tag:blogger.com,1999:blog-5465015914589377788.post4613005832709311102..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Survival of Wealth Across GenerationsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5465015914589377788.post-90116321621058011152008-07-23T15:39:00.000-04:002008-07-23T15:39:00.000-04:00CC: That's a good point about estate tax, or "deat...CC: That's a good point about estate tax, or "death tax" as some call it.<BR/><BR/>Richard: A generation should be long enough to double an inheritance, and a few will do it, but most won't. I'm afraid that I don't have any great insight into how to stop people from being wasteful with unearned money. I've tried to teach my sons by having them earn their own money. This seems to be a lesson, like many, that has to be learned the hard way.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-17247149675950660452008-07-23T15:06:00.000-04:002008-07-23T15:06:00.000-04:00On the other hand, a generation - 20-30 years? - i...On the other hand, a generation - 20-30 years? - is more than enough time to double the amount of money with ordinary investments (depending on how much is used up of course). But few people really plan their finances for 100-500 years.<BR/><BR/>This is something that interests me - a lot of finance bloggers talk about investments that could leave them with much more money than they need in their lifetime, but they don't really talk about how to invest it and manage the spending to help their family. The "unearned money" effect has to be a big concern but there's not much discussion about how to fight it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-30964934450169371662008-07-23T13:11:00.000-04:002008-07-23T13:11:00.000-04:00I'm not exactly sure how estate taxes work (in pla...I'm not exactly sure how estate taxes work (in places like the US) but in addition to the dilution over generations you point out, if a portion of the inheritance is lost to taxes in every generation, a fortune can dwindle pretty fast.Anonymousnoreply@blogger.com