The millionaire next door

Discussion in 'Economics' started by sle, Dec 5, 2017.

  1. drcha

    drcha

    You don't need to be so modest. You saw the opportunities, got the education, etc. More than a lot of people can do.
     
    #41     Dec 11, 2017
  2. monkeyc

    monkeyc

    I've met many people from poor backgrounds who turned into multi-millionaires, including numerous immigrants who came to the US literally with $0 and unable to speak English. Our family lived below the poverty level for many years before climbing into the middle-class and eventually upper-middle class.

    The only thing keeping poor people from succeeding is their sh---y attitude. Poverty is an excuse that losers use; winners don't make excuses. Each one of those successful people I knew had plenty of excuses to fail if they chose the failure path.
     
    #42     Dec 12, 2017
  3. qlai

    qlai

    I strongly disagree with you. Coming to US with 0 dollars but most likely with family who cares for you and good education, is not the same as trying to get out of the projects. Most "successful" immigrants were either well educated or doing well already in their country of origin.
     
    #43     Dec 12, 2017
  4. Sig

    Sig

    Do me a favor and indulge in a short thought experiment with me. Imagine a kid, one of the hard working driven kids, who grows up in McDowell County, WV. Dad dies of a heroin overdose, mom's an addict, a couple siblings you're de-facto raising, one of whom is frequently in serious trouble. You spend 7 hours a day at your barely functioning high school, then spend another 8 hours at your minimum wage job providing for your family, all the while living under stress levels beyond what you and I see in a lifetime. Between the school quality, time constraints, and sleep deprivation you don't have anything beyond the most basic of education, and you didn't win the genetic lottery for IQ so learning is harder for you to start with. You didn't get to play sports, read any books, browse the internet, teach yourself to code, collect comic books... or engage in intellectual curiosity of any kind. While you speak English, you've got an accent that the rest of the country marks you as ignorant as opposed to someone with, say, an Indian accent.

    How does that compare to your high school experience? I would consider myself the epitome of laziness compared to him, and I'd guess you would have to as well if you were being honest. And yet here I am, all proud of myself from going from lower middle class to 1 percenter because I don't have a shitty attitude like him. Yes, a couple people from McDowell County are going to go from grindingly poor to success, just like a few of the most driven people from India are going to immigrate to the U.S. and be successful against high odds. That kid might be one of them, but he'll have to have far more luck and work 100 times harder than you or I ever did. That in no way means the rest of the desperately poor people in McDowell County or India are only poor because of a shitty attitude. The fact that anyone could think that is in and of itself about the shittiest attitude I can imagine.

    I came from a lower middle class background, and it sound like you did as well. We have NO FUCKING CLUE what it's like to grow up grindingly poor surrounded by grinding poverty, addiction, and hopelessness. The people who succeed coming from that are exceptional, and you and I most probably are not. I'd highly encourage you to spend some time volunteering to work with kids in a place like this. After 6 months, let me know if you still feel that "The only thing keeping poor people from succeeding is their sh---y attitude." Until then, have a little humility and at least try to walk a mile in another man's shoes.
     
    Last edited: Dec 12, 2017
    #44     Dec 12, 2017
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  5. themickey

    themickey

    I can't help but think and believe, if both parents have a loving attitude toward their children the battle is mostly won for the children.
    Notwithstanding, some functionally raised kids will get hooked on drugs or alchohol and spiral out of control.
     
    #45     Dec 12, 2017
  6. drcha

    drcha

    Yes, but how many kids are functionally raised? Child abuse is rampant. Drug use, some psychiatric disorders, reckless behaviors, inability to care for oneself economically and psychologically, and even 'shitty attitudes' are strongly associated with physical, sexual, or psychological abuse and neglect in childhood. In some studies in impoverished parts of the US, 75%+ of adults report maltreatment during childhood (of course, this problem is found in every socioeconomic group). It is hard for people to overcome the stress of what has happened to them enough to see their options and opportunities. It's much easier to repeat what you have witnessed and experienced. We need more public resources for parents and guardians--more recognition of their needs--because among those who do "break the cycle," it's often their concern for their own children that is the significant motivator.

    https://www.ncbi.nlm.nih.gov/pubmed/9635069

    https://www.ncbi.nlm.nih.gov/pubmed/?term=Gen+Hosp+Psychiatry.+2009+Nov-Dec;31(6):505-14

    https://www.ncbi.nlm.nih.gov/pubmed/?term=Am+J+Orthopsychiatry.++1995+Oct;65(4):468-78

    https://www.ncbi.nlm.nih.gov/pubmed/?term=J+Gen+Intern+Med.+2007+Jun;22(6):719-26
     
    #46     Dec 12, 2017
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  7. sle

    sle

    What did you parents do back in the old country? Did you come to this country illegally and had to work menial jobs just to survive? Do you even know what “below poverty level” actually means?

    I have no illusions about my success being mainly attributable to luck. Yes, I came to this country alone and all that, but I was born into an educated family, had the audacity to be born with a reasonable mathematical ability, had fantastic first boss etc. If any of those parameters were missing, I would not be anywhere near my current station in life.
     
    #47     Dec 12, 2017
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  8. Gambit

    Gambit

    TLDR: Poverty sucks. If jobs continue to be outsourced and education costs continue to outstrip inflation, poverty will be inescapable for most.

    It's good to see a little empathy on ET. When I first came to the States, we were classified as poor. Our whole family lived on my mother's salary as a TA. I cannot say that we lived in a ghetto but I got exposed to that world as I went to lower income schools for a good portion of my life. If it wasn't for the exceptional drive and work ethic of my parents, we would not have made it.
    I have no real solution for poverty but I can assure you that it sucks and it is very hard to escape from in this country. If it wasn't for the significantly lower cost of education in the 80s and significantly better job market, my family would not have risen to the upper middle class.
    Education costs need to come down significantly. I applaud schools like Georgia Tech which offers a low cost online comp sci degree or ASU which offers a free MBA. Without these options, many talented people would never have the chance to shine. I myself went to a midpriced state school and debt was never an issue. Those new grads without an anchor of debt are truly blessed in this economy. We're creating a stratified economy of haves and have nots in this country. In one generation, I can see this country becoming exactly like Brazil. Favela dwellers and rich Cariocas living side by side but in entirely different universes.
     
    #48     Dec 12, 2017
  9. Gambit

    Gambit

    Come on man, it is more complicated than that. Attitude is a component but so is opportunity.
     
    #49     Dec 12, 2017
  10. themickey

    themickey

    Yes luck plays a part, also luck in terms of if you were fortunate to have others who were willing to pick you up/push you up and you were willing to accept that assistance.
    Their are instances where people wish to help but are pushed away or cold shouldered by a "I know better, leave me alone to my own devices" attitude.
     
    #50     Dec 12, 2017
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