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Being poor also comes with a set of advantages. It changes the risk equation and opportunity cost to allow for chances, innovation, and bold moves. It’s freeing in many ways. You’re not bound by tradition or rules. They’re disrupters. People who have had it hard can be destroyed mentally and give up, but for some this constant cloud and bad news eventually makes them unbreakable because they’ve overcome obstacles time and time again. A common example of it was London during the blitz from Nazi Germany. The terror bombing eventually became a siren that people would ignore and go about their day. “a near miss leaves you traumatized, a remote miss makes you feel invincible.” If you being poor isn’t traumatic enough to break you, it can be the single greatest advantage a person can have.
It’s why some of histories greatest empires have been brought down by guerrillas. It’s why generational wealth is gone within 3 generations across most cultures. You can’t duplicate an underdog mentality that isn’t real.
“If you came from a place of nothing, that’s everything you need”.
Interesting point. I watched a lot of documentaries about people like Rockefeller, Carnegie and many more who had massive wealth in that era. Milton Hershey. One thing they all had in common was growing up dirt poor. I think many people today grow up too entitled to care.
From Bob Dylan: If you ain't got nothing you got nothing to lose.
So you could be more comfortable as a risk taker.
But as a general rule it's easier when you have the $ already.
The best of both worlds is to be the child of parents who are in a position to help. They aren't liable for your mistakes but you have the security of a backstop - though you might not get a second chance.
Also Tesla was not fined because of a lie but because they claimed that Tesla did not tell them of shorter range in the cold. Tesla was fined $2.2 million in South Korea for failing to inform customers that its electric vehicles have a shorter driving range in low temperatures - Failing to inform is not lying.
At least one judge appears to disagree with the bold above.
Quote:
Delaware Superior Court Judge Eric Davis sternly warned Fox and its legal team that its veracity was in doubt in his courtroom.
"I need people to tell me the truth," Davis said as he dressed down the network's attorneys. "And, by the way, omission is a lie."
Interesting point. I watched a lot of documentaries about people like Rockefeller, Carnegie and many more who had massive wealth in that era. Milton Hershey. One thing they all had in common was growing up dirt poor. I think many people today grow up too entitled to care.
Regarding the bold, I think that is a big part of it - but there is another big part: Consequences.
In the late 1800s, the consequences of economic failure were felt immediately in the form of hunger.
Today, the consequences of economic failure are that the government gives you free money.
At least one judge appears to disagree with the bold above.
I go by the dictionary definition, not a judge's essentially made up definition. A single judge does not make the standard, especially since the comment was also not even in a ruling that could be used as precedence - it is his opinion, not the law. Also the fine was in South Korea so a comment by a judge in Delaware would not be even close to making the argument valid. Not how the law works.
I really do not see it as an omission either though since as I pointed out, it seems to apply apply to only to some manufacturers and some type of vehicles. Every car loses range when it is cold (ICE and EV) according to testing by many organizations yet only one was fined for this that is a direct competitor to the local manufacturers (Kia and Hyundai) - more politics than any real violation. The same organization also fined MB. They seem to only look at foreign manufacturers even though they are already at a significant disadvantage because of the tariffs on foreign built vehicles in South Korea.
Never said "loopholes" - tax breaks. Reading comprehension is your friend.
But since google is too hard....here's a few just off the cuff
EV credit
Energy Star
Geothermal system credit 25% fed/26% state
Land use credit
Solar Panels
Living off royalties or dividends vs being a w-2 wage earner
LLC (tons of opps there)
And yes, I know that "poor people" get credits on their taxes, too....but how many 10/hr folks can access these.
And how can one "magically" afford a near doubling of their Fed tax bite once they hit 41,776/yr???
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by bluesclues5
These are 3 easy things someone with some wealth can do that gives them a leg up on those who are less fortunate.
Energy costs are rising. I purchased a $25k solar system that produces more than I consume so I heated my home primarily with electricity this past winter. My utility bill (gas + electricity) for the year was ~$300 (2000 sq ft house). Before solar, it was over $2500/yr. I had estimated payback for the solar system to take 7 years. I overestimated and with the increase in energy costs, it will payback in 5-6 years.
Bought an EV and pay nothing in gas. Converted lawn care tools to all electric. Although gas prices have come down considerably, but when they invariably go back up, I won't feel the pain that ICE car drivers will. At 15-18k miles/year, that's a $1500 annual savings.
Interest rates and treasury yields have risen so a large portion of my investments and savings have been converted to high yield accounts. If I were poor, I would not be able to take advantage of the fed raising interest rates.
So someone that can't afford solar power, an EV and have a substantial amount of savings is at a marked disadvantage to wealthier folks. To make matters worse, I took advantage of gov tax rebates on the first two bullet points.
These advantages will just compound as the cost of living rises. The gap between the rich and poor is only going to get worse.
Your $25,000 solar system will not start saving you any money until it's been in use for over 11 years to cover the cost.
I had to laugh when I hear that people buy an EV to save money on gas. In our area the Tesla Model X is very popular, the SUV with 4WD. At $133,000 they are spending almost $100k more than a comparable ICE SUV such as a Subaru Outback. With that $1,500 annual savings in gas it will take them 62 years to recover the cost before they save $1. at $27-42k the Chevy Bolt is the cheapest EV, but they are being discontinued, as GM and others quit ion small sedans in favor of more profitable and popular SUVs. Meanwhile, as more chargers are being installed, the cost to charge is going up. We have seen charging stations at as much as $0.58/kWh, while in our homes it's only 10-11 cents.
These charger companies are waiting for people to get hooked, then watch the rates go up even more. Here at my employer we have been looking into installing some, and the City has no regulations as to the amount we can charge, it provides huge potential for profit to commercial real estate
companies.
At least one judge appears to disagree with the bold above.
I'm in oil and gas, farming, ranching etc. In very real ways omitting fact(s) = lying.....per oil and gas deals in particular omitting certain fact(s) can and does = fraud.
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