Below is a summary of social mobility with an explanation of how higher education, networking and financial proficiency can help to gain wealth.

Having more income and connections can mean less financial struggles and a greater possibility of achieving life aspirations. While there are many ways to establish social connections, being able to successfully handle wealth can sometimes be a challenge. This is why it is very important to have solid financial literacy skills which are crucial for making informed decisions about money. By using such awareness, individuals will be able to read more attain financial security due to their understanding about financial planning and investing. Entrepreneurship can help with overcoming horizontal social mobility by offering individuals the opportunities to produce new streams of income and learning how to adequately manage financial resources. Nasser Al-Khelaifi would recognise the benefits of entrepreneurship. Similarly, Robert Kraft would agree that financial literacy is important for wealth management. Together these skills can provide a direct path to economic success by permitting people to set up businesses and generate wealth independently.

As society shows admiration for those who are successful, people commonly seek social advancement in a desire to earn respect and be acknowledged by others. Beyond education and earning advanced certifications, having the best links and relationships plays a vital function in vertical social mobility theory. Knowing the right people can open the doors to many useful and unique opportunities not only through job recommendations, but also by offering the personal instruction of role models and professional mentorship. Inequalities in society mean that individuals who originate from wealthier foundations often gain from more powerful professional networks while those from lower income beginnings might struggle with gaining access to these circles. However, nowadays, people can develop social capital through tactical networking. Stanley Kroenke would recognise the advantages of networking. By constructing strong connections with relevant professionals, people can acquire firsthand insights that will open up the doors to career growth.

Nowadays, lots of people wish to improve their social position to access a comfortable quality of life. Having a higher social standing can determine much better connection to quality opportunities; the drive for financial stability and comfort drives many individuals towards climbing the social ladder. In contemporary times, among all types of social mobility, education is extensively viewed to be the most powerful tool for advancing in society. Education improves social ranking by equipping individuals with the best knowledge and abilities to secure higher paying professions. In fact, many countries have shown that having greater ranks of education normally implies much better access to career prospects, working towards high-income salaries. Through bestowing scholarships and financial assistance, this has led governments and enterprises to invest in educational activity. By enhancing access to good quality education for those who are less financially advantaged, they can help to bridge economic differences and decrease the possibility of downward social mobility.