She Strengthens

The Unspoken Advantage of Privilege in Personal Finance

When it comes to achieving financial success, hard work and determination are often cited as the keys to unlocking one’s potential. However, there’s a crucial aspect that’s often overlooked: privilege. In our latest podcast episode, we sat down with YouTuber and real estate investor Graham Stephan to discuss the subtle yet significant impact of privilege on our financial lives.

Defining Privilege

Graham shared a personal anecdote that illustrates his definition of privilege. Despite making mistakes with his credit in his early twenties, he was able to recover quickly thanks to his husband’s excellent credit score. This allowed him to become an authorized user on his husband’s credit cards and eventually start a profitable business. Graham acknowledges that he worked hard to achieve his goals, but he also recognizes the significant role his husband’s support played in his success.

The Game of Life and Finance

Graham likens life and finance to a game of poker, where some people are dealt better hands than others. While it’s possible for anyone to play to their strengths and learn from their weaknesses, Graham acknowledges that privilege can give some individuals a head start. He believes that personal finance is a skill that can be learned, and anyone can be successful if they’re willing to put in the effort.

Scratching Beneath the Surface

We’ve all seen those viral stories about young people achieving financial success, only to discover that they had a helping hand from their parents or other sources. Graham agrees that this phenomenon is all too common in the personal finance industry. When asked about how he got started with real estate, Graham revealed that he didn’t receive any startup money from family or friends. Instead, he relied on his own savings, generated through his work as a YouTube personality and real estate agent.

A Supportive Upbringing

Graham credits his supportive parents for encouraging him to pursue his dreams from a young age. While they didn’t provide him with financial assistance, they gave him the emotional support he needed to succeed. Graham’s story is a testament to the power of a stable, loving home environment – a privilege that not everyone has access to.

The Accessibility of Privilege

Graham acknowledges that not everyone has the same opportunities or support systems in place. He believes that it’s essential to recognize the privileges we have and to use them to our advantage. For those looking to improve their financial situation, moving back in with parents can be a viable option – but it’s not a solution that’s accessible to everyone.

The Takeaway

Graham’s story serves as a reminder that privilege can take many forms, from financial support to emotional encouragement. By acknowledging these advantages, we can work towards creating a more level playing field for everyone.