The Myth of the Self-Made Man

The “self-made man” has long been a powerful cultural ideal in the United States and other Western societies, representing the belief that success is within reach for anyone willing to work hard and persevere. It's a narrative that has inspired generations, promising that personal grit and determination can overcome all obstacles. Yet, in today’s world, this ideal often masks a more complex reality: while hard work and resilience are important, they are frequently overshadowed by systemic factors that make the path to success far more accessible for some than for others.

Recent data challenges the viability of this age-old concept. Studies show that economic mobility in the U.S. has steadily declined over recent decades. Research has shown that absolute mobility has fallen from 90% for children in the 1940s to 50% for those born in the 1980s. Meanwhile, the wealthiest 1% now hold more wealth than 95% of the entire humanity, demonstrating that opportunities are heavily skewed toward those with existing economic privilege. At the same time, the rising cost of housing, healthcare, and education has left many struggling to achieve even modest financial stability, much less the wealth required for long-term security.
 


Let's dig deeper as we examine the structural and economic realities that make success far from reach. Does working hard still cut it in the long term? Is there an element of luck for some people? Or is the system simply stacked up against you while the rich and powerful retain their spot in the social order?

The Rise and Fall of the "American Dream"

The “American Dream” has been an aspirational concept for generations, embodying the belief that anyone, regardless of background, can achieve prosperity and upward mobility through hard work and merit. This vision suggests that success is accessible to all, and that a stable job, home ownership, and financial security are realistic goals for any individual who commits to them. This ideal took firm root after World War II, when economic policies, affordable education, and abundant job opportunities helped create the largest middle class in U.S. history. Between the 1940s and 1970s, the American Dream was not only a national ethos but a broadly attainable reality.

During the post-war era, policies like the G.I. Bill and investments in infrastructure provided many Americans with unprecedented access to education, affordable housing, and stable employment. Home ownership rates soared, and a single income was often sufficient to support a family comfortably. This era saw real wage growth that matched gains in worker productivity, enabling a rising standard of living for millions. However, in the decades since, the foundation supporting the American Dream has eroded, leaving many younger generations questioning its feasibility.



Today, rising student debt, stagnant wages, and prohibitive housing costs have made traditional markers of the American Dream seem out of reach for many. Since 1980, the cost of a college education has increased by over 169%, leaving the average American student graduating with approximately $37,000 in debt. This burden delays significant milestones for young adults, from home ownership to starting a family, as they struggle to pay off crippling loans while managing day-to-day expenses. Additionally, wages have largely stagnated. According to data from the Economic Policy Institute, inflation-adjusted wages for most workers have barely budged in the past 40 years, despite a steady increase in the cost of living.

The gap between productivity and wages underscores this growing disconnect. While worker productivity in the U.S. increased by 62.5% since 1979, wages for the median worker grew by only 17.2% in the same period. This disparity highlights a shift in how the economic benefits of increased productivity have been distributed, with a significant portion of profits flowing to the top rather than the workforce driving the gains. The wealthiest 1% now capture more than 20% of total U.S. income, a share that has nearly doubled since the 1980s. This concentration of wealth has led to income inequality levels not seen since the 1920s, undermining the idea that hard work alone can guarantee upward mobility.

Housing affordability has also become a major barrier. In the past decade, home prices have increased nearly 70%, while real incomes have remained relatively flat. In cities across the country, young people are finding it nearly impossible to enter the housing market, as skyrocketing prices and limited inventory keep home ownership out of reach. The National Low Income Housing Coalition reports that a minimum-wage worker in the U.S. would need to work approximately 97 hours per week to afford a modest two-bedroom rental at fair market rate, illustrating how unaffordable housing has become for many.

The Structural Inequality

One of the clearest examples of structural inequality is inherited wealth. The Federal Reserve reports that nearly 60% of the wealth in the United States is held by the top 10% of households, and this concentration of wealth tends to stay within these high-income families through inheritance. Studies show that those born into wealthy families are far more likely to remain wealthy throughout their lives, while those born into lower-income families face significant barriers to financial mobility. Wealthy families can pass down not only financial resources but also social capital, such as elite networks and connections, that can open doors to prestigious educational institutions and high-paying jobs. This creates a cycle where wealth perpetuates wealth, making it challenging for those without such advantages to break into higher income brackets.

Educational access is another critical factor that often reinforces these structural divides. Data from the National Center for Education Statistics shows significant disparities in educational funding between wealthy and low-income neighborhoods. Public schools in wealthy areas receive far more funding, largely because of local property taxes, while schools in low-income neighborhoods operate with limited resources. These disparities are staggering: the wealthiest 20% of school districts receive, on average, 30% more funding per student than the poorest 20%. This funding gap affects the quality of education available to students, from the condition of facilities and access to technology to the quality of teachers and extracurricular opportunities.

The consequences of these funding inequalities are far-reaching. A study by the Brookings Institution found that students in underfunded schools score lower on standardized tests than their peers in well-funded schools. Lower test scores can limit a student’s access to higher education opportunities, particularly at top-tier universities where competition is fierce. Research shows that graduates from these institutions often gain entry into high-paying jobs and secure positions that offer greater economic mobility. In contrast, students from underfunded schools are frequently left at a disadvantage, with fewer pathways to high-income careers.



This educational gap also translates directly into disparities in career opportunities. For individuals from wealthier backgrounds, access to prestigious universities and well-funded schools often brings access to professional networks and mentorships that further enhance career prospects. A recent study by the Economic Policy Institute found that children from high-income families are three times more likely to attend college than children from low-income families and nearly five times more likely to graduate with a bachelor’s degree. This education gives wealthier individuals a significant edge in the job market, enabling them to secure higher-paying roles and more easily transition into leadership positions.

In addition to formal education, social connections also play a major role in determining career success. Wealthy families often have access to exclusive professional networks that provide young adults with internship opportunities, high-level mentorship, and job placements. Research by Opportunity Insights found that nearly 40% of top executive and board positions are filled through personal or family connections. This level of access allows those born into privilege to bypass many of the struggles faced by those without such networks, further entrenching economic inequality across generations.

Despite popular narratives that celebrate individual effort as the sole determinant of success, these structural realities reveal a far different story. Economic inequality and systemic disparities in access to education and opportunity create a steep uphill climb for those without inherited advantages. For many, the myth of the “self-made” individual obscures the real challenges they face and misrepresents the true sources of success in today’s world. As these economic and structural barriers continue to widen, it becomes increasingly clear that genuine equal opportunity requires addressing the systemic inequalities that shape individuals’ prospects long before they begin their careers.

Economic Mobility

The rising cost of living has made economic mobility, your ability to improve your financial and social standing, increasingly out of reach not just for you but for most people. Rising housing costs, stagnating wages, and insufficient minimum wage laws are all contributing factors that make the prospect of building wealth and security far more challenging than in previous generations. For those struggling to keep up, these financial pressures can often result in increased homelessness, financial insecurity, and an erosion of the so-called “middle class” ideal.

Housing costs have skyrocketed in major cities around the world, outpacing income growth and pushing the dream of home ownership further out of reach. In cities like San Francisco, Sydney, London, and Tokyo, the median housing cost is now a staggering multiple of the median household income. For example, in San Francisco, the median home price is approximately 12 times the median household income. In Sydney, this multiple reaches as high as 13 times. This creates a significant barrier for younger generations trying to buy homes or even afford rent, as housing takes up a disproportionate share of their income.

This disparity between wages and housing costs has contributed to an alarming rise in homelessness, even in wealthy nations. In the United States, more than half a million people were homeless on any given night, with cities such as Los Angeles, San Francisco, and New York City experiencing some of the highest rates. This issue is not limited to the U.S.; in Sydney, homelessness increased by 7.2% between 2016 and 2021, a trend mirrored in other cities where housing costs have soared. According to the Organisation for Economic Co-operation and Development (OECD), many developed countries are witnessing similar struggles as housing affordability continues to decline.
 


And then, there is the widening gap between the minimum wage and a livable wage. According to data from the Economic Policy Institute, a single adult in the U.S. requires an annual income of at least $30,000 to meet basic living expenses in many areas. Yet, the federal minimum wage remains at $7.25 per hour, translating to an annual income of just over $15,000 for a full-time worker—roughly half of what is considered a livable wage. This disparity forces many individuals and families into difficult situations, often working multiple jobs or relying on precarious gig work to make ends meet.

In certain high-cost areas, the gap is even more pronounced. For example, in California, the minimum wage is $15 per hour, but the living wage for a single adult in Los Angeles County is estimated to be around $21.82 per hour. This shortfall means that many people, even those working full-time, cannot afford their basic needs. As a result, economic mobility is stifled, with individuals having little opportunity to save or invest in long-term goals, such as purchasing a home or pursuing higher education.

These financial strains are compounded for families. The Economic Policy Institute estimates that in states like New York and California, a family of four needs an annual income of around $100,000 to cover basic expenses comfortably. For those earning minimum wage or slightly above, achieving this income is nearly impossible without multiple household earners or additional forms of assistance. As such, the cost of living in developed nations has become a powerful force in limiting economic opportunity and widening the gap between the wealthy and everyone else.

The widening gulf between living costs and wages means that economic mobility is increasingly restricted. Instead of being able to invest in wealth-building activities, like home ownership or education, many individuals are focused on mere survival, scrambling to cover rent, healthcare, and childcare costs. The myth of the self-made success story is difficult to realize when basic financial stability is so hard to achieve, illustrating how structural factors deeply impact the potential for upward mobility.

Social Mobility

Social mobility, or the ability to move up the socio-economic ladder, is often tied to the strength of the social safety nets in a particular country. Countries that invest in comprehensive welfare systems, universal healthcare, and accessible education see higher rates of social mobility, as these supports help mitigate the effects of socioeconomic disadvantage. In contrast, limited social support in countries like the United States exacerbates inequality, making the notion of the “self-made” individual increasingly difficult to achieve.

Data consistently shows that countries with strong social safety nets, such as Denmark, Canada, and the Netherlands, enjoy higher social mobility than nations with weaker support systems like the United States. According to the Global Social Mobility Index, Denmark ranks among the highest for social mobility, while the U.S. lags behind at 27th place. In Denmark, education, healthcare, and parental leave are accessible to all, creating a more level playing field and enabling people from all backgrounds to succeed based on merit rather than circumstance.
 


In Canada, similar support systems have contributed to higher rates of inter-generational income mobility. A study by Statistics Canada showed that Canadian children born to low-income families are far more likely to escape poverty than their American counterparts. This is due in part to Canada’s universal healthcare and more affordable education system, which reduce the financial burden on low-income families, allowing them to invest more in their children’s futures.

The Netherlands also demonstrates high social mobility, supported by progressive social policies that ensure universal healthcare and generous unemployment benefits. The OECD’s 2021 report on education shows that Dutch children are more likely to attend high-quality schools regardless of family income, giving them equal access to educational opportunities that pave the way for upward mobility. The United States, by contrast, struggles with significant disparities in educational quality tied to local income levels, further hindering social mobility for those born into poverty.

Historically, the U.S. has implemented effective social programs that led to substantial gains in economic security and social mobility. The New Deal programs of the 1930s, for example, helped reduce poverty and stabilize the economy during the Great Depression. Initiatives like Social Security, unemployment insurance, and public works projects were instrumental in creating the mid-20th-century American middle class, driving economic growth and allowing many families to escape poverty.

Programs like the G.I. Bill, which funded college education and home loans for returning World War II veterans, helped fuel the growth of a prosperous middle class by offering unprecedented access to education and housing. As a result, millions of veterans and their families were able to achieve economic stability and social mobility that might otherwise have been out of reach. From 1944 to 1956, over 7.8 million veterans took advantage of the education benefits, dramatically increasing college attendance and graduation rates.

In recent years, however, many social safety net programs have faced cuts or stricter eligibility requirements. From reductions in food assistance programs to limitations on unemployment benefits, these changes have left low-income families with fewer resources and a greater risk of remaining in poverty. A 2019 study by the Center on Budget and Policy Priorities found that cuts to the Supplemental Nutrition Assistance Program (SNAP) would push nearly 3 million people further into food insecurity. Simultaneously, as income inequality has grown in the U.S., access to quality healthcare and higher education has become prohibitively expensive, further limiting social mobility.

The contrast between countries with robust social safety nets and the current U.S. landscape illustrates a stark reality: achieving success independently of family wealth or connections is far more difficult without institutional support. For the ideal of the self-made person to become a reality, more investment in social programs that level the playing field will be essential. Without these supports, economic mobility will remain a distant hope for many, perpetuating cycles of inequality and making the dream of self-made success elusive for those who need it most.

The Changing Narratives

In recent years, societal views on wealth and success have undergone a significant transformation, particularly among younger generations. Once largely attributed to individual grit, ambition, and effort, success is now widely seen as being shaped by systemic factors such as inherited privilege, institutional advantages, and, in some cases, exploitation. This shift reflects a growing awareness that traditional narratives of the “self-made” individual fail to account for the structural barriers that often limit or propel people’s paths to success.

Among younger generations, there is a clear recognition that wealth and success are not distributed purely on the basis of merit. A Pew Research Center study found that 70% of millennials and Gen Z respondents believe that inequality is a serious problem that requires significant structural change. Similarly, a Harvard University poll revealed that 64% of young Americans aged 18 to 29 support policies aimed at reducing economic inequality, such as wealth redistribution, higher minimum wages, and progressive taxation.

Furthermore, this generation is more likely to question whether success truly results from hard work or whether systemic barriers, such as racial and socioeconomic biases, play a more substantial role. There is a generational divide in perceptions of fairness, meritocracy, and the impact of social structures on individuals' economic outcomes. With the rise of social media and online culture, a lot of successful influencers promoting "quick-rich" schemes and other lucrative side hustles are perceive as gaming the system. Cheating their way to the top by all means necessary.

Reimagining Success

The concept of the "self-made man" is deeply ingrained in modern society, but as we have examined, this ideal often overlooks the systemic barriers and economic realities that heavily influence success. From the fading promise of the American Dream to the structural inequalities embedded in our educational, financial, and social systems, it's clear that individual effort alone does not account for success. Inherited wealth, access to quality education, affordable housing, and reliable social safety nets all play substantial roles in shaping one’s opportunities. For many, these supports are simply not accessible, making the traditional notion of self-made success an illusion.

To create a society where success is within reach for everyone, we must advocate for policies that address economic inequality and foster social equity. Progressive taxation, universal healthcare, affordable education, and living wages are just some examples of initiatives that can help level the playing field. By supporting policies that dismantle systemic barriers, we can redefine success as an achievable reality for all, not a myth reserved for the fortunate few.

The true measure of a thriving society is not one where a few individuals rise to the top despite systemic inequities, but one where everyone has a fair chance to succeed. Only by reimagining and restructuring our paths to success can we ensure that opportunity is universally available and that the concept of being "self-made" is based on a foundation of genuine equity.

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