Even with Powerball fever gone, people are still in money-making mode, except most have gone back to trying to get rich the old fashioned way — tricking people into giving them their money..WHOOPS! I MEANT TO TYPE…earning it.
But what are the actual chances a person can become a millionaire? What are the factors and intangibles necessary to make serious bank? The obvious are schooling and social status but a new study from the Federal Reserve titled Survey of Consumer Finances found that race is sadly just as important.
Of these three demographic characteristics, race stuck out as especially dominant in determining a person’s net worth. Its power is illustrated by the stark contrasts it creates in individuals’ outcomes, and the effects are only magnified by race’s immutability.
“It’s a false narrative to say race doesn’t matter in the United States,” said Emmons, a senior economic adviser at the St. Louis Fed. “It demonstrably does in the results we keep coming upon.”
Here are the races most likely to become millionaires and act shocked by this graphic.
- Bloomberg.com
Zero shocks given.
“There’s a narrative in the U.S. that “everybody starts out equally,” Emmons said. “The results that we keep coming across suggest that’s kind of hard to imagine.”
Does anyone really believe that anymore? I feel like even little kids realize, at least by second or third grade, that some people have it easy and some people need to punch life in the mouth every day to get ahead. The only people who don’t realize this are people who have it easy.
Unfortunately, a person change their race but it’s naive to think that people of color CAN’T becoming millionaires because obviously they can. It’s just a little bit harder for minorities because of the way the world works. All the more reason to work hard and prove people wrong.
[via Bloomberg]