It’s not just about the money, there is also the intangible experience when it comes to information and family education. I’d argue that will put an even a stronger influence on a kid’s mindset so if a parent is giving a 15k loan to a child it doesn’t mean the kid isn’t helped significantly to bootstrap her otherwise. On the contrary, it feels even more like a status symbol of demonstration from the parents to illustrate to society how confident they were about the kids paying the loan back.
Why the “Self-Made” Success Story Is a Myth
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Re: Why the “Self-Made” Success Story Is a Myth
#32> A recent study from Merrill Lynch and Age Wave reported that 79 percent of the parents surveyed are providing financial support to their adult children, at an average $7,000 a year
Wow, this can’t be right. I mean I’ve had friends whose parents paid for their university and stuff like that, and mine helped me a little bit with tuition at a cheap state school, too, for which I’m grateful. But ongoing financial support, year after year? And 4 out of 5 parents? Yow! Guess I’m naive, but I had no idea it was that common. Maybe age is part of it. I was lucky enough to go to uni before the days of 6 figure student loan debt.
I know exactly one adult whose parents pay for all their bills, including rent. We’re friends so I give him hell about it. “You’re a grown-ass man with a decent job. Let mommy and daddy retire already!” I think once you start down those tracks and get used to the “extra funding” lifestyle, it’s hard to get off the train.
Re: Why the “Self-Made” Success Story Is a Myth
#33This 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…
Down-voted for such a strong word - "nonsense". See my other comment [1]. I am as self-made as anyone can be, with a very high standard of living in my country without taking even one cent from my parents beyond a certain age. But all that is because of one stroke of luck - I am proud of the fact that I was able to use that luck to my advantage but under no illusion that all my success is due to me alone.
Re: Why the “Self-Made” Success Story Is a Myth
#34The author clinging to a 100% literal translation of "self made" is mind-numbingly stupid.
Re: Why the “Self-Made” Success Story Is a Myth
#35> 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 indivi…
>Where you start matters, but so do the choices you make.
Of course it does...but the single largest predictor of future income is parental income.
>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.
And I would argue that this is the right-wing clickbait version of millennials. Not that people like this don't exist, but that their size and impact has been vastly exaggerated.
>People don't have a problem acknowledging privilege.
That doesn't match my personal experience with people.
Re: Why the “Self-Made” Success Story Is a Myth
#36Earlier quoted context omitted.
The places with cheaper housing also tend to suffer from a dearth of employment options. There are probably a few mid-sized cities out there that have both cheap housing and decently-paid jobs, but I imagine they are few and far between. I don't know how legitimate this source is, but > ATTOM points out that home prices are climbing faster than wages in 80% of U.S. markets. In fact, median home prices increased at a…
They are pretty common. Kansas City. St. Louis. Des Moines. Dayton. And that's just the Midwest. You don't need a great job market; you just need the one job. Works for some people.
With the market changing quicker than ever before due to various structural changes such as new technologies, consolidation of employers, and globalization, I would not recommend having one, or even just a handful of buyers for what you're selling. This applies to businesses and individuals.
I would demand a premium for being in a market where there are fewer buyers and I am subject to more risk of losing my income.
Re: Why the “Self-Made” Success Story Is a Myth
#37Earlier quoted context omitted.
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.
The question is to what degree.
Re: Why the “Self-Made” Success Story Is a Myth
#38Earlier quoted context omitted.
The places with cheaper housing also tend to suffer from a dearth of employment options. There are probably a few mid-sized cities out there that have both cheap housing and decently-paid jobs, but I imagine they are few and far between. I don't know how legitimate this source is, but > ATTOM points out that home prices are climbing faster than wages in 80% of U.S. markets. In fact, median home prices increased at a…
They are pretty common. Kansas City. St. Louis. Des Moines. Dayton. And that's just the Midwest. You don't need a great job market; you just need the one job. Works for some people.
In Europe house prices seem fairly tied to employment opportunities. Certainly if you are working in It.
Re: Why the “Self-Made” Success Story Is a Myth
#39I am constantly surprised at people's inability to imagine that other people lives are different than thier own. Just because real estate is expensive in the center of a big city doesn't mean it's impossible to buy a house anywhere in the entire country. Just because you can't support yourself as a writer doesn't mean nobody can support themselves no matter what. Just because you got free money from your parents does…
Yes! This. People get a really distorted view of reality, hanging around people earning 6 figure salaries, spending 90+% of them. Even in major cities, the median salaries are typically in the ~$50k range, and people do live and raise kids just fine. Instead of wondering how they do that, people tend to just throw up their hands, and declare it's impossible.
Re: Why the “Self-Made” Success Story Is a Myth
#40I think a more interesting question to ask is: Why do we care who is responsible for our success? Is it so that we know how to engineer more success? Or, is it to validate our egos? And, if the latter, aren't we asking the wrong question?
We care because if a lot of people don’t believe they can succeed they will generate substantial social unrest, which has often ended poorly throughout history.