Further goes to show that multi generational wealth often ends up in the hands of morons.
Almost exclusively, in fact. We mostly don't hear anything about it unless they star on a reality TV show, though, for two reasons:
most media is owned by people they play golf with
"rich person does nothing of value" isn't a great headline. Hell, generalize it to the absolutely factual "most rich people do nothing of value" and both Forbes and Fortune will probably sue you 🤷
The first generation of wealth only shows that they know how to make money / are willing to do what it takes to make money and are extremely lucky. It has nothing to do about any sort of widespread intelligence to begin with.
Wealth, though often portrayed as such, doesn't have any correlation with being a good or intelligent person (just like a lack of wealth doesn't indicate the opposite)
It's better to be lucky than good at something. But there's a major difference between starting out middle class (or working class) and starting out wealthy.
The people who started and developed entire companies clearly had some skill. Massive intelligence isn't necessary, but they were not stupid. If they were stupid they would have already blown all the money. Compare what happens to lottery winners and you will see what I mean.
The difference is, future generations that inherit are more like lottery winners: they have no idea how to grow the money left to them. Plus they have no concept of staying under budget because they have always been rich. This is worse than a lottery winner because they already have an expensive lifestyle to maintain.
Dude is in his 80’s and is the grandson of the money making Mellon. Wikipedia lists his career as ‘started a software company in the 1960s’ .
Further goes to show that multi generational wealth often ends up in the hands of morons.
Almost exclusively, in fact. We mostly don't hear anything about it unless they star on a reality TV show, though, for two reasons:
most media is owned by people they play golf with
"rich person does nothing of value" isn't a great headline. Hell, generalize it to the absolutely factual "most rich people do nothing of value" and both Forbes and Fortune will probably sue you 🤷
The first generation of wealth only shows that they know how to make money / are willing to do what it takes to make money and are extremely lucky. It has nothing to do about any sort of widespread intelligence to begin with.
Wealth, though often portrayed as such, doesn't have any correlation with being a good or intelligent person (just like a lack of wealth doesn't indicate the opposite)
It's better to be lucky than good at something. But there's a major difference between starting out middle class (or working class) and starting out wealthy.
The people who started and developed entire companies clearly had some skill. Massive intelligence isn't necessary, but they were not stupid. If they were stupid they would have already blown all the money. Compare what happens to lottery winners and you will see what I mean.
The difference is, future generations that inherit are more like lottery winners: they have no idea how to grow the money left to them. Plus they have no concept of staying under budget because they have always been rich. This is worse than a lottery winner because they already have an expensive lifestyle to maintain.
Dude is in his 80’s and is the grandson of the money making Mellon. Wikipedia lists his career as ‘started a software company in the 1960s’ .