"…Even Self-Made Billionaires Inherit Money. As the saying goes, it takes money to make money. Someone who gains wealth through inheritance has more resources for housing, higher education, and entrepreneurship than someone with a similar income and no inheritance. And as the Wall Street Journal points out, half of the top ten Forbes listers inherited at least some of their wealth. Entrepreneurs primarily rely on personal savings and personal loans to get started since banks don’t usually lend to businesses without financial history. So entrepreneurs needed to either have or know people who have enough money to fund their initial capital. So it’s misleading when we continue to trumpet the feats of self-made millionaires without acknowledging the part that inheritance may have played in their wealth. For that matter, why are we still holding on to the image of America as the model meritocracy?" everydayfeminism/2012/10/what-romney-and-the-wealthy-dont-know-about-wealth-creation/
Posted on: Fri, 07 Jun 2013 00:55:46 +0000
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