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Old money - 6% of US yearly GDP? What's it like to be OM?
Old 04-29-2014, 01:17 PM   #1
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Old money - 6% of US yearly GDP? What's it like to be OM?

I haven't seen "Hi, I am FI at age 21 and I want to RE to enjoy the rest of my life. Seeking advice in this forum for what to do for the next 70 years" post yet. But they must be out there (and in this forum I think) according to Wikipedia on Old Money as whopping 6% of US yearly GDP is expected to be from inheritance. Baby boomers are the richest generation? I don't feel it but it must be pretty close to the truth.


... from wikipedia on Old Money

"Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement."
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Old 04-29-2014, 01:57 PM   #2
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Quote:
Originally Posted by robnplunder View Post
I haven't seen "Hi, I am FI at age 21 and I want to RE to enjoy the rest of my life. Seeking advice in this forum for what to do for the next 70 years" post yet. But they must be out there (and in this forum I think) according to Wikipedia on Old Money as whopping 6% of US yearly GDP is expected to be from inheritance. Baby boomers are the richest generation? I don't feel it but it must be pretty close to the truth.


... from wikipedia on Old Money

"Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement."
This is just bs to stir up class hatred. And it works, unfortunately.
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