If You Were Born into a Rich Family, You May Be Unaware of the Privileges You Hold. Find Out.
It’s said, wealth rarely surpasses 3 generations First generation come from nothing and instill a hard work ethic in their children. Second generation start life poor and build wealth. Third generation, born into an easier life, don’t have the same appreciation of what they have, coupled with taxes, inflation, a bad decision here and there and the wealth is gone.
Were you born into this generation, or possibly the 4th and have no idea of the struggles? Let’s find out in 15 Things You Only Know If You Were Born Rich.
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1
You’re Not Exposed to Poverty
When you’re born into wealth, you rarely see how other people live. Your family friends are wealthy, your friends are wealthy, and you take part in wealthy activities that mean you’re further exposed to wealth.
Often seeing “poor” people can be a real shock to the system, especially when you’ve been shielded from poverty your whole life.
But if you aren’t super rich and want to get rid of poverty, check out 15 Steps to Force Your Way Out of Poverty.
2
You Never Have to Worry About Seeing a Professional
If you have any medical issue, being born into wealth means that you can get checked out and fixed with minimal hassles.
There is a stark difference between public and private healthcare in most countries.
Medicarehelp.org points out that private healthcare systems mean you can:
- Choose your doctor.
- Shorter wait times and…
- Improved facilities.
They further point out… it costs more and creates inequality.
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3
Where to Study Is Not an Issue – Ever
The saying, “it’s not what you know, it’s who you know,” has never been more relevant than trying to get into a good Uni.
Money buys you a free pass into the University of your choice, whether you deserve it or not. Just ask Felicity Huffman and Lori Loughlin who were both involved in the 2019 college admissions bribery scandal.
Having said that, money is also an indicator of whether a child is more likely to finish school as we’ll explain next.
4
Poor Children 7 Times Less Likely to Finish School Than Rich Children
An Oxfam report revealed that “Across the developing world, a child from a poor family is seven times less likely to finish secondary school than a child from a rich family.”
The report, ‘The Power of Education to Fight Inequality’, found a direct link between underinvestment in free public education and the number of children who didn’t attend school.
Kira Boe, education policy lead at Oxfam, said that poor children arrive at school malnourished and in ill health, making learning impossible.
5
Peace of Mind
In our video, 15 Things You Get Wrong About Wealth, we mentioned “money doesn’t buy happiness, but it buys peace of mind.” Why? Because you never have to worry about how you’re going to pay for something.
And that’s something you will only know if you were born rich.
People that do not have access to unlimited funds worry every month about how they’re going to make things work.
That doesn’t mean being born into wealth isn’t stressful…
6
The Stress Is Real, Just Different
Parents have extremely high expectations of their children and they’re forced to do music, study hard, dance well, be the best swimmer… you get the gist.
The American Psychological Association published an interview with Suniya Luthar, PhD, a professor of psychology at Arizona State University, who said “if your sense of self-worth gets tied into how much you can accomplish, two things happen. One is, if you don’t accomplish, you feel small, inadequate, lousy… and the other is, you live in a state of fear of not achieving.”
Aluxers, remember that if you weren’t born into money, you can change your situation. Listen to Poverty, Riches, and Wealth by Kris Vallotton on Audible. We’ve got a free listen for you at alux.com/freebook.
7
Many Born into Wealth Struggle with “Affluenza”
Oxford languages define affluenza as “a psychological malaise supposedly affecting wealthy young people, symptoms of which include a lack of motivation, feelings of guilt, and a sense of isolation.”
Rich children are often shielded from unpleasantries, taking responsibility, or disappointment –this makes them ill-equipped for the “real-world.”
Remember Ethan Couch? The son of a millionaire who ploughed his vehicle into innocent bystanders, killing 4. His defence attorney cited that he suffered from “affluenza,” arguing, according to The New Yorker, “that his moral compass had been catastrophically deranged by his parents’ permissiveness.”
8
The Rich Believe They Deserve Their Wealth
Psychologists at the University of California, Irvine, conducted a test. They invited players to take part in a rigged Monopoly game. They flipped a coin, resulting in one rich player and one poor player. The rich player had double the money, could throw the dice twice to circle round the board quicker and could collect $200 at the beginning instead of $100 that the “poor” counterpart received.
At the end of the game, researchers found that the rich person didn’t attribute his gains to the roll of a dice, but rather “They talk about the things that they did. They talk about their acumen, they talk about their competencies, they talk about this decision or that decision,” as reported on Marketplace.org.
They concluded that this thinking was much the same in reality, where the wealthy believe they deserve their wealth and that those that don’t have it, don’t deserve it.
9
It’s Better to Be Born Rich Than Talented – Genetic Study Confirms
The Chicago Tribune posted the results of a study that revealed that “money trumped genes.” If two children were genetically similar, the one born into a wealthier family would be better off because their parents could invest more in their education.
As Kevin Thom, a New York University economist involved with the findings stated, “It goes against the narrative that there are substantial genetic differences between people who are born into wealthy households and those born into poverty.”
10
Affluent Children Are Prone to Substance Abuse
This is confirmed by many independent studies, and the results are the same… affluent children are more likely to become addicted, struggle with self-esteem issues and depression.
As published on Live Science, “Researchers found that by age 26, upper-middle-class young adults’ lifetime chances of being diagnosed with an addiction to drugs or alcohol were two to three times higher, on average, than the national rates for men and women of the same age.”
11
If You Were Born into Mega-wealth, Safety Is a Concern
The Atlantic released an article titled “Secret Fears of the Super-Rich,” where they published their findings after having interviewed people with wealth in excess of $25 million.
The results included “isolation, their worries about work and love, and most of all, their fears for their children.”
Parents worry that their child may be kidnapped for ransom, or that someone may befriend them with ill-intentions. Those struggles don’t cross the mind of parents with lower incomes.
12
Video on Privilege Goes Viral
Some experts say this video has the potential to cause more damage than good, but the point is simple… those with privilege go further.
Created by Adam Donyes, the video offered a group of young people the opportunity to win $100, but the race had certain criteria… for example, take 2 steps forward if both your parents had a job, or 1 step forward if you always had lunch for school … the ones that never had many struggles, were quick to go ahead leaving the less privileged behind.
13
Rich Children Often Grow Up Unable to Deal with Financial Adversity
With access to easy money, rich children fall apart when they are unable to fulfil their own financial obligations without their parents help. They’re not used to experiencing financial woes. This can lead to depression and substance abuse.
14
‘To Succeed in America, It’s Better to Be Born Rich Than Smart’
These are the findings of another study done in Georgetown. Much the same as we reported earlier, where we confirmed that wealth is better than talent, this report from the Georgetown Center on Education and the Workforce (CEW), “Born to Win, Schooled to Lose,” affirmed that being born wealthy is a better signal of adult success than academic performance.
15
You Always Have a Get Out of Jail Free Card
Even if you’re independent and going out and doing incredible things, if the sh*t ever hits the fan, you’ve always got someone who’s able to bail you out.
And Aluxers, there is an incredible freedom in having that knowledge.
Question:
What do you think you’ll only know if you were born rich?
