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It’s better to be born rich than gifted

washingtonpost.com

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Re: It’s better to be born rich than gifted

#21

Post by drngdds »

dokein wrote: post #6

This isn’t going to be popular, but: Should parents be allowed to try to give their children a boost in life? If the answer is yes, then it follows that parents with more resources will be more able to provide that boost. For me, the line is drawn at “legacy” admissions or jobs, where a clearly lesser candidate is given the nod over someone who is more qualified. But if the parent is able to provide e.g. volunteer op…

The problem isn't that rich kids get stuff that helps them. It's that other kids don't, which puts them at a major disadvantage.

Re: It’s better to be born rich than gifted

#22

Post by drngdds »

skookumchuck wrote: post #20
dokein wrote: post #6

This isn’t going to be popular, but: Should parents be allowed to try to give their children a boost in life? If the answer is yes, then it follows that parents with more resources will be more able to provide that boost. For me, the line is drawn at “legacy” admissions or jobs, where a clearly lesser candidate is given the nod over someone who is more qualified. But if the parent is able to provide e.g. volunteer op…

> legacy admissions Parents who donate a lot of money to a college will expect preferential admissions treatment for their offspring. Colleges certainly know this, and they want the money.

Obviously, but that's not how it should be because it's ridiculously unfair.

Re: It’s better to be born rich than gifted

#23

Post by kasperni »

Just take a look at Wikipedia. There are more people on there with parents who are university professors, doctors or succesfull entrepreneurs than parents who are farmers. Even though the amount of farmers vastly outnumber the others.

I don't think it is just the money. You also have someone (your parents) to mentor you everyday about how to be "succesfull". They probably have a network you can tap into, someone who knows someone. You wanna start your own business, great let us call X,Y,Z and set up a holding company. Also here is some bootstrap cash.

You most likely also live somewhere nice and have resourceful friends growing up. Hey let us start a business together. You are not going to settle for working at a supermarket because you would have no chance of keeping of the standard of living you had growing up. And those friends, they are dining at the Fat Duck again, while you go to McDonalds.

Almost all of my "succesfull" friends have "succesfull" parents. Even though I lot more friends with parents who have ordinary jobs.

Re: It’s better to be born rich than gifted

#24

Post by skookumchuck »

sonabinu wrote: post #17

Rich always have the advantage of better nutrition, information and resources (if parents don't have time, they hire tutors). Is it truly a genetic advantage or a socio-economic advantage? Is there a good way to hold all other variables as a constant in this study?

Rich parents also are more likely to show their kids how to handle money and get rich. See the book "Rich Dad Poor Dad" by Kiyosaki.

Edit: Teaching kids how to manage money, the time value of money, the basics of running a business, how markets work, etc., is painfully neglected by the schools. Young adults often have little knowledge of this, and it definitely puts them at a serious disadvantage.

Re: It’s better to be born rich than gifted

#25

Post by skookumchuck »

drngdds wrote: post #22
skookumchuck wrote: post #20

Earlier quoted context omitted.

> legacy admissions Parents who donate a lot of money to a college will expect preferential admissions treatment for their offspring. Colleges certainly know this, and they want the money.

Obviously, but that's not how it should be because it's ridiculously unfair.

Colleges are also likely to publicly insist they don't do legacy and donation based admissions, but do it anyway. For Rodney Dangerfield's hilarious lampoon of this, see the movie "Back to School".

Re: It’s better to be born rich than gifted

#26

Post by jeffdavis »

dokein wrote: post #6

This isn’t going to be popular, but: Should parents be allowed to try to give their children a boost in life? If the answer is yes, then it follows that parents with more resources will be more able to provide that boost. For me, the line is drawn at “legacy” admissions or jobs, where a clearly lesser candidate is given the nod over someone who is more qualified. But if the parent is able to provide e.g. volunteer op…

Equality can be considered as many different things:

* Equal treatment under the law

* Equal treatment by kinda-public things like corporations and universities

* Equivalent opportunities in general

* Equivalent results

Re: It’s better to be born rich than gifted

#27

Post by paulpauper »

Jordan Peterson says it's the opposite. I guess it also depends on how one defines 'rich'. If you're the only child of a multi-millionaire family, then you're in a much better financial position than being one of 3-5 children of a family that is only upper-middle class. But one cannot underestimate the power of having a high IQ though in terms of making wealth. You look at at all these successful people in STEM and start-ups, many from middle-class families and 2nd gen. immigrant families, and they tend to all have high IQs. Just a few days ago someone solved the 310 bitcoin challenge and made a cool $2 million. The person who solved it probably has a high IQ. Same for ppl who invested in bitcoin early. Again and again, with the possible exception of some actor and athletes, you find that with wealth, a high IQ is not far behind.

Re: It’s better to be born rich than gifted

#28

Post by paulpauper »

bko wrote: post #4

> Contrast that with a finding from the other end of the genetic scoring scale: about 27 percent of those who score at the bottom quarter of the genetic index, but are born to high-income fathers, graduate from college. Is this "genetic index" real and scientifically accepted? It sounds vaguely like eugenics. > And their work has limitations, in addition to being limited to white people for now. I guess you can use t…

It has nothing to do with eugenics. One can also create a genetic index/profile for heart disease risk or anything else.

Re: It’s better to be born rich than gifted

#29

Post by asaph »

kasperni wrote: post #23

Just take a look at Wikipedia. There are more people on there with parents who are university professors, doctors or succesfull entrepreneurs than parents who are farmers. Even though the amount of farmers vastly outnumber the others. I don't think it is just the money. You also have someone (your parents) to mentor you everyday about how to be "succesfull". They probably have a network you can tap into, someone who…

> Just take a look at Wikipedia. There are more people on there with parents who are university professors, doctors or succesfull (sic) entrepreneurs than parents who are farmers. Even though the amount of farmers vastly outnumber the others.

Do you have any data to back this up?

Re: It’s better to be born rich than gifted

#30

Post by teratoma »

paulpauper wrote: post #27

Jordan Peterson says it's the opposite. I guess it also depends on how one defines 'rich'. If you're the only child of a multi-millionaire family, then you're in a much better financial position than being one of 3-5 children of a family that is only upper-middle class. But one cannot underestimate the power of having a high IQ though in terms of making wealth. You look at at all these successful people in STEM and s…

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