And the great grand children don't get to study because they have to get a job right away. After a few generations they finally save up enough that some kid can can study "Mathematicks and Philosophy, Geography, natural History, Naval Architecture, navigation, Commerce and Agriculture" and the cycle repeats.

Nothing wrong with the arts, but the fact is very few can support a reasonable lifestyle on it. By burning the inheritance you can produce art but nothing remains for your children. Study art by all means, but make sure you have something to support yourself on without burning up the hard work of your ancestors first.