I’m going to brag about my success for a minute. I’m not saying I’m financially well-off, but thanks to saving, scrimping and hard work through the years, we’re not in debt and my husband and I should be able to fund a modest retirement. Thanks to consistent parenting, we have two wonderful adult daughters. Our marriage is solid because we work hard to keep it that way.
Except, none of that is completely true. The good parts are real, and we did save, work hard, and try to parent consistently. We don’t struggle over our marriage. We just try to be nice to each other.
I think the truth is that we’re lucky. Not that we should play the lottery. Instead, I think we have the privileges that come with who we are in the world.
Our modest financial success did depend on our effort and living on less than we made. But sometimes people do both those things and still fall into poverty. Divorce, loss of a job, or a prolonged illness can all destroy someone’s finances, and by extension, their family’s as well. But there are things that can cushion that fall. If you have a financially stable extended family and other close-knit ties like we do, you can have support while you get back on your feet. If you are the first in your family to rise out of poverty, there is no safety net. It is way too easy to fall back in when disaster strikes.
We’re lucky because we’re American. The United States is one of the richest countries in the world. Now, most of that wealth is concentrated among a few individuals, but my husband and I are fortunate to be among those who make a living wage. Worldwide, our modest income is in the top one percent.
I’m lucky to have a post-graduate degree, which I attained when college was still an affordable option. On average, college graduates earn consistently more than those with high school diplomas alone. They have lower rates of unemployment. Certainly, I earned the right with effort and good grades. But I also had undergraduate scholarships and graduate financial help from my employer. Enrolling at all was helped by having two parents with degrees. Students who are the first in their families to attend are far less likely to finish. If you are a parent of a prospective university student, you know about the visits, the financial forms, the application forms and fees. It helps to have a college education to help someone apply for one. Even when students finance their education themselves, it helps to have financially stable parents who won’t require their help.
Our daughters really are wonderful. We did try to parent consistently and I’m sure that helped. But no parent can be all things. Their friends, teachers, first jobs, coaches, what they read, what they watched, the trips we took, volunteering, their own choices all made them who they are today.
My husband and I both came from a middle-class background. We started jobs in high school and learned something early about managing money. If our parents had loan payments or a parking ticket, they were able to pay it and move on. In too many places around the country, too many people in poverty have been arrested for not being able to pay their debts. Extended time in prison and garnished wages don’t enable financial stability. Fortunately, that policy may finally be changing on a large scale.
We are privileged to be white. I don’t say this to say that being white is somehow better than other colors, just luckier. As a white American, I am more likely to be financially stable, because my family’s wealth has had more generations to accrue. I am part of the majority, so most institutions cater to my culture and skin color. If someone believes a stereotype about me, it won’t be one that gets me shot or keeps me from getting a job. If we were really a country of equal opportunity, and effort was all it took to get ahead, there wouldn’t be the extreme disparities we have between people of different races today.
Like the majority of Americans, we’ve had our challenges, but like the lucky ones, we’ve had blessed supports as well. Our fate is as much the result of fortune as anything we’ve done to deserve it.