Britain has since gotten more equal. But 5 generations later, those families who were rich in Victorian Britain were still rich in the 2000s!
ЁЯз╡ NEW: How fair is Britain?
Wealthy families are surprisingly good at hanging onto their riches from generation to generation.
Our bank of mum and dad - one of the most generous in Europe - is making things worse... https://t.co/8PVzDjDw7y" target="_blank">@thetimes
https://t.co/8PVzDjDw7y
Britain has since gotten more equal. But 5 generations later, those families who were rich in Victorian Britain were still rich in the 2000s!
In the Nordic countries, where wealth is distributed more evenly, it's harder to predict what you'll earn by looking at your parents
But today, it matters more, even if millennials won't inherit until they're 61.
Young people are much less wealthy than their parents were at the same age..
ЁЯТ░ Final salary pension schemes - many of which are now closed - allowed baby boomers to accumulate huge sums of wealth
ЁЯУИ Stock market performance since the 1980s
This meant they were able to benefit from house price growth for longerтАж
British homes have soared in price more than any other G7 nation, thanks partly to tight planning rules
Most people who do buy in the capital, therefore, are turning to their wealthier parents...
┬г7.4bn a year to property purchases, making it the tenth-largest lender in Britain.
In fact, we are very unusual in our gift-giving: 20% of ЁЯЗмЁЯЗз under-35s have received a substantial gift, vs 2% of those in ЁЯЗ║ЁЯЗ╕
Research from @ThelFS shows that people on higher incomes are much more likely to receive cash from their family
More on what this means in tomorrow's Sunday Times
https://t.co/8PVzDjDw7y
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IтАЩm torn on how to approach the idea of luck. IтАЩm the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
IтАЩve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the personтАЩs part, whereas тАЬsmartтАЭ luck involved awareness followed by action before the circumstances changed.
So, was I тАЬluckyтАЭ to be born when I wasтАФnothing I had any control overтАФand that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write тАЬWhat Works on Wall Street?тАЭ Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
IтАЩve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the personтАЩs part, whereas тАЬsmartтАЭ luck involved awareness followed by action before the circumstances changed.
So, was I тАЬluckyтАЭ to be born when I wasтАФnothing I had any control overтАФand that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write тАЬWhat Works on Wall Street?тАЭ Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
