originally posted by: MiddleClassWhiteBoy
I'm just bitter I guess. My father in law is wealthy but never offers any help to my wife and I. We don't want to ask and don't expect free
money. But wouldnt he rather see us say take out a loan or borrow from him than get screwed by a bank and the system? My own father died when I was
24 and although raised us three boys up right didn't have much to leave us. Although I have a good income and career I feel like a total failure in
America. I'll never be able to achieve what generations before me had and I make more in salary than they ever did. But it just seems the things
that really led a person to accumulate wealth like a first home, college education are too expensive and right off the bat sink you into debt.
I notice white middle class Americans also don't help each other out as much as other cultures and races. I see Indians giving loans to their
children to start businesses etc. Koreans do this a lot.
Ahh and this is the big secret, this is what is NOW required to get ahead. The old "boot-strapping" rules don't apply anymore and that's why you
see immigrants taking over the country (from a financial aspect).
For example Vietnamese immigrants share resources among family to start businesses and buy property. I'm not going to go into full detail, but in a
nut shell, the way they do this, is EXACTLY the same way Jeff Bezos started Amazon, they ask a relative for a loan, job training and/or a personal
favor. Also, if you didn't know, the same thing goes for immigrant owned Donut, Liquor and Smoke shops.
How do I know this you ask? I married a Vietnamese person with a family nail business. NONE of these immigrants get off the plane with nothing in
their pockets and nowhere to go, NONE. Extended family ALWAYS takes them into their homes and businesses. Then 10 years later after saving up and
learning the ropes, they go and start their own business, then claim to the media "I came here with nothing". Conveniently leaving out the details
that they didn't pay for food or rent during the first year living in the US and then later got a "family loan" to get started opening their own
business a few years later, AFTER they learned how the business was run, with a LOT of help from family teaching them along the way.
Americans simply don't have this kind of inter-family support system, never have and never will, because American born parents are brainwashed
morons. I know first hand because I came from one of those "idiot American" brainwashed families that are still broke to this day. When I got to
experience how Asians do things, first hand, I was amazed how stupid American families are in contrast, "boot strapping" their way into poverty,
while kicking kids out of the home at 18, that don't know how to survive, due to never being taught how to make money.
So how does Jeff Bezos and Amazon play into all this, you ask? I assert that "regular people" are just are not familiar with how wealth is made
Before Junior High School I lived in a low income city, but went to a good Catholic school, where poor kids had informed, supportive parents and a
good educational foundation. When I was in Junior High school my mother got remarried and I then attended a good public high school, with rich kids
that had informed and supportive parents and a similar educational foundation as the one I had in the Catholic School in the poor neighborhood (NOTE:
the richest kids were there purely for exposure in Athletics because because the local private schools were all in small divisions at the time and
playing on those small league teams would have affect their chances of getting into division I college sports).
Here is what I have concluded based on that experience:
When I look at the Forbes 400, I see 350+ people whom came from wealthy families. Note, some of them certainly acquired more wealth than their parents
had given them to begin with, but VERY FEW, if any, came from what I would consider a Lower Middle class backgrounds or less. I would even ague that
to get on the Forbes 400 list, coming from “at least” an Upper Middle class family is the BARE minimum requirement.
I typically use four well known examples, where, being from the Upper Middle class, was a base requirement to enter a particularly new and burgeoning
industry, with even an inklings chance for financial success:
1) Bill Gates had access to a mainframe computer, housed at his High School in 1969. My parents of same age didn’t use or see a computer until the
early 1980′s and even then, it was something they only experienced and got trained to use at their jobs. Is it really that surprising that Bill
Gates was able to enter that market before many others and make money?
2) Mark Zuckerberg got his first computer around 12 years old and at some point his father hired someone to tutor him in computer programing. That
computer adjusted for inflation would probably be worth close to $3,000-$4,000 today, not including tutoring costs. To put things into perspective my
father had a computer in the early 1990′s, in his home office, that cost him about $3,000 and I was not allowed to touch it, EVER. My used car in
high school cost less than half that, to buy at the time. Is it really that surprising that Mark Zuckerberg was able to enter that market before many
others and make money?
3) Jeff Bezos claims he paid for college on his own dime and at some point, started Amazon with his own money, HOWEVER, he admits there was a point
where he needed financial help, in the form of a loan, to keep the business afloat. Eventually he went to his parents who then loaned him $300,000,
after taking out a second mortgage on their home. How many parents posting comments here, would give their children a $300,000 loan, leveraged against
their previously paid off home, for a questionable start-up business? Is it really that surprising that Jeff Bezos was able to enter that market
before many others and make money?
3) Donald Trump, well what do I need to say here, he inherited his fathers $40 million dollar real estate business and got to learn the business under
the guidance of his highly experienced father. Its certainly not surprising that he was able to enter that market before many others and make
Now don’t get me wrong, I’m not saying any of the above people were not smart, hard workers, whom to date, have not earned their “keep”, but
lets also not also fool ourselves about the financial FOUNDATION they came from.
If ANY of the above people had come from a lower class background than they actually did, their greatest achievements in life would have been
inversely diminished because their “spring boards” would also be lower.
The people you see today talking about "how to make money" ALL started out on third base, but for some reason are credited with "Home Runs" today,
in hind sight.