Liberté. Égalité. Fraternité.
For wealthy people's kids, education isn't a requirement for "success".
For poor people, education isn't a guarantee of "success".
I put quotations marks around the word success because, what is, and isn't, is a matter of opinion. My parents brought in, between them, about 75K a year, near as I can tell, before they retired. My dad was a machinist for 30 years, and my mom was a secretary. Blue collar, lower middle family from South Carolina, here.
Between the wide and I, we bring in a tad over 100K per year, both in retail management. I am wealthier than my parents where at my age, for certain, even though I now live in CT, a VERY expensive state.
But I won't consider myself to be "successful" until I alone am bringing in 100K a year. Why that number? I have no idea. I truly don't. Maybe because that's what I feel I'm worth. Maybe because it's over double what my dad used to make. Who knows.
"Half full or half empty doesn't matter. What matters is, you've only got half a glass...so what are you going to do about it?" - Me
"Good" decisions are the key. The better financial decisions you make, the less likely you are to "lose everything to a random act of chance." Success doesn't rely on pure chance. So if one's "good" decisions involve compulsive avoidance of debt and other large and long-term financial commitments, constant consumption decisions that allow one to always spend less than what is produced or earned, and builds assets over time, there is a minimized chance of being chronically poor.
The act of saving some of every dollar you earn means you always have greater net worth than before.
A decision deemed a "good" one based on how likely it is to produce desirable outcomes, all other things constant.
"The knowledge and prudence of the poor themselves, are absolutely the only means by which any general and permanent improvement in their condition can be effected." - Thomas Malthus
It's rather difficult to get involved in your kid's school's activities when you work two jobs, neither of which are still yours if you take off time to attend a school event.Originally Posted by Cephus
Wealth comes from a number of factors of which the the most important ones are 1) Intelligence 2) Drive and 3) Cultural capital. If you have all 3 you are very very likely to become wealthy. If you have none of these you are very very likley not to end up wealthier than you started and quite probably far less wealthy.
Cultural capital is a term that refers to the cultural inheritance you get from your familly and includes attitudes to work, contacts and knowledge about 'how things really work'. My Jewish Great Grandfather arrived in the UK in 1905 from Germany. He had no money but he had intelligence and drive but he also knew where the real money was (ie the stock market) had contacts in business (from being a jew) and had the Jewish work ethic. He made enough money so that the next generation went to a Public school (which in the UK means a 'prep' school) which increased his cultural capital.
Now get down 3 generations to me. I have intelligence in spades and cultural capital oozing out of my pores. I'm jewish but intermarriage has made me indistinguishable from the British upper Middle classes. However I have little in the way of drive ( I have adhad) so I joined the Army instead of making a fortune ( I have 4 siblings so expecting to live off inheritance is not an option) however when I finally got to finishing my 22 years public service I had even more contacts and was able to use my cultural Capital to start a new business and I had gained a little more drive in my time.
Intelligence I inherited. the left may whine about it but quite clearly it is genetic. Drive i am not sure of. Cultural capital is clearly environmental but it is inherited socially rather than genetically.
If you took all the kids from my background and forced them to go to state schools then all that would happen was that our collective parents would have made sure that our local state school was very well funded with 'donations' and we still would have used our cultural capital and the end result would have been the same.