Growing up in what kind of family environment? Are you a child from a wealthy family or a child from a poor family? How does the environment you were raised in influence the adult you have become today? A YouTube video provides the public with insights into these questions.
HeyKaki channel invited Yu Xinjin and Hong Wenxian from a normal family in Singapore, as well as Chen Xin and Li Yingqin from relatively affluent families, to discuss how their upbringing shaped their outlook on life.
Yu Xinjin mentioned that she lives in a Housing Development Board (HDB) flat, and her parents are hawkers. She knew from a young age that her family was poor because 90% of their arguments were about money.
Hong Wenxian shared that when he was 14, his parents abruptly moved to a smaller HDB flat without giving a reason, and they sold their car. He later found out that this was because his father had failed in stock investments. Since then, the family has been living a frugal life. He started working at 16 and has now achieved success in entrepreneurship.
Chen Xin, from the opposite group, revealed that she never once thought that money would be a problem in her life. Her parents encouraged her to pursue any interests she had, such as swimming, gymnastics, and judo, from a young age.
Li Yingqin, from the same group as Chen Xin, mentioned that she has never had to worry about money and could freely pursue various hobbies. She has had a large allowance since she was young, and her parents also gave her a credit card.
Regarding whether family background affects confidence, Yu Xinjin strongly agreed. She always felt embarrassed because she knew her family was poor from a young age. Not being able to afford new shoes due to her feet constantly growing in primary school, she decided one year not to buy new shoes and endured the discomfort of wearing small shoes. Additionally, she always used second-hand textbooks, which all had a negative impact on her confidence.
Chen Xin agreed that family background can affect confidence, but her confidence doesn’t come from being rich or poor. Her parents provided her with the opportunity to pursue her interests in childhood and encouraged her to excel, which boosted her confidence.
Entrepreneur Hong Wenxian believed that family background determines how many times you can fail. With affluent families, you can fail many times, but without a safety net, you must succeed.
Li Yingqin was the only one who disagreed. She mentioned that her friends do not care about each other’s family backgrounds, so she does not think family background affects a person’s confidence.
Regarding whether family background affects personal success, only Hong Wenxian disagreed. Despite coming from an average family, he believed that his background contributed to his early growth, allowing him to work hard and achieve success. On the contrary, some of his friends from well-off families led aimless lives, without achieving success.
Yu Xinjin, also from an average family, believed that financial constraints meant she couldn’t attend expensive tuition classes or receive the best education, which would affect her future success.
Chen Xin stated that family background can provide you with a superior social network, but individual effort is equally important. She emphasized that wealthy individuals do not see anything wrong in using their connections to gain advantages in education or work. A good family background indeed makes success easier.
Li Yingqin mentioned that her father grew up poor and became successful through determination and perseverance, proving that while money is important, it is not the most crucial factor. With determination and perseverance, success can be achieved.
She admitted that family background could affect whether one can pursue their passion in adulthood. If her parents hadn’t been able to support her interests in childhood, she wouldn’t be pursuing her dream career today.
As for dating someone with a significantly different income level, the results were surprising. Chen Xin and Li Yingqin, from wealthy families, said they would accept it as long as the person was hardworking, while Hong Wenxian and Yu Xinjin found it difficult to accept.
Yu Xinjin believed that a partner with a similar income is preferable because dating a wealthy person in the past led to cultural clashes and feeling out of place due to different family dynamics. Hong Wenxian, on the other hand, as a man, could date someone with a lower income but struggled to accept a partner with a higher income.
They also discussed topics like “preference for hard work over connections” and “money being more important than passion.” However, on these issues, each of them had different perspectives, showing that they didn’t form a unified view due to similar family backgrounds.
Before the conversation concluded, Yu Xinjin acknowledged that she was more pessimistic and lacked confidence compared to the others. Despite Hong Wenxian coming from a challenging background, his positive mindset and approach left a deep impression on her, making her realize the need to break free from a poverty mentality.
The stories of Hong Wenxian and Li Yingqin’s fathers show that transitioning from poverty to wealth is achievable, but not the case for the majority.
According to a 2013 study by The Pew Charitable Trusts, only 4% of poor Americans become wealthy, 9% move into the upper-middle class, 17% achieve middle-class status, while the remaining 70% remain in lower and poverty classes.
How can one strive to move themselves and their children up the social ladder? Continue reading “Only 4% of the Poor Become Rich – How Did They Do It?”