TC, your example is interesting because it includes the issues of family business, parental backing, and inheritance.
This is not a criticism of yours or your parent's entrepreneurial success. It is just an objective look at how wealth is accumulated.
I have known a lot of people who have done well through the years, and my perspective is that the majority wouldn't have done so without family wealth. The number of well off people I know who have done it without parental advantage, is in the minority. And I should imagine it would be essentially impossible for someone to pronounce today that they were going to make 3 million out of farming, starting with nothing.
Nevertheless, in saying that, I don't begrudge anyone their lot. Is there a difference between parents equipping their children with healthy capital versus brains and a good education? Not much in my view.
Parents if they are wise will use all their resources to help their kids. That includes their capital, character building, education, and work ethic. In fact, I believe we should all strive to do that. But woe betide the parent who compromises on the latter 3. The capital will be gone before long.
My great great grandfather was the first settler in Kedron a northern suburb of Brisbane.... 1847. The unimproved value of the land he bought from the government for not very much is now worth around $400,000,000. There is around 100 5th generation descendants, including me.
If that land was held in the families and split evenly, let alone grown wisely, we 5th generationers would be worth $4million each. It makes me wonder what use the sale proceeds of the land were put to through the years, that could have beaten that growth.
Obviously the stable family that can trust and work together has a serious survival advantage.
This is not a criticism of yours or your parent's entrepreneurial success. It is just an objective look at how wealth is accumulated.
I have known a lot of people who have done well through the years, and my perspective is that the majority wouldn't have done so without family wealth. The number of well off people I know who have done it without parental advantage, is in the minority. And I should imagine it would be essentially impossible for someone to pronounce today that they were going to make 3 million out of farming, starting with nothing.
Nevertheless, in saying that, I don't begrudge anyone their lot. Is there a difference between parents equipping their children with healthy capital versus brains and a good education? Not much in my view.
Parents if they are wise will use all their resources to help their kids. That includes their capital, character building, education, and work ethic. In fact, I believe we should all strive to do that. But woe betide the parent who compromises on the latter 3. The capital will be gone before long.
My great great grandfather was the first settler in Kedron a northern suburb of Brisbane.... 1847. The unimproved value of the land he bought from the government for not very much is now worth around $400,000,000. There is around 100 5th generation descendants, including me.
If that land was held in the families and split evenly, let alone grown wisely, we 5th generationers would be worth $4million each. It makes me wonder what use the sale proceeds of the land were put to through the years, that could have beaten that growth.
Obviously the stable family that can trust and work together has a serious survival advantage.
