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(Slate)   10 filthy rich dads who think their kids should get nothing. Nothing do you hear me? N O T H I N G   (slate.com) divider line 227
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34119 clicks; posted to Main » on 17 Jun 2012 at 6:49 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-17 09:18:34 PM  

gopher321: That's a good mentality to have for your kids, seriously. My Dad isn't filthy rich, but he's well off, "comfortable" you might say. But my parents basically had a saying, "Once you're 19, you're out the door."

I've had to make it on my own unlike a couple of people I've known who have turned out, shall we say, morally weak? They may have had more opportunities handed to them, but as people, they still have expectations that things just should be given to them and don't know how to cope when they aren't.


How's the view up there on your high horse?
 
2012-06-17 09:20:06 PM  

Fissile: Funny how Bill Gates seems to forget that he was raised in a wealthy family and his banker grandpa set him up with a million dollar trust fund when he was born in 1955....worth about 20 million today. How do you think he was able to get Microsoft off the ground..........oh, right all boot strappy.

Despite all the big talk, these kids still benefited from enormous privilege. Just the fact that daddy is a super wealthy, big time player opens doors the rest of us will never be allowed anywhere near.


"A very rich person," he said, "should leave his kids enough to do anything, but not enough to do nothing." Words to live by.

Gate's dad, an incredibly successful attorney, financed most of Microsoft's early years. But Bill still had to run and grow the company. In other words, Bill Sr. did exactly what Buffett suggests. He gave his kids enough to do something, but not enough to do nothing.
 
2012-06-17 09:21:24 PM  

burton160w: She could have gone through her school's financial aid department to rectify this situation and claim that she wasn't a dependent of anyone. It's a sudden wake-up call, but if she's not living at home and truly wanting to pursue a college degree then she needed to accept responsibility.


uh, yeah... nope. That one doesn't work. I left my parents household when I was 13, went to college as an 'adult' student (at 20) and until you are 24, they WILL look at how much your parents make. Mine were never wealty, by any means, but I was doing it on my own. No help from the parents in any regard but the university still took such into account. And no, they did not try to count me as a dependent on their own taxes.

Why the hell are you discussing some hypothetical girl, who went to hs with a Farker and was inadvertently screwed by a financial institution's personal responsibilty, anyways? really?

You must be a blast at parties.
 
2012-06-17 09:22:39 PM  

stiletto_the_wise: sjcousins: You mean like the Bill and Melinda gates foundation? Actually, most of the people on that list are prominent philanthropists.

"Charitable foundations" are basically investment schemes that let people play the stock market tax-free. The Bill and Melinda Gates foundation invests in companies that harm the people who they claim to be trying to help. I bet they live a handsome lifestyle from their "charity" as administrators.


The Gates Foundation is the largest private philanthropic organization on Earth. It's charter stipulates that 50 years after Bill and Mindy leave their mortal coil, the entirety of the foundation's endowment must be disbursed. They specifically set it up to ensure it did not exist in perpetuity, so that it could give away all the cash.

The Gates are the model of how the stinking rich should behave.
 
2012-06-17 09:28:08 PM  

Jarhead_h: [media.tumblr.com image 479x361]


Did you notice the mention of a charitable foundation for pretty much every single one of these guys? That whole "richest person alive" means diddly shiat. The wealthy hide their money through tax exempt foundations and charitys. It's why their taxes are next to nothing, because they don't own anything like money or investments, they just control the charity that does. Articles like this are just public relations bullshiat.


Yeah, because the Gates Foundation is doing nothing today to help eradicate polio, HIV/AIDS, malaria. Do your research.
 
2012-06-17 09:29:30 PM  
Aaaand in other news, 10 filthy rich dads whose kids will make their millions on name alone.

/STFU
 
2012-06-17 09:37:49 PM  

Krieghund: From a different article about Buffet's son, Peter Buffet:

Peter Buffett's financial standing did not come from his father's wealth, nor any hot stock tips from dad. In fact, the younger Buffett has never purchased a share of stock.

He received $90,000 in Berkshire Hathaway stock in 1979


which is now worth $70 million. Damn those Buffett kids are gonna be hurting.
 
2012-06-17 09:38:27 PM  

Jarhead_h: [media.tumblr.com image 479x361]


Did you notice the mention of a charitable foundation for pretty much every single one of these guys? That whole "richest person alive" means diddly shiat. The wealthy hide their money through tax exempt foundations and charitys. It's why their taxes are next to nothing, because they don't own anything like money or investments, they just control the charity that does. Articles like this are just public relations bullshiat.


If you could afford a clue, what would you do with it?
 
2012-06-17 09:41:42 PM  

Your Average Witty Fark User: Aaaand in other news, 10 filthy rich dads whose kids will make their millions on name alone.

/STFU


Yeah that's a good point, how many people would hire you on who your daddy is just to get an in with him.
 
2012-06-17 09:41:59 PM  
Was never that close to my father but even so he was worth a good chunk of change at the time and I stood a good chance to inherit at least half of it. I think it was just prior to 2002 I saw the writing on the wall and suggested he get somewhat conservative with his investments. He told me I was full of shiat. I went conservative and my losses were negligible while he went full blown options..... To this day I am so farking pissed and bitter that he, of all god damn people that I thought wouldn't be stupid enough to do what he did and lose damn near everything, I can't see straight. My salvation was my own instincts at the time. I am by no means a stock market guru, but sometimes you just fell something isn't right and you go with it. Glad I did at the time. He died... I inherited nothing.... but stood on solid ground on my own.
 
2012-06-17 09:46:28 PM  

RedT: I am often FASCINATED by the entitlement attitude most have to their parents' stuff.

My folks worked hard all their lives to leave all this stuff to me me me!

Like, I worked hard being their kid.

Interesting.


I'm going to tell my future children that they should be so lucky if I leave them with anything but enough to pay for any cremation expenses. It's the one thing I can't wrap my head around that my grandparents do. They have enough money to do whatever the hell they want for the rest of their lives and then some (they 75ish), but they pinch pennies like someone living under the poverty line. It drives me nuts and I really just don't get it.

I'm going to travel as much as I can, do whatever makes me happy, and buy a fun as hell car to drive until I need to give up my license. Then, maybe I'll have enough money left to pay someone to drive me around at absurd speeds.

/husband's family is old money
//probably won't be able to get close to blowing it all between the two of us, but whatevs
///family made sure to teach all their kids the value of money and making your own instead of leeching off your relatives
 
2012-06-17 09:50:24 PM  
img29.imageshack.us
Will keep those vultures guessing
 
2012-06-17 09:50:58 PM  
I've only known one filthy rich family in my life and they had 3 kids. They were all approximately my age and their dad was VERY bootstrappy with them. The old man never helped them at all. All of them had doors opened to them because of their lineage & they certainly had an easier time of it than the rest of us because they came from a rich family. NONE of them even tried to be successful at anything & they just waited for the old goat to die. He finally died, and now they're super-rich too. Fark 'em.
 
2012-06-17 10:00:05 PM  

Urinal Cake Mix: RedT: I am often FASCINATED by the entitlement attitude most have to their parents' stuff.

My folks worked hard all their lives to leave all this stuff to me me me!

Like, I worked hard being their kid.

Interesting.

I'm going to tell my future children that they should be so lucky if I leave them with anything but enough to pay for any cremation expenses. It's the one thing I can't wrap my head around that my grandparents do. They have enough money to do whatever the hell they want for the rest of their lives and then some (they 75ish), but they pinch pennies like someone living under the poverty line. It drives me nuts and I really just don't get it.

I'm going to travel as much as I can, do whatever makes me happy, and buy a fun as hell car to drive until I need to give up my license. Then, maybe I'll have enough money left to pay someone to drive me around at absurd speeds.

/husband's family is old money
//probably won't be able to get close to blowing it all between the two of us, but whatevs
///family made sure to teach all their kids the value of money and making your own instead of leeching off your relatives


The 75ish's were born in the 30's. They were born and brought up in the toughest economic time of anyone currently alive. That they "pinch pennies" should not actually be surprising... That's how they were brought up.
You are living in the second worst economic time in the history of everyone currently alive. You might learn something from them. Really.
 
2012-06-17 10:13:21 PM  

James F. Campbell: Any parent who denies their children inheritance shouldn't be entirely shocked if, when they are old and infirm, that child sticks 'em in a low-rent nursing home and lets them die choking on mothballs.


You dummy.

They don't need a nursing home. The reason the kids aren't getting an inheritance is because their rich old parents are too busy getting BJs from Anna Nicole Smith.
 
2012-06-17 10:13:57 PM  

farkityfarker: I wonder what Romney's position on this issue is. Or George W. Bush's. Or John Kerry's wife. etc, etc.


Having a "good work ethic" is a moral imperative for the 99%; for us to ask for anything is "entitlement."

But the children of the 1% won't have to work a day in their lives and there's nothing wrong with that.
 
GBB
2012-06-17 10:19:31 PM  
s3.amazonaws.com

Stop the press! Who is that??

That's Katherine Huftsman.

I must know more about her!

ACCESS DENIED

WTF??
 
2012-06-17 10:23:21 PM  

TV's Vinnie: If only Papa Koch was such a guy. Kind of ironic that the Koch Brothers talk about abolishing entitlements and being all bootstrappy, yet they had their bazillions given to them on a silver platter from the moment they were born.

/NEVER trust anyone who has never spent a single day of their life being hungry.



That's a load of crap. I've never been hungry (thanks to hardworking parents) and my Dad never made more than $50K a year ever in his life. My parents and I and my brothers are highly trustworthy.

If you're trying to make some kind of statement against the rich you should feel free but this is just a dumb statement.
 
2012-06-17 10:28:11 PM  
If my children are competent, they don't need my money. If they're not, leaving them a lot of money is only doing them harm.
~Yu Pengnian


That's more awesome than Batman handing out free tacos. In orbit.
 
2012-06-17 10:29:39 PM  

Heron: It's a commendable philosophy, but the kids of rich folks have a pretty sterling track record of getting their parents' money after those parents die, regardless of what their wills and the like have to say on the matter. Our court system is pretty clearly on the side of any wealthy heirs looking to get their hands on an inheritance, so unless these parents spend it all before they die, I doubt it'll make a difference.


You mean how the hilton money did not go to the charities it was suppose it? That I blame California in general.
 
2012-06-17 10:32:08 PM  
all I hear is "wah how dare people be rich" commie bastards. I want my great great great grandchildren to never have to worry about money. What I hear is a lot of butt hurt.
 
2012-06-17 10:34:33 PM  

farkityfarker: I wonder what Romney's position on this issue is.


Both. Duh.
 
2012-06-17 10:38:42 PM  

indarwinsshadow: So the poor Buffet kid is only left with a meager 7 billion dollars? Why, that's crazy talk. How can anyone live on just 7 billion?


They'll have to settle for a chateau in the NORTH of France.
 
2012-06-17 10:40:03 PM  

steamingpile: sdd2000: farkityfarker: I wonder what Romney's position on this issue is. Or George W. Bush's. Or John Kerry's wife. etc, etc.

Romney's sons have a $100 Million trust fund. Link

No they don't, once they get money they owe taxes then, but way to move the goal posts on deferred taxes.


Yes and it avoids gift tax and the result under current law is that it is taxed as carried interest at 15%. So result is still over $85 Mill net of taxes. Rough life for winning the sperm lottery.
 
2012-06-17 10:42:48 PM  

majestic: Man, if I could only leave my kids $10 million each. I'm sure they would hate me for eternity.


No shiat. "Nothing" to billionaires is enough for a comfortable lifetime for most people.
 
2012-06-17 10:45:58 PM  
So you raise a bunch of asshole kids and we're suppose to be impressed?
 
2012-06-17 10:47:50 PM  

Peter von Nostrand: White people problems


The number 1 from this list would like a word with you... and number 9, 19, 21, 27, 29...
Current President is not exactly poor either.
 
Ehh
2012-06-17 10:49:10 PM  
I scrolled through the slide show until I got to this: "[He] once terminated his daughter's interest in a trust because he caught her smoking. The millionaire author has set up trusts for his children with an array of other stipulations requiring them to demonstrate proper moral fiber (drinking is also frowned upon)."

What a dick.
 
2012-06-17 10:50:45 PM  
The Germans have an interesting take on their estate tax system.

If you die wealthy, the state takes a massive slice of your wealth.

However, if you pass on a company to your children, and that company continues to generate income for a few years after your death, then all the assets in the company aren't taxed at the high estate tax rate.

This is one explanation why the Germans have so many successful mid-to-large family owned companies. And also why the companies are generally well managed: Their wealth is tied to their company, and the incentive is there to ensure that their family's wealth is both productive (i.e., generates income), and is maintained for long-term success.
 
2012-06-17 10:57:46 PM  

GBB: Stop the press! Who is that??

That's Katherine Huftsman.

I must know more about her!

ACCESS DENIED

WTF??



What do you mean, "WTF"? Rich people can make sure Google is scrubbed of any information related to them, of course.
 
2012-06-17 10:58:29 PM  
I don't want a penny of my parent's money. I want them to spend every cent staying alive and relaxed enough to provide me free babysitting.

/Grandparents who can babysit are priceless
 
2012-06-17 10:58:36 PM  

killershark: If you haven't seen it, Born Rich is an interesting look at what happens to these kids when they inherit all this money from generations before. The guy who made it is Jamie Johnson, who is an heir of the Johnson and Johnson fortune. His wiki describes his dad, who also made his fortune simply as an heir, as someone who "reads and paints landscapes" as if that's his job. I don't know -- if I was one of these kids who isn't getting all of daddy's fortune, I would be thankful that my parents are encouraging me to do something more with my life and for society than "read and paint landscapes".


Sounds like the "Third Generation Syndrome" is still going strong, then.

1st generation made the money.
2nd generation remembers the money making process, but isn't really gifted other than having the right surname and connections.
3rd generation grew up rich, have no idea how the business works, and everything falls apart when the company winds up in their hands
 
2012-06-17 11:01:33 PM  

Surpheon: /Grandparents who can babysit are priceless


This.
 
2012-06-17 11:01:35 PM  

ansius: The Germans have an interesting take on their estate tax system.

If you die wealthy, the state takes a massive slice of your wealth.

However, if you pass on a company to your children, and that company continues to generate income for a few years after your death, then all the assets in the company aren't taxed at the high estate tax rate.

This is one explanation why the Germans have so many successful mid-to-large family owned companies. And also why the companies are generally well managed: Their wealth is tied to their company, and the incentive is there to ensure that their family's wealth is both productive (i.e., generates income), and is maintained for long-term success.


============

I think those Krauts haven't learned a thing. Maybe we need to bomb them again.
 
2012-06-17 11:03:25 PM  
List is incomplete without a shout out to Wellinton R. Burt. He died in 1919, worth $40-90 million at the time of his death. In his will he stipulated that none of his money would be distributed to his heirs until 21 years after his last child or grandchild died. His descendants fought the will on several occasions but it was air tight (heir tight?). In May of 2011, 12 of his descendants split nearly $100 million.
 
2012-06-17 11:06:45 PM  

ramblinwreck: There should be a 99% estate tax on people that end up with millions and millions after their parents die. Warren Buffer's quote is correct. They are just part of the "lucky sperm" club. No more American dynasties!


You've got to be the biggest farking moron I've heard from in a long time. Evidently you are such a lazy shiat heel you don't know a single person that owns a small business.

Imagine your family owns a small machine shop or gas station/convenience store. You work after school, summers as you grow up in the business. After college you come back and take a job in the business. Then bam...your parent dies. Now you've lost a parent, the company, your job, and the government takes the business to fund slackers like you that do nothing but sit in their parent's basement, eating cheetos, and jacking off in the recliner to an A&F catalog.
 
2012-06-17 11:08:52 PM  
Too bad Joe Kennedy didn't feel ther same way.
 
2012-06-17 11:19:02 PM  
With the exception of Sellers, ALL of these folks set their children up to one extent or the other.

When they say nothing, they mean millions, but not billions.
 
2012-06-17 11:24:51 PM  

Unshavenhelga: With the exception of Sellers, ALL of these folks set their children up to one extent or the other.

When they say nothing, they mean millions, but not billions.


Not that I have an issue with them doing so, and I don't want to discount the good they have done, but this is true. Buffet, Gates and Lang (the only three on the list I can verify) have provided substantially for their family. Not giving them everything, but more than enough to survive.
 
2012-06-17 11:31:35 PM  

douchebag/hater: TV's Vinnie: If only Papa Koch was such a guy. Kind of ironic that the Koch Brothers talk about abolishing entitlements and being all bootstrappy, yet they had their bazillions given to them on a silver platter from the moment they were born.

/NEVER trust anyone who has never spent a single day of their life being hungry.

Do you include that herd of drunks, rapists, serial womanizners and killers known as the Kennedys in your poorly thought-out comment? How about Bill Gates, who had a $1,000,000 trust fund when he started Microsoft? How about the Weitz brothers, those Left-wing directors whose father got rich in the fashion industry?

Or does your hatred of the rich only include people more conserative than you?

I bet you consider yourself a tolerant human being, too.


Wow. Shill much, Baldrick?
 
2012-06-17 11:31:47 PM  
Oh. How interesting. Really. Tell me more.
 
2012-06-17 11:42:02 PM  
Screw it. What's really sick is when ur friends who came from nothing, and revile the wealthy, marry into wealth to have their golden ticket in life. You'll see em go from human beings into pretentious, elitist snobs in a matter of weeks! At least kids who grow up rich aren't complete hypocrites.
 
2012-06-17 11:53:40 PM  

stiletto_the_wise: GBB: Stop the press! Who is that??

That's Katherine Huftsman.

I must know more about her!

ACCESS DENIED

WTF??


What do you mean, "WTF"? Rich people can make sure Google is scrubbed of any information related to them, of course.


Her name is actually Kathryn Hufschmid. She's married to James Murdoch (son of Fox News's Rupert Murdoch) and she works for the Clinton Climate Initiative; before that she was a model from Oregon.
 
2012-06-18 12:01:56 AM  
Inheritance is my retirement plan.

The folks made money when it was possible for someone who worked hard to do so. Now I work hard to stay in the just pay for the basics, no extra to save for retirement and companies no longer give pensions. My parent's opportunity is going to make it possible for me to not have to work till death.
 
2012-06-18 12:02:03 AM  
You're 'point' was pedantic, cliché, laughably self-congratulatory, and mostly bullshiat (but if not, outrageously judgmental and condescending). I didn't think i needed to comment on it, other than to laugh.
 
2012-06-18 12:03:35 AM  
Now I work hard to stay in the just pay for the basics, = Now I work hard to just stay in the same place - just pay for the basics,

FTFM
 
2012-06-18 12:05:57 AM  

Your Average Witty Fark User: Aaaand in other news, 10 filthy rich dads whose kids will make their millions on name alone.

/STFU


Meh, pretty much. Unless you're the biological son or daughter of a spiteful old rich bastard that disavowed you at the time of your birth, you've some rather large advantages. Growing up comfortably, going to private school, vacationing every year, attending college, networking, job placement, etc. Even if you never see a penny of the estate when your parents pass, it's likely you're already doing better than most people.
 
2012-06-18 12:12:39 AM  

Eponymous: ramblinwreck: There should be a 99% estate tax on people that end up with millions and millions after their parents die. Warren Buffer's quote is correct. They are just part of the "lucky sperm" club. No more American dynasties!

You've got to be the biggest farking moron I've heard from in a long time. Evidently you are such a lazy shiat heel you don't know a single person that owns a small business.

Imagine your family owns a small machine shop or gas station/convenience store. You work after school, summers as you grow up in the business. After college you come back and take a job in the business. Then bam...your parent dies. Now you've lost a parent, the company, your job, and the government takes the business to fund slackers like you that do nothing but sit in their parent's basement, eating cheetos, and jacking off in the recliner to an A&F catalog.


Well your example is a bit extreme, but If you work hard all your life and dont leave the money to your kids your a farking narcissist. The only reason to build a fortune is to protect your family. If you do it for the power or the toys or the 18 year old girls you can rape, you should probably be shot.

The notion that the world will always be the place that the patriarch grew up in and did all right in and therefore all his children should fight the same fight is moronic. We are in a golden age of person wealth creation and we may never see it again once its gone. Build the wealth you can and teach your kids ot manage it wisely.

If you dont think your kids can handle the wealth and therefore you are going to leave it to charity......you are just looking for one more pat on the back from your narcissism before you die. Kind of a last desperate.....REMEMBER ME to all your rich fat cat buddies. AND you are probably a terrible parent.

If you raise your children right and they have half a brain what makes you think they will be any less careful with your legacy than you were in building it?

People who give everything to charity when they die are self centered self congratulatory control freaks. And before I get flamed for saying giving to charity is a bad thing.....what the heck makes you think that your kids wont grown your money to ten times what you leave them and give regular donations to charity? If you were a decent parent then they will already know to do that. If you werent, then you probably owe them the money to keep them from starving in the gutter on the lack of life skills and wisdom.
 
2012-06-18 12:14:24 AM  

AliceBToklasLives: steamingpile: Haters

Resenters, please, not "haters." Unless you are 14.

/I might be ok with "hateration," but it's well past time to retire "haters"


I prefer to think of myself as a member of the haterati,
 
2012-06-18 12:15:51 AM  

TV's Vinnie: douchebag/hater: TV's Vinnie: If only Papa Koch was such a guy. Kind of ironic that the Koch Brothers talk about abolishing entitlements and being all bootstrappy, yet they had their bazillions given to them on a silver platter from the moment they were born.

/NEVER trust anyone who has never spent a single day of their life being hungry.

Do you include that herd of drunks, rapists, serial womanizners and killers known as the Kennedys in your poorly thought-out comment? How about Bill Gates, who had a $1,000,000 trust fund when he started Microsoft? How about the Weitz brothers, those Left-wing directors whose father got rich in the fashion industry?

Or does your hatred of the rich only include people more conserative than you?

I bet you consider yourself a tolerant human being, too.

Wow. Shill much, Baldrick?


Lemme just leave this right here

therealrevo.com
 
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