My response to the "privilege" MEME.

[vicarz]

I was talking to someone the other day about whether owning a ferrari means you're rich. I argued it did, and we talked about the difference between spending what you make and saving for retirement. I hadn't really thought about it, but I realized I sock away about 25-50% of all the money I make into the future. 15% of salary goes into my retirement problem off the top, then I max out my roth IRA - another 5k post taxes annum as of today. Right there I'm already over 20%, then if you figure my private stocks and property investments are retirement plans as well (they definitely are, but technically I could sell them), I might be even over 50% of my income spent on the future. My god - I don't use half of my income! Am I rich? Poor?

If I had rich parents I would probably spend my money, perhaps even earn it, in a different way. Privilege? I went to public schools, had educated parents, and received help going to college. The important thing in my current view is what I have to do based on my parents financial well-being. I've lived my life knowing I had to support myself - that I would always be responsible for me, so when the time came that I fell ill or was otherwise unable to take care of myself, I had to have the resources to take care of it. On my parent's death, I receive nothing or minimal funds. I'm strapped in a lower-middle class lifestyle because despite my income and sound financial decisions I have to invest in my future with a huge portion of my income.

I have friends of similar income levels living much better than I am. They receive gifts from parents, but more importantly have a financial situation in which they can be assured a legacy of retirement money from their parents. Several have "millionaire" parents if you count the property owned in addition to investments. Their entire lives, they have lived with the knowledge that no matter what they did, they had a lifetime of security to fall back on. Most of those friends are very successful, hard-working, and should be very independently proud of where they are today based on their labors. Had they not had rich parents, they may well still be successful at similar income levels to where they are today. However, the lifestyle they live, the risks they took, the time they spent playing, and the fact they don't sock away 25-50% or more of their income is also the product of their privilege.

If I sound proud of what I've accomplished given my resources, I am. If I sound jealous of my richer friends, I am; but I'm not bitter. I'm proud of them too. I just wish I could get back those years I was living on beans and rice while I worked in a factory through grad school, and I wish I had their retirement plan so I could play with my hard-earned money today.

Comments

[http://users.livejournal.com/_blackjack_/]

Those of us with negative income would like to point out that you are in fact rich. Now buy me something.

[vicar.livejournal.com]

Let's develop an objective working definition of rich. How about not having to work yet having enough money for rent and food without working or sacrificing their future?

[http://users.livejournal.com/_blackjack_/]

My definition of "rich" is being able to buy things.

[djpsyche.livejournal.com]

That looks about like mine.