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URL:  http://boards.fool.com/how-do-you-think-rich-people-become-rich-do-you-22020875.aspx

Subject:  Re: The Personal Accounts in SS Date:  2/4/2005  10:01 PM
Author:  Foolferlove Number:  11814 of 35400

How do you think rich people become rich? Do you think they just luck into it? Or maybe you think they inherit it?

Me, I WAS born into it. I've done SOME work on my own, and I do have SOME personal accomplishments, but basically, starting from birth, all I had to do was stay out of jail and I would be assured that I would inherit the family business, if I wanted it. I've had private schooling my whole life, and I have never had to have an e-fund, because I knew daddy could take care of things.

I can coast along on neutral and be in the top .5% of the country as far as wealth is concerned.

But I rejected the family business and went off to make it "on my own". I'm proud of myself and where I am, but i have no illusion I "earned" but a fraction of my success. When you start on rung 9, it's easy to reach rung 10. And that's even if you "reject" the low hanging fruit. I didn't reach for those, but I STILL had a ladder than others didn't.

Same goes for my brother who took 6 years to finish college (and never did get his diploma) has a drug habit, had (has?) a gambling habit, and spends literally 6 hours or more a day playing computer games on-line. Oh, yeah, he's been arrested twice for drugs and good lawyers got him minimal punishments. Now works in the family business. At 27 he bought a LARGE house and he gets 6 figures as salary.

Take 1000 kids, born to single parents, or born into poverty. Assume all the kids are smart and hardworking and can overcome the obstacles before them. I doubt TWO will be as "successful" as my brother.

So maybe my brother is one of the 1% you talked about.

So in this country "anyone can make it", but let's not kid ourselves that there is an equal playing field. I've told this story before, but when I was 16 I went to work for a restaurant that was a friendly competitor of my own family's restaurants. I didn't want to work for my dad, and wanted a "real" job. Well, the job was in downtown detroit, and we were hiring. But I was instructed by the manager to trash the application of anyone who was black, and only pass along the white ones. So much for the american dream.

FFL
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