Except that it’s the opposite of a lottery.
It’s almost entirely based on your skills and the decisions you make.
There are right-place right-time effects, but it’s still your decision to be in the right place for the current time.
Europe’s economy is badly lagging the US economy, and it’s because culturally they hold these types of incorrect, fatalistic, zero-sum views towards success and innovation.
You're just not going to get past the first few rounds of the entrepreneur game if you're not a certain kind of person.
The US has terrible social mobility. Objectively, by any measure. This isn't up for debate.
Guess which state is #1 for social mobility?
Wrong. It's Utah, which is a low bar because it's 28th by GDP.
How about CA? 38th for mobility. TX? 45th.
It's a mythology of meritocracy excusing inherited privilege.
https://www.archbridgeinstitute.org/social-mobility-in-the-5...
The US is full of billionaires who came from underprivileged positions.
Infact, your advice is worse than wrong, it is actively harmful, because you're discouraging people from trying by (falsely) telling them that their efforts don't matter and they were destined to fail from birth.
My brother and I are both college educated and, while not "rich", have a lifestyle and income my grandparents could have only dreamed about.
It is truly painful to watch people preach learned helplessness through failure and destitution as the only possible outcome.
https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index
Why oh why do Europeans in general choose to spend less than americans?
Larry Ellison, Oprah, François Pinault, Howard Schultz, Jan Koum, Kenneth Langone, Ralph Lauren, Sheldon Adelson, JK Rowling, George Soros, John Paul DeJoria… to name just a few.
“He began his business career at the age of 12 when he borrowed $200 from his uncle (equivalent to $3,385 in 2023) and purchased a license to sell newspapers in Boston.[23] In 1948, at the age of 15, he borrowed $10,000 (equivalent to $126,814 in 2023) from his uncle to start a candy vending-machine business.[24]”
I am not disputing that it’s possible to go from rags to riches. But don’t you find it ironic that a list of people who supposedly fit the description, doesn’t actually fit the description?
Where’s my rich uncle?
There are ~750 billionaires in total.
The average American has a better chance of becoming a billionaire through hard work and prudent investments if, at age 18, they decide to live in a cardboard box underneath a bridge and steal metals from construction sites to sell for cash to be used to purchase lottery tickets.
They can then win the multi-million-dollar prize and invest that wisely to reach billionaire status.
Easy! Why doesn't everyone do it?
Four Pillars of Social Mobility: To rank each state, we measured a series of indicators related to social mobility across four pillars: Entrepreneurship and Growth, Institutions and the Rule of Law, Education and Skills Development, and Social Capital. Scores for each pillar were combined and weighted equally to create a state’s overall social mobility score.
I would think a measure of social mobility would include income percentile vs parents' income percentile.
Wouldn't this be a much worse metric? It would have to net out to zero change on average by the definition of percentiles. If we take abs change to look at both downward and upward mobility, the measure wouldn't tell us where most downward mobility happened, up and down could all happen within the bottom 25% and none in the top 75% and this metric would say we are highly social mobile if there was a lot of movement there.
https://www.businessinsider.com/american-dream-social-econom...
Going from $15k a year to $150k is a lot more common in Europe,, but doing from $150k to $150m is a lot more common in the US, and it's the latter that creates most of the value.
https://www.independent.co.uk/news/business/comment/sweden-b...