Natural Wine, Inherited Money, and the Delusions of the “Future-Rich Millennial”

Re:Natural Wine, Inherited Money, and the Delusions of the “... by kens on Thursday April 14, 2022 @01:54PM (#31030608)

I'm sympathetic to the article, but the author is painfully confused about "the rich", lumping everyone with more money than her into the same category. For instance, she mentions "1 percent—the Trumps and the Murdochs, the very, very rich." No, most of the 1% is a completely different world from the Murdochs, over three orders of magnitude away from the very rich and much closer to the middle class.

"What about the, say 19 percent of Americans in the upper-class income tier": who seriously thinks that 19% of Americans are upper-class? She's confusing the upper quintile with upper class.

"The world’s future landlords, multinational business owners, CEOs and media executives": one category here isn't like the others. Landlords (of which there are 8 million in the US) really have nothing in common with multinational business owners.

[ Parent | on HN ]

Re:Natural Wine, Inherited Money, and the Delusions of the “... by ineptech on Thursday April 14, 2022 @03:01PM (#31031705)

Thank you, I had the same reaction - there's a nugget of truth here, but the article can't find it due to the author's innumeracy. In my experience, the typical aging parent who has some-but-not-a-ton of assets (a house, some stock, maybe a small rental property) considers that money to be their retirement fund, and intends to spend most of it.

[ Parent | on HN ]