On "trust fund children", the lifestyle of a few loud examples is likely painting an unrepresentative picture to the masses. I'd love to see some real stats or study on people who inherited substantial wealth.
On one hand, society seems to argue that inherited privilege perpetuates itself, which means that wealthy offspring are succeeding, sometimes despite their abilities.
On the other, we have the stereotype of "trust fund babies" who by conventional wisdom don't amount to much and don't contribute to society.
So which is it - is inherited wealth a road to success or failure? Likely, both with outcome dependent on other factors then wealth.
If anyone has a good study to read on this that actually took more than anecdotal evidence, I'd love to read it.
It's called Born Rich, and it's by Jamie Johnson, one of the heirs of the Johnson & Johnson empire. Ironically, he chose to do this endeavor despite not needing to work.
It depends on your definition of success. The offspring of the wealthy tend to remain wealthy, regardless of whether or not they "contribute to society". If you consider wealth perpetuation success then they are succeeding.
The original post talks about money and how non-earned income streams carry a stigma, so for relevancy to the discussion, success is accumulation and maintenance of wealth.
I don't see the contradiction? If you inherit a lot of wealth you're likely to remain wealthy. Simultaneously you may not be motivated to work much and contribute to society.
On one hand, society seems to argue that inherited privilege perpetuates itself, which means that wealthy offspring are succeeding, sometimes despite their abilities.
On the other, we have the stereotype of "trust fund babies" who by conventional wisdom don't amount to much and don't contribute to society.
So which is it - is inherited wealth a road to success or failure? Likely, both with outcome dependent on other factors then wealth.
If anyone has a good study to read on this that actually took more than anecdotal evidence, I'd love to read it.