So you want to be a millionaire? Well I hope you know the playing field is not the same for everyone. Most of the unbalance has to do with our race, age, and education. No surprise there but due to recent years inflations made it much more difficult to live a millionaire life style. You’d need about 3 million to live a basic millionaire life.
It’s no secret that the ladder to success is tough to climb and made tougher for African Americans and U.S. Latinos to attempt to.
A multigenerational study spanning four decades called, Generations of Exclusion, showed us that many immigrants and their children had made slow progress in assimilating into the American society. This was due to cultural and economic reasons.
In recent a research assistant in tax and policy at the Center for American Progress, Jessica Vela said America relies on millions of front line workers, but the typically low-wage jobs are often held by people of color, and the darker their skin, the more discrimination they face.
She also said many Latino workers, particularly those of Mexican, Guatemalan, Honduran and Salvadoran descent, work in jobs where labor violations are common, including hospitality or caregiving.
It’s been projected that the U.S Hispanic and Latino population is to comprise the majority of new workers in the next 10 years. While U.S. wage gap is correlated with education levels, work experience and immigration status.
Advocates are demanding higher federal minimum wage and an increase in grants to help people afford college or a trade school.