kids will lean left while on daddy's credit cards, until the shit gets real and they have to pay their own bills.
Should be an option for dumb luck. My own success is down to: 40% Advantages 60% Dumb luck 0% hard work GAT
I am doing exceedingly well for myself. I would consider myself both above average in income and in ability. The people I am around who are wealthier than me fall into two categories: 1. Older/better savers (rare in tech) 2. Come from money (2) Is by far the most common. The wealth injection you get by being able to have school paid for and your first apartment covered until you're on your feet by mommy and daddy cannot be understated. Going to a top ivy for your degree generally requires mommy and daddy to give you welfare. Getting a good job because mommy and daddy know someone helps. I could've saved approximately 35,000 more than I have now if I didnt have to take student loans and bad jobs. I make many multiples of that cost now - but imagine if I didn't have to pay that. The average rich person is a welfare queen. Just not off the state. Read The Millionaire Next Door. It's not hard to have a few million in the bank for retirement if you're smart with your money. What is hard is getting past that. According to the book and experience - the answer is generational wealth. You generally will never exceed around a 50% improvement to where your parents were. Those are the breaks.
Also modest I think a combination of advantages and dumb luck are enough to be rich, where it's my personal definition of rich: not needing to work ever again (so probably low to mid 7 figure net worth in liquid assets). I'm basing this on the fact that I've never worked harder than I have to, I've frequently found myself working in jobs with plenty of time for dossing around, and if I've ever found myself working too hard (investment banking) I've changed careers. But what if you want to be properly rich, like 8, 9 or 10 figures they're probably not enough. * For that I'd add something to that list which I don't possess: single-minded ambition, or to be more brutal: greed. Not quite the same as hard work. But basically once I'd earned enough money that I didn't have to work anymore (due to advantages and luck), and I stopped enjoying my job, I stopped working. To be properly rich you need to keep going in that situation. GAT * Okay if you win the lottery you can be properly rich just through dumb luck. But that's a corner case. Ditto if you become a billionaire purely through inheritance.
complete nonsense. numbers are in the wrong place. it is 0% advantages 40%dumb luck . 60% hard work, grit etc. o% advantages. This is particularly true in America.
This is my personal experience of my own life, so with respect, you have absolutely no idea whether it's complete nonsense or not. I don't think we've ever met. And more generally, the rate of social mobility in the US is lower than in nearly every other developed country and has been falling for the last 40 years or so (in lockstep with wealth inequality as you would expect). Advantage counts for a hell of a lot in a country in the US, much more so than in more equal societies like Scandanavia. And luck also plays a much bigger part than people acknowledge (Advantage of course is a form of luck - it's the luck you get before you're born). Successful people find it hard to believe that their success isn't down to their own brilliance and / or hard work. But it mostly isn't. At least one of the richest people in the US understands this: GAT
Define hard work. Honestly, the only time in my life we're I've worked harder than I've had to is since I 'retired'. I could just sit around watching TV, but instead I'm doing stuff that from the outside looks like work (although a lot of it doesn't produce any income) but which I happen to weirdly enjoy, so for me at least it isn't work (plus I rarely do more than about 6 hours a day). GAT