exhibit001's comments

In the context of MLE, random has a formal definition. What you describe as poor would be included in the mathematics as a factor outside the deterministic parameters that are modeled. E.g. Y = aFactor1 + bFactor2 + ... + constant + 'poor model correction factor'.

To solve the equation, we have to make assumptions of the poor correction factor. These assumptions about the error generally have some 'mathematically nice' qualities. For example it's not predictable or has a trend relating to any other factors. An concrete example is having a mean of zero. If it had a non-zero mean, it should be accounted in the constant factor of the model.

All these mathematically nice assumptions can be summed up be calling the 'poor model correction' factor as random.

I am one of those "children of immigrants [sic] and can still feel the aftershocks of their austere upbringing". I have shifted my mindset a bit away from the extremes described in the article, and definitely can identify a bit with "that’s good; that’s noble" thought.

The thought and the behavior, for me, isn't to be noble for noble's sake. The article felt a bit short for me as often financial woes are not mostly in our heads. Our individual bank accounts might show that we as individuals are ahead but the financial woes are still quite real with many of our parents. (Western) Society, and this article, disconnects the financial situation of the financially successful immigrant children with that of their aging and often financially modest parents.

Spending and saving is wrapped in the guilt and the dreams of our the upbringing. I do go out, but I know my parent's are still cooking the proverbially ramen at home because they are behind on retirement. It is having room mates but still having rent in an average apartment costing more than my parents mortgage. It's having more money than your parents and siblings combined, while seeing that your parents worked twice as hard being limited by their lack of network and English skills. All while home ownership is getting harder so for our generation. Secure our own future feels like a zero sum game with sharing and give financially to our parents, and, as importantly, giving the luxuries society says we can afford to ourselves.