Learn-Earn-Return Lifecycle of Capital

“Davis's financial life had three phases: learn, earn, and return. The learn phase lasted into his early forties, and the earn phase stretched from his forties into his late seventies. At that point, he tackled the return phase, turning his attention to the lucky would-be recipients of the money he'd hoarded and tended so devotedly.”

“Where is the incentive if children and grandchildren start out with a trust fund which guarantees they never had to work? [He refused to condemn his offspring to a "life of ease" because] from my own experience and that of trust fund friends, I know such hapless (not lucky) recipients often if not usually become the victims of society, in the care of psychologists, psychiatrists and others. I believe in providing a "safety net" in case of emergency but, predominantly, I believe in the incentive to excel ... and contribute to the common good.”