You're Being Gaslit By Generational Wealth

Video Description

Thanks to Betterment for sponsoring this video! Get started, be invested, Sign up in minutes: https://www.betterment.com/influencer/the-financial-diet?utm_campaign=INF&utm_medium=paid_social&utm_source=Instagram&utm_content=tfdinvesting 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 https://www.housingwire.com/articles/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://comptroller.nyc.gov/reports/spotlight-new-york-citys-homeowner-housing-market/ 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 https://mylifesite.net/blog/post/the-unexpected-costs-of-caring-for-an-aging-parent/ 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 Join this channel to get access to perks: https://www.youtube.com/channel/UCSPYNpQ2fHv9HJ-q6MIMaPw/join The Financial Diet site: http://www.thefinancialdiet.com Facebook: https://www.facebook.com/thefinancialdiet Twitter: https://twitter.com/TFDiet Instagram: https://www.instagram.com/thefinancialdiet/?hl=en