One could argue that in many areas across the country where the tech sector is exploding that it is an economic imperative for more people to participate in the lucrative career opportunities that are within the space. For populations that have been historically excluded from many wealth building opportunities even more is at stake as inflation and the rapidly accelerating costs of living increase financial pressure.
For various reasons, people of color have been consistently overrepresented in the low wage labor market including bias, discrimination, deficits in social capital, and lack of access to equitable educational opportunities.
There is little doubt that money is a significant factor in why people may pursue careers in tech and why it is quickly becoming an economic imperative for those who have the desire and discipline to qualify themselves for prosperity in the space to be provided opportunities. Fields like engineering, computer science, and the like earn anywhere from 20% to 85% more than the average salary depending on what state people are located according to data compiled by business.org. Dr. Marcus Bright
The focus on earned wages is more pronounced for populations that have been historically excluded from many wealth building opportunities because they are more often faced with having to purchase major assets like homes with their own income versus those who are able to make these kinds of acquisitions with significant assistance from wealth that has been funneled down to them from previous generations.
A recent article in Bloomberg highlighted the growing number of people who are getting down payments or in some cases entire houses financed from parents. “Parents are increasingly helping their adult children purchase homes, whether that means co-signing a mortgage, giving money for a down payment or buying the property outright, according to real estate agents across the country” per their reporting.
These are the kinds of wealth transfers that propel a person far beyond what they earn on their jobs. These transfers are often hidden as the Bloomberg piece alludes to in stating that “it’s hard to determine exactly how many buyers are receiving help from their parents, in part because few are willing to discuss how they’re paying for a new home.”