quote]

Eh.. to some degree. I am the PP you’re replying to.  Your suggestions don’t solve the financial problems caused by substance abuse (common in rich families), things like the Great Depression, embezzlement, fraud, and a simple lack of desire to work hard. In a wealthy family, over the generations these things are almost guaranteed to appear.  [/quote]

Not just to some degree.

Multigenerational trusts can mitigate many of the issues you mentioned. These really took off in the 1980s and 90s with federal and state tax law changes, especially the Tax Reform Act of 1986. Financial literacy and education have become much more developed and standardized. Basically every decent investing book ever written has been done so after 1949 when Ben Graham wrote the The Intelligent Investor. Even The Missing Billionaires which came out a few years ago and documents why so many early 1900s wealthy families aren’t rich today—we just know so much more than we used to about how to manage wealth.[/quote]

I guess this is good for wealthy families, but creating a permanent upperclass has to be bad for our country.

-an old school (not MAGA) Republican [/quote]

There is no such thing as a "old school Republcian"

The National Debt proves that fact.[/quote]

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