[extropy-chat] Why I am No Longer a Libertarian Either...

[Robert Lindauer]

Mike Lorrey wrote:

>--- Robbie Lindauer <robgobblin at aol.com> wrote:
>
>  
>
>>Awesome, thanks for correcting me.
>>
>>1)  What are the sources of your statistics?
>>2)  How was "blue collar" and "self-made" defined for the sake of the
>>study?
>>3)  What factors -do- contribute to millionaire-ship on your account,
>>statistically speaking?
>>
>>I'm looking for an argument of this form:
>>
>>Of all American millionaires, 60% of them are blue collar (e.g. had 
>>parents with little or no money and who weren't able to help them so 
>>far as even a college education).
>>Of the people whose parents were blue collar, x% became millionaires.
>>And by comparison for the inheritors...
>>    
>>
>
>You don't understand: blue collar millionaires made their millions in
>blue collar work: plumbing, farming, electrical contracting,
>landscaping, etc.
>

I understand perfectly well what blue collar work -normally- means. 

What I want to know was how it was defined for the sake of the study 
referenced.  This is a fair question.  Different studies make different 
definitions and paying attention to them is important when drawing 
conclusions.

> My own brother is one of these, he dropped out of
>college, made about half his current wealth mowing lawns, landscaping,
>and managing properties, then, after buying out a dozen or so
>competitors in his area, sold out to a larger competitor in another
>part of the state, and migrated into real estate sales.
>  
>

Anecdotal evidence is irrelevant when making statistical arguments.  For 
every hardworking "guy I know" who made it, there's a slovenly idiot who 
became a millionaire by winning the lottery or having his daddy give it 
to him.  (I'm sure there are also hard working intelligent people who 
win the lottery occasionally too.)

>I know a number of these types: little or no college education, some
>without a high school diploma, who enjoy working their butts of 12-14
>hours a day in backbreaking work when young, then successfully learn by
>trial and error to manage groups of employees in the same trade, and
>come to dominate their local market.
>
>You likely know several millionaires but are not aware of it, because
>you look at them driving a pickup truck, wearing a service worker
>uniform, and not minding getting their hands dirty as degrading and
>lower class. Such tend not to talk about their wealth to their friends
>and don't buy into having status symbols.
>

I know several millionaires personally, this is, again, completely 
irrelevant when making a statistical argument.

The myth I'm trying to bust here is the "if you work hard, have 
discipline and drive, you will probably be born in the projects and make 
a million dollars", when in fact the odds are so far against this that 
it's absurd.  I've recently been told that 98% of millionaires were born 
millionaires in the US, from "Lies my teacher told me:  Everything your 
high school history book got wrong."

I await the source of the 60% of millionaires are self-made as well as a 
definition of "self-made" for the sake of the study.

Robbie Lindauer