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I don’t think anything in the book argues that people, especially young children, should be allowed to starve. There is no discussion of children who, through illness for example, cannot be independent. This does not mean parents can’t give money to their adult children and other heirs: Let them established themselves as competent adults before doing so.Ī few caveats: the book deals mostly with adult children and only with healthy children.
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But subsidizing living expenses (EOC) often leads to dependency, and even drives adult children into situations (like up-scale neighborhoods or private schools for the grandchildren) where they cannot support themselves. Some economic subsidies for children, most commonly for a college education, lead to self-sufficient adults. Millionaires seldom received much “EOC” from their parents. The authors coin the phrase “economic outpatient care” to mean money given to adult children to support their living expenses and consumption. While the book is never political, I could not help but wonder how these studies could help us craft successful social welfare programs.
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What really struck me as I read the book was the insight into raising children.
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The book is based on surveys and face-to-face interviews with over 500 American millionaires. I enjoyed the book and found the authors’ style easily drew me along in my reading. (“The millionaire next door is still alive and kicking even today in this recession.”) Given the current slow recovery from our “Great Recession” and the hollowing out of the middle class, I thought it would be fun to read about how people amass unusual wealth. The Millionaire Next Door is an old book, first published in 1996, with only the preface updated in 2010. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J.