(Closed) Millennials who are thriving financially have one thing in common….agree?

posted 4 years ago in The Lounge
  • poll: Do you agree with the sentiment of the article?
    Yes, it's dead on! : (42 votes)
    26 %
    Eh, for the most part, the article is right. : (68 votes)
    41 %
    No, it is oversimplifying the situation. : (54 votes)
    33 %
  • Post # 46
    Member
    1587 posts
    Bumble bee
    • Wedding: October 2016

    I’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.

    Post # 47
    Member
    110 posts
    Blushing bee
    • Wedding: MGM Grand Skyline Terrace

    I 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 Boyfriend or Best Friend went to college, his parents had enough money to pay for 90% of his college education. My Boyfriend or Best Friend 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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