Tag: wealth
Is the SAT a Wealth Test or a Culture Test?
Last week I came across a New York Times article that showed success on the SAT tracked very well with family income. Children from wealthy families were far more likely to score 1300 or higher than children from poor families. (Because the New York Times has a pay wall, I provided some pertinent data points…
Are You Ashamed of Your Wealth?
The other day I came across a very interesting opinion piece in the New York Times about rich New Yorkers. Apparently a number of rich New Yorkers are ashamed of their wealth. They even go to such drastic lengths as removing the price tags from the purchases that enter their homes, less the help happen upon…
The Real Culture War
Up until I was 40 years old (I’m 55 now), I floundered financially. I wasn’t a basket case. I was able to pay my bills. But I was using debt to live beyond my means and acquire the superficial symbols of success—a car, a condo, a host of electronic equipment, and a bunch of credit…
Prepare for Impact: You’re 55-Years-Old and Broke
Imagine you’re in the following predicament. You’re 55-years-old. You don’t own your home, you rent. You also have less than $1,000 in the bank, no retirement savings, and no pension. On the bright side, though, you’re employed, have little consumer debt, and are relatively healthy. Is a decent retirement possible given these circumstances? It is.…