An article written by AEI talks about the likelihood of children out-earning their parent's, particularly wealthy parents, and particularly how this likelihood is declining. I think this statistic is very true. Of course, coming from rich and successful parents does not incline one to have to become another groundbreaking businessman and make millions. Some people desire a more "normal" lifestyle. Yet even with these drawbacks, I still believe there is a problem in our current generation, and I think some of these problems come from the parent's of the kids.
If someone wants to become successful, first they must have a legitimate desire to succeed. And if a kid grows up living a rich lifestyle, his parents always providing for him, etc. why would he have a desire to support himself when he is already being excessively supported by his parents? When my sister was in college, she had many different roommates, and many times she has told me stories of her roommate being someone who doesn't try in school, doesn't work, doesn't even help around the apartment, but still has money for a nice car, nice clothes, etc. As my sister would probably say, they are extremely lazy and rude. But why is this? Because their parents provide everything for them, and when everything is already being provided, why should there be a need to try for anything?
I don't say all this to claim parents are the sole problem of their children not becoming successful, for a parent obviously cannot control the actions that their son or daughter takes, but I think they definitely can influence them. If a parent stops providing every little thing for their child and in turn teaches them the importance of hard work, then I believe that kid will grow up with a better mindset of how to become successful in what he chooses to do. My parents are a little more well off than others, and they definitely could spoil me a lot more than they do, but they choose not to because they know I will become prone to being lazy and it will be harder for me appreciate the value of hard work. So instead, everything I buy always comes from my own money, and in order to do that I've had to get a job and start providing for myself. At times it's a little troublesome but I appreciate my parents forcing me to work hard for what I want because I know it will build important traits for me in the future, and I think all parents should do the same.
