The parents’ income always has a great impact on the income of the child.
Statistics show that the wealthy families are more likely to get rich while the poverty-stricken families are more likely to get poorer. Some of the reasons why this is true include:
First, most talented and successful musicians, footballers artists are raised in wealthy backgrounds. One of the reasons as to why they become successful is that their skills and talents are more likely to be noticed early enough due to exposure and later further developed. For instance if the child shows up a talent in music, the parents, being wealthy enough, tend to send their child to the best music schools available during holidays or even after school. Those who show up skills in the field of computing also go through the best programming course and later in life become a successful developer. This is only happens if the parents are wealthy enough and do not mind paying extra expenses to boosts the talent of the child.On the contrary, poorer families cannot do much to boost the talent that the child has. In fact, in most case they only talk of the talents that their child has but cannot do anything.
In another case to prove this, most children, if not all, from rich families go to the best private schools or learning facilities. This increases their chances of succeeding in life. They even go to good universities with their various skills and talents. It is well known that the best learning facilities are considered first in the job market. This means that they are likely to be employed and stand out in a crowd of people who are not employed thus being promoted. This means that they get to live a successful life full of income sources. This is the opposite of a child from a poor family. He or she is most likely to study in a poor public school or a learning facility with limited resources. In case they make it to the university, they find life a havoc to live because they cannot afford the life their rich counterparts are living leading to low self-esteem and low self- confidence, leading to failure.
At a business point of view, a person from rich families does not need to go to a money lender and ask for a loan. This because his or her family can provide an interest free loan. On the other hand, a person from a penniless family finds it hazardous to start up a business. He or she has to get a loan not because he wants to, but because his family cannot provide the funds needed to start a business. That is not all, it will be a nightmare to that poor person when the business fails and ends up baffled up with debts and later ends up not recovering. This is not a big deal to a person from a wealthy background, the funds are still there and no one will come asking for the debts. This means that if I am from a rich family I am most likely to get repeated chances to rectify my mistakes in my business. The opposite is and cannot be true.
Sometime we are lucky in life. The reason behind this this that the child from a humble background might be lucky and even study to the university, thanks to student loans and bursaries or even scholarships. However, that is not the end of it all, families with high income tend have more connections in the competitive market. Most of the time, getting a job is not about whom you know and not about your excellent formal qualifications. Many people even come out of the universities with a distinction but end up unemployed for even a decade. This of course is not the case everywhere. The rich are the favorites when it comes to skipping ahead of the queue (corruption). Most bosses hire personnel from great if not the best universities. As stated earlier, the rich study in these sought of “big” institutions. That is not all. Most managers are also most likely to hire a person recommend by their relative compared to an unknown candidate who of course appears to have the right degree. Sorry to say, but most of the people from rich backgrounds do not even go to interviews in order to get work, they just find themselves working. This means that there is an interrelation between the rich parents or families with a high income and the “bosses”. They tend to be friends with organizations’ directors, politicians, industry captains and so on. A family with at least two or three major companies is likely to have influential contacts.
Inheritance is also another part of income especially in prosperous families. If you are lucky to have parents who own a lucrative, multibillion-dollar organization, you will most likely inherit an organization or business that is already well established. This means that you are in a high-income bracket right from the day you were born and you will most likely find life easy to live compared to people who do not even know what an established business looks like. Children from prosperous families have good mentors. Their parents know the way to a successful income utmost for example equity trading, flourishing in the corporate world and managing a successful business. These children in such a way have the advantage of skillful supervision from people who have invested in their achievement. Underprivileged children on the contrary do not have even the experience of starting up a business. They frequently find help the hard way. This means that the children
from humble families are most like going to be employed by their counterpart from high-income families. This shows that those from rich backgrounds earn double the income of those from poor families.
It is a verifiable truth that your parent’s income has an extensive impact on your own income.
Thinking from that sought of perspective; one might conclude that we are living in an unfair world.However, your family backdrop is not all. There are plenty of stories of people who have come from humble beginnings to be prosperous in life. It does not mean you cannot eventually be successful is you come from a humble background. Successful people are not gifted; they just work hard and then succeed on purpose.
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