How did the Rich Get That Way? By Being Lucky

[Black smoke and cac jokes]

For instance there is a large internet company about to do an IPO in the future and they have 250 million in pre IPO stock they control.

That's what most companies do before an IPO.

The stock price shoots through the roof when you announce you're going public and there you sit with a ton of overvalued stocks just waiting to hit the market facebook style

 

[mbewane]

Is this supposed to be news or something? Just the country in which you're born, the city, and your parents wealth basically determines your chances of "making it". Even the language that you speak. Some def get a HUGE head start, just how it is.

 

[Kid McNamara]

The point of the article is that luck plays a hugely significant role in determining who ends up with wealth. It isn't the only factor, but it's definitely nothing to disregard.

If you can't see that then I don't know what to tell you

But no successful person actually believes that.

 

[mbewane]

But no successful person actually believes that.

People believe what they want, regardless of reality.

International: The lottery of life | The Economist

Warren Buffett, probably the world’s most successful investor, has said that anything good that happened to him could be traced back to the fact that he was born in the right country, the United States, at the right time (1930).

 

[irishfury]

That's what most companies do before an IPO.

The stock price shoots through the roof when you announce you're going public and there you sit with a ton of overvalued stocks just waiting to hit the market facebook style

shyt is crazy hearing what they talk about. How simple it is to make more money when your filthy rich. I thought I did well for myself but these guys make me look like a bum.

 

[Kid McNamara]

People believe what they want, regardless of reality.

International: The lottery of life | The Economist

Oh I see now. We're playing the "I don't get it" game? Carry on.

 

[Malik]

The game is rigged. With a new business venture I have been doing I've been working with a guy who owns a hedge fund business. The shyt I hear is mind blowing.

My friend from college works for Citigroup. He happened to see one of the accounts someone on his team was managing (dont think that's supposed to happen but, either way, he saw it) and he said he it was well over $1 billion. Said it blew his fukking mind.

 

[mbewane]

Oh I see now. We're playing the "I don't get it" game? Carry on.

Who's playing games?

 

[Gus Money]

But no successful person actually believes that.

I'm sure many successful people understand that luck played a huge role in their success. Michelle Alexander had a whole segment about this in her Jim Crow book and she lays it out pretty well, especially when she takes race into account.

Oh I see now. We're playing the "I don't get it" game? Carry on.

No one is playing games but I didn't understand the point you were trying to make either. You said no successful person believes luck played a significant role in their success, and that's simply not true.

Edit: I'm sure quite a lot of wealthy people don't believe that luck was a factor in their success, for whatever reason, but there are plenty who do.

 

[TLR Is Mental Poison]

Not in this context. There is a difference between being lucky and seeing opportunity. Both can get you rich but there's only one you can control.

Most rich folks are rich because of things beyond their control

You look at the kids of rich celebrities for example. Puff's son is not gonna be anywhere close to, let alone bigger than Puff, despite having had pretty much every possible advantage ever growing up. But at the end of the day he will still be richer than 99% of Americans. All he has to do is not fukk it up. Its pretty much the same bag for most rich Americans. If you have parents who can hook you up with jobs and teach you about money you are going to do better than someone born to a single mother w/no idea how the world works. So this myth that rich people are so because they are "better" than the avg person is ridiculous.

That said I dont know how to equalize the game either. As long as parents have influence and access to their kids, the kids born to parents with advantages will always to better- as they should IMO. However w/the game has to be made less volatile for people w/o those advantages, w/o killing the advantages rich parents rightfully earn + pass on to their kids.

 

[TLR Is Mental Poison]

But no successful person actually believes that.

Sure they do. Acknowledging the system works in your favor doesn't mean you won't or shouldn't take advantage of the hand you're dealt.

 

[babylon1]

Most rich folks are rich because of things beyond their control

You look at the kids of rich celebrities for example. Puff's son is not gonna be anywhere close to, let alone bigger than Puff, despite having had pretty much every possible advantage ever growing up. But at the end of the day he will still be richer than 99% of Americans. All he has to do is not fukk it up. Its pretty much the same bag for most rich Americans. If you have parents who can hook you up with jobs and teach you about money you are going to do better than someone born to a single mother w/no idea how the world works. So this myth that rich people are so because they are "better" than the avg person is ridiculous.

That said I dont know how to equalize the game either. As long as parents have influence and access to their kids, the kids born to parents with advantages will always to better- as they should IMO. However w/the game has to be made less volatile for people w/o those advantages, w/o killing the advantages rich parents rightfully earn + pass on to their kids.

how to equalize? r3volution.

 

[DEAD7]

 

[TLR Is Mental Poison]

how to equalize? r3volution.

 

[Ohene]

The game is rigged. With a new business venture I have been doing I've been working with a guy who owns a hedge fund business. The shyt I hear is mind blowing.

Do tell



or i'll neg