rich kids and wealth?

Nah. Those are mid tier firms that anyone with decent IQ and EQ can get in. It's the top tier strategy consulting and investment banking firms that privilege helps to get the foot in the door.

 

The rich kids start with a massive headstart in life.

Be it connections that open better jobs/university pathways and thus result in higher incomes or just being given the capital to begin with.

I've got a friend who was given 400k for the deposit on his first house. That 400k meant that the first house was a) massively positively geared, b) in a significantly better growth area and c) already had 400k of equity in it instantly to start building from.

So in one fell swoop he had the deposit on 3 more properties and the serviceability to get those 3 more loans with ease. He was then able to borrow a couple of million against that portfolio (he ended up borrowing it from his parents at a lower rate but had bank approval anyway) to buy a business. This friend is all but retired now at 31 and makes more in passive income than all but 2 of our group and will probably be the richest of us at every major milestone age wise (at current rates I might have him by 60 but he'll probably inherit somewhere in the 50m range before then and crush that hope...)

Further to that, this friend was able to live at home in an ideal area and not pay rent for the time he was at uni (and more than a few years after!).

Sure it's possible to go from poor to rich, it's just far easier to go from rich to richer and requires far less personal sacrifice.

 

You wouldn't read about it. When Midnight Oil get back together next year there could even be a song in this...

 

There was a club hidden from me??


On a serious note though, my personal take on all this rich kid poor kid club thing is its not useful to go down this road. It will just open up more excuses of why the 'average' person has it harder. Besides, I know quite a few kids from that club who were given a lot and had every headstart and still managed to get almost nowhere. And I know heaps of others with humble beginnings who managed to create such amazing lives for themselves from almost nothing. That's why when others complain that its not fair or blah blah blah I know without any shadow of a doubt that for most of them its just nonsense. They don't want to pay the price of what it takes to have an amazing life. But yes, they are entitled to it.

 

This Brilliant Comic Strip On Rich Vs Poor Upbringing Will Humble You

 

It's still about who pulls their finger out and had a go but with that attitude and cash you're potentially sprinting from the get go

 

People leave wealth for their kids thinking they will have the head start which they themselves didn't, little do they know that their child is a totally different person.

On a different note you can be rich by inheritance but all the super rich are self made.

 

You can also build on the experience of your peers instead of starting from scratch. A big leg up in mho.

 

agree, serves no purpose.

life's not an even playing field, most important thing is to make the most of what you have

 

maybe im too old fashioned or poor,

BUT

if I made it big from nothing, then so can my kids,

why would I give them the massive head start I didnt have, if i can do it, so can they

my first car was quite a bomb, it was banged up and I banged it up too while learning to drive

I see heaps of paretns saving up $20k for their kids first car at 18, thinking they are doing them a big favour,

isnt that the part of growing up and appreciating things,

maybe I have poor person mentality

 

Hammer on the nail here @MTR .

 

Exactly !

 

Two rich kids, maybe.

No Cookies | Daily Telegraph

King's School old boy loses share of $5.5 million estate

 

I have heard of the "work smart, not work hard" slogan

maybe the work hard is for poor people, while the work smart are for those that are truly succesful,

I wouldnt necessary cosnider a rich kid with a huge head start in life to automatically be able to equal work smart

 

Yep; I think that even though you might be able to afford to fund you children's lifestyle wants (doodads); they need to have to work for it and learn the values required to get ahead.

Get them into part-time work after school/weekends, or if they are younger they can earn money by doing work around the house etc, start them saving some of that money - not to be spent on stuff - only for investing...simple thing, but sets a good pattern for them.