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86% of millionaires are self-made. Stop discouraging people by pushing defeatist philosophies.
What is a millionaire, exactly?
If I have assets over 1,000,000, am I now a millionaire?
If that's the case, my parents are millionaires simply because they had the good sense to buy a few houses back in the 60's and 70's that went from being worth 10,000 dollars to 700,000 dollars.
However, when I think millionaire, I think it's more than just an older person who over their lifetime managed to accumulate assets that are worth a few million.
If I have assets over 1,000,000, am I now a millionaire?
If that's the case, my parents are millionaires simply because they had the good sense to buy a few houses back in the 60's and 70's that went from being worth 10,000 dollars to 700,000 dollars.
However, when I think millionaire, I think it's more than just an older person who over their lifetime managed to accumulate assets that are worth a few million.
$1,000,000 in assets is termed a millionaire. That is why I followed up with some statistics on the top 1% as well
- 67% grew up in a middle class or poorer household.
- 85% made their wealth in their lifetime.
- 76% describe themselves as “Middle Class” at heart.
- 3% is the sum total of their assets that they inherited.
The NY Times was very deceptive in what it defined an "socioeconomic advantage". You yourself said that the top 1% work longer hours and take more risks (are self employed) in the workplace than any other group. Why on earth would you read that and tell someone it is all in the cards simply because a person wasn't born to a wealthy family. How can you read what you posted and not immediatley encourage people to study more, work harder and take more risks on the job?
What about your attitude does anything to help someone better themselves and their situation?
After further research, I admit I may have overstated the case.
But I still firmly believe that those who grow up with advantages are much more likely to become wealthy.
My original point was actually that there are Art History majors on there because they were born into wealthy families or went to top schools. So, they'd be able to get into top business and law schools no matter what they majored in.
$1,000,000 in assets is termed a millionaire. That is why I followed up with some statistics on the top 1% as well
Fair enough - although, that doesn't mean that wealth isn't still disproportionately distributed... Since it may just mean that rather than many people being well off, only a few people are really well off.
After further research, I admit I may have overstated the case.
But I still firmly believe that those who grow up with advantages are much more likely to become wealthy.
My original point was actually that there are Art History majors on there because they were born into wealthy families or went to top schools. So, they'd be able to get into top business and law schools no matter what they majored in.
Where did you find those details? A link would be meaningful.
If you look at the list of majors, pretty much all of them are feeders to medicine, law, or business.
The Art History thing doesn't surprise me at all. What kind of schools offer Art History as a major? What kind of students major in something as impractical as Art History?
All of the Art History majors I know have three things in common: they came from a well off background, went to elite schools, and later attended a top MBA or law program.
After further research, I admit I may have overstated the case.
But I still firmly believe that those who grow up with advantages are much more likely to become wealthy.
My original point was actually that there are Art History majors on there because they were born into wealthy families or went to top schools. So, they'd be able to get into top business and law schools no matter what they majored in.
I don't disagree, but we all can agree that life isn't fair. Some people are able to coast through life, but that doesn't mean we shouldn't encourage everyone to work as hard as they can to get ahead. Also as a side note, I went to a top ranked business school for my MBA and family connections don't mean anything. They only consider test scores, accomplishments to date and personality in interviews.
I don't disagree, but we all can agree that life isn't fair. Some people are able to coast through life, but that doesn't mean we shouldn't encourage everyone to work as hard as they can to get ahead. Also as a side note, I went to a top ranked business school for my MBA and family connections don't mean anything. They only consider test scores, accomplishments to date and personality in interviews.
Who said anything about discouraging anybody to work hard?
I'm in my 30s. I know how hard you have to work just to put friggin food on the table and make sure that I might have a steady, non-dispensable job when I'm in my 50s, let alone pipe dreams of being in the 1%...
You really think people who grow up in extreme poverty can easily make it into the 1% if they 'work hard'?
On the one hand, no. Studies have already been down about the myth of upward mobility here in America. Some people born, live, and die in the same socioeconomic bracket.
On the other hand, in some fields, you're far more likely to "luck" into this bracket than others. For example, English Language & Literature is at the bottom of that list and according to that list 3.8% of the top 1% majored in this. This isn't surprising in that while the best chemical engineer may have a high salary, it's kind of capped. Compare the earnings of a top engineer to those of a JK Rowling, Stephen King, Suzanne Collins, or Dan Brown. There is no real cap to the amount of money you can make as an author, it's all dictated by the market. Plus, the sources of income are much more diversified. It's not just about making money off of the book sales, it's making money off of the movie deals, toys, and so on. Look how many movies in Hollywood are adaptations of novels and you can see how an author with a savvy lawyer can make some $$$.
Of course, it's plain lunacy to major in English Language and Literature thinking that you'll be the next JK Rowling, Stephen King, and so on. The chances of hitting it big in those fields are so, so slim that you may as well try your hand at playing the lottery, but if you really hit it big, your works can pull in millions or even spawn an amusement park!
I for one am shocked by how high up that list zoology is!! I briefly debated majoring in zoology before deciding upon pre-veterinary medicine. I'm trying to think of what sort of fields these people are in to have earned so much money? I'm not sure you can even use the "oh, they're just rich kids" b/c zoology isn't really an easy major that's commonly picked by slacker rich kids. If you work in zoology, there's a good chance that you are getting down and dirty.
This is a map of the chances of being upwardly mobile in differing parts of the country.
Unless I were already wealthy in most of the South, I would probably move.
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