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In our March video essay, Chelsea investigates two different realities splitting Americans down the middle: growing up with generational wealth, and growing up without it. So much of what we perceive as a “normal” American experience is actually the product of having a financially privileged family, and we need to talk about it.
Thanks so much to our interview guests, Paola and Sarah!
SOURCE LINKS:
https://www.investopedia.com/generational-wealth-definition-5189580
https://pmc.ncbi.nlm.nih.gov/articles/PMC4234039/
https://www.cnbc.com/2017/08/03/richer-parents-are-the-problem-with-admissions-not-affirmative-action.html
https://www.cnbc.com/2017/08/03/richer-parents-are-the-problem-with-admissions-not-affirmative-action.html
https://www.npr.org/sections/money/2023/07/24/1189443223/affirmative-action-for-rich-kids-its-more-than-just-legacy-admissions
https://news.ucr.edu/articles/2023/09/11/elite-university-admissions-athletes-benefit-white-students
https://www.attigo.com/news-and-insights/loans-vs.-legacy-the-ongoing-impact-of-student-debt-on-retirement-savings
https://www.robertwalters.us/insights/news/blog/nepotism-in-us-workplaces.html
https://www.harvardmagazine.com/2023/06/right-now-nepotism
Nearly 40% of homebuyers under 30 relied on cash gift or inheritance from family for down payment
https://financialpost.com/news/homebuyers-rely-bigger-gifts-from-parents
https://nypost.com/2024/07/08/real-estate/more-than-half-of-manhattan-homes-are-bought-in-cash/
https://www.madisontrust.com/information-center/visualizations/how-much-an-average-home-has-cost-in-the-united-states-over-time/
https://www.businessinsider.com/most-expensive-cities-for-childcare-daycare-us-affordable-care-cost-2023-5
https://www.vanityfair.com/news/story/jd-vance-solution-childcare-crisis-is-to-have-grandparents-do-it-for-free?srsltid=AfmBOooN7bA0sQH6_OUiFilShb1BFj4V8kSQ2sh6P_ucJDSUHM80a7Ld
https://upward-mobility.urban.org/framework/education/preschool
00:00 Intro
02:46 Ad break
10:52 The privilege of being a kid
18:09 College: affirmative action for rich kids
27:49 The cost of making connections
34:11 How generational wealth ruins the housing market
40:02 When did childcare get so expensive?
48:15 Conclusion
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