Sterling Terrell

recovering economist

For All The Wealthy Parents Out There

For All The Wealthy Parents Out There

There seems to be a paradox for all the wealthy parents out there.

And there is no easy solution.

Now don’t get me wrong – there are plenty of moneyless people with no get-up-and-go.

But see if this does not sound familiar.

  1. You start out poor.
  2. As a result, your parent’s give you a relentless work ethic.
  3. You develop a little bit of a chip on your shoulder about it all.
  4. Finally, you make it through school.
  5. You work your face off for 20 years.
  6. One day you turn around and you are wealthy.
  7. And now you have the issue that your children will grow up the opposite of you.

I am not even sure what the best thing to do is.

Stealth wealth?

I am not even sure.

“How does a rich man raise a son who is not a rich man’s son?“

–Rich Cohen, Sweet and Low

Your First Thousand Dollars

Your First Thousand Dollars

Your first thousand dollars is the hardest.

But it’s a start.

And starting is half the battle.

Don’t let the fear of starting hold you back.

Reminds me about how a man becomes a titan.

Just avoid that debt.

And, I mean, who knows what happens after you start: They say the second billion dollars is easier than the first billion, you know.

“There is no greater mistake than when a young man believes he will succeed with borrowed money. Why? Because every man’s experience coincides with that of Mr. Astor, who said, “it was more difficult for him to accumulate his first thousand dollars, than all the succeeding millions that made up his colossal fortune.” Money is good for nothing unless you know the value of it by experience. Give a boy twenty thousand dollars and put him in business, and the chances are that he will lose every dollar of it before he is a year older.”

–P.T. Barnum, The Art Of Money Getting

Sterling Terrell