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The logic of stupid poor people.

Why, hello money nerds! It’s Wednesday, and as always we have some top money stories for you. Enjoy!

Your chances of becoming a millionaire based on race, age, and education. [Financial Samurai] — “In an ideal world, it would be wonderful if everybody could have an equal chance to become a millionaire by race, by age, and by education attainment. Unfortunately, the system is rigged where people already in power naturally look to take care of their own. It’s up to all of us to proactively enrich our minds with knowledge that can help us grow our wealth, regardless of circumstance.”

The logic of stupid poor people. [Tressie MC] — “If you are poor, why do you spend money on useless status symbols like handbags and belts and clothes and shoes and televisions and cars? One thing I’ve learned is that one person’s illogical belief is another person’s survival skill. And nothing is more logical than trying to survive.” This is a great piece.

Why Americans hate taxes. [Behavioral Scientist] — “Social science research tells us that at least part of our tax aversion stems from the opacity of government processes and the pernicious effect of sludges in the way we file taxes in the United States. To make matters worse, there are powerful special interest groups who are keen to keep the system opaque and sludgy. It does not have to be this way.”

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