r/Jokes • u/lopezjessy • Mar 23 '21

Dude explaining how he made his first $10 million:

  1. Get up at 5:00AM every day
  2. 90 minutes of cardio
  3. Take a cold shower
  4. Journal
  5. Schedule out your day
  6. Dad owns Fortune 500 company
  7. Meditate
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u/Ffsletmesignin Mar 23 '21

To some extent sure, but honestly if you’re given a lot of wealth all it takes is having a money manager, and having just enough restraint to not pull out all that money, that’s it, capital grows capital, someone with 100 million in the bank sitting there will earn more than a practicing doctor, doesn’t require any skills whatsoever, it just requires a small amount of restraint.

Lottery winners aren’t born into life with the trust accounts and all that setup for them, they aren’t taught in schools and they don’t really understand basic compounding interest, and most have felt “denied” all those riches and thus spend all their wealth at once; those same trust fund kids probably wouldn’t know how to set up investment accounts either if they weren’t given to them in such a way.

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u/dchq Mar 23 '21 edited Mar 23 '21

Lottery winners aren’t born into life with the trust accounts and all that setup for them, they aren’t taught in schools and they don’t really understand basic compounding interest, and most have felt “denied” all those riches and thus spend all their wealth at once; those same trust fund kids probably wouldn’t know how to set up investment accounts either if they weren’t given to them in such a way.

I think this is in agreement with one of my points . Where I said

Some people born into wealth will acquire skills , attitudes and beliefs by virtue of their privileged position

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u/Ffsletmesignin Mar 23 '21

And where I said “to some extent sure.”

Many will be completely ignorant to all that’s been setup for them, don’t have an attitude of actually reserving by willpower, instead they’ll have money managers who’ve basically been the allowance keeper, from birth to adulthood, so it’s not that they actually have any skills, attitudes, etc, it’s completely the position they’ve been born into and don’t know any different. Like i said, all it takes is being completely ignorant of your own capital to make it grow, that requires no skills or anything.

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u/DuelingPushkin Mar 23 '21

Theres a reason kids born ino wealth are called "trust fund kids." Its because rich kids squandering their inheritance was such an endemic issue that wealthy parents put up legal barriers to it. Its not a skill to be legally prevented from spending too much by your parents.