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Lost Diamonds: How our current system is failing underprivileged talent

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Re: Lost Diamonds: How our current system is failing underprivileged talent

#231

Post by Terr_ »

mixmastamyk wrote: post #49
hayksaakian wrote: post #30

The most important thing nobody teaches lower class people is how to work "the system." "work hard" is the catch phrase everybody shouts from the roof tops. It's a lot like tax filing / accounting, or hiring a lawyer for a public trial. In the case of the lawyer, society has recognized how absolutely hopeless it would be to defend yourself in criminal court, and the law entitles every individual to an attorney. A law…

So, what they need is some sort of advocate to show them the ropes. Sounds doable, if approached respectfully. Vaguely reminds me of the book "Rich dad, poor dad."

Ehhh, I dunno:

> The schtick behind the Rich Dad books was that Kiyosaki was sharing secret money-making strategies of the wealthy with his wage slave readers. The tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts.

Source: http://www.forbes.com/sites/helaineolen/2012/10/10/rich-dad-...

Re: Lost Diamonds: How our current system is failing underprivileged talent

#232

Post by [deleted] »

allovera wrote: post #63

This article had me in tears. I grew up so poor I often didn't have shoes and wore dollar-store flip flops in the winter. Deadbeat dad, opiate addict mother. I was shuffled constantly from relative to relative, friend's house to friend's house. I had some very supportive teachers, including one who paid for my AP tests and SATs. I got an offer to a university in the UC system. Life was looking up! In the last semeste…

[deleted]

Re: Lost Diamonds: How our current system is failing underprivileged talent

#233

Post by gxs »

hayksaakian wrote: post #30

The most important thing nobody teaches lower class people is how to work "the system." "work hard" is the catch phrase everybody shouts from the roof tops. It's a lot like tax filing / accounting, or hiring a lawyer for a public trial. In the case of the lawyer, society has recognized how absolutely hopeless it would be to defend yourself in criminal court, and the law entitles every individual to an attorney. A law…

I agree with you but you picked bad examples.

I can hire an accountant, I can hire a lawyer. I can't hire someone to interact with other people for me in a way that gives off the "I'm one of you" vibe.

Re: Lost Diamonds: How our current system is failing underprivileged talent

#234

Post by elihu »

jedmeyers wrote: post #147
trjordan wrote: post #3

I wish I could remember where I read this, but I once heard it explained to me as this: It's easy to deride the journey of the rich college student: 80-hour internships at Goldman Sachs, unpaid positions in government, etc. But, the things that are done by successful people are hard, as hard as walking a tightrope. The difference is that rich students walk this tightrope over a bed of pillows. Poor students walk it o…

At what point does one have to start to be considered independently successful? - You inherited a lot of wealth and a CTO position at a father's company - Parents gave you money and bought you stuff - Parents gave you a place to live - At least you had one parent - Being an orphan, at least you were born in a first-world country - At least you were born at all, thanks to the medical care in a third world country So,…

I don't think anyone is truly independently successful. We might be able to make rough comparisons that one person is more independently successful than another, but we all share in the success and failure of other people.

I think it's more constructive to talk about whether or not people took full advantage of the opportunities that they had and whether they had more and better opportunities than others.

Re: Lost Diamonds: How our current system is failing underprivileged talent

#235

Post by mljoe »

namelezz wrote: post #229
nickthemagicman wrote: post #211

Earlier quoted context omitted.

'Its easier to make a million starting from zero than make a million starting with a million' is the essence of what you just said. This is easily the dumbest thing Ive ever heard on this site. Seriously. Can we guild and save this somehow?

He may be talking about loaning the first million from bank.

Maybe, but I would argue it's probably a bit easier to get a $1m loan if you already have $1m in assets to use as leverage.

Re: Lost Diamonds: How our current system is failing underprivileged talent

#236

Post by [deleted] »

nickthemagicman wrote: post #215
WalterBright wrote: post #181

Earlier quoted context omitted.

85% of American millionaires are self-made. Source: "The Millionaire Next Door" book.

Wheres the ACTUAL study? Or did the author just call up 5 rich dudes? Seriously are we taking this number as legitimate.. simply because it comes from a BOOK? Is that how low our scientific standards have become? Frickin Pixar verified that talking cars exist. Good enough for me!

[deleted]

Re: Lost Diamonds: How our current system is failing underprivileged talent

#238

Post by edoceo »

WalterBright wrote: post #181
nugget wrote: post #96

Earlier quoted context omitted.

> Going from $0 to $1M is almost impossible--going from $1M to $2M is almost inevitable. I know plenty of people who inherited money and blew it all. Very, very few people, even children from ''rich'' families, have an ''infinite money cushion''. People who come from poverty or communities rampant with discrimination often times have to work harder for opportunities. But hard work is hard work, and there is fierce co…

85% of American millionaires are self-made. Source: "The Millionaire Next Door" book.

Read this book if you want the sources, they are cited there and are too many to list here.

Re: Lost Diamonds: How our current system is failing underprivileged talent

#239

Post by WalterBright »

nickthemagicman wrote: post #215
WalterBright wrote: post #181

Earlier quoted context omitted.

85% of American millionaires are self-made. Source: "The Millionaire Next Door" book.

Wheres the ACTUAL study? Or did the author just call up 5 rich dudes? Seriously are we taking this number as legitimate.. simply because it comes from a BOOK? Is that how low our scientific standards have become? Frickin Pixar verified that talking cars exist. Good enough for me!

The book describes the studies they used. (Correction, it's 80%. I had misremembered it.) You can get the book for $2.50 from Amazon, not a bad investment if you are interested in the topic.

Re: Lost Diamonds: How our current system is failing underprivileged talent

#240

Post by edoceo »

enraged_camel wrote: post #223
timedoctor wrote: post #210

Earlier quoted context omitted.

I did not agree at all. In my experience it's much easier to make 1 million then it is to invest 1 million and make another million. Also there are many startups that require zero investment capital and if you do not have a family and you minimise your expenses you can leave on very very little. If you do have a family it's more difficult but still possible.

>>I did not agree at all. In my experience it's much easier to make 1 million then it is to invest 1 million and make another million. Really. Let's hear your formula. Because the stock market returns 7% per year on average after inflation, which means it takes about 10.2 years for $1 million to become $2 million. What's even better is that this happens behind the scenes - you don't have to do any work for it. So wha…

Lotto!!
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