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Old Yesterday, 03:21 PM
 
Location: Knoxville, TN
1,506 posts, read 676,142 times
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Quote:
Originally Posted by efseil View Post
I hope we don't end up in a socialist country. "Wealth redistribution" means they take the money you've spent a lifetime saving and give it to people who've never lifted a finger; maybe even illegals.
The main wealth redistribution in this country is underpaying labor and funneling the difference to the rich and then topping it off with tax cuts for the 1 percent. .
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Old Yesterday, 03:24 PM
 
28,374 posts, read 40,252,834 times
Reputation: 36926
Quote:
Originally Posted by johnd393 View Post
When I see old people working as store greeters and realize I don't have to do that.
Some do it out of choice rather than necessity. Boredom can be a problem in retirement.
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Old Yesterday, 03:59 PM
 
Location: Philadelphia/South Jersey area
2,931 posts, read 1,457,090 times
Reputation: 10433
Quote:
Originally Posted by efseil View Post
I hope we don't end up in a socialist country. "Wealth redistribution" means they take the money you've spent a lifetime saving and give it to people who've never lifted a finger; maybe even illegals.
What???
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Old Yesterday, 04:00 PM
 
8,197 posts, read 5,188,748 times
Reputation: 13970
Quote:
Originally Posted by Blondebaerde View Post
Seems to be true, the first and last paragraph. The "personal worth" is a Western thing; some cultures like FSU who aren't use to money tend to wear a lot of it at any given time, w/mink coats and jewelry and spendy cars. I thought that was rather gangster, personally. That's been my observation, in those who were young adults or teens when Communism collapsed with the Soviet Union.
It took me a while to realize that "FSU" wasn't Florida State University. But now that you mention it, yes, in the USSR the mentality was that all material success is ill-gotten, whether by speculation or fraud or sheer muscle. Honest people are sentenced to incorrigible poverty. So, anyone who comes into any wealth, must necessarily be a crook. And for the same reason, all wealth is ephemeral. It can be confiscated, expropriated, or just stolen. In the early 1990s there was a massive devaluation of the Ruble. Suddenly, people who had sizeable savings-accounts were left with nothing.

The corollary is that any wealth that one does procure, should be spent right away, while one still has it... expensive clothing, jewelry, or other portable and easily-hidden items... of consumption, such as fancy restaurants or vacations. In a slightly more stable society, cars become the badge of consumption.. ideally, German cars, Germany being the go-to place for anything that's "quality".

Without making too discriminatory of a remark, I think that we see similar behavior in disadvantaged groups in America, be it the inner-city ghetto or the Appalachian warren. All wealth is suspect, and any wealth that's procured should rapidly be spent. To invest is a sucker's game... one's money would get stolen by the banking cartel, or by financial-advisor charlatans, or maybe the government itself. So, why bother investing? Instead live for the moment!
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Old Yesterday, 04:37 PM
 
Location: Central IL
15,369 posts, read 8,775,182 times
Reputation: 36129
Quote:
Originally Posted by Tall Traveler View Post
When I started thinking that I have no idea how someone can live on the national median income is when I realized I was doing okay. I always tried to keep my house note far below what people at my income level were doing has been key to retiring comfortably and early...yesterday went to the Parade of Homes with wife and that will make you and/or your spouse want to upgrade to the latest.
So true - one of the best ways to live below your means is to not go out shopping and looking for ways to spend money! Because no doubt you'll find something that looks cool but isn't really necessary. It's like when you're on a diet, don't have junk food in the house to tempt you.
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Old Yesterday, 04:44 PM
 
Location: Loudon, TN
6,067 posts, read 5,007,379 times
Reputation: 20681
Quote:
Originally Posted by ohio_peasant View Post

....

Without making too discriminatory of a remark, I think that we see similar behavior in disadvantaged groups in America, be it the inner-city ghetto or the Appalachian warren. All wealth is suspect, and any wealth that's procured should rapidly be spent. To invest is a sucker's game... one's money would get stolen by the banking cartel, or by financial-advisor charlatans, or maybe the government itself. So, why bother investing? Instead live for the moment!

I don't think it's so much that they are suspect of financial institutions as just a desire to live like the rich and famous we see on TV. Those TV people have big money and show it in vulgar fashion and so the those with sudden "wealth" like lotto winners or YouTube sensations want to do the same with their new found money. But I agree that it's very much a "live for today, not thinking about the future" mode. We see it a lot in some professional athletes or music "one hit wonders" who live high, and end up running through all their millions in a few years.

Because they've never been exposed to the concept of compounding wealth, they don't get that they can live like a money-mad king for a few years and go broke, or live like a clever prince forever on the earnings of their windfall, and even end up with some money left at the end. I also think that some people just can't handle dealing with the math of it. To them a million is an unfathomable amount of wealth, to those with some money experience a million is just a house in the nice part of town.

Last edited by TheShadow; Yesterday at 04:54 PM..
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Old Yesterday, 05:29 PM
 
4,169 posts, read 1,667,119 times
Reputation: 8238
"...when did you realize you did better than those of a similar background?"
when the similar backgrounders asked to borrow money.
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Old Yesterday, 05:34 PM
 
Location: Los Angeles
3,595 posts, read 2,297,736 times
Reputation: 10812
Actually, it was my Son who made it hit home for me. He was living in San Diego and I was visiting one time and having lunch with him and a friend of his. I offhandedly mentioned that if he stayed living there, I might "drop a hundred grand on a boat to park in San Diego harbor for when I come to visit". After his friend left, my Son scolded me severely. "Dad, you just can't talk like that. Most people can't just buy a $ 100,000 boat for when they come to visit". My first thought was, "They can't ?" So I started doing some math on how much "good jobs" pay and then I was like, "Oops, now I get it". I've never made a comment like that since.
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Old Yesterday, 06:47 PM
 
912 posts, read 1,543,347 times
Reputation: 1907
My company a number of years ago was soliciting contributions for the United Way and I donated $2,500 directing it to the Salvation Army one of our chosen charities. Turns out I was the top contributor out of 1,400 employees.
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Old Yesterday, 08:25 PM
 
6,560 posts, read 5,241,606 times
Reputation: 13519
Quote:
Originally Posted by TheShadow View Post
I don't think it's so much that they are suspect of financial institutions as just a desire to live like the rich and famous we see on TV. Those TV people have big money and show it in vulgar fashion and so the those with sudden "wealth" like lotto winners or YouTube sensations want to do the same with their new found money. But I agree that it's very much a "live for today, not thinking about the future" mode. We see it a lot in some professional athletes or music "one hit wonders" who live high, and end up running through all their millions in a few years.

Because they've never been exposed to the concept of compounding wealth, they don't get that they can live like a money-mad king for a few years and go broke, or live like a clever prince forever on the earnings of their windfall, and even end up with some money left at the end. I also think that some people just can't handle dealing with the math of it. To them a million is an unfathomable amount of wealth, to those with some money experience a million is just a house in the nice part of town.
I read an interesting article in the Washington Post about a trial program in Mississippi on basic income. They were giving people 1000 a month.

One lady said she normally would buy the latest fashions for her kids to show others that she could "provide" for her kids. I guess buying them name brand fashion was more important that paying the rent.

But after a year, she had changed and managed to save the extra income. The first 1000 she received, she spent in one weekend.
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