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Generational wealth is the rule? How to break the barrier.

D

Deleted85763

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From what I have seen generational wealth is about an 80% predictor of future economic standing. Children of executives became upper class. Children of managers, engineers, etc. become middle and upper middle class. Children of blue collar workers become lower to middle class. I believe that it is not the cost of education which is the barrier but the "know-how". This is profound in that most anyone, regardless of economic background, can acquire this know-how and break the generational barrier.

For example, wealthy businessman manufacturers a product. The know how is everything to do with the process - purchasing, engineering, manufacturing, marketing, customer service, selling and shipping. By knowing these processes one can become involved in one or more of the processes at great profit. For example, in purchasing one gets to know who the suppliers are. Just with this information they can represent suppliers to other manufacturers. If they become acquainted with shippers they can become involved with shipping. I'm not saying it's really easy but it's not "rocket science" and it doesn't take an expensive and time consuming education to make it work. I believe people with average intelligence or greater who are motivated can learn and succeed.

What I propose is a new educational system that transmits practical trade information. Information where one can see where the money comes from and why. Anyone else agree?
 
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Kak

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Absolutely!

The education system as it stands is garbage. It’s daycare with some math, words and a shit load of lobotomization.

A true education is application. Unfortunately there’s nothing really like that in the world beyond just doing it.

I intend to homeschool my kids and introduce them to the application of the knowledge I have. I also intend to help them get more formal apprenticeship type positions, learning from someone I respect in their industry and making contacts along the way.
 
Last edited:
D

Deleted85763

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Absolutely!

The education system as it stands is garbage. It’s daycare with some math, words and a shit load of lobotomization.

A true education is application. Unfortunately there’s nothing really like that in the world beyond just doing it.

I intend to homeschool my kids and introduce them to the application of the knowledge I have. I also intend to help them get more formal apprenticeship type positions, learning from someone I respect in their industry and making contacts along the way.
I'm glad someone "got it". If you want to make contacts, high level contacts, very fast it's very easy - you just need to offer real immediate value to a company. It has to be very tangible. For example, recently I learned a company was closing down and they had million dollar niche botting line that they wanted to sell off. I did some research and found out the best prospects for the line. I emailed several of these companies. One got back to me the next day with definite interest. The person who got back tp me was the president of a major European multinational company. We have corresponded since and he likes the fact that I brought potential value to his firm. Now I can contact him anytime for anything and I'll always be welcome and vice-versa.
 

ZF Lee

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I intend to homeschool my kids and introduce them to the application of the knowledge I have. I also intend to help them get more formal apprenticeship type positions, learning from someone I respect in their industry and making contacts along the way.
Internships are supposed to work like the apprenticeship model, but here in Malaysia...it either turns into slave labour (i.e. they don't pay the graduates even the minimal fees, task them with irrelevant work), or the employers just have the interns do jack-shit and only collect tax incentives and brand-promotions with the university in question.

I was disappointed my dad didn't pass down his business knowledge on fabrication line to me. He just urged me to go to university, study and get a white-collar job. And of course, when COVID came, that just didn't happen. My professors got caught like chickens in a fox's mouth in the new online paradigm, and the usual job fairs/internships facilities went half-dead.

I can understand my dad's reasons for doing so...he valued higher education as he didn't have a degree...so he had to fight his way up in business. And the methods he sometimes deployed in the early days (scratch your back kind of thing, price wars, etc) weren't always right...he didn't want to teach me those things.

I guess he could teach me core stuff like sales. But he only told them through stories of notable deals, and it took a lot of reflection for me to glean even the most basic of lessons from them. It also reflected how my dad mastered his trade...he had very few mentors, and he had to learn it by trial and error. Very few can teach a framework based on their own trial-and-error experiences.

I've no idea how to reform the internship system. So I've stuck to freelancing longer than I should.

While Lex's 'You-focused' approach did well for a mentor-less approach, I recognise that even doing basic services for clients without a solid work process is pretty dangerous. Beginner freelancers need apprenticeship programs to solve that...but I don't know any, save for the overpriced shit that the online gurus peddle.
 
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WJK

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From what I have seen generational wealth is about an 80% predictor of future economic standing. Children of executives became upper class. Children of managers, engineers, etc. become middle and upper middle class. Children of blue collar workers become lower to middle class. I believe that it is not the cost of education which is the barrier but the "know-how". This is profound in that most anyone, regardless of economic background, can acquire this know-how and break the generational barrier.

For example, wealthy businessman manufacturers a product. The know how is everything to do with the process - purchasing, engineering, manufacturing, marketing, customer service, selling and shipping. By knowing these processes one can become involved in one or more of the processes at great profit. For example, in purchasing one gets to know who the suppliers are. Just with this information they can represent suppliers to other manufacturers. If they become acquainted with shippers they can become involved with shipping. I'm not saying it's really easy but it's not "rocket science" and it doesn't take an expensive and time consuming education to make it work. I believe people with average intelligence or greater who are motivated can learn and succeed.

What I propose is a new educational system that transmits practical trade information. Information where one can see where the money comes from and why. Anyone else agree?
I agree. When I was a trophy wife and my ex had his contract with the huge oil company, I learned the executives there had all gone together to college at Brown's. Before that, they went to prep school together. Their parents belonged to the same clubs when they were kids. They played together. It was a private club and I sure didn't belong.

(But, I can also tell you this -- I made more money on my little real estate business in the Los Angeles ghetto than my husband made on his big silly contract! And my ex was ashamed of my business because I was working in the ghetto rather than with the "beautiful people". I was getting my hands dirty everyday.)

Your second point is also very interesting. A lot of people's success is simple exposure to the subjects. Just being around successful people gives children a chance to see how it is done. It's a language that people born outside of that circle don't understand. And they sure don't acquire the contacts that will grease their future way. I can see a clear class system within our society based upon exposure to education and ideas. I learned a lot about that concept when I was investing in real estate in the ghetto.

My mentor, who got me into real estate, was my guide and my hero. Alice was a very smart lady who married well. Her husband had money and she had smarts. She had a broker's license that she used for investing. When I first met her, she was a school teacher. I was in high school. She went and got her Master's degree at night and on the weekends. Then she was an accounting professor during the week. As a young woman, I watched her invest and work on her properties. I watched her do her own housework. I watched her thrifty ways. And she gave me stellar advice over the years for my career and investments. If Alice told me it was good idea, I went and did it. And she was right. She was the hardest working and smartest woman I have ever known.
 

Tom H.

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Any education system with the goal of equality is a bad idea. This is exactly what communists want. The family is the ultimate source of inequality, and therefore the enemy of egalitarians.

I think you are on the right track though. Make sure your kids get the best education, home school if you can... whatever decisions you want to make for your family. I might make different decisions for my family.

And try to avoid inheritance taxes, inflation, etc. There is no generational wealth because the government steals it all.
 
D

Deleted85763

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Any education system with the goal of equality is a bad idea. This is exactly what communists want. The family is the ultimate source of inequality, and therefore the enemy of egalitarians.

I think you are on the right track though. Make sure your kids get the best education, home school if you can... whatever decisions you want to make for your family. I might make different decisions for my family.

And try to avoid inheritance taxes, inflation, etc. There is no generational wealth because the government steals it all.
I didn't mean at all that the goal is for equality, like communism. I meant that anyone who wants to be in a higher economic level can be and the family you are born into doesn't matter. This is achieved by simply transmitting practical know-how.

You don't even need to apprentice for years. Imagine if I told you "Company X has an excess production of Y. They would sell the excess at $5 million. Company Z would gladly buy the excess at $7 million, if they knew that Company X had an excess. What you do is contract with Company X. They agree to sell at $5 million to any buyer you bring to them. Anything over this they agree is yours. You then contact Company Z and tell them about the excess. That's a $2 million dollar pay day. That's the power know-how. And you didn't need to spend a single moment at the high school or the university.
 
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