The Poorest Rich Kids in the World • Hacker News Board

Re: The Poorest Rich Kids in the World

#31

Post by taeric » Sun, Aug 18, 2013, 3:09 PM UTC

s_q_b wrote: post #24

Throughout my life, I've had a larger than average exposure to the children of the very wealthy. What strikes me is that they seem afflicted with the same existential angst that plagues us all from time to time. They wonder what everything means, what the point of doing anything at all, much less something great, truly is . In short, they are always in search of meaning, and never find a final goal in which to place…

The majority of these stories that I am familiar with could have used the "spend some serious time and personal resources on your kids." Money and outside resources seems a poor substitute for good parental relationships.

Re: The Poorest Rich Kids in the World

#32

Post by wallflower » Sun, Aug 18, 2013, 3:44 PM UTC

theorique wrote: post #21

ijk wrote: post #10

Earlier quoted context omitted.

"When plotted against log income, life evaluation rises steadily. Emotional well-being also rises with log income, but there is no further progress beyond an annual income of∼$75,000. Low income exacerbates the emotional pain associated with such misfortunes as divorce, ill health, and being alone. We conclude that high income buys life satisfaction but not happiness, and that low income is associated both with low l…

Presumably this number is an average across many different geographical areas. So I am curious about how this number was influenced by purchasing power and other factors. That is, $75K gets you and your family a lot more space in a exurb or rural area compared to an expensive city like NY or SF. Does this matter? Or does a family spending most of their $75K income renting a 500 sf apartment in NY experience the same…

> Or does a family spending most of their $75K income renting a 500 sf apartment in NY experience the same level of happiness as an equivalent family in a remote suburb with much more living space.

There has been some research done around how some people who live in cities (especially those who can be paid a relatively high livable wage) are those who want the local optimum of their available choices (maximizers). [1,2]

This tends to make them possibly less happy than those who have less choices. For instance, if you live in London or NYC, there are hundreds of options for nightlife and entertainment - and you might want to be somewhere else even if you are at club X (fear of missing out).

But the reality is:

"Happiness is complicated. Wherever you live." [3]

[1] http://en.wikipedia.org/wiki/The_Paradox_of_Choice:_Why_More...

[2] http://blog.penelopetrunk.com/2012/02/14/the-real-value-of-d...

[3] http://www.theatlanticcities.com/arts-and-lifestyle/2011/10/...

Re: The Poorest Rich Kids in the World

#33

Post by crgt » Sun, Aug 18, 2013, 3:59 PM UTC

taeric wrote: post #29

crgt wrote: post #4

Earlier quoted context omitted.

After reading that article, you still want a citation showing that someone could be homeless and happier than those kids? ReallY? Maybe re-read the article?

The citation is against money not being able to buy happiness. Indeed, most of the research shows it does a pretty good job of working at that task. Now, the same research does show diminishing returns. And, there is the whole statistical abnormality of this story. For every person that fits in this story, I suspect there are countless that could use an extra 10 dollars. Am I saying that I envy these poor children? O…

After reading, I'd strongly consider not leaving an inheritance for my children. It seems to have wreaked generations of havoc on this family.

Re: The Poorest Rich Kids in the World

#34

Post by yitchelle » Sun, Aug 18, 2013, 4:37 PM UTC

rudedogg wrote: post #17

Born Rich The film was described as "a documentary on children of the insanely rich, directed by one of their own, Johnson & Johnson Inc. heir Jamie Johnson." It consists primarily of Johnson interviewing his friends and peers about the experience of living life free of financial constraints. These interviews are offset by Johnson's exploration of his own experience and family. By the end of the film, Luke Weil becam…

Posting a youtube link for those not able to access the hulu link (ie you are no in the US).

http://www.youtube.com/watch?v=7xhuSxyHWRw

Re: The Poorest Rich Kids in the World

#35

Post by theorique » Sun, Aug 18, 2013, 4:44 PM UTC

wallflower wrote: post #32

theorique wrote: post #21

Earlier quoted context omitted.

Presumably this number is an average across many different geographical areas. So I am curious about how this number was influenced by purchasing power and other factors. That is, $75K gets you and your family a lot more space in a exurb or rural area compared to an expensive city like NY or SF. Does this matter? Or does a family spending most of their $75K income renting a 500 sf apartment in NY experience the same…

> Or does a family spending most of their $75K income renting a 500 sf apartment in NY experience the same level of happiness as an equivalent family in a remote suburb with much more living space. There has been some research done around how some people who live in cities (especially those who can be paid a relatively high livable wage) are those who want the local optimum of their available choices (maximizers). [1…

Good points.

Urban dwellers - especially high-income ones who chose to live there (as opposed to people who were simply born into working class NYC or SF and stayed) - often have idealistic, maximizer notions of "taking advantage of everything the city has to offer". Which is impossible and absurd in even a medium sized city, let alone NYC, London, SF.

Re: The Poorest Rich Kids in the World

#36

Post by tlb » Sun, Aug 18, 2013, 4:51 PM UTC

ijk wrote: post #10

taeric wrote: post #3

Earlier quoted context omitted.

I feel this needs a ridiculously large citation needed . It is trotted out a ton, but I can't help but hear the lyrics from Everclear's "I will buy you a new life" I hate those people who love to tell you Money is the root of all that kills They have never been poor They have never had the joy of a welfare christmas

"When plotted against log income, life evaluation rises steadily. Emotional well-being also rises with log income, but there is no further progress beyond an annual income of∼$75,000. Low income exacerbates the emotional pain associated with such misfortunes as divorce, ill health, and being alone. We conclude that high income buys life satisfaction but not happiness, and that low income is associated both with low l…

The opposite arrow of causation is bigger.

Wealthy individuals make a choice over the long term to either draw income from their business to spend on luxury, or leave it in the business to grow. Depressed people choose the former, optimistic & energetic people choose the latter. Thus high 'emotional well-being' causes lower incomes.

Re: The Poorest Rich Kids in the World

#37

Post by tlb » Sun, Aug 18, 2013, 4:58 PM UTC

crgt wrote: post #33

taeric wrote: post #29

Earlier quoted context omitted.

The citation is against money not being able to buy happiness. Indeed, most of the research shows it does a pretty good job of working at that task. Now, the same research does show diminishing returns. And, there is the whole statistical abnormality of this story. For every person that fits in this story, I suspect there are countless that could use an extra 10 dollars. Am I saying that I envy these poor children? O…

After reading, I'd strongly consider not leaving an inheritance for my children. It seems to have wreaked generations of havoc on this family.

Your might find it worth reading back-to-back biographies of the Vanderbilts and Rockefellers. The Vanderbilts' wealth created generations of horror. The Rockefellers did much better: generally functional families and several descendants making solid contributions to the world. It's clear enough from the books where the difference comes from. If you raise your kids right, inheritance is not a bad thing.

http://www.amazon.com/Fortunes-Children-Fall-House-Vanderbil...

http://www.amazon.com/Titan-Life-John-Rockefeller-Sr/dp/1470...

Re: The Poorest Rich Kids in the World

#38

Post by Amadou » Mon, Aug 26, 2013, 3:13 AM UTC

wavefunction wrote: post #23

azernik wrote: post #14

Earlier quoted context omitted.

Did you read any of the bits in between your ellipses? ...stinking rich from three trust funds: one from his father, Walker Inman Sr., heir to an Atlanta cotton fortune and stepson to American Tobacco Company founder "Buck" Duke; one from his mother, Georgia Fagan; the third from his grandmother, Buck's widow Nanaline Duke, who left the bulk of her $45 million estate to her little grandson. The money involved was mad…

And his father also died from "consumption" or "getting too fucked up too often" disease. I've had some exposure to the "very wealthy" and they're just as fucked up at a rate as someone you might find in the trailer park tradition. It's often a factor of luck.

Consumption is a synonym for tuberculosis, nothing else.