Life well-being has many domains beyond finances, including family, friends, health, work, education, religion, and more. I know that financial well-being is necessary for life well being but it is not sufficient. Our older daughter lives with bipolar illness. Our life well-being was decimated years ago when my daughter’s illness was diagnosed. But we’ve learned to alleviate well-being injuries in one domain from well-being medicine from the same domain and from other domains. Our younger daughter loves her sister and cares for her, and our ample finances domain lets us support our older daughter without constraining our own budget.
Rachel Sherman’s book let me peek into the lives of people much richer than me, people whose annual income is in the millions and whose wealth is many multiples of their income.
They enjoy high financial well-being, yet many suffer diminished life well-being because they compare themselves to those even richer. One wealthy woman said that she does not feel wealthy because she knows many wealthier people with drivers and private planes.
A surprising and revealing look at how today's elite view their wealth and place in society
From TV's "real housewives" to The Wolf of Wall Street, our popular culture portrays the wealthy as materialistic and entitled. But what do we really know about those who live on "easy street"? In this penetrating book, Rachel Sherman draws on rare in-depth interviews that she conducted with fifty affluent New Yorkers-from hedge fund financiers and artists to stay-at-home mothers-to examine their lifestyle choices and understanding of privilege. Sherman upends images of wealthy people as invested only in accruing social advantages for themselves and…
Natasha Warikoo’s book made me understand why so many people in my Silicon Valley neighborhood drive their children so hard to get into Ivy League and other prestigious colleges.
Graduating from prestigious colleges adds little financial well-being over graduating from less prestigious colleges, but it adds much life well-being in high social status. In the past, white upper-middle-class and wealthy families were almost always successful in placing their children into prestigious colleges, but in the last few decades, their children encountered competition from children of families who immigrated from China and India.
A white woman said that her children are very bright and very motivated but feel like average students because there were so many children of Chinese and Indian families who are even brighter and more motivated.
An illuminating, in-depth look at competition in diverse suburban high schools, where parents are often determined to ensure that their children remain at the head of the class.
The American suburb conjures an image of picturesque privilege: manicured lawns, quiet streets, and-most important to parents-high-quality schools. These elite enclaves are also historically white, allowing many white Americans to safeguard their privileges by using public schools to help their children enter top colleges. That's changing, however, as Asian professionals increasingly move into wealthy suburban areas to give their kids that same leg up for their college applications and future careers.
Members of the elite are different from the members of the working class in terms of college degrees and high incomes. I am a member of the elite. Marianne Cooper’s book helped me understand the lives of members of the working class as it places their financial and life well-being next to those of the elite.
Family is central to the life well-being of the working class. A working-class woman described her grandmother to her children as a woman who worked hard her whole life, and when she was old, she lived with her daughter and got a small amount of money from Social Security. But she would give the grandkids little amounts of money and say, “Here’s a little bit of Gran to take with you.”
In contrast, Cooper quotes the sad words of a child in an elite family whose father, a college graduate, earns high income as a white collar professional: "My dad is at work a lot. I don't talk to him a whole lot.”
Cut Adrift makes an important and original contribution to the national conversation about inequality and risk in American society. Set against the backdrop of rising economic insecurity and rolled-up safety nets, Marianne Cooper's probing analysis explores what keeps Americans up at night. Through poignant case studies, she reveals what families are concerned about, how they manage their anxiety, whose job it is to worry, and how social class shapes all of these dynamics, including what is even worth worrying about in the first place. This powerful study is packed with intriguing discoveries ranging from the surprising anxieties of the rich…
Kathryn Edin and Maria Kefalas’ book helped me understand the financial and life well-being of the poor as it compares the marriage and childrearing norms among them to those of the elite.
Elite mothers raise their children as “hothouse plants” and measure their success by their children’s educational and career accomplishments. Poor mothers raise their children as “field plants,” expected to grow naturally, expecting few educational and career accomplishments.
Poor women know that marriage is fragile, and so they make their primary emotional investments in their relationships with their children. A poor mother of a four-year-old son described him as her heart. She’ll have her son even if her marriage goes sour. She’ll say to her husband, ‘You leave! This boy is mine.’”
Millie Acevedo bore her first child before the age of 16 and dropped out of high school to care for her newborn. Now 27, she is the unmarried mother of three and is raising her kids in one of Philadelphia's poorest neighborhoods. Would she and her children be better off if she had waited to have them and had married their father first? Why do so many poor American youth like Millie continue to have children before they can afford to take care of them? Over a span of five years, sociologists Kathryn Edin and Maria Kefalas talked in-depth with…
Viviana Zelizer’s book told me the fascinating story of the cultural transition from a time when children provide to parents mostly financial well-being to a time when children provide only life well-being.
In the 18th century, in America, parents welcomed the arrival of their children mostly as workers when children were young and as security when parents were old. By the mid-19th century, however, parents of the urban elite welcomed their children mostly for their life well-being benefits in love, smiles, and successes that make parents proud.
Children, in Zelizer’s language, became ‘sacralized,’ economically worthless but emotionally priceless. By the early 20th century, working-class and poor parents joined elite parents in sacralizing their children.
I often note that the biggest risks in life are not in the stock market. If you want real risk, I say, get married. And if you want more risk, have children. People laugh because the point is obvious, yet that point is regularly lost. I was motivated to write my book by reflecting on my own financial and life well-being and those of others.
Financial well-being comes when we can meet current and future financial obligations, absorb financial setbacks, and keep driving toward financial goals, such as adequate retirement income. Life well-being comes when we live satisfying lives full of meaning and purpose. We need financial well-being to enjoy life well-being, but it is life well-being that we seek.
I’ve become passionate about telling parents how to raise happy, resilient, creative, confident, entrepreneurial children who are doing something that gives them joy. So many young people are unhappy; parents don’t understand how to help. They think their children should follow their path, but that no longer works for many. For the last 10 years, I’ve been speaking to parent groups; I was an Advisor to EQ Generation, an after-school program that gives children the skills to succeed; on the Advisory Board of MUSE School, preparing young people with passion-based learning; and on the Board of Spark the Journey, mentoring low-income high school students to achieve college and career success.
This book shakes longstanding assumptions of parenting.
Through 99 stories of people who are now changing the world, it shows how to raise creative, confident, resilient children who are filled with joy and purpose. Based on interviews with top entrepreneurs and their parents, it guides you to help your children identify their passion and figure out how they can spend their professional lives doing something they love.
Parents' well-intentioned efforts often boomerang. By ignoring their children’s skills and interests, parents can inadvertently create pressure and anxiety, thwarting their children's ability to excel and find happiness. Too often, following your heart…
Raising an Entrepreneur: How to Help Your Children Achieve Their Dreams - 99 Stories from Families Who Did
Learn how successful entrepreneurs were raised! Could your children start a company that disrupts existing industries? Or a non-profit that helps people around the world? Or follow their passion as an artist or activist? And most important, lead a life of joy and purpose, to be happy and fulfilled? Margot Machol Bisnow, mother of two thriving entrepreneurs, reveals how to raise creative, confident, resilient, fearless kids who achieve their dreams, through 99 stories of families who did it.
Read stories from 70 families who raised true game changers. See family photos of these thriving entrepreneurs, both when they were young…
