Revealing my financial privilege...

As as 24-year-old with a six-figure net worth, how much of it was down to me?

At 24-years-old, I have amassed a six-figure net worth, managed to become my own boss within one year of content creation, and probably receive more opportunities in a month than some people could dream of in their lifetime.

I was recently inspired by Gabby Peterson on YouTube, who made a video addressing her financial privileges, and as a personal finance creator, I thought it pertinent to do the same. Often, we see people like myself on social media with these massive £400k investment portfolios or buying a home in their early 20s. If you are an average 20-something supporting yourself on a graduate wage, it can feel like you’re behind or you’re missing one money trick. Sometimes people are living life on easy mode, they just don’t let you know how they got there.

When I started making personal finance content at 23, I got a lot of backlash for living at home. I always tried to acknowledge it, but it still got to me, I became defensive when, really, people were right to point it out.

Living at home after uni was a privilege that gave me the stability and disposable income to start investing aggressively. It meant I could experiment with content creation alongside my 9-5 without worrying about living paycheck to paycheck. Most people my age don’t have that kind of safety net, and it’s one of the biggest accelerators of my financial success.

Privilege, in general, can be defined as any factor that allows someone to make more money, manage it more easily, or grow it faster.

I started making content about finance because I genuinely loved it. I never planned to be transparent until one small comment slipped, and then I realised, this is what works. People want to see behind the scenes of someone building wealth.

I don’t regret it, because other creators being transparent is what motivated me too. But now, being fully independent, moved out, self-employed, and financially separate from my parents, a man, or a boss, I see how my path isn’t replicable for everyone.

Race and background

If we start with the beginning of my life, I was left on the streets of China in a basket. I was taken into an orphanage and fostered for a year or so before being adopted by white, middle-class British parents. Although I suffered sickness from neglect and have faced the psychological damage this process caused which manifested in my teenage years, overall, it was the luckiest thing that could have happened to me. Had I stayed, I could have ended up just working in the orphanage or being married off. As I had no parents, I had no status in society.

There’s only one real word for it, which is luck, as privilege would require a bit more nuance. Growing up Chinese and adopted in the early 2000s was challenging. Even living in a diverse area, I was still the only Chinese kid in all my schools. While I faced and still face racism and microaggressions, this hasn’t affected my ability to make or manage my money. Privilege is very nuanced, and for this sake, I’ll try to focus only on things that contributed to money.

I, of course, benefit from having ‘white’ parents. I don’t think that white characteristics can necessarily be pinpointed, as culture is so nuanced. However, both of my parents have Received Pronunciation (RP), and thus, this certainly gave me an advantage over, say, a Chinese person moving here who may have learnt English very well but still struggles with people not understanding them clearly. Communication is at the bedrock of success, it’s present in sales, which is thus present in every job. Therefore, it is easier for me to get a job, date, make friends, and make content.

Not only that, but I have always felt that because of my upbringing, I have mannerisms that could allow me space in privileged circles. While I am 100% Chinese and there is no way for me to escape that (as I wanted to when I was younger) I still may benefit from white privilege after being raised by a white family. I may have inherited the mindsets or beliefs that things were possible for me, not doubting that, as those parents who faced more adversity may be stuck with generational trauma in regard to race. Ultimately, being Chinese and having white parents is not an easy or typical circumstance, and while I did face adversities as any ethnic minority does, having the benefit of having two white, middle-class parents undoubtedly helped.

Family dynamics

The key thing is there, two parents. I feel incredibly lucky that my parents love each other and were both present in raising my sister and me. Having a stable home life undoubtedly gives you a better chance of success, and more chance at stable mental health. I’ve seen first hand the difference in confidence or success in friends or people i’ve known, often those from a broken family might do well in their career but suffer in their relationships. There’s not doubt about it, having two encouraging parents is a huge advantage and not the standard these days.

Money felt tight growing up; it was only into my teenage years that it felt more abundant. Without disclosing my parents’ money habits without their consent, I will say that I learnt my money philosophy myself.

I wasn’t taught about:

• Saving

• Budgeting

• Investing

• Entrepreneurship

In fact, any topic related to money. I was self taught. But the point is, I grew up in an environment that encouraged learning and critical thought. We always had debates at the dinner tables and my parents encouraged me to be curious and not just follow the status quo. So while my parents didn’t teach me about money, I had an environment where learning was celebrated.

This stable and loving environment likely gave me the space to flourish in this way both academically and financially. While my parents never contributed to the pot of money you see today, they indirectly did, by allowing me access to live with them and supporting me while at university.

Living at home

The biggest factor, of course, was being able to save large sums of money. Rent and bills often eat up over half of a graduate’s salary, but living at home allowed me to redirect that into investments and experiments that kickstarted my financial independence. Ironically, now I save even more while renting because my income is higher, but the head start I got from those two years of stability was invaluable.

Living at home after uni wasn’t just a financial advantage, it was a psychological one, too. Knowing I had a safety net gave me a kind of peace of mind that many people don’t get. Even if I’d struggled after moving out, I could always return to a stable, supportive environment. I never actually plan to move back permanently, but just having that option is comforting in a way that’s hard to put into words. I don’t have to stress about couch-surfing between rentals or scrambling to make ends meet while trying to figure out life.

Living at home gave me both time and space: time to grow my skills, test ideas, and think critically about money without feeling constant pressure, and space to make mistakes and learn from them. That combination: safety, stability, and freedom, is a huge part of how I was able to build momentum so quickly.

Mindset, and Moving Forward

So, I’m not a trust fund baby, as some people initially think, but I also didn’t come from nothing (well I did originally, but it was sheer luck I was adopted). The idea of being completely “self-made” is tricky. To some degree, we’re all aided by external factors: a boss who takes a chance on you, a friend who opens a door, a lucky break, or even just how people perceive you. Success rarely comes from one thing alone. I’ve found that acknowledging privilege and really thinking about it makes you more grounded, and even grateful, for the path you’re on.

In my time, I’ve come across peers who have had double my savings just given to them, they often don’t have the same drive. Personally, not growing up rich gave me the motivation and work ethic to make it myself. While I come from a privileged background, my goals won’t happen on their own. If I was to buy a home, I have to do it myself; if I want to retire early or travel the world, it’s down to me. If it’s any reassurance, often the kids I’ve met don’t have the same discipline because they don’t necessarily need to.

Financial privilege allows you to take risks, experiment, and have a safety blanket. That said, I think the demonisation of privilege is counterproductive. It should be acknowledged, made transparent, and considered when measuring success. Focusing too heavily on the circumstances we were born into, however, won’t necessarily propel us forward. Often, the advantage privileged kids have isn’t just money, it’s an unburdened mind.

While it may be controversial to say, we all have some influence over the way we think and the way we move forward. This is where energy is better spent. After reading countless self-improvement books backed by neuroscience, a common thread I’ve seen is that our thoughts and beliefs shape our reality, and this is programmable at any stage. While some characteristics are set, we can still change our minds.

My only hope with the content I put out as that I can speak to a cohort of people that resonate with my unique experience. They may not relate fully, but hopefully they can see past any differences and take elements of mindset or my work ethic and implement it in into their own lives. Comparison online can be healthy, it’s about taking that feeling of envy into inspiration. Yes, a lot of people online have hidden privileges but also they are living their own separate life and your are living yours. All we can do is not dwell on comparison with others, and instead focus on how we can improve our own lives.

That’s all from this week :)). Mia xx

Updates & links

• Links to resources

• New YT video up now deep dive on how to monetise as a creator: https://www.youtube.com/@miarosemcgrath

• Podcasts with Alpha Girl and new Chapter by Chapter by Kupa Matondo coming out soon

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