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Old Yesterday, 09:34 PM
 
16,794 posts, read 4,406,604 times
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My parents drove it home to us that we had it better than 99% of the world. It was a good lesson....so I have never had to even think about it. I know I have it much better than most.
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Old Today, 12:27 AM
 
Location: Rust'n in Tustin
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There are starving children in China. We've all got it better than somebody.
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Old Today, 06:13 AM
 
Location: Tennessee
24,304 posts, read 18,109,144 times
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Quote:
Originally Posted by Clemencia53 View Post
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.
I'm a fan of Andrew Yang and UBI.

Some people will blow the money, especially at first, but I think you'll see far more responsible use where it "tops people off" than you might initially believe.

Like the guy I mentioned in the OP, that $1,000/month would take him from working poor to having a bit of extra.
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Old Today, 06:38 AM
 
2,822 posts, read 1,723,992 times
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Sometimes I think it hasn't hit home for me yet, because I still work everyday and I'm a long way from my financial goals. Plus, the loss of any inheritance (which I expected to have been in the $2 million range) has caused me to alter my savings and projections significantly.


I make quite a bit more than average, I'm in the 95% percentile for income, but I grew up in a very affluent area, where kids were being given brand new cars at 16 and their parents lived in million dollar houses (and this was in the 80's and 90's, those houses are worth $2-3 million now.) My own wealth doesn't compare to a lot of what I saw growing up, even though I've surpassed my own parents and most of my friends.


However, being that I have an economist background, I know the income/wealth stats in the US very well and that I am doing better than most. However, where I live, we don't see the people making up the "most", we see people in our same socioeconomic bracket, and some that are far above it. (I live less than a mile from where Deion Sanders old mansion is, a 25k+ sqft home with a master closet that is literally bigger in square footage than the home I grew up in.)


Trying to keep up with the Joneses is a futile goal. The trick is to have enough income/money to feel financially secure, and for our lifestyle, I'm just not there yet.
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Old Today, 09:28 AM
 
Location: SoCal
14,072 posts, read 6,730,144 times
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Quote:
Originally Posted by Serious Conversation View Post
I'm a fan of Andrew Yang and UBI.

Some people will blow the money, especially at first, but I think you'll see far more responsible use where it "tops people off" than you might initially believe.

Like the guy I mentioned in the OP, that $1,000/month would take him from working poor to having a bit of extra.
That’s where you and I differ. I believe in a system if you want something extra you work for it. I hustled my whole life so I know. I wished I didn’t get so complacent so early, in my 30s. Your neighbor refused to do that. That $1,000 is going for more purses for somebody like your mother. Even you don’t think it’s responsible use.
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Old Today, 09:39 AM
 
Location: Tennessee
24,304 posts, read 18,109,144 times
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Quote:
Originally Posted by NewbieHere View Post
Thatís where you and I differ. I believe in a system if you want something extra you work for it. I hustled my whole life so I know. I wished I didnít get so complacent so early, in my 30s. Your neighbor refused to do that. That $1,000 is going for more purses for somebody like your mother. Even you donít think itís responsible use.
If I didn't hustle, I would never have moved like I did.

The $1,000 could give him financial security. It would be savings for me. For another person, it might not be very significant.
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Old Today, 10:28 AM
 
8,301 posts, read 12,054,658 times
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Quote:
Originally Posted by Clemencia53 View Post
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.
A few clarifications:

1. Nowhere in that article did it say that she hadn't been paying her rent. In fact, the amount of rent she was paying more than doubled (see #3 below) because her subsidized rent was income-based.

2. The article didn't state that the woman "normally would buy" the latest fashions for her kids; it said that she used to want to do so. That's a big distinction.

3. She only really got an extra $393, not $1,000, each month because her subsidized rent increased $457 (from $300 to $757), plus she lost the $150 she received in food stamps each month.


From the WaPo article: "Grayís relationship with money changed dramatically. She used to want to put her children in the hottest clothes to prove that she was providing for them, but now saw the value of visiting the clearance racks. She paid off $4,000 in credit card debt. She found an $11-an-hour teaching job at a preschool and another part-time job, so she could save more money. As her new bank account grew from zero to $1,000 to $2,000, she began looking to leave the projects.

When a friend told her about a program to help low-income families buy houses, she decided to apply.


Full article here: https://www.washingtonpost.com/polit...ings-attached/
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Old Today, 10:35 AM
 
8,204 posts, read 5,188,748 times
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Quote:
Originally Posted by Katana49 View Post
Trying to keep up with the Joneses is a futile goal. The trick is to have enough income/money to feel financially secure, and for our lifestyle, I'm just not there yet.
But what constitutes "financial security"? Is that having enough money to buy rice, beans, cabbage, and some penicillin? Maybe cloth and thread to make clothes?

Financial security is very much contingent on expectations, on what we feel that we legitimately deserve. That's a relative measure, or in other words, is all about our nearby Joneses. Had you grown up around poorer Joneses, you'd likely now feel that you've already arrived. But then you'd likely relocate or find yourself hobnobbing with more affluent friends, resetting the bar. It's a perpetual chase!
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Old Today, 10:51 AM
 
2,822 posts, read 1,723,992 times
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Quote:
Originally Posted by ohio_peasant View Post
But what constitutes "financial security"? Is that having enough money to buy rice, beans, cabbage, and some penicillin? Maybe cloth and thread to make clothes?

Financial security is very much contingent on expectations, on what we feel that we legitimately deserve. That's a relative measure, or in other words, is all about our nearby Joneses. Had you grown up around poorer Joneses, you'd likely now feel that you've already arrived. But then you'd likely relocate or find yourself hobnobbing with more affluent friends, resetting the bar. It's a perpetual chase!

That's my point. If I wanted to, I could afford a million dollar home, prob about $1.2-1.3 with the equity we have in our current home and my income. And, if the past 2 years had never happened, that's probably what we'd be doing, "moving on up" as the case may be.


But things have changed, and now I am devoted to living our current lifestyle and not striving for more or better. The goal now is to pay the house off and be able to retire and afford our current standard of living without having to work or downsize. It's not as luxurious or glamorous as what I initially set out to achieve, but it will suffice and is more realistic with our current situation.
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Old Today, 11:01 AM
 
16,794 posts, read 4,406,604 times
Reputation: 11720
Quote:
Originally Posted by ohio_peasant View Post
But what constitutes "financial security"? Is that having enough money to buy rice, beans, cabbage, and some penicillin? Maybe cloth and thread to make clothes?

Financial security is very much contingent on expectations, on what we feel that we legitimately deserve. That's a relative measure, or in other words, is all about our nearby Joneses. Had you grown up around poorer Joneses, you'd likely now feel that you've already arrived. But then you'd likely relocate or find yourself hobnobbing with more affluent friends, resetting the bar. It's a perpetual chase!
If we had universal health insurance and some other of the very basics (better transportation systems, etc.) than people wouldn't have to build up as much wealth to get to "there" - where ever there might be.

Remember, tho, that the Corporate and Governmental structures in the USA are all geared toward growth. You will not find many companies telling you to buy used stuff or not buy at all...or to stop going out to eat or to buy beans in 40 lb bags. You just won't.
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