“Why Do USA Persons Not Consider The Creation of Family Wealth?”

As I sit here, I consider lands that have been developed for hundreds of years, usually by the members of one family. Businesses that have been and are being conducted by members of a family that may have been in this business for generations – and proudly so. I wonder about USA persons and their failure to comprehend that, in the final analysis – family is what continues. And family should be protected from (to as great an extent as possible) the vagaries of fate.

Don’t misunderstand me, please. USA persons do want their families “taken care of” …but, usually, this involves the fantasy of huge amounts of money and no work; a leisure class, pseudo-aristocracy sort of vision. Not a continuing family business, vineyard, hotel, et alia. A more boring existence I cannot envision. The sort of wasted life, failure to develop and use talents sort of …drudgery, not a vision I would wish on an enemy. To be reduced to looking for something to break the boredom. Please, gift me with no such life. But, when you speak to USA persons…this is what they envision for their heirs. The pursuit of that most shallow of things – “Fun”, entertainment.

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From these experiences with USA persons I began to examine the current state of “The American Dream”. It isn’t what it once was – believe me, it is unrecognizable.

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Once this dream was to be free and with the liberty to pursue any occupation or trade you could educate yourself to; to be self-supporting and dependent upon no one else. To generate an economic and social good/service needed and desired by others at a reasonable profit to yourself and pay a reasonable wage to your employees. Even to consider the welfare of your employees as this affected their usefulness to you and to the economy and the country itself. You’ve heard of it – capitalism. Of even greater import was the concern of having your children follow you in the business or profession. This was part and parcel of the “American Dream”. No more!

Now this “dream” has become a nightmare. Instead of investing and growing the family-fortune one consumes it with spending and get-rich-quick-schemes (forgive me, I consider mutual funds in this category – recent history bears me out, eh?). No thought is given to the creation of a family holding and future – only the immediate, short term “profits” that may be expended to prove ones monetary, and therefore social, worth.

Somewhere, somehow USA became convinced that only by spending could the individual prove their worth and position. While some merchants may adore and whole-heartedly endorse this I cannot and you should not. This is called consumerism – as opposed to capitalism. Consumerism leads to bankruptcy, as many have found out, and the absence of any meaningful inheritance for your heirs. The Family starts over, each generation.

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Even when these persons do plan and acquire assets for their families it is not so that their family members may run the company or continue to amass the fortune. It is so that their heirs will not have to work…at anything. Hmmm. Ah well, there is the current “American Dream”.

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However, is this what must be? No! Emphatically no! To overcome this it will be necessary to re-envision the dream. I commend to your attention the fashion of education used in certain European counties. That being the absolute knowledge and requirement that each person will have to work and produce something of value to the society.

In Switzerland and several other European States this is considered the norm and to ignore this in the education of the young would be a disservice. In USA it is not even considered until the child is in “high school”. Too late, imo.

But, education aside – what of the investments made by USA persons? Do they have lasting value? Few, if any do. They are, like the rest of USA economy, transient, temporary vehicles and not meant to be held for any length of time – tax considerations are the primary concern.

In USA houses and apartment buildings are not designed for permanency – only a few decades, at most, as this is the length of time before they will be demolished and something else erected on the site.

Compare this to the German standard: The base line duration that is to be built in to a house or apartment building is two hundred plus years. This is the sort of building in which one may invest. Is it much more expensive? No. Does such a consideration reduce maintenance and up-keep costs? Yes. But, – big but here – but, the depreciation standards and other tax considerations are vastly different in Europe than in USA.

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August 9, 2010

The Best of Uncle Timmie Rudizuli

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