If you’re anything like me, you probably didn’t grow up with a silver spoon in your mouth. You might have attended public school, like 75% of college students, and perhaps you’ve experienced periods of underemployment or unemployment. You likely didn’t come from a wealthy family with influential connections. But hey, life isn’t too bad, right? There’s a certain freedom in being an "average Joe" or "Jane" – you can do as you please without the scrutiny that often comes with fame or fortune.
However, when the high and mighty decide to strike, it’s worth paying attention. Even if we’re not part of the elite, understanding their perspectives can be enlightening. Who knows, maybe we or our children might climb the societal ladder one day. Let’s delve into what The New York Times strike means for us, and ponder whether we need to redefine what it means to be an elite. After all, human nature seems to always crave more, no matter how much we already have.
Before I started Financial Samurai in 2009, The New York Times was just another newspaper to me. As a 13-year veteran of investment banking, The Wall Street Journal was my go-to source of news. From 1999 to 2001, as a newbie financial analyst, we were expected to read The Wall Street Journal cover-to-cover daily. If we didn’t, we’d be caught off guard by our VPs who would quiz us on the news. We needed to not only know the news but also form opinions on how it would impact companies, the stock market, or the economy.
Fast forward to 2011, I still didn’t think much of The New York Times. That was until I came across an article by Carl Richards, titled "How A Financial Pro Lost His House". The article detailed how Richards bought a house he couldn’t afford, ended up $200,000 underwater, and decided to do a short sale. He argued that his moral obligation to his family outweighed his contractual obligation to the bank, so he stopped paying his mortgage and handed the property back to the bank.
This article made me question the morality of those who could afford to keep paying their mortgages but chose not to. In Asian cultures, breaking a contract is seen as dishonorable. So, seeing Richards’ story celebrated on a large platform felt wrong. It made me feel like a fool for doing the right thing and continuing to pay my mortgage. But I couldn’t break my promise because I never break my promises.
This experience made me realize that merit isn’t always the most important factor in getting ahead. Sometimes, being part of an elite system and looking the part can be more beneficial for wealth and success. Once you’re part of the elite, you seem to get multiple second chances, no matter how badly you mess up. It’s like starting a business when you’re already rich versus when you’re poor. The rich have multiple shots at success, while the poor only get one.
Despite not paying his mortgage, Richards was rewarded by The New York Times with a regular financial advice column. This led to more exposure for his financial planning business, which meant more money. Then, he landed lucrative book deals. In a way, I’m grateful to Richards and The New York Times because they made me believe that anything was possible! I didn’t have to be perfect on my financial journey. I just had to be honest. And if I really messed up, I might even get handsomely rewarded!
It was only after I landed my own traditional book deal in December 2019 that I realized The New York Times was an elite institution and its employees were elite writers. I had taken the long, hard route of building up my own platform for 10 years. In hindsight, it might have been easier to get a job at a large media publication and leverage their readership and reputation to land a book deal sooner. But there’s no going back in time. All we can do is learn from our experiences and share those lessons with others.
When my book, Buy This, Not That, came out, it became an instant Wall Street Journal bestseller. The Wall Street Journal bestseller list is based solely on the number of sales each book achieves in a one-week period. In other words, it’s based on a meritocracy.
However, despite the number of sales, my book didn’t make The New York Times bestseller list. I was told by those in the publishing industry that The New York Times bestseller list isn’t 100% based on meritocracy. Instead, there’s an editorial committee that decides which books make the list. This made me realize that being part of the elite isn’t just about being rich. It’s also about having a powerful voice to effect change and being exclusive, not inclusive.
But do you really want to be part of the elite if you have to strike for a mere 5.25% annual wage increase? I don’t. I’d rather earn as much passive income as I can to do what I want, even if I’m viewed as a peasant with inferior intellectual capabilities. Being inclusive of others is a fundamental part of being a good person. We should celebrate our differences and strive to make things more equitable for others.
So, let’s celebrate our non-elite status. Being middle-class is great. If you really want to be an elite, be elite at giving away your time and money to help other people. The more inclusive you are, the better you will feel.
In May 2024, I had the opportunity to work with The New York Times on a piece about Financial Independence Retire Early (FIRE). I was impressed by the amount of time, effort, and money that goes into their pieces. It was an inspiring experience.
To build more wealth, pick up a copy of my book, Buy This, Not That. Not only does it help you get richer, it also helps you make more optimal decisions for some of life’s biggest dilemmas. To learn how to negotiate a severance and be free, pick up a copy of How To Engineer Your Layoff. Use the code “saveten” at checkout to save $10.
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