Abigail Disney is the daughter of Patricia Ann and Roy E. Disney and granddaughter of Roy O. Disney, co-founder of The Walt Disney Company with her great-uncle Walt.
At the age of 21, she came into considerable wealth and at 60, has a net worth of around $120 million. According to Business Insider, she has given away approximately $70 million of her personal fortune over the past 30 years.
Abigail is a documentary filmmaker, peace advocate, and host of the podcast "All Ears." She has used her status to bring attention to the excesses of the super-rich and called for reforms to address income inequality.
She is part of The Patriotic Millionaires, a group of wealthy people who support hiking taxes on the rich.
In a new op-ed published in The Atlantic, she discusses the rules that the super-rich and their heirs live by to hold onto the "dynastic wealth." The article was a reaction to a recent ProPublica article that revealed how little America's top 25 wealthiest pay in taxes.
Here are the five secrets Disney says the super-wealthy pass down through the generations to hold on to their wealth.
1. The common ideology
"One factor is the common ideology that underlies all of these practices: The government is bad and cannot be trusted with money. Far better for the wealthy to keep as much of it as possible for themselves and use (a fraction of) it to do benevolent things through philanthropy." — Abigail DisneyAbigail Disney
I wonder whether this philosophy comes from a realistic criticism of the excesses of government or a selfish desire to hold on to every last penny?
2. Never spend the corpus
"When you come into money as I did—young, scared, and not very savvy about the world—you are taught certain precepts as though they are gospel: Never spend the 'corpus' (also known as the capital) you were left. Steward your assets to leave even more to your children, and then teach them to do the same."— Abigail Disney
The corpus is the principal or property handed down through an estate or trust. Say you inherited $10 million, to live by this philosophy, you would live off the investment income produced by the original amount but never dip into the original inherited sum.
According to the philosophy, ideally one would grow the corpus and then hand down even more than they originally inherited, to their children.
via US Naval War College / Flickr
3. Keep it away from the government
"Use every tool at your disposal within the law, especially through estate planning, to keep as much of that money as possible out of the hands of government bureaucrats who will only misuse it." — Abigail Disney
In the article, she also discusses the large loopholes in tax law that allow the super-rich to easily avoid paying taxes are so commonly used among the upper 1% that it's astonishing they're legal.
4. Philanthropy
"If you are raised in a deeply conservative family like my own, you are taught some extra bits of doctrine: Philanthropy is good, but too much of it is unseemly and performative."— Abigail Disney
This advice falls apart pretty quickly when one realizes that people can give money away anonymously so that it doesn't appear "performative" or "unseemly."
5. Marriage
"Marry people 'of your own class' to save yourself from the complexity and conflict that come with a broad gulf in income, assets, and, therefore, power." — Abigail Disney
This advice is fine unless you happen to believe that marriage should be based on love, not the cultivation of power or wealth.
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12 non-threatening leadership strategies for women
We mustn't hurt a man's feelings.
Men and the feels.
Note: This an excerpt is from Sarah Cooper's book, How to Be Successful Without Hurting Men's Feelings.
In this fast-paced business world, female leaders need to make sure they're not perceived as pushy, aggressive, or competent.
One way to do that is to alter your leadership style to account for the fragile male ego.
Should men accept powerful women and not feel threatened by them? Yes. Is that asking too much?
IS IT?
Sorry, I didn't mean to get aggressive there. Anyhoo, here are twelve non-threatening leadership strategies for women.
Encourage.
With permission from Sarah Cooper.
When setting a deadline, ask your coworker what he thinks of doing something, instead of just asking him to get it done. This makes him feel less like you're telling him what to do and more like you care about his opinions.
Sharing ideas.
With permission from Sarah Cooper.
When sharing your ideas, overconfidence is a killer. You don't want your male coworkers to think you're getting all uppity. Instead, downplay your ideas as just "thinking out loud," "throwing something out there," or sharing something "dumb," "random," or "crazy."
Email requests.
With permission from Sarah Cooper.
Pepper your emails with exclamation marks and emojis so you don't come across as too clear or direct. Your lack of efficient communication will make you seem more approachable.
Idea sharing.
With permission from Sarah Cooper.
If a male coworker steals your idea in a meeting, thank him for it. Give him kudos for how he explained your idea so clearly. And let's face it, no one might've ever heard it if he hadn't repeated it.
Sexism.
With permission from Sarah Cooper.
When you hear a sexist comment, the awkward laugh is key. Practice your awkward laugh at home, with your friends and family, and in the mirror. Make sure you sound truly delighted even as your soul is dying inside.
Mansplain.
With permission from Sarah Cooper.
Men love explaining things. But when he's explaining something and you already know that, it might be tempting to say, "I already know that." Instead, have him explain it to you over and over again. It will make him feel useful and will give you some time to think about how to avoid him in the future.
Mistakes.
With permission from Sarah Cooper.
Pointing out a mistake is always risky so it's important to always apologize for noticing the mistake and then make sure that no one thinks you're too sure about it. People will appreciate your "hey what do I know?!" sensibilities.
Promotions.
With permission from Sarah Cooper.
Asking your manager for a promotion could make you seem power- hungry, opportunistic, and transparent. Instead, ask a male coworker to vouch for you. Have your coworker tell your manager you'd be great for the role even though you don't really want it. This will make you more likely to actually get that promotion.
Rude.
With permission from Sarah Cooper.
Sometimes not everyone is properly introduced at the start of a meeting. Don't take it personally even if it happens to you all the time, and certainly don't stop the meeting from moving forward to introduce yourself. Sending a quick note afterward is the best way to introduce yourself without seeming too self-important.
Interruptions.
With permission from Sarah Cooper.
When you get interrupted, you might be tempted to just continue talking or even ask if you can finish what you were saying. This is treacherous territory. Instead, simply stop talking. The path of least resistance is silence.
Collaboration.
With permission from Sarah Cooper.
When collaborating with a man, type using only one finger. Skill and speed are very off-putting.
Disagreements.
With permission from Sarah Cooper.
When all else fails, wear a mustache so everyone sees you as more man-like. This will cancel out any need to change your leadership style. In fact, you may even get a quick promotion!
In conclusion...
With permission from Sarah Cooper.
Many women have discovered the secret power of non-threatening leadership. We call it a "secret power" because no one else actually knows about it. We keep our power hidden within ourselves so that it doesn't frighten and intimidate others. That's what makes us the true unsung heroes of the corporate world.
About the Author: Sarah Cooper
Sarah Cooper is a writer, comedian, and author of 100 Tricks to Appear Smart in Meetings. Her new book, How to Be Successful Without Hurting Men's Feelings, is out now.
The comedic book cover.
With permission from Sarah Cooper.
A satirical take on what it's like to be a woman in the workplace, Cooper draws from her experience as a former executive in the world of tech (she's a former Googler and Yahooer). You can get the book here.
This article was originally published on March 25, 2019.