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I still haven't found an answer to this one yet...
You see grown men with a house or two, a car, a boat, a cellphone and laptop for everyone in his family....and they're still up everyday trying to get more stuff.
It's like they're never satisfied. What's worse id half the time it's people who do something that doesn't even matter...I mean, if the guy's a surgeon, then I can see it. But half the time it's like some banker or something...
And they just go on with what seems like an insatiable appetite...never pausing to think, what do I need, really? Because the answer would shock them...
They don't need anything. Most of what they need, if not all of what they need, they've had since they were children.
But, without that purpose, that illusion of purpose, it's like they get scared. And, that's the saddest form of a man I can think of...a man who not only doesn't know his purpose, but also one who is too afraid to find out and just lives the life laid out for him as if he were incapable of finding his own purpose.
Also, I need a job. Once I graduate, any suggestions as to where I should look?
Something 'purposeful' please.
I actually understand what you mean.
I've known people like this.
There are people who must get every new gadget. Every time the gadget is updated, they must get the new one.
They have a ridiculously expensive car, even though a Toyota would be fine for them.
They have a boat in their yard, but their house hasn't been painted for years.
They have giant credit card debt to pay for all this.
O.K. Mr. Banker, I'll take it back. Indeed, how I even came up with the idea that perhaps surgeons are a bit more important in life (or even to life) is beyond me...I'll be sure to tell the doctors in my family that 'you know, bankers save just as many lives as you do...'
But, seriously, I don't want to show up unprepared.
"What do you want to do?"
"A job."
"What type of job?"
"A paid one."
You see what I mean?
instead of those questions... answer...
What do you like to do?
What are you good at?
What do you have skills in?
And then to answer your questions about people spending money.... welcome to America. People spending money is the best thing for America as it stimulates the economy. How do you think businesses stay in business? Do you think that if everyone saved all of their money and didn't buy luxuries and only bought necessities that we would be as prosperous of a country. (not that we are financially.. because that's laughable) It's an endless circle. People make a product, it sells, those people hire more people to make more of that product, and then those people buy a product that someone else made, that will then have to hire people to make.
Location: Huntersville/Charlotte, NC and Washington, DC
26,700 posts, read 41,718,665 times
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Quote:
Originally Posted by Broncos Quarterback
Uh, no. Not if this surgeon has any intelligence with respect to personal finance. And anyone who has the intelligence to be a surgeon should be able to invest his money himself.
Most mutual fund managers and financial "advisor" types add no value. Some do, but you really have to know what you're looking for. In the case of mutual fund manager,s they often subtract value vs what you could earn in an index. In fact, most of them cannot beat their benchmark indices. This is why the OP talks about surgeons having more value than bankers. Worst case scenario if a surgeon effs up: Death. Worst case for a mutual fund manager or banker: Someone loses a lot of money. No comparison.
Not sure why people are so upset at the OP. He asks a very important question. and he's right: Many people do not question the treadmill or system they are on and spend a lot of energy and time trying to make a bit more money so they can buy one more car, one more consumer item, etc.
The surgeon is probably able to invest the money himself. However, will his investments be as good as a banker who has had years of education and training and practice in investing money? I highly doubt it.
Every occupation has a role in our greater society. The doctors go to the bankers probably to get the best deal out of their money. Bankers go to car mechanics to get their cars fixed to the best performance standards. Mechanics go to barbers to get their hair cut to give a proper appearance. And so on.
An unemployed guy has NO business tearing ANY occupation down.
And then to answer your questions about people spending money.... welcome to America. People spending money is the best thing for America as it stimulates the economy. How do you think businesses stay in business? Do you think that if everyone saved all of their money and didn't buy luxuries and only bought necessities that we would be as prosperous of a country. (not that we are financially.. because that's laughable) It's an endless circle. People make a product, it sells, those people hire more people to make more of that product, and then those people buy a product that someone else made, that will then have to hire people to make.
The problem is that there is an endless cycle of debt. Americans are terrible savers, and much of the "stuff" is expensive.
There is nothing wrong with having "stuff", but when it becomes an end in itself, there is a problem. Let's be honest, many people buy a Mercedes because it impresses others -- they're beautiful and very expensive. It's screaming "I'm rich!"
It was amazing when my husband and I were forced to move to smaller quarters -- we live in TWO rooms. When you must downsize like that, you really simplify your life. I'll admit that it is very claustrophobic at times.
So I simplified my life. I don't have any credit cards, and I don't have a car (my husband and I share his 9-year-old Toyota Camry-- an extremely reliable car.)
Our main expenses besides rent and utilities? I have a smartphone and my husband still has a dumbphone. We don't have a landline. We are on the family plan with his sister so it is very cheap (I paid 99 cents for the smartphone because it is an older model).
I do have a small digital camera and I bought a Kindle because frankly there is not much space for books (my addiction is reading). Many books are Kindle are free or greatly reduced.
But we had to donate hundreds of books and many clothes to charity because of the lack of space. The huge furniture was donated also. It felt really good to donate all of that stuff to others in need.
We live very simply now. I love not having credit card bills and having to pay for the upkeep of a car!
We do hope to move to a bigger place one day (a third room would be nice for an office). But I don't need the very latest "stuff" to keep me happy!
When I think back to how it was when I was buying too much stuff (mostly clothes) and couldn't pay my rent -- I know how much better I have it now.
Now I admit that if I were to win the lottery I would probably buy a house, but I can't imagine ever wanting to drive a ridiculously expensive car or wanting fancy jewelry. It's just not me.
The problem is that there is an endless cycle of debt. Americans are terrible savers, and much of the "stuff" is expensive.
There is nothing wrong with having "stuff", but when it becomes an end in itself, there is a problem. Let's be honest, many people buy a Mercedes because it impresses others -- they're beautiful and very expensive. It's screaming "I'm rich!"
It was amazing when my husband and I were forced to move to smaller quarters -- we live in TWO rooms. When you must downsize like that, you really simplify your life. I'll admit that it is very claustrophobic at times.
So I simplified my life. I don't have any credit cards, and I don't have a car (my husband and I share his 9-year-old Toyota Camry-- an extremely reliable car.)
Our main expenses besides rent and utilities? I have a smartphone and my husband still has a dumbphone. We don't have a landline. We are on the family plan with his sister so it is very cheap (I paid 99 cents for the smartphone because it is an older model).
I do have a small digital camera and I bought a Kindle because frankly there is not much space for books (my addiction is reading). Many books are Kindle are free or greatly reduced.
But we had to donate hundreds of books and many clothes to charity because of the lack of space. The huge furniture was donated also. It felt really good to donate all of that stuff to others in need.
We live very simply now. I love not having credit card bills and having to pay for the upkeep of a car!
We do hope to move to a bigger place one day (a third room would be nice for an office). But I don't need the very latest "stuff" to keep me happy!
When I think back to how it was when I was buying too much stuff (mostly clothes) and couldn't pay my rent -- I know how much better I have it now.
Now I admit that if I were to win the lottery I would probably buy a house, but I can't imagine ever wanting to drive a ridiculously expensive car or wanting fancy jewelry. It's just not me.
That's just it. Your story is based on you.
This whole thread has been based around surgeons and bankers, so I'll roll with it some more. If a surgeon or banker doesn't buy luxuries, because we all know they can afford them, what happens with all their money? It just sits there. And what does that do for the economy? Just about nothing. Yes, we do need to save money through out our lives, but we don't need to save all of it except for the absolute necessities. Do you think that Surgeons would go to school for as long as they do and go through everything they did to become a surgeon just to have the basic necessities in life?
Yes some people are in careers where they can't afford much other than the basic necessities and are happy to have a roof over their head and might even be marginally happier people than surgeons and bankers, but that is all dependent on the person.
Location: Huntersville/Charlotte, NC and Washington, DC
26,700 posts, read 41,718,665 times
Reputation: 41376
Quote:
Originally Posted by skinnayyy
That's just it. Your story is based on you.
This whole thread has been based around surgeons and bankers, so I'll roll with it some more. If a surgeon or banker doesn't buy luxuries, because we all know they can afford them, what happens with all their money? It just sits there. And what does that do for the economy? Just about nothing. Yes, we do need to save money through out our lives, but we don't need to save all of it except for the absolute necessities. Do you think that Surgeons would go to school for as long as they do and go through everything they did to become a surgeon just to have the basic necessities in life?
Yes some people are in careers where they can't afford much other than the basic necessities and are happy to have a roof over their head and might even be marginally happier people than surgeons and bankers, but that is all dependent on the person.
Anyone who has taken any economics or marketing classes ever knows that when a surgeon or banker buys a boat or whatever it usually puts someone else to work, whether it is a boat builder or boat salesman.
Give the guy a break. By comparing medicine to banking he is merely comparing the STEM type professions to the control and oversee type professions. Sometimes the STEM professions are considered as building/creating/developing while the non-STEM are considered as maintaining the status quo. STEM= science, technology, engineering, m? And yes, if you look at the 1% you wonder why they keep trying so hard to accumulate more and more wealth for themselves.
Right. Because someone who spends a few hours looking at investment options on a weekend is going to do just as well as someone who does it for 60 hours/week all year long.
I
This is the kind of mentality that keeps many worthless investment managers in business and rich.
If you are smart enough to be make good money being a doctor, lawyer, CPA, etc, you are smart enough to handle your own investments. Really, the only time you need one is for tax planning, estate planning, etc. But for just choosing what to invest in and how to allocate those investments, there's no need to turn it over to another party if you're of significantly above average intelligence and are not totally lazy.
Think about it, if most mutual fund managers (who are paid a lot of money and spend a lot of time to do this stuff) can't beat their benchmark indices, doesn't that kind of prove that most people "doing it for 60 hours a week" don't really know their stuff?
It's really sad we're paying people so much money to add little to no value to society. These fund managers are really smart and could add so much more value using their analytical skills in engineering, for example, instead of the zero-sum (vis a vis stock indices) game of investment management.
The surgeon is probably able to invest the money himself. However, will his investments be as good as a banker who has had years of education and training and practice in investing money? I highly doubt it.
See my post to hsnq. The founder of Vanguard (John Bogle) himself says most people in his profession are more or less worthless. I could go on and on about this, but I won't.
This is the kind of mentality that keeps many worthless investment managers in business and rich.
If you are smart enough to be make good money being a doctor, lawyer, CPA, etc, you are smart enough to handle your own investments. Really, the only time you need one is for tax planning, estate planning, etc. But for just choosing what to invest in and how to allocate those investments, there's no need to turn it over to another party if you're of significantly above average intelligence and are not totally lazy.
Think about it, if most mutual fund managers (who are paid a lot of money and spend a lot of time to do this stuff) can't beat their benchmark indices, doesn't that kind of prove that most people "doing it for 60 hours a week" don't really know their stuff?
It's really sad we're paying people so much money to add little to no value to society. These fund managers are really smart and could add so much more value using their analytical skills in engineering, for example, instead of the zero-sum (vis a vis stock indices) game of investment management.
It is pretty sad when people like you don't even know the facts. Can you please show me your statistics that show 'most mutual fund managers can't beat benchmarks' in a place other than a news article citing a single company in their study?
Bashing on the investment community DOES make you feel better though, doesn't it? Most fund managers are paid 100% commission, and if they were not in fact making money, they would hardly make the sum that they do on a yearly basis.
It is a bit pathetic that so many people think that the exact people who drive organic company growth in this country which allows people to live the lifestyles they do are not adding value. Why do you think such a huge percentage of investment managers are ex-computer scientists and ex-engineers? Because investment management is vastly more challenging than those fields.
Or you could keep spouting things you hear on MSNBC to make yourself feel better about not being able to actually understand that particular field.
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I highly doubt it.
