Post # 46
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
- 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 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.