I'm not covering all the exceptions, because exceptions = exceptions.
But even for wealthy people, stupid financial decisions will sink their ship. Mike Tyson won $300 million (a third of a billion dollars) and blew it all. Johnny Depp made $500 million (half a billion) and almost went broke with profligate spending and poor financial decisions.
There's a well-known saying - Poor to rich to poor in 3 generations. This means someone comes to America without a penny and they put their kid through school and that child makes hundreds of millions, but that child's child grows up with no respect for money and is fritters it away, and they end up poor.
This is why people who win the lottery or pro athletes go broke after 3 years of winning the lottery or out of the sport - they blow money.
Saying something like "Maybe they have a rich dad who will die soon and cover all their debts" shows a complete and total lack of respect for money. Anyone who thinks this way has a great chance of blowing all the money, unless they change their thinking. Why would making crappy financial decisions just because you have a rich dad make any sort of logic at all? It makes no sense. Why would one make poor financial decisions, just because they are going to come into some money? All it means is that this same person is going to continue to make poor decisions when their rich dad dies, run out of money and then complain about it when they are broke. Happens all the time.
Inheritance is not an exception. Quick Bing search shows that "68% of millennials expect an inheritance". So that might be the reason behind their behavior that you are not aware of.
Your comment blew my mind, and I just realized something. Thank you.
If 68% of the millennials expect an inheritance, how much do they expect to get? Are they making their financial decision based on getting mom and dad's house? Have they considered that this house might be used to pay for mom's and dad's care in their last years? Did they think about the fact that they might get the money only once they at 40 or 50 year's old? What if they end up with $2300 and a dinnerware set after a lifetime of poor financial decisions--I imagine most inheritances are not 7 figure affairs.
Don't think anyone really makes cold calculations decades ahead, it's just some warm fuzzy feeling in the back of their minds that mommy and daddy will eventually straight the things up, as they always did)
But even for wealthy people, stupid financial decisions will sink their ship. Mike Tyson won $300 million (a third of a billion dollars) and blew it all. Johnny Depp made $500 million (half a billion) and almost went broke with profligate spending and poor financial decisions.
There's a well-known saying - Poor to rich to poor in 3 generations. This means someone comes to America without a penny and they put their kid through school and that child makes hundreds of millions, but that child's child grows up with no respect for money and is fritters it away, and they end up poor.
This is why people who win the lottery or pro athletes go broke after 3 years of winning the lottery or out of the sport - they blow money.
Saying something like "Maybe they have a rich dad who will die soon and cover all their debts" shows a complete and total lack of respect for money. Anyone who thinks this way has a great chance of blowing all the money, unless they change their thinking. Why would making crappy financial decisions just because you have a rich dad make any sort of logic at all? It makes no sense. Why would one make poor financial decisions, just because they are going to come into some money? All it means is that this same person is going to continue to make poor decisions when their rich dad dies, run out of money and then complain about it when they are broke. Happens all the time.