View Single Post
Old 08-03-2015, 10:41 AM  
Drake
Hello world!
 
Industry Role:
Join Date: Mar 2003
Posts: 12,508
Personality traits (ambition, opportunistic, risk-taking, delayed gratification, planning) and sufficient intelligence (managerial level IQ) are probably most important. But like American Psycho said, money bolsters these things to higher levels.

Lots of wealth is multi-generational. For example, Donald Trump's wealth started two generations earlier with his German immigrant grandfather who took the initiative to open bars/hotels along barren roads for miners seeking riches during the Gold Rush. He eventually parlayed that capital into a construction company. Donald's father would take that money and knowledge and apply it in New York. The wealth he amassed was handed down to his children, including Donald, who grew the fortune even more in Manhattan.

Trump's grandfather could probably never have been as financially successful as Donald (taking inflation into account) because he came from nothing, but he did well for himself by trying his best with what was available. It starts from somewhere. Each successive generation built on the previous one. I don't think it's a knock against Trump to say that his success is in part due to the financial legacies created by his grandfather, and later by his father. Trump could have still failed but he succeeded in growing the business further.

The takeaway is the try your best, and if you fall short of your financial dreams, you can at least lay the groundwork for your children to build on, giving each generation a greater chance. Being fortunate enough to be born into wealth is a very rare privilege.
Drake is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote