Guest Blogger: Ben Mohr, MSW, LGSW, a Minnesota Licensed Graduate Social Worker with a bachelor’s degree in psychology and a master’s degree in social work from MSU, Mankato; he is a psychiatric associate and clinical treatment coordinator at the University of Minnesota Medical Center-Fairview in Minneapolis.
There’s been extensive news coverage lately about the plight of the low and middle income brackets the “99%” and their financial problems in the ongoing recession. Protests on Wall Street and around the country and world focusing on a general attitude of hopelessness, anger, and discontent resulting from national unemployment rates hovering above 9%, while another 8%+ are underemployed (people working less than full-time; earning less than their potential).
America the “land of the free” is known for the possibility of reaching your dreams. These freedoms are an important part of our national history and have provided hundreds of rags to riches stories: John D. Rockefeller and Andrew Carnegie; Oprah Winfrey and Chris Gardner.
All for of these well known people came from low-income households and managed to achieve wealth through, hard work, determination, and the freedom to take risks and pursue their dreams.
That possibility still exists! Reports by the Pew Charitable Trusts indicate that 45% of people who started in the bottom half of income distribution improved their situation by over 20% relative to their parents’ income. Workforce studies consistently show workers who start at minimum wage are likely to have incomes higher than minimum wage within one year’s time and significant income increases at the 5-year and 10-year marks.
I have an August 15, 2010 Yahoo finance article on millionaires hanging on my wall as inspiration for what it looks like to be in that company. The report indicates that 80% earned the money on their own and are still working. They drive Ford vehicles more than any other brand and about half are self-employed
Most found upward mobility through hard work, setting spending and saving goals, living within their means, and making healthy financial choices—all things that remain available to all Americans in all economic times, allowing every man and woman the opportunity to create a better financial future.
