I have met many people who have done quite well in life, but despite having well off parents who made the journey easier, will tell you that they are a totally self-made success. People never see the advantages that they have. They only see the disadvantages.
It is not true at all. First, rich or wealthy means the total networth. A lot of most of the wealthy people assets are financial assets. A couple who has a networth of $5MM may have a $1MM house, $200,000 personal assets like cars, boats etc. And the rest in 401K and liquid asset. Inflation actually hurts both financial assets and real estate. Rich people get hurt when stock market drops and housing market tanks. Now the 30-year fix mortgage rate is 4%, much higher than the 3% we had just month ago. Sure when inflation is 4% and your boat and piano increase value by 2%, you are still worse off. Do not understand how people would have comments like the above....
I wonder how much weight that study put into the stability of the family. Like two parents versus a single parent.
sure buddy...the S&P500 has been tanking since they've had the printers rolling 24/7 x1000 SPY is @ $435 currently and was ~$337 pre covid crash. It isn't inflation that hurts the markets, its a rise in interest rates that follows.
yes, the races with the highest # of single parents also have the highest poverty % (Native Americans and African Americans).
Can you tell me how the riches benefit from holding debts during inflation? They still paying $2,000 mortgage and house price starts to fall.
Certainly it is the inflation that hurts the market. If you follow corporate earnings, you'll heard a lot of the CEOs complained about supply chains and inflation for their lower earnings. Market foolishly believe Fed can fix the inflation by raising interest rate. This is a mirage. They need to fix the root causes.