Hi AJ,
My parents both inherited a wealthy (in loving) family, who gave of their meager income to ensure they both got a COLLEGE DEGREE. With that they did not inherit anything of financial value.
My dad went to Ripon college and worked his way through, it took him 5 years and he participated in ROTC.
Upon graduation he was immediately enlisted. His desire was to be in the US Airforce, as he had obtained a solo pilots license in his college days at the airport where the: eaa.org now takes place. It was about 15 miles from where he grew up.
He flunked out of the Air Force as he was not smooth (as pilots should be). He then became the youngest and longest surviving officer of General Patton's Fifth Infantry Division. After 4.5 years of Army service he was honorably discharged as a Captain with two Purple Hearts and 5 Bronze Stars . That miraculously got him home to marry my mother (who waited for him) and had no job awaiting him upon returning home.
He was worldly and tough.
He accumulated modest middle class wealth, and enjoyed family more than anything after what he had seen in war.
I did inherit half of what my parents left their two children.
I had been financially more successful than my sibling, who had been a scholar and achieved 3 degrees , all with honors, but lacked the passion of business and financial success.
So yes I did inherit 1/2 of the wealth of my parents, which were humble assets long held, but they had both been boosted in value with time, as all real estate assets generally benefit from.
My Dad bought 120 acres for $10.00 an acre in 1955, while having few too many beers playing poker, while visiting my Mom's home.
Fortunately for him, My mother's brother in law was playing cards that night also, and fronted him the money (he didn't have).
My Dad then planted the land into red and white pine trees under the State of Wisconsin "Forrest Crop Law" - it allowed for 10 cents an acre taxation for 50 years. The state extracted a 10 % stumpage, if the "management plan was followed".
They are now stately 80 foot tall trees that per the market whisdom should become 47 and 52 foot utility poles.
Unbelievably the winning loggers bid, will cut the trees into 8 and 10 foot pieces, which will be used to make pallets from a very conservative Amish owned pallet producing company. The value of being conservative!
I was very lucky to have taken care of my mother for her last 10 years, as she lived to be a wonderful old age of 98.5 years - all in great health, with the exception of a hernia that caused her demise in the last 3 months of her long life.
I had at a much earlier time wanted to buy out the half inheritance that my sister inherited, as I was appreciative of the Wisconsin country lifestyle.
My sibling, who had achieved (with honors) degrees in Cornell Utica, NY, Burkely CA, and UCLA Law School. Sadly scholastic achievement did not morph into professional passion for her careers. Educational exceptionalism is a false promise for some. sigh.
So yes I did inherit some nice family long held assets. I had focused on them and wanted them well before they became available - really good luck there to be honest - having parents live long allows accumulation of wealth to purchase them.
I've paid cash for them and not sold them, as I view them as Heirlooms of our family.
So I am a self made man, with a middle class inheritance, that I bought full control of, with long saved cash.
I WAS a recipient of a wealthy family. The wealth was love, direction, and modest support - generous gifts of underwear and shoes for Christmas and Birthdays.
Not to brag but to record the fact for all of my SI friends.
Hope that helps you understand my conservative prejudices and beliefs.
I think Lee and I of very close cloth.
Bob |
