Serious Question: Wealth?

[backbreaker]

When it comes to wealth and passing it on to kids, there are two very different schools of thought.. The Bill Gates/Warren Buffet School... don't pass on **** or very very little of what you have and give the rest to charity... or the Trust Fund baby school of thought where wealth must be passed on generation thought generation.


I personally tend to side with the Warren Buffet/Bill Gates School. At least for men. I would raise a boy totally different than a girl. not that i don't expect alot from women, but I expect more from my sons (i don't have kids yet).

I feel if a person is meant to be wealthy, he has to earn it. Not saying I wouldn't help him on the way if he had a (real) good idea for a business or something along those lines, but I'm not going to wait until he's 25 and give him a monthly allowance for the rest of his life accomplishing nothing, when there are so many kids out there that don't' even have the opportunity to learn whatsoever.

on a lot smaller scale, my mom and I aren't on the best of terms, but I get down and kiss her feet when it comes to the way I was raised. I hated her at the time, I love her now for it. when I was 18 I got the boot from my house. it was hard as hell then, and I still can't forgive her for it.. but I can't be mad at her either because I wouldn't be where I was now if she cuddled me. My (old) two best friends are older than me and both still stay with their parents. Both have college degrees. both are very Dependant on their parents.

Just because I have money, doesn't mean it's my child's manifest destiny to be rich. now, granted i won't let my child be a crackhead running around in the street and if he/she falls on hard times, more than welcome to my help, but still... I think you see where I am going



What are your opinions on this matter?

 

[A-Unit]

Re:

Having grown up in a big city from parents of modest means, I can see the dichotomy between being given things and working for things. I bought my own car. Paid for my own college. Paid for the brunt of my golf clubs at 15 years old. Had a job at 15. Paid all my own bills. The only bills my parents grabbed were...typical parental bills...home, food, clothing (and I didn't get high priced nikes or leet clothing). Our vacations were modest. It was ONE way to grow up. I contrast that with friends, who had cushy youth jobs, were given things, given toys, and if they're on their own CANNOT make it. I know people who, if they're near broke, would prefer DEBT to working. Working anything!!! I have a friend who pulled his work 401k, quit his job, ate the tax bill, and now sits at home LOOKING for jobs. He's on month 3 or 4, and just finally doing it. At the very LEAST he could have found a part-time gig which would have paid his monthly bills and he could have SAVED the 20k he yanked! At 28 he was ahead of the curve slightly, financially. No debt except the townhouse, a nice 401k, some assets, a car. And now, no job, no 401k, the house. He'll be under pressure to amass cash quick. That isn't wealthy or successful at all.

No. I believe a man MUST learn to suffer and succeed, just like Spartans. How can be worthy of caring for his children, wife, parents i need be, siblings, or even be a worthy worker? My boss/mentor hails from a large family with 2 mentally disabled brothers, and a few other degenerate brothers. Needless to say, he's be the head of the family a long time. That mentality and responsibility translates to success in business b/c he deals incredibly well with people of all backgrounds and has a general knack for it.

Contrast me with my brother. He got a job later. Didn't really work during college. Had some if not most of his bills paid for in his life. Our only similarity are parents and that we both are paying for college. He's worked the same retail job for years. I love him, and he's my best friend, but he's not developed a WILL TO LIVE, and INSTINCT to SURVIVE. People who are GIVEN stuff have an air of entitlement and expectation. If need be, they can't survive. They're a HUGE product of the American system. They no nothing of what our forefathers did to get here, how they struggled to survive and what it takes to make it. I also fathom that's why when MOST guys hear about whacky sales jobs, they automatically balk. That was COMMON back in the day. The story of the travelling insurance sales man, or car salesman, or knife salesman, is the heritage of our forefathers, guys who can stand proudly an know they can make it no matter what.

Todays kids are so...dependent on circumstances. They need a "certain kind of job". A certain kind of look. They're dependent on where they good to school, rather than seeing it as a boon. They BARELY do chores. My own 17 year old cousin who graduates today BYTCHES about chores, to no end. At his age, i worked a 30-40 hour job, attended hs, played on the golf team, had a gf, and helped my dad with all of the grandparents' houses lawns, chores, and even the family real estate rentals. We grow kids up today EXPECTING trophies JUST FOR competing, and not for actually DOING something. And what's worse, the lifestyle kids lead is glamorized in the media, books, magazines, and newspapers. Since no child left behind and the craze of not being able to spank kids, they feel ENTITLED, and all very much princes and princesses. Worse yet, they try to act "hard", like gangsters, bytches, hoes, thugs, and whatever else, when current rap and even kids, don't grow up HARD. They're softer than ever. I remember just playing ball in the streets with friends, and finding a group of kids my buddy pissed off pulling up to fight. That continued until post hs. I remember playing baseball, and when the game was over, my same friend was chased with bats to his car. He actually fought a few of them straight up, he was 14, thing was, his mother and father were watching, and promptly escorted him from the field.

MOST kids these days are video game leechers. They don't read. They can't be hit. They can't be forced INTO chores. Their bedrooms are better than the local arcade, and filled with more appliances and crap than the poor of this country. It's whack. We have a great lifestyle, no doubt, but it's nowhere CLOSE to preparation for the responsibility for living alone, and possibly managing wealth.

EVEN if you have money, I think you have to take the rich dad approach, otherwise you don't teach your kids anything. And the thing kids want most isn't material possessions, but MATERIAL SUBSTANCE, of themselves. They want to feel useful, viable, capable. GIVING them stuff they could learn to get on their own is a GREAT way to strip them of life's lessons. Those are the tools, the small awakenings they have to becoming who they should be.

My daughter would be raised to be strong, yet feminine. A strong male presence in the home, yet she must contribute in someway to the household. SOMEday, if she earned her way to the top and wants to pay a multitude of housekeepers to do crap, she can. But my life's lessons and legacy wouldn't be money, it would be making my kids better off as PEOPLE than I could ever be. I always think...if the world melted down...although the celebrities have dough to buy themselves protection, space, and resources, they are USELESS. They have no valuable skills. It's all based on this construct we call SOCIETY. They have a product, its in demand, and in low supply so we over pay. I wouldn't want kids like that, who's value is based artificially on the SOCIETY. We have too many kids like that anyways. Kids who are phenomenal athletes, but with 1 blown knee or 1 missed pro opportunity, they have no usefulness or confidence. That's a horrible lesson in life. I think the person comes first. And that's the true wealth you can have, retain, possess, and never, ever, lose.



A-Unit

 

[englishman]

I think its better to use your discretion, if there's an opportunity to stop disaster then you should. Just to endlesly give or to flatley never give.
Neither is good.

 

[Francisco d'Anconia]

The majority of parents short change their children by believing that their job is just to provide for and protect their kids. Teaching their children should be at least as important as protecting them and possibly even more than providing for them. A very good example is Donald Trump who has raised very capable children; one of which is female.

 

[backbreaker]

My daughter would be raised to be strong, yet feminine.

kinda off topic, but I want to hit on this. Alot of guys have no idea what a woman is anymore. which is partly our fault. Alot of guys look for women for guidence, for direction, for self approval.


I get asked what is my fav trait about women...and people laugh when i say it, but it's a woman who above is, IS feminine. A woman who CAN take care of herself if need be but CAN respet a MAN when she sees one. Women love to be under the thumb of a man. They love being caressed, stroked, they love playing house, taking care of their "man", being womanly. Nothing ot me is more attractive than an attractive woman who has her **** in order but has no problem, as a matter of fact, enjoys pleaseing the man in her life in one way or another.

I don't talk to my mom alot, but we had a talk right before she got remarried. my mom is pretty attractive to be 41.. but used to run man after man off.. she was the whole "indepdant woman" thing... she had the 150k house, she had the Mercedes, and you couldn't tell her ****. i told her "mom, you have done really well, you know that.. .but you are a woman, and at the end of the day, you are a woman. A real man has no problem with your success. What real men have a problem with is you think you should get special privileges from doing womanly stuff because of your success". I dont' know if she took my advice to head or not, but she is very happily married.. and has even learned how to (somewhat) cook (I'm a 10x better cook than my mom, which isn't saying too much)

 

[RedPill]

There is no doubt a marked difference in the attitudes and lifestyles of self-made wealthy people and people who are products of multi-generational wealth.

In my observation, self-made people tend to have a much stronger work ethic, are much more vigilant against complacency, and have a keen sense for value in them even long after it's no longer necessary to be tight with their resources.

Also in my observation, products of nepotism or second-generation affluence never seem to be worried about the consequences of bad decisions because they've never had their ass held up to the fire for doing something that was costly. This isn't necessarily a bad thing, as it can mean they don't view money as an obstacle to achievement as most people do. However, I've noticed that children of legacy wealth tend to have a lazy streak in them, or at least are never in a hurry for results and are rarely concerned with consequences.

It really comes back to how you were raised. Parents with wealth who raise their children to be accountable for their choices will have children who respect money. Conversely, parents who let the kid wreck cars, get out of jail free, destructively party their way through school, float around the world for a few years, and then place them in a leadership role in one of their family businesses will have children who can't respect money.

The problem with nepotism and trusted money is that over time they corrupt society by leaching responsibile character traits away from those with the means to effect changes to that society. That's not to say it's bad or wrong, but a self-made facilitator of wealth will see the maximum societal utility of their wealth if they give it back, versus passing it down. Of course, it all depends on what kind of legacy they want to create.

 

[future dj]

you do know what bill gates kids are still going to get a couple hundred million dollars right? he said he's going to give 99% of it away. 1% of 50 billion is 500 million

 

[backbreaker]

actually he said he wasn't leaving his kids more than 10 million dollars each.. each or combined, I forgot

 

[backbreaker]

when someone says they are giving "99 percent" of something away, it's not to be taken literary.. he means he is giving the vast majority of his money away.


10 mil is not chump change by any stretch of the imagination

 

[STR8UP]

My kids (if I ever have any) will get as much help as they deserve, no more, no less, as determined by me. No way am I going to hand it all over.

I have thought about this before. If I am ever in the position that I have to establish an estate for my children, it will likely be in the form of a trust where the children must prove themselves worthy to receive any handouts.

 

[MrS]

I am much more appreciative of everything from coming from a modest background, none of them 100$ nikeys or extravagant ****.

 

[Gaucho]

The majority of parents short change their children by believing that their job is just to provide for and protect their kids. Teaching their children should be at least as important as protecting them and possibly even more than providing for them. A very good example is Donald Trump who has raised very capable children; one of which is female.

I would HATE for my kids to turn out to be ANYTHING like Donald Trump. Of the very few people I despise in this world, he is one of them!

 

[monster squad]

Wealth breeds emptiness.

 

[Francisco d'Anconia]

Wealth breeds emptiness.

Lack of wealth breeds contempt.

 

[Francisco d'Anconia]

I would HATE for my kids to turn out to be ANYTHING like Donald Trump. Of the very few people I despise in this world, he is one of them!

People said the same thing about Bill Gates and his company being a monopoly until the took a moment to see what he was doing with his fortune.

 

[Gaucho]

People said the same thing about Bill Gates and his company being a monopoly until the took a moment to see what he was doing with his fortune.

Difference is, Gates still has humility. One of the most important elements of human nature.

 

[Francisco d'Anconia]

Difference is, Gates still has humility. One of the most important elements of human nature.

Why? Humility is based on adjusting your character for the benefit of those around you. If people have a hard time adjusting to his success, should it be his issue?

 

[Gaucho]

Why? Humility is based on adjusting your character for the benefit of those around you. If people have a hard time adjusting to his success, should it be his issue?

If one is constantly arrogant, they cannot show humility.

Its not that people cannot adjust to his success, its that he uses it to put himself above others. When there are PLENTY more admired and successful people, who are completely humble. A very admirable quality for any person, not just a person in such a position.

 

[Francisco d'Anconia]

If one is constantly arrogant, they cannot show humility.

Its not that people cannot adjust to his success, its that he uses it to put himself above others. When there are PLENTY more admired and successful people, who are completely humble. A very admirable quality for any person, not just a person in such a position.

Don't confuse arrogance with confidence. Most people are such wusses when it comes to acknowledging their abilities; hell, they can't even take a complement. Someone tells them that they did a good job and what do they say? "Oh, it was nothing." They just negate their abilities and the compliment that someone went out of their way to give.

The point is, humility is not for the benefit of the main person, it's to make other people feel at ease. You don't need to take out an add in a magazine to advertise your achievement but how is the act of being humble and not being proud or assertive beneficial to a person? Oh yeah, he's better liked by people are less achieving...

 

[Gaucho]

Don't confuse arrogance with confidence. Most people are such wusses when it comes to acknowledging their abilities; hell, they can't even take a complement. Someone tells them that they did a good job and what do they say? "Oh, it was nothing." They just negate their abilities and the compliment that someone went out of their way to give.

The point is, humility is not for the benefit of the main person, it's to make other people feel at ease. You don't need to take out an add in a magazine to advertise your achievement but how is the act of being humble and not being proud or assertive beneficial to a person? Oh yeah, he's better liked by people are less achieving...

No doubt, he is arrogant!

Humility is to the benefit of everyone. Makes people feel comfortable, and if your confident, you should not need to show it. Its something that comes from within and makes people feel at ease around you.

Trump wants everyone to sukc up his azz. It is plain obvious. He uses his power to gain azz kissing, and in turn, this gives him "confidence", I mean arrogance.

We obviously see totally different.

There are a couple of men in the following clip, who have true confidence and humility. They change things for the better.

http://www.youtube.com/watch?v=xiIN46reQuU