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Why the “Self-Made” Success Story Is a Myth

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Re: Why the “Self-Made” Success Story Is a Myth

#21
post #16

Isn’t there a stat that says something like at most 10% of millionaires inherited their money/assets. The rest were supposedly “self made”

This article goes a little deeper in exploring the definition of "self-made." Did those millionaires who didn't inherit money have their college paid for? Did they get help from their parents for a down payment? ...etc. The author makes a valid point by exploring this definition, and it suggests that most people, especially the well off received some substantial help that isn't available to many.

Re: Why the “Self-Made” Success Story Is a Myth

#22
Resonates strongly with me. Many of my school friends went to the best colleges in my country - all the time attributing their success solely to "hard work". However, they always seemed to ignore the fact that their parents paid a lot of money for them to attend the best tuition outside of school. I did not have that option and did not get admitted to any of the famous colleges (I am discounting the constant mental tension associated with poverty here). Luckily, I have done quite well for myself (till now) - but I am under no illusion that it was solely due to me. For example, I got my first data science job via a personal contact - without that I would forever be stuck in less paying jobs.

Edit: typos

Re: Why the “Self-Made” Success Story Is a Myth

#23
post #8

I came away from this feeling like it's a very short jump from "Maybe some of the people doing impossibly well got help" to "Everyone who is doing better than me must have gotten help". I can't help but feel this element of dismissal is present even in this piece. E.g., Pierson turned a $15,000 loan into a business with $300,000/yr in revenue. She says, her biggest fear was hearing “she’s only successful because of h…

> ignoring the many many people who turned $15,000 loans into failed businesses.

As far as I understand it, most (VC-backed, tech) companies that raise millions of dollars manage to turn the money into failure.

Re: Why the “Self-Made” Success Story Is a Myth

#24
> So why do millennials act like [financial help from parents] doesn't exist?

I would argue the exact opposite. I would argue that with the rise of socialist tendencies among millennials, and the hyper fixation on gender, racial, and economic privilege, there is almost an outright rejection of the existence of merit at all. I think that the position is so extreme, that many millennials believe the output of an individual belonging to a group they consider to be universally privileged is almost entirely the consequence of their group's privileges or disadvantages.

No person in their right mind wouldn't acknowledge the privileges we can be afforded. You can be tall, attractive, smart, have both parents at home, not need to work jobs to help your parents take care of your many siblings, have parents that don't abuse you, have access to a network of successful people willing to take financial risks on your behalf. These things are inconceivably helpful. There is a reason that the public's reaction to Donald Trump's "with a small loan of a million dollars and [inheriting my dad's business and network]" was almost unilaterally one of repulsion.

Most sane people don't object to the concept of individual privilege (inherent, universal group privileges are a different discussion). What people object to is the disregarding of merit altogether; the extent to which we are divorcing consequence from actions. Where you start matters, but so do the choices you make.

Re: Why the “Self-Made” Success Story Is a Myth

#25
post #2

>She told me, “I was curious, but I don't know how a single person in America who doesn't have family money could buy anything, I really don’t, if they're not working in finance or they're not a doctor. ” Easy, there are vast areas of America where housing is more affordable. I certainly got zero cash from family when I bought a home. My family put money into giving me food and shelter growing up though. This is kind…

This reminds me of when I was working at Microsoft and a colleague said to me: "I don't know how anyone raises a family off less than $130k/year." I laughed and asked him if he'd ever been anywhere in the US outside of Seattle before. Turns out, he hadn't and assumed the insane cost of living we're subject to in this area also exists in the rest of the country. My point of reference is my family's house in a rural ar…

And so the legend goeth: A friend exclaimed, "how do you afford to buy a house in San Francisco?" I, too, laughed! For lo': huts in the wilderness were mere pennies. He hadn't ever been to the bush, and had assumed the insane cost of living in this area exists in other places with high-paying tech jobs.

Re: Why the “Self-Made” Success Story Is a Myth

#26
This is such nonsense. First of all, there are absolutely people who come from dirt poverty and become wildly successful. Second of all, plenty of people receive lots of help from their parents and amount to precisely nothing. IMO it's fair to refer to your success as "self made" if you exceed the median success level of your class peer group by a substantial margin.

If you immigrate from Africa with nothing, and you get yourself a law degree and an upper middle class income - that's self made success. If you're born in the US and your entire family is lawyers, maybe that same accomplishment is not "self made success". But if you say, start Microsoft and become a billionaire i'd say that it's fair to call that self-made success.

I feel like this trope that self-made success is a myth comes almost entirely from people like the author of this article. People who were born with lots of advantages, who still couldn't hack it. They want to justify their own failure to live up to their family's expectations by tearing other people down. Whether or not self-made success is a thing, self-made failure certainly is, and i'd say the author of this article more than qualifies for it.

Re: Why the “Self-Made” Success Story Is a Myth

#27
So is this entire article about how some successful people got help from parents? (And therefore, all must have gotten help from their parents.) Seems pretty easy to cherry-pick the stories you research and write about here.

Let me skip all the way to the end, spoiler alert:

> If you have the privilege of not having to pay 50 percent of your rent because your parents are paying, how can you advocate for interns to make a decent-enough salary, or for scholarships to support an intern or fellow? That’s where the change comes in.”

I don't understand this thesis. These are the exact type of people who would advocate for "decent-enough salary" because money comes to them for free. The magical thinking required to just demand decent-enough salaries are thrown about by businesses (or other authority figures) that must have bottomless pockets looks very similar to how they think about getting a free ride from mommy and daddy.

Can we find examples of people who get free money from their parents and openly say that everyone else needs to pull themselves up by the bootstraps? I think "Trump" might be the only person others will respond with, cynically at that, given I don't think Trump has said such a thing--he's just a Republican. But otherwise, where are all these trust-fund babies who believe everyone else needs to be a self-made person? Those people don't exist as far as I know.

Re: Why the “Self-Made” Success Story Is a Myth

#29
post #16

Isn’t there a stat that says something like at most 10% of millionaires inherited their money/assets. The rest were supposedly “self made”

This article goes a little deeper in exploring the definition of "self-made." Did those millionaires who didn't inherit money have their college paid for? Did they get help from their parents for a down payment? ...etc. The author makes a valid point by exploring this definition, and it suggests that most people, especially the well off received some substantial help that isn't available to many.

This is such a stupid reductionist argument. Literally everybody at some point in their life receives help.

Re: Why the “Self-Made” Success Story Is a Myth

#30
post #2

>She told me, “I was curious, but I don't know how a single person in America who doesn't have family money could buy anything, I really don’t, if they're not working in finance or they're not a doctor. ” Easy, there are vast areas of America where housing is more affordable. I certainly got zero cash from family when I bought a home. My family put money into giving me food and shelter growing up though. This is kind…

This reminds me of when I was working at Microsoft and a colleague said to me: "I don't know how anyone raises a family off less than $130k/year." I laughed and asked him if he'd ever been anywhere in the US outside of Seattle before. Turns out, he hadn't and assumed the insane cost of living we're subject to in this area also exists in the rest of the country. My point of reference is my family's house in a rural ar…

My first trip out to the valley working for a company out there someone turned to me and asked "So what do people do out there?" I thought he meant "for fun" but he meant regarding jobs or a career.

Despite the fact that I did the same job he did... "out there".

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