A number of my professional friends participate in mentoring programs for young underprivileged kids. From what this article talks about, such programs should have a good potential at making a difference, at least for those that go through it.
What Really Keeps Poor People Poor
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Re: What Really Keeps Poor People Poor
#42Is it access to the networks, or that the networks are a fixed size? To put it another way: one might say the reason people cannot get into university is they score too low on their grades -- so the solution is to get everyone the training to enable them to score higher. Except then the universities will simply set the entrance threshold higher.
It's not access to networks. It's not doing anything with the opportunity when they do have access. I see this a lot: those who view access as a mere possession go nowhere; those who view access as a means to an end advance. This, in the popular discussions of how to aid the poor, is woefully under-addressed - probably because for all the things you can do for someone (and feel good about doing), the one critical core factor is self-motivation: you can't make someone do what they need to for their own good.
This nation provides tremendous access to networks and other opportunities for the poor. Maybe not unlimited access to the top networks from the bottom (the classic "can't afford Harvard" red herring), but there is more than enough access to get out of poverty. The funding is there, the doors are open, the paths are clear, assistance is eager - but if someone won't take the steps that only they themselves can take, they won't get anywhere.
I see stark examples of this over and over. It's not lack of access, it's lack of personal motivation.
Re: What Really Keeps Poor People Poor
#43This article has me reminiscing about the recent Linked-In IPO; I remember reading that the IPO was offered to favorable clients of the brokerage underwriting the IPO. I don't know how many "favorable" offerings are presented each year or what their performances are, but if the IPO is purposelessly undervalued to make their clients richer, how does one compete with that? I doubt a $100 or 10k account would draw enoug…
These favored clients are huge customers like funds. They pay the brokerage millions of dollars just in transaction fees every year. In this context, an undervalued IPO every once in a while is more like a perk to a valued customer -- it's the equivalent of the bouquet of flowers or bottle of wine a company might send to a regular Joe.
> In this context, an undervalued IPO every once in a while is more like a perk to a valued customer -- it's the equivalent of the bouquet of flowers or bottle of wine a company might send to a regular Joe.
Yes, but that perk is paid for by LinkedIn.
Re: What Really Keeps Poor People Poor
#44Having been poor (not 3rd world poor, poor by American standards) I found the most difficult thing is leaving the poverty stricken network. You don't feel like you've made it until you reject the entire mindset. Until then, you feel like you've sold out. My mother still makes me feel guilty and shames me every time I see her. Until you've had a parent who shames you for doing better than they did, you'll never unders…
"With many of them you risk violence, drugs, abuse, sexual abuse, racism, etc."
This modern bugbear of racism is getting ridiculous. Did you really just equate "racism" with sexual abuse? What does racism even mean anymore? Is it only institutional discrimination, e.g. the refusal of the publicly funded government to hire some races? That's where it started. Now, you can be a racist if you have a type you prefer to date that doesn't suit the whims of your accuser.
Way to not "risk racism."
Re: What Really Keeps Poor People Poor
#45This article has me reminiscing about the recent Linked-In IPO; I remember reading that the IPO was offered to favorable clients of the brokerage underwriting the IPO. I don't know how many "favorable" offerings are presented each year or what their performances are, but if the IPO is purposelessly undervalued to make their clients richer, how does one compete with that? I doubt a $100 or 10k account would draw enoug…
A similar example. Suppose you wanted to be an investor in a private company. In many localities you actually can't invest unless you have a certain level of net worth (something I've personally had to deal with at various levels of frustration until I just decided to found my own company).
Everybody says the way to become wealthy is to let money make money for you, but you can find yourself locked out of most of the opportunities where that might happen at a growth percentage to be interesting simply because you don't start with enough money to get in the game.
Re: What Really Keeps Poor People Poor
#46Having been poor (not 3rd world poor, poor by American standards) I found the most difficult thing is leaving the poverty stricken network. You don't feel like you've made it until you reject the entire mindset. Until then, you feel like you've sold out. My mother still makes me feel guilty and shames me every time I see her. Until you've had a parent who shames you for doing better than they did, you'll never unders…
Wow, I hope this is not the first comment I see here because of upvotes.
Re: What Really Keeps Poor People Poor
#47Having been poor (not 3rd world poor, poor by American standards) I found the most difficult thing is leaving the poverty stricken network. You don't feel like you've made it until you reject the entire mindset. Until then, you feel like you've sold out. My mother still makes me feel guilty and shames me every time I see her. Until you've had a parent who shames you for doing better than they did, you'll never unders…
"With many of them you risk violence, drugs, abuse, sexual abuse, racism, etc." This modern bugbear of racism is getting ridiculous. Did you really just equate "racism" with sexual abuse? What does racism even mean anymore? Is it only institutional discrimination, e.g. the refusal of the publicly funded government to hire some races? That's where it started. Now, you can be a racist if you have a type you prefer to d…
The ridiculous part was picking one word out of a very thoughtful post (and one written as a first person account, not conjecture) and attacking that rather than the overall point. The first time I read his story I didn't even notice that he had mentioned racism in it, it was largely immaterial.
But quoting only that part makes it sound like he is blaming racism as the cause for poverty, which he clearly isn't.
If I had a penny for every time I heard something to the effect of 'if only poor people stopped complaining/blaming racism and started pulling themselves out of poverty, there would be no more poverty', I'd have enough to help people get out of poverty.
Although I guess there is no point in arguing with throw-away accounts.
Re: What Really Keeps Poor People Poor
#48You can be broke and you can be poor. Being broke just means you don't have money—been there, left that. But I equate poor with the mindset that repeatedly produces being broke and living paycheck to paycheck.
If you want to make money and stop being poor you have to stick with a tight budget. Stop spending more than you make, and evaluate whether or not you need that super-cool iPhone you just adore. At $70 a month a single iPhone could put food on your table, or the money you save by downgrading to a clamshell "stupid phone" could help pay off the credit card.
Money doesn't solve money management problems. Solve how you manage your money and you automatically keep more. A spendthrift with great social connections is still poor.
Re: What Really Keeps Poor People Poor
#49There are a few reasons that poor people remain poor. Math: The fact is that it's much more difficult to make $10,000 from nothing than it is to make $1M when you have $1B to use. Experience: When you're poor, the odds are very good that you don't know anyone who is successful(let alone "rich") so there isn't the chance to find out what it takes to be successful. Plus, when you have no experience you need to work you…
Actually you can make $10,000 from nothing weeding or mowing. Of course, you have to be willing to do hard things like get rejected door to door, but it's extremely possible.
If 'nothing' == 'buying a lawn mower, a truck, a trailer, and a weed wacker' then you'd be correct. Although I'm not sure which part of the the Bronx you think I should setup my mowing business in because the last time I checked, there isn't any grass.
Re: What Really Keeps Poor People Poor
#50Earlier quoted context omitted.
"With many of them you risk violence, drugs, abuse, sexual abuse, racism, etc." This modern bugbear of racism is getting ridiculous. Did you really just equate "racism" with sexual abuse? What does racism even mean anymore? Is it only institutional discrimination, e.g. the refusal of the publicly funded government to hire some races? That's where it started. Now, you can be a racist if you have a type you prefer to d…
The ridiculous part was picking one word out of a very thoughtful post (and one written as a first person account, not conjecture) and attacking that rather than the overall point. The first time I read his story I didn't even notice that he had mentioned racism in it, it was largely immaterial. But quoting only that part makes it sound like he is blaming racism as the cause for poverty, which he clearly isn't. If I…
It's as ridiculous as if he had casually tossed "overeating" into that list as well. Of course when something sticks out like a sore thumb, that individual part will get attention. Your point is that you can only reply holistically or something?