Is Being Born Into A Rich Family A Boon

What are some of the downsides of being born into a rich family?

When I was a child, we were a middle class family and not at all rich. However, an employer gave my father a gift of a building lot. Some years later, when he could afford it, he built a house on that lot, and I grew up surrounded by many wealthy neighbors. Henry Kaiser lived up the street, as did Dr. Pauling (that’s Linus Pauling). The governor lived down the street.As a child, I knew no difference between myself and the other kids. We were all friends, and I am friends with them to this day.There was one downside to growing up rich, it seems to me. None of us ever really knew hunger and hard times. We did not understand the grinding reality of poverty and its erosion of opportunity — and how that affects so many of our neighbors and fellow citizens.For a number of reasons, not important here, I took up the trade of carpentry, and I worked in the trades for many years. As a working man, and an enlisted man in the Vietnam war, I saw things that I never saw as a child. I saw children living lives of danger and privation, as I had never experienced. I saw young men and women in the military, because it gave them things they never had — 3 meals a day, a clean bed to sleep in, an education, a trade, and most importantly purpose and respect. Those were all things that were mine from the beginning.IMHO, those are important things for a person to know, but growing up among the rich, I did not know those things until I was an adult. I count myself fortunate to have learned those lessons. I think that some rich people never do, and it affects the way they live and treat others.

If you are born into a rich family, are you more likely to be rich in the future?

This is essentially the concept of social mobilitySocial mobility is the movement of individuals, families, households, or other categories of people within or between social strata in a society. It is a change in social status relative to others' social location within a given society.The short answer is "Yes, you are". People who are born rich are more likely to be rich themselves than people who are born poor.The longer answer is that it depends somewhat on where in the world you're born. And ironically, given that the US prides itself on the "American Dream" where anyone can achieve prosperity and success, the US is just about the worst developed country in the world for social mobility.So if you're born rich in the US the odds are very much in your favour. If you're born poor the odds are dead set against you.In Scandinavia this is much less the case. Scandinavia has a much lower income inequality, and much higher social mobility. It's a lot tougher to be fabulously wealthy in Scandinavia than it is in the US, but at least your wealth isn't determined by who your parents are.

What's the probability of being born into a rich family?

Thank you for the A2A, although it’s largely impossible to answer this with any degree of accuracy.Lets assume that there are exactly 7 billion people on the planet (a fair assumption)Lets also assume that 84 million people were born in 2015 (WorldoMeters estimate)Finally, lets assume that by wealthy you mean the top 0.1%So there are 7 million people in the top 0.1% and because rich generally marries rich there are fewer than 7 million really wealthy families.Thereafter you have to consider that wealthier people (self made) tend to be older and so less prone to have children (do you want to take the risk of being born in the middle class with only a chance of your family becoming really wealthy?).It’s also necessary to consider that most children are born in developing countries; westerners are having fewer and fewer children.Obviously this is just a single year snapshot but I would estimate the chance at less than 0.1%.If you really want a more accurate answer you could go through the Forbes billionaire list and count the number of children, the years born (from and to), the total number of children born in between those years, the average population and then run the figures.The probability of anyone ‘winning the ovarian lottery’ is very remote indeed.

Do you curse your luck for having born in a middle class family?

Ya it is a big curse to be born in a poor or in a middle class family and i also blame my parents for it for not fulfilling my dreams and my expenses. I wished many things in my life but due to my middle income couldnt get much things in my life but i did get some things on my stubborn behavior because i used to be jealous on seing my other friends having many things as their parents provide them. Until and Unless you are born into a wealthy family life is seriously going be hellbent for you and for your family who cannot afford much expenditure.Sometimes our luck is not into our hands.If you really need to be born rich then be born in your next life in a rich western affulent country where there is no corruption and also middle class upper class and lower class can survive comfortably.