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After binge watching hours upon hours of documentaries on suburban #poverty in the U.S., I am embarrassed that I never thought deeply about these systemic causes of poverty before I went rambling & advocating for financial freedom. /1
I bought into the mirage of the American Dream and felt I was the product of this promise land. My parents gave up decent careers and worked jobs not much beyond minimum wage for 20 yrs in the US.
The sacrifice was for me & my sister to have great education & a better life. /2
The sacrifice was for me & my sister to have great education & a better life. /2
I obliged to this equation and obtained world-class degrees with the help of student loans, and then got high-paying jobs to pay them off.
(Though in hindsight, I left the US in order to pay off debt...)
Embodiment of the American dream, right? Not quite. /3
(Though in hindsight, I left the US in order to pay off debt...)
Embodiment of the American dream, right? Not quite. /3
Despite low wage jobs, my parents had the privilege to sell our home in Taiwan in exchange for another in the US. Secured housing is a massive advantage that set us on the path of a comfortable middle class life. /4
Even with low wage jobs, my parents were fortunate to have decent health insurance coverage for us. This meant when my dad needed emergency heart surgery, the medical expenses didn’t bankrupt us.
Medical care is another significant privilege. /5
Medical care is another significant privilege. /5
Even with housing and medical expenses covered, my parents worked multiple jobs. They are typical immigrant frugal & notorious penny pinchers.
They warned against what they deemed frivolous purchases in other families (most things). I still get lectures now on things I buy. /6
They warned against what they deemed frivolous purchases in other families (most things). I still get lectures now on things I buy. /6
The most significant privilege that I had overlooked was this sense of financial literacy instilled in me.
To have severe debt aversion isn’t common in the U.S., as demonstrated by the credit system.
And it’s equally uncommon to track expenses in Excel starting at age 15. /7
To have severe debt aversion isn’t common in the U.S., as demonstrated by the credit system.
And it’s equally uncommon to track expenses in Excel starting at age 15. /7
All of this privilege and more had set me up well in my pursuit of financial freedom.
I don’t have any answers on addressing structural causes of poverty, but I aim to keep these issues at the top of mind for future money discussions.
People everywhere are trying their best. /8
I don’t have any answers on addressing structural causes of poverty, but I aim to keep these issues at the top of mind for future money discussions.
People everywhere are trying their best. /8
Some of the documentaries that I’ve been binging gathered in this thread. I loved the entire Aljazeera series. https://twitter.com/wanderlustwlee/status/1272543887509217280?s=21 https://twitter.com/wanderlustwlee/status/1272543887509217280
