3 ms·
>Once they graduate they are very likely to be at least part of the "middle" and their kids the "upper middle". This is an observation that I've come to as wel
by hkmurakami 12y ago
>Once they graduate they are very likely to be at least part of the "middle" and their kids the "upper middle".
This is an observation that I've come to as well, in that first generation success, no matter what level the financial success, will only move the person up maybe one notch in "class", because the old habits are hard to shake (this is both a good and bad thing).
The kids tend to be one notch farther up as a result of not having the extensive experience their parents went through. Again, for better or for worse.
- ChuckMcM 12y agoThere have been a number of studies of lottery winners along these lines. The observation has been made that people who acquire money slowly are more likely to have habits which maximizes retention and extracts the most value out of the capital they hold. Whereas people who are suddenly "rich" often will spend money on things which are expensive but not valuable, and do not provide any sort of "return" (either in capability or value) commensurate with the expenditure. The canonical example is the lottery winner who buys a new luxury car or SUV with all of the options with their winnings rather than buying a reliable economy car and investing the difference cost in either future education for their children or savings against future need. You have to be taught those habits and one way to learn them is to be in a group that is spending recklessly and not getting any value for what they spend money on (learning by observation rather than experience).