Codie Sanchez breaks down research showing children who interact with wealthier peers earn 30-43% more by age 35. The study finds that who you know matters far more than how hard you work. Your social network determines your economic future.
Chapters
There's this study that I found fascinating, which is, if you want to know the largest determinant of a child being rich or poor, there's one thing, and it's called economic connectedness. And this was a study done on thousands of students in two cities. One was a city in Minneapolis where rich kids and poor kids, they engaged together a lot. It was just intertwined. And then there was another city in Minneapolis where rich kids and poor kids were segregated. They did not engage very much. And the difference in earnings between the kids who were economically connected and those who weren't was 30, 43% by the time they were 35. So on average, they earned one third more if they touched other people who had wealth and means than if they didn't. That makes me think about is we have to break down those barriers again and again between being around a bunch of people that have lives we don't want, that have health we don't want, and that have values and ethics we don't want. And we have to get in the rooms with the ones that do, because it's not so much about how. It's always about who.
