Equality of Outcome and Why Wealth-Building is a Multi-Generational Pursuit
Overcoming Instant Gratification for Long-term Prosperity
Most people in favor of diversity quotas and equality of outcome trumpet the idea that they don’t have access to the same kind of networks or capital that more privileged people do.
And this might almost certainly be true.
In an article partly written in response to my own views on equality of outcome, Joe Caccavale had this to say.
Given all we know about the benefits of intergenerational wealth and the vast gap in starting points, for the majority of those born into underprivileged backgrounds, good ole fashioned elbow grease and smart decisions are only going to get them so far.
How would one acquire capital to invest?
How would one build a game-changing network?
It ‘might’ be via hard work and investment of time (which is in itself something not everyone has the luxury of) as Glaveski seems to think it is.
And you know what? I agree with him.
Hard work and elbow grease will only get them so far.
And that’s okay. Because Rome was not built in a day, and short of winning the lottery, most people will require more than one lifetime to elevate their family’s fortunes.
Heck, this was true of my own family too.
Back in the 1950s, my grandfather lived in a village called Trn on the outskirts of Bitola in Macedonia. The town’s population numbered no more than 200. Up until that point, his family survived by harvesting grain by hand under the hot sun, and by tending to their sheep in order to make cheese and dairy products for sale at the local bazaar. It was a very modest and difficult life.
But he saved his pennies over many years and got a loan to buy a combine harvester, which he subsequently used to tend not only to his own fields, but also as a form of rental income from neighboring villagers.
He was creating a little more economic freedom, but he could only get so far.
My dad subsequently was able to live a slightly more comfortable life, but nothing we in the west would consider comfortable. However…