Sunday, November 15, 2009

A Tale of Two Families

A Tale of Two Families briefly describes 'how government policies and past discrimination have made generating wealth easier for some Americans than others." Both Max and Byron took advantage of the opportunities that were open to them to build wealth and for Byron to help close the wealth gap. While Max definitely had an easier road, Byron has shown intergenerational mobility and has overcome a lot of the barriers associated with inequality - education (college graduate from an Ivy League school), employment and income (same company, same income as Max), and residential segregation (same neighborhood as Max). They both have the ability to continue to move forward in the future and try to give each successive generation a start that is a step ahead of where the last one started. It's what you do with the opportunities that have opened up for you that makes all the difference. Sometimes it means more when you have to work for it. You may be more likely to take a conservative financial approach (similar to Byron) and increase yours and the next generations chances of closing the wealth gap.

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