Tuesday, July 14, 2015
sarah
Thursday, July 9, 2015
Wednesday, July 8, 2015
Poker is Good For You by David Sklansky & Alan N. Schoonmaker, Ph.D.
SUMMARY OF POKER'S BENEFITS
Because this essay is so long, you may not want to reprint all of it. We believe that a good summary is simply a list of the headings. Please feel free to reprint as much or as little as you wish.
- Poker Is A Great Teacher.
- Poker Improves Your Study Habits.
- Poker Develops Your Math Skills.
- Poker Develops Your Logical Thinking.
- Poker Develops Your Concentration.
- Poker Develops Your Patience.
- Poker Develops Your Discipline.
- Poker Teaches You To Focus On The Long Term.
- Poker Teaches You That Forgoing A Profit Equals Taking A Loss (And Vice Versa).
- Poker Develops Your Realism.
- Poker Teaches You To Adjust To Changing Situations.
- Poker Teaches You To Adjust To Diverse People.
- Poker Teaches You To Avoid Racial, Sexual And Other Prejudices.
- Poker Teaches You How To Handle Losses.
- Poker Teaches You To Depersonalize Conflict.
- Poker Teaches You How To Plan.
- Poker Teaches You How To Handle Deceptive People.
- Poker Teaches You How To Choose The Best "Game."
- Poker Teaches You The Benefits Of Acting Last.
- Poker Teaches You To Focus On The Important Subjects.
- Poker Teaches You How To Apply Probability Theory.
- Poker Teaches You How To Conduct Risk-Reward Analyses.
- Poker Teaches You To Put Things In Context And Evaluate All Variables.
- Poker Teaches You How To "Get Into People's Heads."
Your salary vs best poker players
How long would it take you to earn The Winnings of the world's Best Poker Players?
Pick a pro, enter your salary and find out how long it will take!
http://www.pokersites.com/salary-vs-pros
As you can see, Poker isn't a card game.
Poker is a Money game played with cards.
More Information On the Top Ten Lifetime Earners
1. Antonio Esfandiari ($26,219,676)
Known as "The Magician" (largely because he once was a professional magician), Antonio Esfandiari has won two World Poker Tour titles and three World Series of Poker Bracelets. His most notable success was winning the 2012 "Big One for One Drop," the $1 million buy-in tournament that earned him $18.3 million – the largest prize in tournament poker history.
2. Phil Ivey ($21,252,120)
Widely regarded as the world's best poker player, Phil Ivey has won nine World Series of Poker bracelets and finished in the top ten of the WSOP Main Event twice. He has also made nine World Poker Tour final tables, including one win in 2008. He is also known for his cash game prowess, including a famous $16 million win over billionaire Andy Beal in heads-up limit hold'em.
3. Daniel Negreanu ($21,250,973)
One of the most popular and successful poker players in the world, Daniel "Kid Poker" Negreanu has six World Series of Poker bracelets and two World Poker Tour championships to his name. The Canadian has also twice won the WSOP Player of the Year award (2004, 2013).
4. Erik Seidel ($20,325,957)
Erik Seidel is a member of the Poker Hall of Fame, with good reason. He's won eight World Series of Poker bracelets, and also finished second in the 1988 Main Event. He has been particularly successful in high roller tournaments in recent years, having won or placed highly in many events with buy-ins of $100,000 or more. He also won the 2011 National Heads-Up Poker Championship, defeating Chris Moneymaker in the final.
5. Sam Trickett ($20,005,248)
While Trickett may not be as well-known as many players on this list, he scored one of the biggest prizes of all time when he finished second to Esfandiari at the 2012 Big One for One Drop, winning over $10.1 million as a result. That was enough to make him the UK's all-time leader in live tournament earnings. Some of his other big wins include the $250,000 Challenge at the 2013 Aussie Millions and the 2011 Partouche Poker Tour Main Event.
6. Phil Hellmuth Jr. ($17,989,589)
Known for his occasional outbursts that have made him a must watch in any televised poker event, Phil Hellmuth is known as "The Poker Brat." But he's also an incredibly skilled player, having won a record 13 World Series of Poker bracelets and the 1989 WSOP Main Event. These achievements – among others – have earned him a spot in the Poker Hall of Fame.
7. John Juanda ($15,436,761)
The winner of five World Series of Poker bracelets, including the 2008 WSOP Europe Main Event, John Juanda has long been one of the most highly-respected players in the world of tournament poker. He won CardPlayer Magazine's Player of the Year award in both 2001 and 2002, and has made an incredible 30 WSOP final tables, along with six more on the World Poker Tour.
8. Michael Mizrachi ($14,563,402)
Michael "The Grinder" Mizrachi has been a constant force on the tournament circuit over the past decade, and has proven time and again that he has the skills to compete with the world's best in any game. He proved this most dramatically by winning the $50,000 buy-in WSOP Players Championship twice (2010, 2012), the only player to accomplish that feat. In total, he has won three WSOP bracelets and two World Poker Tour titles.
9. Jamie Gold ($12,245,468)
Jamie Gold doesn't have many victories on his poker resume, but the one notable one was enough to earn him a place on this list. Gold was the winner of the 2006 World Series of Poker Main Event, taking home a prize of $12 million – at that time, the largest prize ever awarded in tournament poker. While he has not had any major victories since then, that one win ensured his name will always be remembered by poker fans.
10. Jonathan Duhamel ($12,242,517)
Like Gold, Jonathan Duhamel is mostly on this list on the strength of a World Series of Poker Main Event title. Duhamel won the tournament in 2010, winning over $8.9 million and becoming the first Canadian to capture the title. However, Duhamel has a handful of other major cashes to his credit, including a win at a European Poker Tour high roller tournament.
This text was written and originally published in http://www.pokersites.com/salary-vs-pros
Phil Ivey poker book
The analysis of Phil Ivey poker playing style
"I'm a firm believer in learning the game by playing the game."
-- Phil Ivey
Phil Ivey is rightfully considered as the most dangerous, most feared, and the best poker player in the world. Phil Ivey is universally recognized as the absolute best all-around poker player in the world. No Limit Hold'em, Pot Limit Omaha, 7 Card Stud, 2-7 Draw Lowball, mixed games, H.O.R.S.E., ring games, heads-up, cash games, tournaments, online or live... Phil Ivey is a master of all crafts.
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| Phil Ivey has won 10 World Series Of Poker bracelets, 1 World Poker Tour title and appeared at 9 World Poker Tour final tables. |
| Year | Tournament | Prize (US$/A$) |
|---|---|---|
| 2000 | $2,500 Pot Limit Omaha | $195,000 |
| 2002 | $2,500 7 Card Stud Hi/Lo | $118,440 |
| 2002 | $2,000 S.H.O.E. | $107,540 |
| 2002 | $1,500 7 Card Stud | $132,000 |
| 2005 | $5,000 Pot Limit Omaha | $635,603 |
| 2009 | $2,500 No-Limit 2-7 Draw Lowball | $96,367 |
| 2009 | $2,500 Omaha Hi/Lo / 7 Card Stud Hi/Lo | $220,538 |
| 2010 | $3,000 H.O.R.S.E. | $329,840 |
| 2013A | A$2,200 Mixed Event | A$51,840 |
| 2014 | $1,500 Eight Game Mix | $166,986 |
An "A" following a year denotes bracelet(s) won at the World Series of Poker Asia-Pacific
| Year | Tournament | Prize (US$) |
|---|---|---|
| 2008 | $10,000 L.A. Poker Classic | $1,596,100 |
Phil Ivey is also the best Fixed Limit Hold' Em poker player alive.
Further proofs:
- Phil Ivey won $16,600,000 from billionaire banker and heads-up limit hold'em expert Andy Beal in 2006.
- He won over two million dollars from Hoss_TBF, who many pros think is the best FL player.
- After facing Phil Ivey in a serie of FL heads-up matches, the German nosebleed high stakes online Limit Hold'Em specialist 'IHateJuice' Kagome Kagome declared: "Phil Ivey is the final boss in Fixed Limit heads-up"
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| IHateJuice: "Phil Ivey is the final boss in Fixed Limit heads-up" |
So analyzing the playing style of Phil Ivey is a necessity here, on the only serious website entirely dedicated to Heads-Up Fixed Limit Texas Hold' Em Poker.
Here are a few points to resume and explain the poker playing style of Phil Ivey.
Hyper-aggressive maniac
Phil Ivey playing style have been labelled as maniac by poker expert. His style is hyper aggressive.
Some criticizing his HULHE style. Read the following criticisms about his playing style that I've found all over the web:
He makes a big fundamental mistake against them: he reraises quite a lot pre-flop out of position, from the big blind. Since his style is based on continuation bets automatically on the flop and turn, no matter what hits....
The German specialist never reraise the big blind pre-flop and always play position...
But he should practically never reraise against those dudes pre-flop, check the flop automatically, and reraise post flop if he likes the board / his cards, exactly like he plays HU Omaha 8 in the last few days (masterfully I might add). He will also get more value when he hits something. You rarely hit well in HU limit holdem, so it's basically a game of position.
Raising in the big blind with shitty hands like K4, Q9, A6, etc ? it will bring him nowhere, even if usually he has more than 50% pre-flop, never reraise pre-flop out of position... Once he corrects this fault, his edge (over anyone) in feeling strength and weakness and value betting will allow him to beat them more often than not.
That is probably a profitable strategy against most players that are scared to create big pots all the time with marginal hands.
Phil Ivey is $100 Million rich off poker exclusively. So, he must do something good!
I will certainly not criticize the best poker player in the world. Nonetheless. it is always interesting to see what some "experts" have to see about him. By the way, reading their analysis was a good way for me to learn more about Phil Ivey's playing style.
Tilt Control / reverse hit-and-run
A maniac with tilt control. Yes it is highly possible to be an hyper aggressive maniac and have tilt control. Phil Ivey's aggression is , just as any successful aggros. You can't be that successful just by being a raising lunatic.
This may surprise those who do not know it, but Phil Ivey is the king of “stop losses” online. Ivey refuses to play after losing a certain number of buy-ins which can be as low as two. This commitment to only playing when winning is a big part of why Ivey has been the number one earner in online poker history despite playing about 10% as much as players such as Dwan, Galfond, and CTS. Ivey does not succumb to tilt, he merely turns off the computer and comes back at a different time when he is more focused.
When asked about the "hit and run" strategy, Phil Ivey said: The only time I think this strategy makes sense, is in the “reverse hit and run” Phil Ivey frequently used at the super high stakes heads up games at Full Tilt Poker. Whenever he would lose one buy-in, he would immediately sit out and end the session. Whenever he would win, he would keep playing for an entire session unless he ever ended up -1 buy in again. This let him book very large wins, but never large losses. He didn’t always stick to this plan though and I can point out a few obvious faults, but it sounds like a good way to avoid large tilt losses against the best players in the world at the highest stakes.
The important thing to note is Ivey leaves fairly quickly when he is having a losing session. On the other hand, when hes winning, the opponent ends up playing a lot longer. But most impressive thing about Ivey is, not only is he very good, he also has restraint to leave when he is losing. Especially since he has the biggest bankroll and therefore, it would be so much easier for him to continue playing.
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| Zero tilt factor for Ivey |
On the flip side, Phil Ivey will ride out a winning session until he's too exhausted to continue.
Phil Ivey's maxim is that if he's winning he won't leave the table until he has all of the chips or he is too exhausted to play any further.
http://www.pokerlistings.com/strategy/the-poker-lifestyle-will-it-wreck-you
Money / Bankroll
As said on forums, playing any form of heads up against Phil Ivey is suicidal. He is like a casino in that he will never run out of money.
He got the bankroll advantage over everybody.
Phil Ivey earned over $13,800,000 in live tournaments which helped him build his mammoth poker bankroll. Some people have estimated that Phil Ivey is currently worth around 100 million $ with around 25-35 million dollars belonging to his poker bankroll. Phil Ivey have so much money that he once forgot he has 750000 dollars in chips stashed away in a casino. This guy can’t be short of money. $$$$$$$$$$$$$
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| Phil Ivey net worth = 100 Million bucks |
Dedication / obsession = "10,000 hour principle"
Like any highly successful individual, Phil Ivey's success come with a price. Read the following:
Phil first showed interest in poker at 8 years old when his grandfather used to play card games with him. His grandfather would cheat a lot to show the 8 year old Phillip the risks of the game and to discourage him from gambling.
However, it had the opposite effect on Phil Ivey: he got more and more interested in the game of poker, and when he was in his early teens he had already decided that he would become a professional poker player.
He started playing for cash in home games when he was 16. Two years later, despite the fact that he lived outside Atlantic City, he managed to get hold of a fake ID with the name Jerome Graham so that he could play in the casinos in Atlantic City. He was known as 'No Home Jerome' because he was frequently staying there and rarely went out. These were the times when he often lost a lot of money. Eventually, he improved his game and started getting better.
He has been a professional since he was in his early 20's, and won a bracelet in early 20's. So now he's been a pro for over a decade...
Plays at the Bellagio, for up to 24 hours straight, against the world's best players.
On top of that, he says he thinks about the game relentlessly, he thinks about the game before he goes to sleep, and when he wakes up in the morning.
He has always played a very loose style of play, so it gives him a lot of experience, since he knows almost every situation.
He still says that to this day, he is learning a lot about poker, and learned 5 new things during this years wsop main event, that has made him an even better player. He also says he spends time analyzing past hands.
But on top of that, he says that he can think well, and put himself in other people's position well. He knows how to play the situation and the people, and can successfully play a wide range of hands. He can accurately assess what other people are thinking, how they think they way they do, why they think that way etc.
He is an expert at all types of poker, from limit 7-card stud, to no limit holdem, so he certainly brings skills from one form of poker to the other (actually, none of his bracelets are in holdem).
HE said during an interview that he played practically everyday, 12 hrs a day for 5 yrs.
You can resume this point in one sentence.
The "10,000 hour principle" = raw experience and pure volume of play.
The "10,000 hour principle" is explained in the book Outliers by Malcolm Gladwell.
Perseverance
Phil Ivey wasn't always the best player in the world. "The Tiger Wood of Poker" encontered hard beginning. In fact, I know it seem unbelievable but Phil Ivey was a fish in his early poker days in Atlantic City. He says in his interview(s) that he (and later with his wife Luciaetta) was so broke that his electricity was turned off at times because there where months he couldn't pay his bills.
Never forget this word. Perseverance.
Someone (Joey2714) on the twoplustwo forum resumed the greatness and superiority of Ivey in a few words.
Zero tilt factor, incredible concentration and ability to pick up on and relentlessy punish opponents who show weakness.
On the same forum post: ...it's really about skill, with experience, with the ability to play loose aggressive, and be very accurate with his reads and betting patterns recognition. Controlling the situation, and knowing what to do in most situations. Fearlessness, and the willingness to risk his chips on bluffs if he can sense weakness. With all of his knowledge from all forms of poker, he has a lot of knowledge and experience to draw from.
Plus, he's probably very much a natural.
Ivey gets MAXIMUM value out his his hands, and has an extraordinary ablility to put his opponent on a hand. Saving one big bet, or earning one extra big bet.
He seems to be paying attention to everything, absorbing every bit of information that the other players give him.
Once voted "most feared player" by readers of a national poker magazine. The reason Phil Ivey is the scariest poker player in the world is because when he’s reading you, it seems like he’s looking into your soul. Not only is he looking into your soul, but he’s opening it up and observing and calculating every detail. You can’t bluff him or win big pots off him. It’s just not going to happen; he knows what you’re doing.
Why is Phil Ivey so good?
a) strong work ethic and
competitiveness
b) tons of experience (which naturally breeds skill)
c) doesn't tilt
d) doesn't fear losing money
e) his reputation induces fear into weaker players
b) tons of experience (which naturally breeds skill)
c) doesn't tilt
d) doesn't fear losing money
e) his reputation induces fear into weaker players
Some people on online poker forum resumed his style as following.
Phil Ivey's HUHU strategy:
Step 1. Raise preflop in position
Step 2. C-bet on the flop 100%
Step 3. ???????
Step 4. Profit
Phil Ivey's HUHU FL HE strategy:
Step 1. Raise pre-flop in position
Raise pre-flop in the big blind with (1:1)
Ax, Kx, Q3s, Q6, J8, T7s, T9, 98s, 33+
Step 2. Continuation bet on the flop and turn 100% of the time
Step 3. Leaving after losing one buy-in
Keep playing when winning
Why is Phil Ivey so good?
a) hyper aggressive
b) incredible focus and concentration
c) Phil's reads. Uncanny ability to detect and exploit opponents's weaknesses and betting patterns
d) zero tilt factor
e) intimidating and fearsome
f) unlimited bankroll
b) incredible focus and concentration
c) Phil's reads. Uncanny ability to detect and exploit opponents's weaknesses and betting patterns
d) zero tilt factor
e) intimidating and fearsome
f) unlimited bankroll
When you face Phil Ivey in Heads-Up Fixed Limit Hold' Em poker...
You going down!
http://www.thehendonmob.com/poker_tips/dont_read_this_tip
http://www.sitandgoplanet.com/multitable/mtt_strategy/Phil-Iveys-Tournament-Strategy.html
http://forumserver.twoplustwo.com/18/high-stakes-limit/would-phil-ivey-daniel-negreanu-underdog-stars-high-limit-holdem-cash-games-1137529/
http://webcache.googleusercontent.com/search?q=cache:DnaN8Y42Kq8J:www.highstakesdb.com/forum/PrintTopic552973.aspx+&cd=1&hl=en&ct=clnk&gl=ca
http://www.flopturnriver.com/poker-strategy/the-6-000-000-poker-player-19729
http://www.pokertrikz.com/videos/trikkur-19/
http://www.pokerbankrollblog.com/how-did-phil-ivey-build-his-poker-bankroll.htm
http://en.wikipedia.org/wiki/Phil_Ivey
http://forumserver.twoplustwo.com/15/poker-theory/why-phil-ivey-so-good-605849/
http://www.poker-babes.com/bio/phil-ivey/
http://pokerroomreview.com/articles/7271-phil-ivey-king-of-poker/
http://www.pokerlistings.com/poker-hand-of-the-day_the-big-game-phil-ivey
http://www.partypoker.com/blog/featured/top-5-high-stakes-poker-players.html
10000 Hour Rule / Practice makes Perfect
Practice makes Perfect
perfect makes million$
What Is the 10000 Hour Rule?
The 10000 Hour Rule is just that. This is the idea that it takes approximately 10000 hours of deliberate practice to master a skill.
For instance, it would take 10 years of practicing 3 hours a day to become a master in your subject. It would take approximately 5 years of full-time employment to become proficient in your field. Simply work out how many hours you have already achieved and calculate how many more you need to clock up before you reach 10000.
There’s a popular saying that poker is a game that takes a “day to learn, but a lifetime to master.”
Poker is a game that takes minutes to learn and a lifetime to master. The majority of players never make money at any limit.
Every known scientist, sportsman,... has dedicated his life to a certain profession and made it because they did so. I just read Hendrix's biography, the dude was playing guitar instead of going to school all day every day, he was touring USA for 4 years with nothing to eat, he had to pawn his guitar a lot of times so he could have something to eat... and all he wanted was to play the guitar, nothing else. and i think it was Einstein who said it: success is 1% talent and 99% work. so talent doesn't really mean **** if you don't work hard for it.
There are no instant experts in chess—certainly no instant masters or grandmasters. There appears not to be on record any case (including Bobby Fischer) where a person reached grandmaster level with less than about a decade’s intense preoccupation with the game. We would estimate, very roughly, that a master has spent perhaps 10,000 to 50,000 hours staring at chess positions…
No one who can rise before dawn three hundred and sixty days a year fails to make his family rich. -- Chinese Proverb
MODERATION is MEDIOCRITY
EXCESS is EXCELLENCE
Moderation is for losers, quitters, and whiners. Extremity is for winners.
Obsession is the Only Thing That Counts
Extreme and Obsessive Take a step back and put these two things together and ask yourself if you can find a single person who is successful at activity X that does not possess both of these qualities.
Obsession is Not a Bad Word.
Losers will tell you that obsession is a bad thing. You should have balance. That is why they are losers. Consider the average man.
"What it takes to be great" by Geoffrey Colvin
http://www.pokernewsdaily.com/nolan-dalla-on-the-greatest-poker-player-alive-1913/
http://www.pokerlistings.com/strategy/grit-and-the-grind-how-great-players-get-great
http://forumserver.twoplustwo.com/15/poker-theory/why-phil-ivey-so-good-605849/index5.html
http://www.anskypoker.com/2009/08/10000-hours/
http://jeff-vogel.blogspot.ca/2011/10/10000-hour-rule.html
http://forumserver.twoplustwo.com/29/news-views-gossip/10-000-hour-rule-does-apply-poker-how-many-top-players-have-achived-570162/index12.html
http://www.pkr.com/en/community/news-events/outliers-malcolm-gladwell-poker/
http://www.bbc.com/news/magazine-26384712
http://meloramus.hubpages.com/hub/10000-hour-rule
http://www.wisdomgroup.com/blog/10000-hours-of-practice/
http://www.anskypoker.com/2009/08/10000-hours/
http://jeff-vogel.blogspot.ca/2011/10/10000-hour-rule.html
http://forumserver.twoplustwo.com/29/news-views-gossip/10-000-hour-rule-does-apply-poker-how-many-top-players-have-achived-570162/index12.html
http://www.pkr.com/en/community/news-events/outliers-malcolm-gladwell-poker/
http://www.bbc.com/news/magazine-26384712
http://meloramus.hubpages.com/hub/10000-hour-rule
http://www.wisdomgroup.com/blog/10000-hours-of-practice/
http://en.wikipedia.org/wiki/Outliers_(book)
http://bqgbasketball.wordpress.com/2014/01/07/the-10000-hour-rule-to-becoming-an-expert/
http://thewritepractice.com/10000-hour/
http://bqgbasketball.wordpress.com/2014/01/07/the-10000-hour-rule-to-becoming-an-expert/
http://thewritepractice.com/10000-hour/
http://sethgodin.typepad.com/seths_blog/2008/12/10000-hours.html
http://boldanddetermined.com/2011/05/17/over-reliance-on-science-the-value-of-instinct/
http://boldanddetermined.com/2011/11/28/obsession-is-the-only-thing-that-counts/
http://wallstreetplayboys.com/10-ways-to-become-exceptional-starting-now/
http://www.dangerandplay.com/2014/03/27/become-obsessed-point-madness/
http://boldanddetermined.com/2011/05/17/over-reliance-on-science-the-value-of-instinct/
http://boldanddetermined.com/2011/11/28/obsession-is-the-only-thing-that-counts/
http://wallstreetplayboys.com/10-ways-to-become-exceptional-starting-now/
http://www.dangerandplay.com/2014/03/27/become-obsessed-point-madness/
Thursday, July 2, 2015
Trust fund Baby
Being born Millionaire without having to do anything is probably the best life you can get.
Not having to ever worry about Money is one of the best, if not da best, thing in life.
Not having to whoring yourself in a job you hate for a salary is even better.
You should not risk losing Money in businesses just for the sake of saying that you do something. (Like too many rich kids and retired athletes do).
You already have the principal thing in life. Money!
Here is a well-written article "What is a trust fund baby?" that I have borrow from wisegeek.com that explain it all.
Source:
http://www.wisegeek.org/what-is-a-trust-fund-baby.htm
Interesting links:
http://wetpig.com/famous-trust-fund-babies-members-of-the-lucky-sperm-club/
http://www.forbes.com/sites/stevenberglas/2013/01/17/the-pitfalls-and-potentialities-of-belonging-to-the-lucky-sperm-club/
http://www.latimes.com/la-op-frank29jul29-story.html#page=1
http://theweek.com/articles/464130/confessions-trustfund-baby
Not having to ever worry about Money is one of the best, if not da best, thing in life.
Not having to whoring yourself in a job you hate for a salary is even better.
You should not risk losing Money in businesses just for the sake of saying that you do something. (Like too many rich kids and retired athletes do).
You already have the principal thing in life. Money!
Here is a well-written article "What is a trust fund baby?" that I have borrow from wisegeek.com that explain it all.
A trust fund baby is a person who is born to someone with a large amount of Money, who puts considerable assets aside in a trust for the child to access and use later. The phrase, often used with modern socialites, became popular in the 20th century as more American families became wealthy and had children who inherited Money. The connotations of the term are often quite negative, but many individuals who inherit their Money do not fit the general stereotype and work very hard for themselves and others.
Getting Their Start
Parents or legal guardians who have significant wealth usually establish a trust early on for a child using inherited or earned cash, property or other assets. They often can manage the trust themselves if they want, but it's common for them to have someone else take care of it. Usually, in America, the child doesn't get control of the trust until at least age 18, when a person is considered a legal adult in most states. Sometimes, he won't have access until the parent passes away. He often lives at home until that time, or his guardian or parents help pay for his own place to live.
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| Paris Hilton and Nicole Richie are socialite by excellence |
Perception by the Public
People tend to describe trust fund babies as spoiled and lazy. They also typically see them as being out of touch with what most people experience or go through, or as not understanding what helpers do to make them feel better. Another common perception is that they don't have the abilities to handle a job or be independent.
Many individuals look down on these well-to-do kids, thinking that they often spend what they have on tropical estates, lavish living arrangements, countless vehicles or long nights out on the town. Buying friends or time in the spotlight is a routine accusation. At the same time, in some instances, the name attached with the trust fund baby carries with it a level of fame and opportunity for success, as well as a certain degree of respect, awe, resentment and envy.
Given how the public usually sees these children, many people, especially those in urban communities, use the term negatively or as an insult. If a person sees someone else who isn't working but who still has nice things, for example, he might say something like, "He's such as trust fund baby, getting everything he wants." Another example might be someone saying, "Nah, I'm no trust fund baby — I actually have to work for my Money."
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| Dan Bilzerian > $100 Million trust fund baby & full-time Playboy |
Concerns
Even though the goal of nearly every guardian or parent generally is to provide a good life for their child, critics often worry that, by having everything provided for them, trust fund babies do not develop a good work ethic. A related concern is that, because the parents or different trustees usually manage the assets, the children do not become financially literate on their own or really recognize what they have. They say that the assets make the children too egocentric, which can cause them to become rude or inconsiderate to others, even seeing those in lower classes as lesser people.
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| Take this quiz to find out! |
Debunking the Stereotype
Although some trust fund babies do fit the general stereotype, using their Money just to enjoy themselves, travel and be socialites, some use it to pursue serious goals such as starting their own businesses. Others look into going to school — often at an Ivy League college or university — and developing a career of their choice. Many study law or business, as these subjects directly relate to earning, investing and protecting assets. Putting Money toward a cause such as animal rights or feeding the hungry also are ways they use their wealth to contribute positively to society.
The idea that these people are always happy because of their wealth is another myth. Many find their wealth to be alienating, because others can perceive them as superficial simply because of the assets they have. Trust fund babies may become depressed if they believe their relationships aren't very deep, with some even taking measures to hide their financial status so it doesn't cloud what others think and how they interact. They also may question their ultimate purpose, struggling to find their own talents or place in the world.
Parental Role
Much of the stereotyping with these individuals depends on the idea that parents or guardians don't make an effort to teach valuable life lessons. This concept does not always apply. In fact, as of 2013, as many as 75% of millionaires didn't grow up rich, instead working their way to everything they have. Understanding the value of both money and work, many of these wealthy people make a conscious effort to keep their kids from being spoiled. Some, for example, require their kids to get jobs, go to school or contribute in another way before they can get any of the trust assets. It is becoming more common for those with money to leave less of an inheritance to their kids, giving much of it away to charities or scholarship groups so that the children don't become too comfortable.
Source:
http://www.wisegeek.org/what-is-a-trust-fund-baby.htm
Interesting links:
http://wetpig.com/famous-trust-fund-babies-members-of-the-lucky-sperm-club/
http://www.forbes.com/sites/stevenberglas/2013/01/17/the-pitfalls-and-potentialities-of-belonging-to-the-lucky-sperm-club/
http://www.latimes.com/la-op-frank29jul29-story.html#page=1
http://theweek.com/articles/464130/confessions-trustfund-baby
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