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The privilege of risk

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Re: The privilege of risk

#71

Post by maccard »

Tomminn wrote: post #64
maccard wrote: post #34

Earlier quoted context omitted.

I feel like you're totally missing the point here. Not everyone can move back in with their parents for a while, I certainly can't. Despite earning an above average salary (nothing in comparison to bay area) in the UK, I still couldn't afford to just drop my job, and take a year to try and earn some money, I'd starve to death.

That is my point. You, on the other hand, are someone who has to deal with actual downside risk.

I re read your comment and it totally went over my head three or four times last night.

Re: The privilege of risk

#72

Post by ManlyBread »

soulbadguy wrote: post #49
fmihaila wrote: post #38

Earlier quoted context omitted.

> But your parents have $1M house, and you have a six figure job. Are you not the definition of a rich trust-fund kid? His parents have the million dollar house today . Theirs isn't a story of privilege.

> His parents have the million dollar house today. Theirs isn't a story of privilege. Yes but his (having parent with million dollar house) is ...

Fruits of hard work are not a privilege, if his parents wouls get the home for free it would be, but they earned it. Assuming that wealth = privilege shows only the bitterness of the person making such an assumption.

Re: The privilege of risk

#73

Post by maccard »

dvt wrote: post #59
maccard wrote: post #37

Earlier quoted context omitted.

> Investing $10,000 and 6 months of your life in a startup is not ruin-inducing Can I just point out that it's not ruin inducing if you have a 100+k job and parents who live in a 1mm+ dollar house. Losing 10k and quitting my job for 6 months in the process would be pretty much ruin inducing for me right now. I don't have the option to go back and live with my parents for a while, and of course, it depends on your def…

> Not everyone earns 6 figures and can save up 10k to gamble on a venture, and to assume that everyone can is incredibly entitled. Maybe you can point out where I made that assumption. My post wasn't even about my risks , but rather my parents'. Obviously risk should be mitigated. My point was this: hey look at these underprivileged people that barely spoke English and had no rights that came over to the US with two…

> Maybe you can point out where I made that assumption.

You didn't make it directly, but

> Everyone can take risks. Investing $10,000 and 6 months of your life in a startup is not ruin-inducing

Implies to me that you believe that everyone can invest a large sum of money and a not-insignificant amount of time into an incredibly risky venture.

> My post wasn't even about my risks, but rather my parents'. My only point about your parents were that they are a safety net. Other than that, I have no beef with your parents risk (and applaud them for doing what they did so succesfully). Half your post is about your parents risks, the other half is how you think it's ok to gamble $10k, risk 6 months, and do so by quitting your cushy 6 figure salary job to do so.

Being in a position to do that is privilege.

Re: The privilege of risk

#74

Post by maccard »

batiudrami wrote: post #58
maccard wrote: post #34

Earlier quoted context omitted.

I feel like you're totally missing the point here. Not everyone can move back in with their parents for a while, I certainly can't. Despite earning an above average salary (nothing in comparison to bay area) in the UK, I still couldn't afford to just drop my job, and take a year to try and earn some money, I'd starve to death.

I think you're both making the same point :)

We are, however I don't think the parent was clear enough! (given that I read the comment 4 times and missed what he was saying)

Re: The privilege of risk

#75

Post by AstralStorm »

ManlyBread wrote: post #72
soulbadguy wrote: post #49

Earlier quoted context omitted.

> His parents have the million dollar house today. Theirs isn't a story of privilege. Yes but his (having parent with million dollar house) is ...

Fruits of hard work are not a privilege, if his parents wouls get the home for free it would be, but they earned it. Assuming that wealth = privilege shows only the bitterness of the person making such an assumption.

For the guy it is worse than privilege. It is pure luck he was born into a good family and not say alcoholics in a ghetto. And that they managed to exploit the limited upwards mobility they had. I wouldn't call it a privilege. Privileges are earned or given.

Three role of multiple draws of the luck is underrated. Generic lottery, family lottery, location lottery, avoidance of terrible things in life. You can have way better chance in a society where inequality is low and/ or social mobility upwards is high.

The privilege part is him earning the spot in a prestigious school.

Re: The privilege of risk

#76

Post by AstralStorm »

chaostheory wrote: post #32

> only the privileged can take risks and only risk is rewarded. I strongly disagree with this. Anyone can take a risk. This is embodied best by the people crossing the Southern US border where they risk their lives and most if not all of their net worth before they even set foot on US soil. While my experience wasn't nearly as hard, I can relate since I was an illegal alien for years until college. The difference bet…

Also how many are successful at the risk.

It it's like gambling or investment, if you're poor you can probably invest once, va banque. If you're rich, you can invest many times with smaller stakes and more likely not bust.

Re: The privilege of risk

#77

Post by sidlls »

davesque wrote: post #6
colemannugent wrote: post #4

Risk becomes a vehicle by which privilege reinforces itself – only the privileged can take risks and only risk is rewarded. Which is not to say we should all be cautious and people or institutions should never venture to do unusual things. I agree with what the author is trying to say here, but disagree with the second part of the first sentence. Everyone can take risks, and risk is not the only factor that determine…

If your lower end is someone who would be placed into financial hardship by losing 50% of their net worth and your higher end is Elon Musk, you use only the two most extreme examples to make your point. There are plenty of lower-tier rich (millionaires) who would stand to gain far more and lose far less (relatively speaking) than the average person by taking risks. Also, I'm not really sure just what point you're try…

The lower end extreme on this scale isn't financial hardship for risking 50% of net wealth, it's someone who has no net wealth and little income. In America especially that person's risk profile typically includes "avoid getting a cold" and "start a business" barely registers as a thing.

Re: The privilege of risk

#78

Post by sidlls »

stretchwithme wrote: post #63
frgtpsswrdlame wrote: post #14

Earlier quoted context omitted.

Didn't almost all of our founders come from privilege?

The settling of the country started many decades before the founding of the United States. The Pilgrims arrived in 1620, 156 years before independence was declared.

The pilgrims were a large and sufficiently well connected group to arrange funding for their mission. I think they'd support the author's point.

Re: The privilege of risk

#79

Post by soulbadguy »

dvt wrote: post #60
soulbadguy wrote: post #48

Earlier quoted context omitted.

You seems to be mixing a lot of perspective to arrive at your conclusion. Let's try to unpack them one by one : > This is patently untrue. My parents emigrated to the States in 1997 (from the post-Communist Romania) with two briefcases, two kids, and $2,000 -- hardly privileged. Compared to whom ? the average american in 1997 or the average Romanian in 1997 ? I am pretty sure compared to the average romanian your par…

> As an immigrant myself, i am not sure what definition of risk you are using to call immigrating from Romania to the US a risk. Leaving everything behind to move to a new culture when you barely speak any English and bringing your young family with you is not a risk? I vehemently reject this premise.

> Leaving everything behind to move to a new culture when you barely speak any English and bringing your young family with you is not a risk? I vehemently reject this premise.

When compared to poverty, oppressive regime and probably poor medical conditions ?

Re: The privilege of risk

#80

Post by soulbadguy »

ManlyBread wrote: post #72
soulbadguy wrote: post #49

Earlier quoted context omitted.

> His parents have the million dollar house today. Theirs isn't a story of privilege. Yes but his (having parent with million dollar house) is ...

Fruits of hard work are not a privilege, if his parents wouls get the home for free it would be, but they earned it. Assuming that wealth = privilege shows only the bitterness of the person making such an assumption.

If his parents wouls get the home for free it would be, but they earned it.

The parents earned it, he didn't. He inherited those opportunity from the choice of his parent.

> Fruits of hard work are not a privilege.

Hard work and privilege are completely orthogonal. His parent where hard working, but also had the opportuinity to emigrate somewhere where they could safety reap the reward of said hard work

> Assuming that wealth = privilege

Wealth is a form of privilege, especially inherited wealth.

> shows only the bitterness of the person making such an assumption.

Sure... Let's do personal attack instead of staying on the topic

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