Our Classless Society

“There is no crying on the private wealth management floor”

Julissa Arce, an undocumented immigrant from Mexico, fought — and occasionally bluffed — her way up through the ranks at Goldman Sachs.

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How Low-Income Students Do College

For a while now, wealthy and top-tier colleges have been in the news for trying to attract low-income students and also for failing to attract — and retain — that same population.

Just under 15 percent of the undergraduates at the country’s 50 wealthiest colleges received Pell Grants in 2008-9, the most recent year for which national data are available. That percentage hasn’t changed much from 2004-5, around the time that elite institutions focused their attention on the issue. And Pell Grant students are still significantly less represented at the wealthiest colleges than they are at public and nonprofit four-year colleges nation­wide, where grant recipients accounted for roughly 26 percent of students in 2008-9.

Individual colleges among the wealthiest have made gains in enrolling Pell Grant students, who generally come from families with annual incomes of less than $40,000. But others have lost ground. …

Among the 50 wealthiest colleges, the share of undergraduates receiving Pell Grants in 2008-9 ranges from 5.7 percent at Washington University in St. Louis to 30.7 percent at UCLA.

These well-off colleges educate a small slice of the country’s undergraduates. Still, the choices they make can set the tone for admissions and financial-aid policies across the country.

Since 2008-09, of course, schools have continued to make adjustments. Did they help? Well, in 2012, the Times reported that “affluent students have an advantage and the gap is widening.” So, no. 

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I Have 12 Years Left to Become Rich

Although I can support myself, I’m nowhere near “rich,” and I had never thought of that as necessarily being a goal until Slate told me I had two more years to set up the foundation for wealth and a decade after that to ensure it happens.

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On Life Expectancy; Also, William Giraldi and Kanye West Agree

In the poorest regions of the world, where people make, on average, $500 a year, per capita, there is no country where people’s average life expectancy is higher than 64. Whereas in the richest regions, where people make, on average, $50,000 a year, per capita, there is no country where average life expectancy is lower than 74.

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The Rent Is Too Damn High, and Jimmy McMillan Is Getting Evicted

Although he’s about to get evicted from his $872-per-month East Village rent stabilized apartment, Jimmy McMillan, AKA “The Rent Is Too Damn High Guy,” is not worried about money.

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What Success Looks Like, According To The Harvard Business Review

Maybe you currently only “Assist” or “Supervise” your life, but you’re hoping for a title bump if you put in a lot of work this year. Let HBR help!

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We Literally Cannot All Be Middle-Class

I have some potentially alarming news.

IT’S POSSIBLE THAT YOU ARE NOT IN THE MIDDLE CLASS

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Hot Takes For A Snow Day: “Idle Hands Spend Money,” Sandra Day O’Connor, Jennifer Senior, & More

+ Do you like shopping online? Lots of people do! As my mom put it to me this weekend, “Idle hands spend money.” The best one can do sometimes is spend wisely. In that vein, Racked was super excited to report — in what they called maybe the best Monday news of all time — that Reformation has just launched a new, more affordable collection called “Obvious.” Considering how hipster-y the clothes are, they seem to have missed a golden opportunity to call it “Obvious Child” but whatevs. If you like backless bodysuits and crop tops, insert money here.

+ Speaking of my mother, she told me a story about the time, back in the ’80s, when she and the other government lawyers who were also young moms went to hear the newly appointed Supreme Court Justice Sandra Day O’Connor speak. They were so eager to hear her explain how she managed it, how she managed to be a wife, a mother, and one of the most prominent judicial figures in the land.

O’Connor’s answer? Outsourcing.

Hire help, she advised the audience. Hire someone to do everything you don’t have time to do. The women nodded dumbly and left. “As if it had never occurred to us,” said my mom. “As if all we needed was to be more creative in our problem solving. We were government lawyers! O’Connor came from a wealthy family, but most of us didn’t have money to hire help. It was just so tone deaf.” 

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The Playing Field Isn’t Level But That Doesn’t Mean Don’t Play

Everyone has to deal with obstacles, after all, so most everyone can relate to / empathize with struggle; whereas we don’t all get trust funds or rich, supportive partners. Those are distributed inequitably. But so, for that matter, is talent.

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