Quoted from DBLM:
Interesting stat about how people got their wealth:
“According to the book The Millionaire Next Door, only 20% of millionaires inherited their wealth. The other 80% earned their cash on their own.”
For the 80% percent of people who earned their way to becoming millionaires (and for everybody else that busts their asses to provide for their families): I salute you! Keep doing what you are doing,
For the 20% that inherited it: Congrats on being lucky, you lucky bastards!
This would be great if it were so simple. There are a lot of complex reasons why some people who start with "nothing" do way better than people who actually do start with nothing.
This is the kind of story that never gets told from the "I did it all myself" crowd. The best quote is here: "I didn't inherit my wealth. I created it.
But look a little deeper, and it turns out that version of my success story is a lie. Yes, my family background is rather humble. Both of my parents were teachers. I grew up in hand-me-down clothes from our neighbors.
But, before I was born, my parents got help from their parents to buy a house in a safe neighborhood with good schools. When my grandmother passed, she left each of her grandkids some money, not a fortune, but enough that I made it through college without school debt.
My wife's nana was a school teacher as well. She and her husband saved their humble income and bought land decades ago. And when I started my business, she believed in me enough to sell her land and invest the money in my start-up.
So, we can blow up the myth that I'm a self-made success. Sure, I had something to do with it, but I also had some serious help."
The story goes on to talk about other forms of generational privilege, but you get the idea.
On that note, we're certainly not going to resolve our differences of opinion here. The reality is that this tax has just upped the cost of the hobby.