Wealth and Social Mobility – Your Broke Friends Are Costing You!
Your Broke friends are your personal problem. The Financial Griot (TFG) is back And even Shadier than ever?!
The crew discusses the impacts of social mobility referencing the research study from The Opportunity Atlas; due to economic connectedness (EC). EC is based on the extent of friendship across class lines. Social capital is just as important as capital, the crew takes a deep dive into life trajectories and what happens when one interacts outside of their communities to develop a better sense of self.
Turns out, keeping poor company can make you or keep you poor in the long run. You really can be Broke by proxy.
Table of Contents
Resources and Articles to substantiate the Broke-by-Proxy Paradox:
When it comes to restructuring your social circle and moving toward wealth, there are a few things to keep in mind. Not everyone is worth the value of your time. Time is your one and only true natural resource. If you spend it with people who aren’t productive, you will end up nonproductive. You really shouldn’t be the smartest in the room. If that happens, find another room.
You are the sum of the averages. If your friends are making less than $50,000, you will likely be capped at that level. An expansive new study, based on billions of social media connections, has uncovered a powerful exception to that pattern that helps explain why certain places offer a path out of poverty.
If poor children grew up in neighborhoods where 70 percent of their friends were wealthy — the typical rate of friendship for higher-income children — it would increase their future incomes by 20 percent, on average.
- PlanetMoney: “Friend Request”
- The Opportunity Atlas
Let’s Not Be Broke Friends. Connect with Us to Improve your Algorithm:
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps and ultimately build generational wealth.
Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.
When they say you will need $3 million to retire comfortably, it’s not a lie. Time to get active.
By connecting with us, you will be actively increasing the quality of your algorithm. The more you tune into nonsense, you will drift away from an opportunity. It’s all about networking and chance encounters. This is the secret to bringing in any real wealth.
So do yourself a favor.
Find the TFG Crew Hosts on Instagram
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez – Federal Auditor, Blogger, and Tax Specialist @theneighborhoodfinanceguy
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