I want to also bring up one more observation that addresses the psychological aspect that the author addressed when he said elite colleges close doors psychologically, by describing manual work as beneath them. I've gotten to know some people who come from the world of the elites, and I've found it farcical and disturbing how often people do performative bullshit like send their kids to work construction jobs in the summers before college to learn about things like "the meaning of hard work". If I was to send my hypothetical children to work in construction, it'd be to learn construction with the view of deriving real world capitalistic value from it, not as some performative mind-body exercise.
John Adams, one of the Founding Fathers, said:
"I must study politics and war, that our sons may have liberty to study mathematics and philosophy. Our sons ought to study mathematics and philosophy, geography, natural history and naval architecture, navigation, commerce and agriculture in order to give their children a right to study painting, poetry, music, architecture, statuary, tapestry and porcelain."
This quote illustrates to me perfectly why wealth is typically destroyed in 3 generations, or at least why that stereotype exists. The rigor and knowledge disappears as the elites become more concerned with the optics of what they are doing, instead of the actual work at hand. It's precisely why I brought up my lens of being an immigrant. My future kids will probably never have the hunger and edge with which I work, but I hope to distill in them rigor, and hope that they can bring that intensity that I still lack today.