That was a brief conversation.
There's a reason that wealth doesn't last multiple generations in the US.
That's nice, but let's look at how Buffet behaves.
(1) He's set up his estate so it won't be taxed.
(2) He sells insurance to pay estate tax bills. Yes, he profits from the estate tax.
That's now. If he fails, do you really think that the foundation won't take care of him?
FWIW, it's interesting to me that no one commented on how Buffet makes money from the estate tax via his insurance biz. He sells a line of products that only make sense if the estate tax exists.
In most cases, folks would say "look what we found when we followed the money". Why is Buffet and the estate tax different?
Even for the motivated, having some dollars decreases urgency significantly; you shift from short-term thinking to long-term thinking. Having the right balance is necessary (you need a little vision into the distance) but it's surprisingly destructive to have the wrong mix.
Wow, what a terrible, terrible idea.
Sure the increased number of unemployed contributes to the increased level of startup, but that might not be all the reason.
Why are there so many 35-44 starting their own business? Not because the majority got laid off, but rather they lost the trust to corporate and know major changes will come. Too many have seen with downturns what can and often will happen to people with advanced age level.
If you fall into that position you have some serious problem, because the severance package for 10,15, 20 or more years of service is not a real help. It helps out a couple of months, but than what. What do you have? I am one of early 40 pool and decided not to wait, but rather take action.
It's better than being unemployed, but may still "count against" people in the future. (Note that this does not mean I agree with such assessments, and also note that there is a difference between a startup and hand-to-mouth freelancing.)
EDIT: The second paragraph previously just said "It's better than being unemployed, but not all that much." Replaced with the above.
I think one of the great things about programming is that there is always a way to make a living. Can always start a startup or freelance.
But that is not what this article is about. Most the entrepreneurs they are talking about are not startup founders in the sense you mean. They are not trying to build the next big thing. They are instead working as individual contractors at poor pay (compared to what they had before at least) soley because they cannot get full time work.
While I do not necessarily think this should be held against them, especially not with the way the global economy has been lately, this is still a very different situation than being a startup founder trying to build something brand new.
Non aff link to the book (I really enjoyed it for it's real world stats on running a company and what it means for me): http://www.amazon.com/Illusions-Entrepreneurship-Costly-Entr...
This may be the reason why Americans are heading towards "self-employment". Freedom is priceless.