Quotes & Sayings About Inherited Wealth

These findings stand in sharp contrast to the belief in "American exceptionalism" that once dominated US sociology, according to which social mobility in the United States was exceptionally high compared with the class-bound societies of Europe. No doubt the settler society of the early nineteenth century was more mobile. As I have shown, moreover, inherited wealth played a smaller role in the United States than in Europe, and US wealth was for a long time less concentrated, at least up to World War I. Throughout most of the twentieth century, however, and still today, the available data suggest that social mobility has been and remains lower in the United States than in Europe. — Thomas Piketty

The book of Genesis is a window into what cultures were like before the revelation of the Bible. One thing we see early on is the widespread practice of primogeniture - the eldest son inherited all the wealth, which is how they ensured the family kept its status and place in society. So the second or third son got nothing, or very little. Yet all through the Bible, when God chooses someone to work through, he chooses the younger sibling. He chooses Abel over Cain. He chooses Isaac over Ishmael. He chooses Jacob over Esau. He chooses David over all eleven of his older brothers. Time after time he chooses not the oldest, not the one the world expects and rewards. Never the one from Jerusalem, as it were, but always the one from Nazareth. — Timothy Keller

The main threads running through the lives of W. A. Clark and his daughter Huguette include the costs of ambition, the burdens of inherited wealth, the fragility of reputation, the folly of judging someone's life from the outside, and the tension between engaging with the world, with all its risks, and keeping a safe distance from danger. — Bill Dedman

Men are naturally lazy, and require some great stimulus to goad their flagging ambitions and enable them to overcome the inertia which comes from ease and the consciousness of inherited wealth. Whatever lessens in a young man the feeling that he must make his way in the world cripples his chance of success. Poverty has ever been the priceless spur that has goaded man up to his own loaf. — Orison Swett Marden

Riches became mine, wealth poured in upon me, and I rioted in pleasures enhanced a thousandfold to me by the consciousness of my well-kept secret. I inherited an estate. The law - the eagle-eyed law itself - had been deceived, and had handed over disputed thousands to a madman's hands. Where was the wit of the sharp-sighted men of sound mind? Where the dexterity of the lawyers, eager to discover a flaw? The madman's cunning had overreached them all. — Charles Dickens

You will not be able to effectively utilize your inherited wealth if you do not work diligently — Sunday Adelaja

I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. I'd rather bet on somebody starting out with a few thousand dollars than on somebody who came in with millions. — William Eckhardt

Self-Made Men are those who owe little or nothing to birth, relationship, or friendly surroundings; to wealth inherited or to early approved means of education; who are what they are, without the aid of any favoring conditions by which other men usually rise in the world and achieve great results ... They are in a peculiar sense indebted to themselves for themselves. — Frederick Douglass

If, as is generally the case, the heirs are not equal to the demands which life makes on an entrepreneur, the inherited wealth rapidly vanishes. — Ludwig Von Mises

A good character is something you must make for yourself. It cannot be inherited from parents. It cannot be created by having extraordinary advantages. It isn't a gift of birth, wealth, talent or station. It is the result of your own endeavor. It is the reward that comes from living good principles and manifesting a virtuous and honorable life. — L. Tom Perry

Inherited wealth may be something easily squandered, but inherited poverty is a legacy almost impossible to lose. — Eric L. Haney

A common objection to inherited wealth is that it stifles the urge to work. I have not generally observed this to be true. — Louis Auchincloss

A good character is, in all cases, the fruit of personal exertion. It is not inherited from parents; it is not created by external advantages; it is no necessary appendage of birth, wealth, talents, or station; but it is the result of one's own endeavors-the fruit and reward of good principles manifested in a course of virtuous and honorable action. — Josiah Johnson Hawes

A poor American feels guilty at being poor, but less guilty than an American rentier who has inherited wealth but is doing nothingto increase it; what can the latter do but take to drink and psychoanalysis? — W. H. Auden

Thatcher set ordinary people free, but into a landscape that her other policies had already shaped to suit other, more powerful interests, such as large corporations or Britons with inherited wealth. — Andy Beckett

Inherited wealth, that is not what America is based upon. — Richard Neal

Photography records the gamut of feelings written on the human face, the beauty of the earth and skies that man has inherited, and the wealth and confusion man has created. It is a major force in explaining man to man. — Edward Steichen

the baby boom cohorts had to make it on their own, almost as much as the interwar and turn-of-the-century cohorts, who were devastated by war. By contrast, the cohorts born in the last third of the century experienced the powerful influence of inherited wealth to almost the same degree as the cohorts of the nineteenth and twenty-first centuries. — Thomas Piketty

Growing up in stable, happy, and secure households may end up killing ambition, which leads to downward social mobility. The most extreme examples of this are found in aristocratic families, in which the amount of inherited wealth tends to decline with every generation. — Tomas Chamorro-Premuzic

My grandfather ... saw where inherited wealth ruined people. And my grandfather was right. — Dan Quayle

Given the complexity in strategy, governance and relationships involved in family business, one might marvel that a family ever emerges on the other side and wants to find a permanent way to continue together. But many families that have successfully accumulated significant wealth begin to search for a means to preserve it for present and future generations. One way to do so is to form a family office. Although definitions differ, a family office is generally organized to manage and leverage the family's collective wealth, with an emphasis on stewardship rather than growth. Stewardship implies a long-term view and looks at inherited wealth as something to be treasured and preserved, in real terms, for future generations of family. A sense of stewardship is a powerful motivator, in the first place, not to destroy the financial and philosophical legacy of the founder and, second and ideally, to extend the reach of these resources into the modern day. We are going to talk extensively — Joachim Schwass

14 A house and wealth are inherited from fathers, but a sensible wife is from the LORD. — Anonymous

Back at my teaching and editing jobs I imagined the new world we were trying to create would be enduring and absolutely better than any world we had inherited. For me, if an idea was purported to be new, it looked a lot better than any idea that seemed to be old. Most theologians I knew were trying to discover some new way of looking at the old ideas of God, humanity, sin and salvation. I was there to teach theology, but theology itself was in search of legitimation. What I was really doing might more accurately be described as promoting Rogerian psychology, wealth-distribution, demytholgy and existentialist ethics than studying God. Theology was desperately in search of a method, whether it was borrowed form cutting-edge philosophy, social theory or political life, as long as it didn't begin with revelation. — Thomas C. Oden

You have to do your own growing no matter how tall your grandfather was. — Abraham Lincoln

Scientific power is like inherited wealth; attained without discipline. You read about what others have done, and you take the next step. You can do it very young. You can make progress very fast. — Michael Crichton

I regard large inherited wealth as a misfortune, which merely serves to dull men's faculties. A man who possesses great wealth should, therefore, allow only a small portion to descend to his relatives. Even if he has children, I consider it a mistake to hand over to them considerable sums of money beyond what is necessary for their education. To do so merely encourages laziness and impedes the healthy development of the individual's capacity to make an independent position for himself. — Alfred Nobel

The U.S. is the country that invented progressive taxation of income and of inherited wealth in the 1910s and '20s. — Thomas Piketty

Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be. — Thomas J. Stanley

You know what's wrong with scientific power? It's a form of inherited wealth. And you know what assholes congenitally rich people are. — Michael Crichton

And above all, above all, honest work must be rewarded by a fair and just tax system. The tax system today does not reward hard work: it penalizes it. Inherited or invested wealth frequently multiplies itself while paying no taxes at all. But wages on the assembly line or in farming the land, these hard-earned dollars are taxed to the very last penny. — George McGovern

California is now a valuable touchstone to the country, a warning of what not to do. Rarely has a single generation inherited so much natural wealth and bounty from the investment and hard work of those more noble now resting in our cemeteries-and squandered that gift within a generation. — Victor Davis Hanson

How can the physique be braced if no fresh breath from the outer world is suffered to permeate the languid, enervating air of thedrawing-room? How can the grasp of the mind be vigorous, without action? Daughters of inherited wealth, or accumulated labor! the wide door of philanthropy is open peculiarly to you! Your life-work lies beyond your threshold: your wealth has placed you above the sorrowful struggle for daily bread which takes up the whole time of so many of your brothers and sisters. You are the almoners of God. A double accountability is yours. — Harriot Kezia Hunt

There is inherited wealth in this country and also inherited poverty. — John F. Kennedy

We inherited a strong and flourishing country, and instead of making the investments - that is, the sacrifices - to maintain it, we chose to suck it dry and stick our children with the bill. If you want to see who is to blame for student debt, just look in the mirror. And if parents find themselves supporting kids beyond their college years, that is only, in the aggregate, a form of compensatory justice: the intergenerational transfer of wealth that should have been effected through taxation. — William Deresiewicz

The fact is that, except for those very few whose wealth is overwhelmingly or entirely inherited, the more affluent have usually worked harder than the less affluent. — Dennis Prager

For most Indians in America, wealth is not inherited. Neither do we make it as heads of large hedge funds and private equity funds. For us to make it to the top, we have to use our knowhow to create great new technology products and build high-tech companies. — Romesh Wadhwani

In our civilized societies we are rich. Why then are the many poor? Why this painful drudgery for the masses? Why, even to the best paid workman, this uncertainty for the morrow, in the midst of all the wealth inherited from the past, and in spite of the powerful means of production, which could ensure comfort to all, in return for a few hours of daily toil? — Pyotr Kropotkin

Of all the potential perils to the new American republic, the prospect of concentrated power ... troubled the intellectual leaders of the Revolutionary generation. Familiar as the founders were with old Europe ... they understood why the accumulation of inherited wealth led to inequities and imbalances that inevitably corrupted any system of government. — Joe Conason

When the rate of return on capital significantly exceeds the growth rate of the economy (as it did through much of history until the nineteenth century and as is likely to be the case again in the twenty-first century), then it logically follows that inherited wealth grows faster than output and income. People — Thomas Piketty

Inherited wealth may be easily squandered, but inherited poverty is a legacy almost impossible to loose. — Eric Haney

But inherited wealth reaches its utmost value when it falls to the individual endowed with mental powers of a high order, who is resolved to pursue a line of life not compatible with the making of money; for he is then doubly endowed by fate and can live for his genius; and he will pay his debt to mankind a hundred times, by achieving what no other could achieve, by producing some work which contributes to the general good, and redounds to the honor of humanity at large. — Arthur Schopenhauer

There exists a false aristocracy based on family name, property, and inherited wealth. But there likewise exists a true aristocracy based on intelligence, talent and virtue. — Tom Robbins

If you ask me to name the proudest distinction of Americans, I would choose
because it contains all the distinctions of the others
the fact that they were the people who created the phrase "to make money". No other language or nation had ever used these words before; men had always thought of wealth as a static quantity
to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words 'to make money' hold the essence of human morality. — Ayn Rand

I don't like inherited wealth. — Albert Gubay