MemberI’m getting a doctorate in social sciences. The article gets a lot right and the general idea of structural inequality should be discussed more, but it’s not the whole story and this is definitely an oversimplification.
MemberI don’t necessarily agree with everything in the article, but I do not dispute the facts. I’ve read similiar articles on the subject before. Basically, the idea is that the more fiscally responsible your parent(s) are/were, the more likely you will be. Wealth does not automatically equate to fiscal responbility.
My BF’s parents were not well off at all; quite the opposite. He grew up in rural Montana and his dad was the only income. His dad made his $20-25K/year as the town handyman. His parents divorced later, but by the time my BF went to college, his parents had enough money to pay for 90% of his college education. My BF paid off the rest the first year out of college.
On the other hand, I grew up a little better since I lived in the city and had access to more social programs, but my dad was also the only income, and he supported a family of 6 on his $30K/year income. My parents were not good with money, so even with grant and scholarship money, I borrowed $15K to fund my college education. I ended up paying it off in 2 years after college. I also bought my own house, 2 years after that, when I was 25 years old. I saved up every penny I owned to buy my house, with no assistance from my parents. Every bit of finanical sense I have I got from books and Suze Orman (really).
That’s purely ancedotal, but I’ve personally found that, regardess of parental income, it’s the financial values instilled in people as young adults/children that makes them financially successful.
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