Timothy Mellon, the reclusive heir to a Gilded Age fortune, has poured over $165 million into the 2024 election so far, with tens of millions backing both Donald Trump and Robert F. Kennedy Jr.
It’s better to be lucky than good at something. But there’s a major difference between starting out middle class (or working class) and starting out wealthy.
The people who started and developed entire companies clearly had some skill. Massive intelligence isn’t necessary, but they were not stupid. If they were stupid they would have already blown all the money. Compare what happens to lottery winners and you will see what I mean.
The difference is, future generations that inherit are more like lottery winners: they have no idea how to grow the money left to them. Plus they have no concept of staying under budget because they have always been rich. This is worse than a lottery winner because they already have an expensive lifestyle to maintain.
It’s better to be lucky than good at something. But there’s a major difference between starting out middle class (or working class) and starting out wealthy.
The people who started and developed entire companies clearly had some skill. Massive intelligence isn’t necessary, but they were not stupid. If they were stupid they would have already blown all the money. Compare what happens to lottery winners and you will see what I mean.
The difference is, future generations that inherit are more like lottery winners: they have no idea how to grow the money left to them. Plus they have no concept of staying under budget because they have always been rich. This is worse than a lottery winner because they already have an expensive lifestyle to maintain.