Quote:
Originally Posted by Fuzz
That's how generation inequality accumulates though. Lets pretend you started at the basic average of life. Through your hard work, you accumulate advantages you can pass on to your children. They may do the same, advancing your family.
Now take someone who wasn't average, and started mcuh lower. Maybe they are disadvantaged by race, or a physical disability, or unforeseen sickness midway through life. Their children grow up in worse schools, live farther from good jobs, and maybe have to work instead of getting an education.
Your child ends up with benefits, while the other child does not. Your child lives in a bigger home you helped pay for, got a solid education that helps with a higher paying job etc. Eventually it concentrates wealth, just like the landlords of old living in castles. Is that fair, just because of who they were born to?
I know the idea sucks that maybe you shouldn't be able to hand everything down, but alternatively that money could go back to society, so everyone has a more level playing field.
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Yeah, I see that. Maybe this is one of those turning points where a person starts to get more conservative as they get older? I'm 45. I like to save. My kids are teenagers. We've been saving for their university since they were born. Maybe a guy starts to want to "protect what's his" to the detriment of others.
If you look at buying financial security for your offspring as just another thing you can choose to buy...like maybe the guy next door buys a $60k boat and an $80k F-150 to pull it with, but I just float around on a pool noodle and drive my older truck and use the same capital to invest in my kids' future. How are you going to get a guy like me on board with wanting to claw my money back on my death?