Quote from darkhorse:
Not the biggest edge. Not by a long, long, long shot.
Unless, of course, you are talking about being born in a relatively free first world country versus, say, a third world failed state. By that standard, everyone born in the United States is extremely lucky.
And many rich kids aren't nearly as blessed as you think. Often as not their wealth leaves them feeling coddled, entitled, scared to take risks, and overreliant on connections to get what they want in life. The graduating classes of Ivy League schools are packed to the gills with conventional thinkers who just want to make their $300K a year in the safest, most conventionally accepted, risk-free way possible, with grueling hours and soul-sucking jobs a standard part of the deal. (My little brother is a junior i-banker who went to a top school. He describes the culture in exactly this way.)
p.s. Lest you think I speak from privilege, I know what it's like to grow up poor. Food stamps, second hand clothes, the whole nine yards -- even time in a foster home. Not a dirt floor in a junk yard, but there you go.
Life is what you make it. If you want to make it an excuse, that's a choice too.
Quote from hippie:
What are you complaining about when you get food stamps and free school in a relatively free country? Being poor is the 3rd world is another story, no food stamps, no foster home, no social welfare. Nothing.
There is something worse than poverty: Irresponsible wicked abusive parents. I had one such parent. It is hard enough to be poor, it is worse to be hated and poor.
I believe that being born to wealth is a tremendous edge - unless you are unfortunate enough to have wicked parents.
Quote from darkhorse:
Who is complaining? Did you even read what I wrote?
The "tremendous edge" comes from being born in a relatively free first-world country -- exactly as I stated. That is the "wealth effect" that matters.
As for being born with a silver spoon in one's mouth, that is the edge I disputed, based on observation and experience (plus a direct familiarity with such types). Kids who have everything when they grow up, including doors opened for them and connections made for them, tend to be coddled. Coddling makes you weak. When everything is handed to you, your ability to handle adversity, to achieve on your own without help, is cast into doubt.
In contrast, look to the backgrounds of great athletes and business leaders, and even many great traders. Among those who accomplished much you will find a surprising prevalence of hardscrabble upbringing.
Being knocked around as a kid tends to toughen you up. Later in life, you need a system in which excellence and hard work are rewarded and capital investment opportunities are available -- hence the first world advantage. But within the context of first world opportunity, being born rich is a bullshit advantage. I'd rather be a seriously tough motherfucker (which I am) than have Thurston Howell III as my sugar daddy.
What's more, to the degree that you or anyone else ascribes success to something you don't have -- "I didn't have that advantage, so I can't make it like they did" -- you only do yourself a disservice.
Eric Hoffer:
"There are many who find a good alibi far more attractive than an achievement. For an achievement does not settle anything permanently. We still have to prove our worth anew each day; we have to prove that we are as good today as we were yesterday. But when we have a valid alibi for not achieving anything we are fixed, so to speak, for life."
I say fuck that shit.
Quote from hippie:
I don't believe in "achieving" as the be all and end all life. Money is important, very important when you don't some basics and flexibilities in your life. Great & fame may not be the goal of many.
I met kids from prep schools, they were self-confident, some obnoxiously so. Their family have money and connections.
Quote from hippie:
Darkhorse: Please read this thread and you will understand there is more to life than taking bigger risk or achieving bigger fame or fortune.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=211924
Quote from hippie:
Sorry, Darkhorse, I mis-read your earlier message. I still think that being born to wealth is a great advantage in life. This is not just a better foundation for success in adult life, but being able to enjoy one's childhood and school days w/o worrying about a livelihood.
Quote from darkhorse:
We can agree to disagree, but I'll add this -- I would take growing up poor in a house with unconditional love, versus growing up rich in a cold-hearted mansion any day.
Apart from food in one's stomach and a warm bed to sleep in, it's a sad childhood that is defined by material things.
persistence ..., desire, and fascination. These are rejuvenating; their objects, energizing. The wise recognize this and harness them to travel to the City of Good Luck.