The world has gotten more competitive than ever with globalization, but i hope parents realize that sometimes competing too much is the wrong way to go, epoch changing discoveries always come from independent thinkers who love what they do, loving anything means the freedom to choose and to be passionate about something, something you cannot force your child to do, it is a process of self discovery in which you may nudge them in the right direction but you can't do the thinking on their behalf. For the future, we need people who make the pie bigger rather than having too many people fight over the pie that exists.
The two of them are surprisingly related. What counts as "wealth" depends on what people value and how that is produced, and epoch-changing discoveries, by definition, change what people value and how that is produced. Ignore them and you're forever chasing the trend and making other people rich as you buy into the assets they created.
Sounds very cool and inspiring, but we’re talking about rich people.
Rich people historically have been able to just stay rich whatever happens. Sometimes a little less rich, sometimes much richer. A few notable exceptions, but then again… raising kids to aim for “epoch changing discoveries” is just a silly overblown expectation.
If you have money it's easier to make many more meaningful bets. You don't need to aim for epoch changing discoveries, just use money to become a benefactor of them.
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[ 3.3 ms ] story [ 28.3 ms ] threadRich people historically have been able to just stay rich whatever happens. Sometimes a little less rich, sometimes much richer. A few notable exceptions, but then again… raising kids to aim for “epoch changing discoveries” is just a silly overblown expectation.
That’s not true. 70% of rich people lose their wealth within two generations; 90% within three.
https://money.com/rich-families-lose-wealth/
Funnily enough, that consultancy offers the service of fixing that problem, so I guess de authors of the study won't have any issues with that either.