Do you think rich peoples kids normally stay rich or have to start from scratch?

[Anonymous]

money-wise

[jamesgoldman]

Depends on the background

Westerners are great spenders in my experience but non-Westerners either inherit the family business and carry it on or are started with a bit of seed capital and some contacts

N. b. my friends are non-Western and both got the latter option on started with £100k and another £10k... currently they are worth £10M and £4M respectively, the former started in the early 90's in property then stayed there and the latter in 2006 has bought everything from perfume to tie to cars to Bitcoin to shares and Rolexes

[DryGermanGuy]

„Regardless of the reasons, family money seems to move away from that which created it. Among wealth advisors, there is a saying: the first generation makes it, the second generation spends it, and the third generation blows it.“


https://www.forbes.com/sites/toddganos/2014/02/05/how-the-wealthiest-families-make-and-lose-their-money

[jennifer_bloom]

They have to earn their own money, I know two rich kids who worked 14 hour days at their jobs and one died of cancer which I believe was caused by stress. One became a millionaire but this was after 20 years of 14 hour work and study and gym days.

[YollyM]

From secondhand experience , they stay rich because their parents usually have their entire lives mapped up with not only money but resources to allow them to make even more money.

[Asker]

Elaborate on the resources to allow them to make even more money part

[YollyM]

Relationships that go way back or connections. Whether it's to get them in a good school with less than the perfect marks (this might only be possible in my country.. very corrupt). Perhaps get them in touch with "mentors" that will ensure that their business ventures do not fail unlike those of a regular Joe who's just winging it. All my rich friends from high school were given capital to start their businesses and their business are doing okay regardless of the fact that some of them are not really involved in the upkeep of them.

Don't hear what I'm not saying because what I'm not saying is that rich kids have it EASY when it comes to making more money than their parents.
I'm saying that they have it EASIER.

[YollyM]

But this only applies to those whose parents.. influence/force for lack of a better word to strive for success and would do anything to accomplish that

[YollyM]

at least from my experience

[LazerBean]

Money-wise they usually mooch off their parents and either managed to keep their money at the same level or waste it all.

[FilmGuy93]

They tend to start the game rich.

[In_Trance]

The rich stay rich