The bottom quintile
(media.scored.co)
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I grew up in a similar town. There's basically been no social mobility. Everyone who was poor, is as poor as they were. Everyone who is rich is as rich as they were.
The real problem is that a lot of them already didn't have children, or ended up in prison or dead as it is. As such, the neighborhoods will continue to decay.
Education is a misnomer and is really just a way to convince people to go into education. In reality, people just aren't saving money and building wealth (because no one ever showed them how). People with good educations didn't necessarily get good jobs, and if they did, they left. Had they started a business instead of being a corporate wage recipient, the situation would be different.
There really weren't that many poor kids in my town. In fact, I was one of the few in that category.
But the main thing that made the town a pleasant place to live is that even though there were some poor people, they weren't out committing crime and they didn't intimidate and attack other students. They were usually in church with most everyone else.
Despite the presence of churches, it didn't help that some poor people were still going to act and be trashy, which kept them in the same place they started in.
I think they'd all tell you they believed in God, but I have no idea if they listened.
I don't care if they end up in the same place they started -- that's got nothing to do with the discussion. I don't understand why you think this has anything to do with social mobility.
As long as they don't end up at my place stealing or breaking shit or generally holding other productive people back, they aren't a problem to me, and really aren't relevant to the discussion. The "bottom quintile" was generally not a problem for anybody in my town.
Poor culture is the bottom quintile, whatever and whomever it will be.
If it wasn't anyone in your town, then good. You were lucky.
It's funny how much more money the guy has who saved his life on a modest income vs the high income earner who bought himself everything he thinks he deserved.
Eventually you have this guy who only makes 75k a year, but his house is paid off, he has no car bill, etc. He's living off that and socking away.
People don't even realize that they can have a good life never making more than 30k a year, because they don't realize how to properly invest and save. It's harder, but it's doable.
Frankly, the weird thing about the debt system is that if you were actually good with paying your debt back, it's the absolute fastest way to build wealth from $0
Well, leverage is certainly something that financially intelligent people understand. You don't have to be super sophisticated, but I think it makes sense to take loans on things when interest rates are low on things where you can get a good interest rate -- like a house. But you still wanna pay it off because then if you're into it you can take out another, bigger loan.
Tax evasion is also a great thing. Certain investments are privileged, so as dumb as that may be you play along I guess.
Obviously. That's part of the problem. It's a loser mentality and attitude that our culture and society institutionalizes into most people, particularly the poor.