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I hate to break it to you, but this simply isn’t true. Most high net worth people are from AT LEAST upper-middle class families. They leveraged those networks, along with parental support to create their wealth. Ivanka Trump, for example, has inheirited nothing.
I have good friends who are doctors. They are just under 40, and they live in $1 million home. Neither inherited a penny. BOTH of them grew up in two-doctor households.
So you now define "inheritance" as "any and all positive effects from being born into a normal, properly functioning family" or something along that line?
Again, statistically, 80% of millionaires are first generation and self-made.
If someone keeps his job for 30 years, continue to fund his 401K in full, and not have kids and not buy a house, he will be a millionaire.
That's a mathematical certainty.
First generation millionaire and self-made are not the same thing, no matter how much the right wing wants to pretend. See the Ivanka Trunp example. She probably qualified as self-made (though obviously not second generation). The first generation millionaire who was born on third-base isn’t truly self-made. The number of wealthy people who started out middle class or below is roughly 20 percent.
Why are so many people obsessed with what other people do with THEIR own money? If someone is following all the laws (tax, criminal, etc.) that have been written and they make a fortune, why is that anyone else's business? Why is anyone else entitled to have a piece of that fortune other than what is deemed by existing law they pay to the appropriate entity? If you don't like it then change the laws or elect people that will do what you want. I believe that is what the GOP just did and what people elected them to do. Hopefully it will work according to their plan but if it doesn't then people can vote them out.
All this jealousy and worrying about what the rich man has is childish and certainly doesn't make you happy, or rich BTW. Your decisions affect you.
Who cares if someone else inherits money? Why is that your problem?
Exactly why we need get the government out of business.
Without the government, nobody can rob others with impunity.
That's exactly what the Robber Barons did before the gov't put safety regulations in places of business and ended child labor. Gov't must be in business to stop the greedy owners from harming workers and consumers.
So you now define "inheritance" as "any and all positive effects from being born into a normal, properly functioning family" or something along that line?
I don’t know why you use the word “inheritance” in quotes, because I never used it. Truthfully, you guys are using inheritance as a weasel word and a technicality. If most of your net worth is your home value, and your parents gave you the down payment, guess what? You aren’t self-made. If you didn’t pay for your education, you aren’t self-made.
I have an army buddy,from a solidly middle class background. Nowhere near upper-middle class. His father, who probably never made over 60k died and left him a house worth a couple hundred thousand, and an insurance policy of a similar size. Dad was certainly not a millionaire, and my friend only “inherited” about 200,000. Of course the end result was nearly a half million dollars that he didn’t work for.
Exactly why we need get the government out of business.
Without the government, nobody can rob others with impunity.
Not true. Without government the strongest can rob others with impunity. Compare the lifestyles of the average person during the laissez faire (robber baron) era to that of today, when the average person has far more protections.
I don’t know why you use the word “inheritance” in quotes, because I never used it. Truthfully, you guys are using inheritance as a weasel word and a technicality. If most of your net worth is your home value, and your parents gave you the down payment, guess what? You aren’t self-made. If you didn’t pay for your education, you aren’t self-made.
I have an army buddy,from a solidly middle class background. Nowhere near upper-middle class. His father, who probably never made over 60k died and left him a house worth a couple hundred thousand, and an insurance policy of a similar size. Dad was certainly not a millionaire, and my friend only “inherited” about 200,000. Of course the end result was nearly a half million dollars that he didn’t work for.
So? You say that with apparent disdain. Who should have received that money/equity that his father obtained over his lifetime?
So? Who should have received that money/equity that his father obtained over his lifetime?
No one is arguing that he doesn’t deserve everything that his father worked to give him. I’m simply arguing that he doesn’t deserve the title self-made millionaire. I’m explaining how missleading the figures actually are. He wasn’t exactly born on third-base, but he certainly didn’t hit a triple.
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