[nugget]

> Frivolous consumption, which certainly can affect persons of any financial upbringing, is unlikely to have any material impact on those who simply inherit money and do nothing else of value to society.

It's just a function of the numbers, isn't it?

A trust fund has $1 million in assets, 1% fees, and beneficiary withdraws $50k (5%) per year. Based on the historical data at firecalc.com, within 30 years, there's a 50% chance the fund has hit $0.

Just in fairness to the non-idiots who depleted their low single digit million trust funds, it's been much more the rule than the exception.

[marnett]

So they might have to go work for Goldman Sachs for a few years after graduating from Wharton, but that's not too big a burden in order to avoid bankruptcy.