User Panel
Posted: 5/28/2016 5:50:30 PM EDT
Do you think that most individuals with net worth in 8 digits or more came from families who already had a lot of wealth? That those who built up their 8 digits or more wealth coming from middle class or below upbringing are an exception to the rule?
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I think that wealth goes in a three generation cycle for most/ up and down, and always has and will.
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I think it doesn't matter.
Some individuals tend to maximize their wealth, while some individuals tend to maximize their consumption. What difference does it make what their parents chose to do? The Christians have one thing right, though they don't always observe it Thou shalt not covet thy neighbor's (enter the rest here, I am sure you have read it before). Seriously, if I wish to increase my wealth by abstaining from consumption, and taking calculated risks, or if I wish to have a good time, and party on, (and yes Christians can party with the best of them), what business is it of yours? |
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By far the vast majority (if not all) the wealthy people I flew jets for earned it themselves. They don't think like you and I either. I really don't care how they earned it, I wish them continued great success.
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Larry Ellison I think was an orphan. Edited, abandoned and adopted
Jeff Bezos was adopted. Into a non-wealthy family So was Steve Jobs. The Google founders' parents were college professors I think. Bill Gates's dad was a lawyer but wasn't really rich. Most of the big wealth in the USA seems to have come from innovation and not inheritance. |
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An easy life breeds liberal white guilt.
A hard earned life breeds conservatism. |
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2011 article but I bet the numbers haven't changed all that much.
http://www.cato.org/publications/commentary/real-1-percent "Roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn’t inherit their wealth; they earned it. How? According to a recent survey of the top 1 percent of American earners, slightly less than 14 percent were involved in banking or finance. Roughly a third were entrepreneurs or managers of non financial businesses. Nearly 16 percent were doctors or other medical professionals. Lawyers made up slightly more than 8 percent, and engineers, scientists and computer professionals another 6.6 percent. Sports and entertainment figures — the folks flying in on their private jets to express solidarity with Occupy Wall Street — composed almost 2 percent. By and large, the wealthy have worked hard for their money. NYU sociologist Dalton Conley says that “higher-income folks work more hours than lower-wage earners do.” So about 20% of millionaires inherited it. This is all millionaires so not all "eight figures" ie 10 million or more like OP asked about. |
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2011 article but I bet the numbers haven't changed all that much. http://www.cato.org/publications/commentary/real-1-percent "Roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn’t inherit their wealth; they earned it. How? According to a recent survey of the top 1 percent of American earners, slightly less than 14 percent were involved in banking or finance. Roughly a third were entrepreneurs or managers of non financial businesses. Nearly 16 percent were doctors or other medical professionals. Lawyers made up slightly more than 8 percent, and engineers, scientists and computer professionals another 6.6 percent. Sports and entertainment figures — the folks flying in on their private jets to express solidarity with Occupy Wall Street — composed almost 2 percent. By and large, the wealthy have worked hard for their money. NYU sociologist Dalton Conley says that “higher-income folks work more hours than lower-wage earners do.” So about 20% of millionaires inherited it. This is all millionaires so not all "eight figures" ie 10 million or more like OP asked about. View Quote I saw a forbes article last month that said around 70 percent of billionaires were self made and it had went up consistently for a decade. It was 62 or so percent 10 or 15 years ago. |
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My parents died, about 5 years apart.
Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. |
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By far the vast majority (if not all) the wealthy people I flew jets for earned it themselves. They don't think like you and I either. I really don't care how they earned it, I wish them continued great success. View Quote I deal with high net worth people for a living. Probably about 90% of them are self made, 10% are old money Have only dealt with 4 people that were real deal old money blue blood type people. Think 3-4 generations of wealth and fortunes in the Billion plus range. The world of handlers, yes people and class designation that surrounds these folks is really, really odd and creepy. The interesting case study types are where I have dealt with self made folks and their adult children. Most of the kids are shitheads and the parents the most down to earth, appreciative people. |
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. View Quote Single? Spend that shit! |
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character matters more than wealth View Quote I agree 100%. However, if you are competent, and practice good behavior, after a lifetime of prudent investing, you will find yourself in that category described by the OP. No guarantees, but that is the way it will usually work. Yes, I know all about the obstacles. (Pamela). It can be done, however. If you don't make it, well, 7 figures is not so bad. |
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. Single? Spend that shit! I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. |
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but it's more fun to hang with rich people than poor people View Quote Eh. As individuals, some of them are really cool people. Collectively, I have nothing in common with them so while I am friendly with them, we are not friends. Especially given that I am trying to earn a living dealing with people who have gotten where they are by getting people to do as much as possible for as little outlay as they can get away with. To them it is "couch cushion money" relative to their wealth, to me it is make or break. A lot of them are very, very thrifty and very, very crafty. Best kept at arms length. I probably have the contact info for ~100 people with a net worth over say $50,000,000. I consider none of them my friends. Doesn't mean I dislike them or subscribe to some class warfare bullshit. Just business. |
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Larry Ellison I think was an orphan. Edited, abandoned and adopted Jeff Bezos was adopted. Into a non-wealthy family So was Steve Jobs. The Google founders' parents were college professors I think. Bill Gates's dad was a lawyer but wasn't really rich. Most of the big wealth in the USA seems to have come from innovation and not inheritance. View Quote Tech billionaires are a relatively unique kind of billionaires |
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I do not know, but I would never judge someone based on their wealth.
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As individuals, some of them are really cool people. View Quote As individuals, only individuals can be really cool peope. Wealthy people are just like every one else. Some are SOBs, some arent And, the designation "wealthy" doesn't always ring true. I know some "wealthy" people who would have a hard time doing my laundry, since the nearest laundromat is now 12 miles away, and demands quarters. |
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I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. View Quote View All Quotes View All Quotes Quoted:
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. Single? Spend that shit! I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. Would you care to expound? It's interesting |
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I have 8 digit wealth. I made it myself. You just have to count the .87 cents.
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Would you care to expound? It's interesting View Quote View All Quotes View All Quotes Quoted:
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. Single? Spend that shit! I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. Would you care to expound? It's interesting OK, what do you want to know? My grandfather was born in 1878, my father was born in 1921, and I was born in 1956. I remember my grandfather barely, he died in 1962. Life in a small town in Kentucky can be fun, until you add murder into the mix. |
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OK, what do you want to know? My grandfather was born in 1878, my father was born in 1921, and I was born in 1956. I remember my grandfather barely, he died in 1962. Life in a small town in Kentucky can be fun, until you add murder into the mix. View Quote View All Quotes View All Quotes Quoted:
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. Single? Spend that shit! I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. Would you care to expound? It's interesting OK, what do you want to know? My grandfather was born in 1878, my father was born in 1921, and I was born in 1956. I remember my grandfather barely, he died in 1962. Life in a small town in Kentucky can be fun, until you add murder into the mix. That cleared a lot up |
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credit cards are the devil
Pay cash for your house, car, etc Buy Kmart jeans and thrift store shirts. Eat like a college student. Don't drink like a college student. Lol |
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Whether you're rich or whether you're poor, it's always nice to have shitloads of money.
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OK, what do you want to know? My grandfather was born in 1878, my father was born in 1921, and I was born in 1956. I remember my grandfather barely, he died in 1962. Life in a small town in Kentucky can be fun, until you add murder into the mix. View Quote View All Quotes View All Quotes Quoted:
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My parents died, about 5 years apart. Dad went first, Mom collected a few years of SS, then she passed away. Yes, I was the prodigal son, sort of. I became interested in finance in the middle 80s, and my father passed away in 1986. I am a blue collar worker. Yes, I still am. Doesn't mean that I don't know about investing, however. Sadly, I am single, with no children. When I die, I have arranged for most of my assets to go to "should be" capitalists. Single? Spend that shit! I would consider that greedy behavior. Like Julius Caesar, I have searched for an heir. So far, I have found one, a grandson of an older friend of mine. Hopefully he will understand my love of capitalism. Would you care to expound? It's interesting OK, what do you want to know? My grandfather was born in 1878, my father was born in 1921, and I was born in 1956. I remember my grandfather barely, he died in 1962. Life in a small town in Kentucky can be fun, until you add murder into the mix. Was an heir or heirs murdered? I am sorry if that was the case? Or never had children? What has lead you on a search for an heir, and why do you think your buddy's grandson is the guy? |
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I never had children.
The murder/kidnapping I referred to is some what famous, just google Harper kidnapping. Yes, I grew up in Lewisburg, though I was born n Madisonville. Just a small town boy growing in a small town world. |
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I was told, ( it's not what you gather it's what you sow). I'm not rich by any means. I make low six figures a year after taxes. I save at least $25,000 a year. I give to several charities. I've helped several young people go to college. Helped young people get in the elevator trade, which is a high paying job for a high school education. Made sure some people less fortunate than me had help when needed. Make sure my mother is taken care of. I also give money to an Army buddy who has a Scout Troop in inner city neighborhood. He's a hero and I truly admire him. I'm very wealthy that I can do a few small things to make the world a better place. Mike
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I grew up with a lot of kids that had extremely wealthy parents. Some of those children went on to become wealthy themselves through their own efforts. Some had trust funds or passed down wealth. Others crashed, burned and never really went anywhere by themselves.
In the end none of it really mattered. If you grow up and don't learn how to handle money you will never be wealthy for long and even if you can earn it, it is a struggle to keep it. I don't have anything bad to say about those that inherited great wealth. It's good to know that we live in a world where such wealth is possible. |
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Quoted: I think that wealth goes in a three generation cycle for most/ up and down, and always has and will. View Quote I've seen this as well. One Gen 1 builds the empire. Gen 2 is raised during the rise of the empire. Gen 3 lives on the shoulders of Gen 1 and 2 while squandering the fortunes. |
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I think that wealth goes in a three generation cycle for most/ up and down, and always has and will. View Quote There was a book written about that. http://www.newsmax.com/Finance/StreetTalk/family-wealth-heir-children/2014/06/25/id/579236/ |
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Read this. Your library probably has a least one copy. What you've always been told about the wealthy is way off base. https://usercontent2.hubstatic.com/229064_f260.jpg View Quote I have that book. It's a good one. |
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Quoted: Tech billionaires are a relatively unique kind of billionaires View Quote View All Quotes View All Quotes Quoted: Quoted: Larry Ellison I think was an orphan. Edited, abandoned and adopted Jeff Bezos was adopted. Into a non-wealthy family So was Steve Jobs. The Google founders' parents were college professors I think. Bill Gates's dad was a lawyer but wasn't really rich. Most of the big wealth in the USA seems to have come from innovation and not inheritance. Tech billionaires are a relatively unique kind of billionaires This is all of the top of my head of people who amassed huge fortunes in their lives without coming from privileged backgrounds. |
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