I had a Vietnamese coworker who was the first in his family to get an engineering degree as a second generation family member. They absolutely treated him like that. He was making $75k compared to his parent’s combined $50k.
Oh hell yeah, this is what people don’t know about generational wealth. If you don’t have it, and somehow you make it, you will be subsidizing your poor family.
It’s like the opposite of the magnetic property of capital. It’s like, it’s so hard to get out from under the boot of rents. You’d think someone earning 50k is about 1/2 as worse of as someone earning 100k, but they may as well be in different countries, their situations are so dissimilar.
Anyway, I’m not saying don’t help out family. But I recognise how hard it can be.
I had a Vietnamese coworker who was the first in his family to get an engineering degree as a second generation family member. They absolutely treated him like that. He was making $75k compared to his parent’s combined $50k.
Oh hell yeah, this is what people don’t know about generational wealth. If you don’t have it, and somehow you make it, you will be subsidizing your poor family.
It’s like the opposite of the magnetic property of capital. It’s like, it’s so hard to get out from under the boot of rents. You’d think someone earning 50k is about 1/2 as worse of as someone earning 100k, but they may as well be in different countries, their situations are so dissimilar.
Anyway, I’m not saying don’t help out family. But I recognise how hard it can be.
That makes perfect sense. That scenario had not occurred to me so I appreciate your mentioning it!