Inherited wealth is increasingly rivaling earned income in importance, especially in advanced economies. As populations age and accumulated wealth grows, inheritances are becoming larger and more frequent, flowing disproportionately to the already wealthy. This exacerbates inequality, entrenches existing class structures, and potentially undermines the meritocratic ideal of social mobility based on hard work. The article argues that governments need to address this trend through policies like inheritance taxes, not just to raise revenue, but to promote fairness and opportunity across generations.
The author details their initial struggles and eventual success finding freelance clients as a web developer. Leveraging existing connections, they reached out to former colleagues and utilized their alumni network, securing a small project that led to a larger, ongoing contract. Simultaneously, they explored freelance platforms, ultimately finding Upwork ineffective but achieving significant success on a niche platform called Codeable. Focusing on a specific skillset (WordPress) and crafting a strong profile, they quickly gained traction, attracting higher-paying clients and establishing a steady stream of work through consistent proposals and high-quality deliverables. This two-pronged approach of networking and niche platform targeting proved effective in building a sustainable freelance career.
Hacker News users generally found the advice in the linked article to be common sense, with several pointing out that networking and referrals are the most effective methods for freelancers to find clients. Some commenters emphasized the importance of specializing in a niche and building a strong online presence, including a portfolio website. Others shared their own experiences with cold emailing, which had mixed results. One commenter questioned the value of platforms like Upwork and Fiverr, while another suggested focusing on larger companies. The overall sentiment was that the article offered a decent starting point for new freelancers but lacked groundbreaking insights.
Experiencing a layoff profoundly altered the author's perspective on work, shifting it from a source of identity and community to a purely transactional exchange. The emotional impact, including the loss of purpose and social connection, highlighted the precarious nature of employment and the importance of prioritizing personal well-being. This newfound awareness encouraged the author to diversify income streams, detach emotionally from any single job, and focus on building a more resilient and fulfilling life outside of the traditional workplace. The layoff, while initially traumatic, ultimately served as a catalyst for personal growth and a reassessment of values.
HN users largely agreed with the article's premise that layoffs drastically alter one's perspective on work. Several shared personal experiences of diminished loyalty and increased prioritization of work-life balance after being laid off. Some discussed the emotional toll and the feeling of betrayal, leading to a more transactional view of the employer-employee relationship. Others pointed out the positive aspects, such as the impetus to pursue personal projects or find more fulfilling work. A few commenters offered counterpoints, suggesting that company loyalty can still exist and that the impact of a layoff varies greatly depending on individual circumstances and the nature of the layoff. Some argued that the described shift in perspective is a healthy recalibration, recognizing the inherent instability of modern employment.
Delivery drivers, particularly gig workers, are increasingly frustrated and stressed by opaque algorithms dictating their work lives. These algorithms control everything from job assignments and routes to performance metrics and pay, often leading to unpredictable earnings, long hours, and intense pressure. Drivers feel powerless against these systems, unable to understand how they work, challenge unfair decisions, or predict their income, creating a precarious and anxiety-ridden work environment despite the outward flexibility promised by the gig economy. They express a desire for more transparency and control over their working conditions.
HN commenters largely agree that the algorithmic management described in the article is exploitative and dehumanizing. Several point out the lack of transparency and recourse for workers when algorithms make mistakes, leading to unfair penalties or lost income. Some discuss the broader societal implications of this trend, comparing it to other forms of algorithmic control and expressing concerns about the erosion of worker rights. Others offer potential solutions, including unionization, worker cooperatives, and regulations requiring greater transparency and accountability from companies using these systems. A few commenters suggest that the issues described aren't solely due to algorithms, but rather reflect pre-existing problems in the gig economy exacerbated by technology. Finally, some question the article's framing, arguing that the algorithms aren't necessarily "mystifying" but rather deliberately opaque to benefit the companies.
Summary of Comments ( 546 )
https://news.ycombinator.com/item?id=43213143
HN commenters largely agree with the premise that inherited wealth is increasingly important for financial success. Several highlight the difficulty of accumulating wealth through work alone, especially given rising housing costs and stagnant wages. Some discuss the societal implications, expressing concern over decreased social mobility and the potential for inherited wealth to exacerbate inequality. Others offer personal anecdotes illustrating the impact of inheritance, both positive and negative. The role of luck and privilege is a recurring theme, with some arguing that meritocracy is a myth and that inherited advantages play a larger role than often acknowledged. A few commenters point out potential flaws in the Economist's analysis, questioning the data or suggesting alternative interpretations.
The Hacker News post "Inheriting is becoming nearly as important as working" sparked a lively discussion with a variety of perspectives on the increasing role of inheritance in wealth accumulation. Several commenters agreed with the premise, pointing to the rising cost of living, particularly housing, and stagnant wages making it nearly impossible for younger generations to amass wealth at the same rate as their predecessors. They argued that inheritance is becoming a necessary leg up, not just a bonus, for many to achieve financial stability, let alone prosperity. The concept of "unearned wealth" and its societal implications were also debated.
Some users challenged the article's assertions, questioning the methodology and data presented. They argued that the article oversimplified a complex issue and didn't adequately account for factors like differing savings rates, investment strategies, and entrepreneurial endeavors. One commenter suggested that the article focused too much on Western economies and overlooked the global picture.
A significant portion of the discussion revolved around the fairness and ethical implications of inherited wealth. Some commenters advocated for policy changes, such as higher inheritance taxes, to address wealth inequality and promote social mobility. They argued that inherited wealth perpetuates a system where opportunities and outcomes are heavily influenced by family background rather than merit. Others defended inheritance as a legitimate form of intergenerational wealth transfer, emphasizing the importance of family support and the right to bequeath assets to loved ones.
The discussion also touched upon the broader economic and social consequences of rising wealth inequality, including its potential impact on social cohesion, political stability, and economic growth. Several commenters expressed concerns about the long-term effects of a society where inherited wealth plays such a significant role in determining life outcomes.
Finally, a few commenters shared personal anecdotes about their own experiences with inheritance, offering nuanced perspectives on the emotional and financial complexities involved. Some described the relief and opportunities afforded by inheritance, while others reflected on the challenges and responsibilities that come with it.