I consider myself privileged. Similar story with parents except I was raised by my aunt and uncle who were penniless immigrants to the US. They had their own kids to worry about so I was low priority. Half my clothes came from flea market bins. No tutoring, extracurriculars, etc. I was jealous of kids who could 'afford' $1.25 school lunches.
I would even say that I was privileged at the time that I wasn't raised by abusive alcoholics and that at least my adoptive family valued education. And I never had to worry about starving.
This led to the virtuous cycle where I have a lot of free time today.
I live in Romania now and when people say I'm privileged I agree.
Privilege on the other hand reads like "something you have and I don't and therefore I can never catch up" - which in turn leads one to be passive and not believe that their actions can alter what kind of cycle they are in.
Maybe it's linguistic nuance that not everyone sees the same way (eg: you see it differently) but it seems to me that most discourse on "privilege" has to do with "how do we take it away from others / use it to justify our own relative lack of success" rather than "ok I get the concept, what opportunities to I have to build up such 'privilege' for myself and my family?"