Rich Getting Richer
Jim is a good friend of mine. He is a baby boomer and he is a money manager. He manages rich people’s money and helps them become even richer. From what he tells me, though, there are more wealthy families in the United States that have inherited their fortunes than those that have created fortunes from scratch. He would know — in order to become one of his clients you have to have a net value of at least $1 million. It’s a rather odd thing to consider the bulk of the money making its ways through the market is so-called “old” money.