51–60 of 356 posts
So really, it's a push and pull situation. Billionaires do indeed know how to get rich but they're from stable backgrounds which permits them to do so.
Meanwhile, most of us are stuck at 9-to-5 jobs and worried about making good on our interest payments.
And yet 70% of generational wealth is gone by the 2nd generation.
This is the conclusion of Thomas Picketty's 2013 book, "Capital in the 21st Century." Due to the historical averages of the rate of return on capital, he concluded empirically that wealth will continue to concentrate to the point to inheritors, to the extent that individuals become increasingly unable through labor to achieve parity to the inheritors. The book was very provocative in economist circles, but even the c…
Earlier quoted context omitted.
Assuming we're not talking "I have a retirement plan and a house so my net-worth is over a million" type of millionaire, isn't passing oneself off as a multi-millionaire instead of a billionaire a distinction without a difference? I guess I don't run in those circles, but it's still fabulous wealth either way.
Statistically, many "average" upper middle class people are very able to become low tier multimillionaires through a well educated upbringing and a good job, and good financial decisions over a long period of time. But many of those people take their entire lives to go from "pretty well off" to "technically a multi millionaire, after many years of hard work, and planning" and got there from very reasonable expectatio…
And yet 70% of generational wealth is gone by the 2nd generation.
Here's a counterpoint:
https://qz.com/694340/the-richest-families-in-florence-in-14...
Earlier quoted context omitted.
Assuming we're not talking "I have a retirement plan and a house so my net-worth is over a million" type of millionaire, isn't passing oneself off as a multi-millionaire instead of a billionaire a distinction without a difference? I guess I don't run in those circles, but it's still fabulous wealth either way.
Statistically, many "average" upper middle class people are very able to become low tier multimillionaires through a well educated upbringing and a good job, and good financial decisions over a long period of time. But many of those people take their entire lives to go from "pretty well off" to "technically a multi millionaire, after many years of hard work, and planning" and got there from very reasonable expectatio…
That's why I addressed that. Retirement savings and home is a different sort of millionaire than someone with 50 million in the bank. What lifestyle choices are going to be visible in someone with 50 million vs a billion? The number of private jets they own?
And yet 70% of generational wealth is gone by the 2nd generation.
This is the conclusion of Thomas Picketty's 2013 book, "Capital in the 21st Century." Due to the historical averages of the rate of return on capital, he concluded empirically that wealth will continue to concentrate to the point to inheritors, to the extent that individuals become increasingly unable through labor to achieve parity to the inheritors. The book was very provocative in economist circles, but even the c…
It's an interesting model and in my opinion, provides a much better model for the 'fourth turning' pattern than the mechanism put forward by the authors. The predictable return on capital Picketty points to after all only happens during times of stability, during times of instability wealth disparities actually decrease. If too much concentration of wealth leads to crisis and crisis is a 'distributing' mechanism this…
Doesn't this imply that economic hardships lead to unrest and wars?
It certainly seems so and seems like a logical conclusion.
It may be primarily anecdotal, but the last 100 years or so seem to confirm it.
This is the conclusion of Thomas Picketty's 2013 book, "Capital in the 21st Century." Due to the historical averages of the rate of return on capital, he concluded empirically that wealth will continue to concentrate to the point to inheritors, to the extent that individuals become increasingly unable through labor to achieve parity to the inheritors. The book was very provocative in economist circles, but even the c…
Earlier quoted context omitted.
Statistically, many "average" upper middle class people are very able to become low tier multimillionaires through a well educated upbringing and a good job, and good financial decisions over a long period of time. But many of those people take their entire lives to go from "pretty well off" to "technically a multi millionaire, after many years of hard work, and planning" and got there from very reasonable expectatio…
In the US a billion is 1,000 million, not one million million.