[quote]
Low-ability youngsters from wealthy families go on to earn more money than their more gifted, poorer counterparts, says the Education Secretary Justine Greening.
Fairer outcomes remained an "entrenched" problem, she said, at an event promoting social mobility.
Too many pupils fail to reach their potential, said Ms Greening.
Making the most of all young people's talent was a "hard, cold, economic imperative," she said.
"Children from high-income backgrounds who show signs of low academic ability at age five, are 35% more likely to become high earners than their poorer peers who show early signs of high ability," Ms Greening told a Social Mobility Commission event.[/quote]
[url]http://www.bbc.com/news/education-39444993[/url]
No shit. The world has always functioned more like a plutocracy than a meritocracy.
As an example, colleges are more than just a way to further educate oneself, and is also a means for students to form and create connections with people that have power and/or wealth. If you are already part of that power/wealth class, you are already several steps ahead of those who don't have those types of connections. It's the original social networking, if you will. Talking to professors in a field you're trying to break into, can often lead to making a connection with affiliated businesses outside of the school, which can get you a leg up on employment once you graduate. If you don't use these connections to your benefit, somebody else will.
Basically, the more people you know with power and wealth, the better chance you have of acquiring and maintaining your own, so long as you exploit those connections to further yourself.
Oh yeah, this definitely rings true.
I had a friend in HS who was from a local, lower-income family. Despite having one of the best GPAs in the class and a stellar work ethic, the guy just went to a 2-year community college and planned to go into a trade, when he could have easily gotten into any in-state (and many out-of-state) schools he wanted, all because he and his family didn't have much money and the scholarships from the state would cover that in full.
[QUOTE=BANNED USER;52038941]Basically, the more people you know with power and wealth, the better chance you have of acquiring and maintaining your own, so long as you exploit those connections to further yourself.[/QUOTE]
Like I always say, "It's not what you know, it's who you know."
We can't have working class kids thinking that their goals in life are achievable.
[QUOTE=Dave_Parker;52039016]I feel like the untalented rich get taught how to handle money more than the skilled "middle class".
[B]The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.[/B]
Invest your money, take control. Don't let the date you get your paycheck govern your life.
[editline]31st March 2017[/editline]
Work ethic usually just means you're very good at making money for someone else. You work for a paycheck, and it's always "If only I got a little more each month".[/QUOTE]
Uh a house is most definitely an asset - particularly when you have fully paid off your mortgage.
EDIT: does that mean you wouldn't count buildings you've built but are still paying off as liabilities? Instead of just the loan as the liability while the building is very much an asset??
[QUOTE=Dave_Parker;52039016]I feel like the untalented rich get taught how to handle money more than the skilled "middle class".
The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.
Invest your money, take control. Don't let the date you get your paycheck govern your life.
[editline]31st March 2017[/editline]
Work ethic usually just means you're very good at making money for someone else. You work for a paycheck, and it's always "If only I got a little more each month".[/QUOTE]
you cracked the code now ill be [I]r i c h[/I]
Coming from wealth inherently offers you greater opportunity. When you are surrounded by wealthy people, you are surrounded by greater opportunities. On nepotism, a poor kid might get a job at a family friend's convenience store -- a rich kid might get a job at a family friend's multi-billion dollar investment company.
[QUOTE=Dave_Parker;52039016]I feel like the untalented rich get taught how to handle money more than the skilled "middle class".
The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.
Invest your money, take control. Don't let the date you get your paycheck govern your life.
[editline]31st March 2017[/editline]
Work ethic usually just means you're very good at making money for someone else. You work for a paycheck, and it's always "If only I got a little more each month".[/QUOTE]
reminds me of those trash articles which headline shit like "THIS WOMAN PAID OFF HER FIRST THREE HOUSES AT THE AGE OF 20 WHAT'S YOUR EXCUSE?" and it turns out her parents basically gave her a million dollar loan but they put that in the fine print because it breaks the "lazy millennials" narrative.
[QUOTE=1239the;52039206]reminds me of those trash articles which headline shit like "THIS WOMAN PAID OFF HER FIRST THREE HOUSES AT THE AGE OF 20 WHAT'S YOUR EXCUSE?" and it turns out her parents basically gave her a million dollar loan but they put that in the fine print because it breaks the "lazy millennials" narrative.[/QUOTE]
When I went to school for HVAC, we had a NATE representative come down and talk to us about the opportunities that NATE certification opened up to us.
He proceeded to go on with some spiel about how his wealthy and influential friends would say "hey you should do X" and he'd say "I dunno, I can't really afford X" and they'd respond with "Don't worry, I'll cover the bill!" so he'd say "...Well, alright", then went on to say "So don't let nothing hold you back!" or something along those lines.
:huh:
[QUOTE=Dave_Parker;52039016]The middle class gets taught that a house is an asset. That's not true.[/QUOTE]
This is the kind of thinking that keeps a person poor with no wealth.
[QUOTE=Dave_Parker;52039016]
The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.
[/QUOTE]
A house is an asset. It can be liquidated. Mortgage payments and depreciation are liabilities.
Generally, your equity will go down but shelter is a necessity. Renting is only ideal if you move around a lot.
The real estate market is a whole other question, especially when you buy and sell.
Alternatively, mooch off someone else or live on the street.
[QUOTE=Mr. Sarcastic;52039015]Like I always say, "It's not what you know, it's who you know."
We can't have working class kids thinking that their goals in life are achievable.[/QUOTE]
They are, you just gotta marry a rich person :v
everyone is misunderstanding what dave parker said, you're too focused on the house rhetoric when it was a subpar metaphor only
he means that the modern system requires average-paid wage slave workers, and as soon as you manage to find something that is a bit more or different than that, you are on a good path to being above the middle class, even if it is not life insurance
[QUOTE=Dave_Parker;52039016]Anything you pay for isn't an asset, it's a liability[/QUOTE]
Remember kids, go live in the wilds to hunt for your food and drink from the springs and build a log cabin covered in furs so you don't die in the winter, because paying for food, water, and shelter makes them liabilities somehow.
[QUOTE=Dave_Parker;52039016]I feel like the untalented rich get taught how to handle money more than the skilled "middle class".
The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.[/QUOTE]
Houses are an asset because it's real estate which can be flipped at a lower risk than investing in stock and can generate a larger profit as well.
[QUOTE=gk99;52039577]Remember kids, go live in the wilds to hunt for your food and drink from the springs and build a log cabin covered in furs so you don't die in the winter, because paying for food, water, and shelter makes them liabilities somehow.[/QUOTE]
The hunter-gatherer lifestyle is dead in most of the west, but I wouldn't rule out foraging and farming. There's things like food banks here, the backyard of most supermarkets can provide most nutrition. If you have a job then access to free water, washing facilities and fruit isn't out of the question. Now for the shelter you'd either pitch a tent somewhere hidden, maybe you drive a car so sleep in that or just mooch off parents if you have any and maybe homeless shelter.
It's not entirely clear if you're joking here in this post so i'll stop, but there's definetly better ideas than attempting to live in a log cabin although it's still a succinct possibility in perhaps anywhere fairly remote or not yet westernised. I actually prefer the idea of living a life without having to worry about money and deciding the fate of my shelter based on monthly payment on a mortgage isn't one of those but there's very few tricks anymore that work out for people like me that find social interaction difficult or worthwhile without them being made obsolete or running into legal problems.
I was up until recently even looking into saving money on a vehicle by looking at motorising a pedal bicycle, except it turns out our government made them a road legal classification so it's too expensive to even consider that. The trick it seems is to make friends with someone rich and yadda yadda but I don't much like the idea of fraternising with someone who has probably never tried getting into my shoes or probably doesn't even like the idea of me thinking in theirs, they probably have lots of responsibilities too which isn't exactly something I look forward to when or if I become rich.
[QUOTE=ScriptKitt3h;52038991]Oh yeah, this definitely rings true.
I had a friend in HS who was from a local, lower-income family. Despite having one of the best GPAs in the class and a stellar work ethic, the guy just went to a 2-year community college and planned to go into a trade, when he could have easily gotten into any in-state (and many out-of-state) schools he wanted, all because he and his family didn't have much money and the scholarships from the state would cover that in full.[/QUOTE]
to be fair, CnC operators are pulling down some pretty good money and those skills are pretty much futureproof
I'd consider a house that you live in both an asset and a liability, on one hand if you own it outright without a mortgage you definitely have more money from month to month compared to renting. On the other hand though, you're still paying for taxes, insurance fees, and hoa fees on some houses, on top of needing to pay out of pocket if something breaks, all of this on an asset that your not actually making any cash flow on. That's why some consider a house you live in a liability as opposed to an asset.
There's also the fact that houses are only semi-liquid in the sense that they're much harder to sell off than other assets (or so I've heard)
[QUOTE=RenegadeCop;52040453]A building is literally a fixed asset[/QUOTE]
lol no it isn't
[QUOTE=BlackMageMari;52039034]Uh a house is most definitely an asset - particularly when you have fully paid off your mortgage.
EDIT: does that mean you wouldn't count buildings you've built but are still paying off as liabilities? Instead of just the loan as the liability while the building is very much an asset??[/QUOTE]
it's just funky wording on it.
by asset they're not saying the legal definition, they're saying whether it's worthwhile. The middle has been taught that investing in a home is a low-risk form of investment, however the housing crash of the 2000s showed us that property values are inherently more risky than many other forms of investment. It used to be that the best way to invest in your future was through your home - due to market volatility, that is no longer the case.
[QUOTE=BANNED USER;52038941]As an example, colleges are more than just a way to further educate oneself, and is also a means for students to form and create connections with people that have power and/or wealth. If you are already part of that power/wealth class, you are already several steps ahead of those who don't have those types of connections. It's the original social networking, if you will. Talking to professors in a field you're trying to break into, can often lead to making a connection with affiliated businesses outside of the school, which can get you a leg up on employment once you graduate. If you don't use these connections to your benefit, somebody else will.
Basically, the more people you know with power and wealth, the better chance you have of acquiring and maintaining your own, so long as you exploit those connections to further yourself.[/QUOTE]
The world runs on connections.
Sure, hard work can get you places, but connections open up opportunities.
[QUOTE=Dave_Parker;52039016]I feel like the untalented rich get taught how to handle money more than the skilled "middle class".
The middle class gets taught that a house is an asset. That's not true. Anything you pay for isn't an asset, it's a liability.
Invest your money, take control. Don't let the date you get your paycheck govern your life.[/QUOTE]
buy high
sell low
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