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Really......no. Being wealthy is not my goal in life. I don't begrudge others for doing so. It's only what some do to get/hang on to their welath.
Most ppl on the right don't begrudge the wealthy either, unless it is one of their "targets" like Nancy Pelocy, then selective wealthy on the left are fair game.
You forgot credit card debt. Credit card debt is termed bad debt because it takes money out of tomorrows income. When tomorrow comes you have less so people keep using their credit card and then get caught in a never ending rat race.
that is the whole problem with the debt trap, the ppl that need stop gap loans are the least able to manage them. 27% credit cards is bad enuf but PayDay loans at 350% plus interest rates are criminal, yet that exactly what the wealthy banksters are pushing for.
that is the whole problem with the debt trap, the ppl that need stop gap loans are the least able to manage them. 27% credit cards is bad enuf but PayDay loans at 350% plus interest rates are criminal, yet that exactly what the wealthy banksters are pushing for.
One thing here.
If these people have enough in a week or so to keep paying these payday loans off (and more, since high interest is charged) they could sacrifice one week or two or whatever is necessary and not take those loans.
It's that type of no-planning that keeps them in the cycle.
The "wealthy" probably "save" because they have the money and risk tolerance to invest in slightly more risky things. Meanwhile everyone else is being killed by the horrible fed policies that make it so that true savings (ie a bank savings account) actually lose money over time because of such low interest rates and higher inflation rates.
What lower/middle class person has more than $3,000 or so in a bank's savings account? I opened my first investment portfolio at 19 years old with $500. Go to Ameritrade, eTrade, ShareBuilder...anything but a savings account. Set up an automatic savings plan and stop using a bank to store your money!
that is the whole problem with the debt trap, the ppl that need stop gap loans are the least able to manage them. 27% credit cards is bad enuf but PayDay loans at 350% plus interest rates are criminal, yet that exactly what the wealthy banksters are pushing for.
Again, blame it on someone else. If you know that the banksters are pushing for it why be one to fall for it. Get them back by finding a way to get out of the cycle. Get your "revenge" and don't feed into it.
What lower/middle class person has more than $3,000 or so in a bank's savings account? I opened my first investment portfolio at 19 years old with $500. Go to Ameritrade, eTrade, ShareBuilder...anything but a savings account. Set up an automatic savings plan and stop using a bank to store your money!
Not sure where you got that figure from, but I never drew a line in the sand on an actual number.
All of those sources that you reference are no different than the online savings accounts out there like ING and Ally...one of which I use for my "savings" money. Sadly though none of them will offer you anything significant in terms of interest, all below inflation rates.
Again, blame it on someone else. If you know that the banksters are pushing for it why be one to fall for it. Get them back by finding a way to get out of the cycle. Get your "revenge" and don't feed into it.
Dude, I haven't lived with debt for 30 years now. I never subscribe to paying a dollar in interest to get a 25 cent tax break.
Some ppl don't have options and are hard pressed to get by. My mom's car broke down last week (cracked framework) and could not be fix. She needed a car like right now. Just to get her in a 8 year old car after a week was extremely time consuming. She ended up cooling together the money for the $5600 bottom line. $300 from one of my sisters, $700 from another, $2500 from me, $500 from my brother for the scrap car, and the rest from a small bank loan. There is no way for her to repay any of us, her $1100 a month SS and money from two pet time jobs isn't going to cover her expense and the new loan payment. She is at a loss and it appears she figures either me or my sister will make the payment.
Fortunately her loan, with a co-signer and the title to the car, was only 6.65%.
Some of you need to live poor for a month of two... It isn't fun and it isn't easy.
Last edited by buzzards27; 12-10-2012 at 04:53 PM..
The term the 'Idle Rich' was used by our grandparents to refer to Americans who inherited wealth back in the days before progressive taxation.
Many of the wealthy today have an Ayn Rand dystopia view of the world. It's about time they got a few bricks thrown at their glass houses.
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