I knew it... Brain tests show child wealth gap

Where does it lead us middle-classers?

 

Hahaha actually, I'm from a low income, single parent, disadvantaged family, and I'm a writing tutor at my college. Non-english speaking parent to boot.

 

This has been known for generations, . The key is to utilize what you have before the brain stops growing by age 23 to 25. Sure you won't be able to go on Jeopardy and win over a million dollars, but you can still master a subject having been born in poverty (not easy to do, but it can be done).

 

English was my second language yet I still won my school's spelling bee 1 year after I learned to communicate with the language. Go figure.

Low income or high income I think it comes down to parenting and the values that the parents instill in their children. I was lucky enough to have parents that recognized the importance of education despite the fact that my childhood was not well-off financially and for that I am forever grateful.

 

Research has shown that the majority of millionaires come from family's close to the poverty level. This should be a no brainier to figure out why.

 

Very interesting, thanks for sharing.

 

This shouldn't surprise anyone.

The connection between the people who grew up in a family with basically no money (so everyone can understand ---this means around the poverty level----) and down to the poverty level have more drive to succeed BIG than people from well-off backgrounds. This is will supported in research. On the same token, one has a higher percentage chance of being successful according to society standards if they come from a well-off background. I hope this doesn't confuse anyway because it shouldn't.

Person A: I hate having to worry about putting food on the table every night. I'm two months behind my rent, how an I going to pay for this (mother with two children)? I'm so worried about my children. Parents demand children to get perfect scores in school so they can get a college scholarship so they can afford to go to college. The child goes off to college, graduates, and wants to give back to family. The child has the drive to become a millionaire. I watched a show a few days ago about a while male that go a C- on a business plan and it was the worst grade in the course and the student wanted to shove it back in the professors face (a person who came from a well-off background) and went on to be a multimillionaire by serving chicken with fries.

Person B: Has parents that are well-off. Some rich parents push education very hard and some don't and some rich parents don't care what their child achieves while some do. Research has shown children that come from a person that was close to the poverty line is less likely to achieve big things like their parents did.

Having said everything I said, research has also shown that you are likely to make around the same level of income as your parents did.

So take everything I said and make it whatever you may want to make of it.

 

I call bull****. Provide evidence.

 

Indeed, source or it didn't happen!

 

Ok, I will try and find the literature on it. It may take a while to find it as it has been a couple of years since I read this type of literature.

BRB with the evidence.

 

Here is the evidence:

- 3/4 of millionaires are self-employed. 1/4 are doctors, accountants, and lawyers.

- Only 19 percent of millionaires received money from trust funds or an estate.

- Fewer than 10 percent of millionaires inherited 10 percent or more of their wealth.

- Four of five millionaires are college graduates. Eighteen percent have Master's degrees, eight percent law degrees, six percent medical degrees, and six percent Ph.D.s.

From the journal Social Education.

"Most people who become millionaires have confidence in their own abilities. They do not spend time worrying about whether or not their parents were wealthy. They do not believe that one must be born wealthy. Conversely, people of modest backgrounds who believe that only the wealthy produce millionaires are predetermined to remain non-affluent."

A really old study: "Stanley Lebergott reviews a study conducted in 1892 of the 4,047 American millionaires. He reports that 84 percent having reached the top without the benefit of inherited wealth.""

Just an interesting read:

http://millionaires.blogs.cnnmoney.cnn.com/

 

You do of course realize that a 100 plus year old study most likely does not apply well the present.

And this says nothing about people raised near poverty level making up the majority of millionares.

 

Poverty level is something around $15,000 for one or two people. You also need to learn how to read. In my post, I said at the poverty level or AROUND the poverty level. I consider a family income of around $30,000 or below to be at around the poverty level (with the number varying depending on location).

I did say that a study I showed I stated "a really old study." That study was not used for my numbers....I simply stated that study at the end to support my claim that it has been known for generations..i could have said decades. The journal above the old journal article is where I got my information.

Does it make sense to you that over 80 percent of new millionaires are FIRST GENERATION millionaires?

 

[FONT=century gothic, arial, helvetica] 2008 HHS Poverty Guidelines .

[FONT=century gothic, arial, helvetica] Persons
in Family or Household 48
Contiguous States and D.C. Alaska Hawaii
1 $10,400 $13,000 $11,960
2 14,000 17,500 16,100
3 17,600 22,000 20,240
4 21,200 26,500 24,380
5 24,800 31,000 28,520
6 28,400 35,500 32,660
7 32,000 40,000 36,800
8 35,600 44,500 40,
940 For each additional person, add 3,600 4,500 4,140

.

[FONT=century gothic, arial, helvetica]SOURCE: Federal Register, Vol. 73, No. 15, January 23, 2008, pp. 3971–3972 .​

 

And I said "near poverty level".

I'm not debating the number of first generation millionaires. But, just because there are lots of first generation millionares it does not follow that the majority of them were from around poverty level families.

 

Can you give me the title of the non-1800s article?

 

Why do you care so much? Did you get beat up by a bunch of poor kids once?

 

[sarcasm] I wonder why whatever5656 was banned... [/sarcasm]