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The article mentions that people who grow up in poverty but have wealthy friends are more likely to rise out of poverty. They didn't indicate if the effect goe
by CSMastermind 4y ago
The article mentions that people who grow up in poverty but have wealthy friends are more likely to rise out of poverty.
They didn't indicate if the effect goes both ways.
Are rich kids with poor friends more likely to slide on the economic ladder than rich kids who are isolated to neighborhoods with only other rich kids?
That seems like an important aspect of the system to understand.
- xhkkffbf 4y ago> Are rich kids with poor friends more likely to slide on the economic ladder than rich kids who are isolated to neighborhoods with only other rich kids? I've seen the opposite, anecdotally. The rich kids who hang out with other rich kids often get into economic competition trying to out-do each other with more and more elaborate toys. The spending arms race pretty much bankrupts some of them. The smarter ones get lucky when they spend on assets that actually rise in value like, say, a beach house. The dumb ones buy boats or cars and crash them.
- xhkkffbf 4y agoA friend of mine who lived on Martha's Vineyard said that pretty much everyone around him was downwardly mobile, spending down their inheritance or savings. It was all economic competition.