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Not true. The average person will be broke again in a few short years. Take a look at most lottery winners if you don't believe that. Or take a look at Hollywood and former athletes. Plenty of broke people that made multi millions at one time. Once on their own with it they don't know what to do.
It depends on how you view the average person...if you think the average person isn't very smart with money then you're right. Me personally, dump a million on me I'd turn that into 1.3 million fairly quickly, relatively speaking.
It depends on how you view the average person...if you think the average person isn't very smart with money then you're right. Me personally, dump a million on me I'd turn that into 1.3 million fairly quickly, relatively speaking.
It doesn't depend on that. The average person isn't very smart period. It's not a perception. Its a fact. I know quite a few people that have made more than us throughout, but getting into retirement have close to nothing. It isn't bad luck that put them there. I think the same people handed a million dollars would just spend that also.
Not true. The average person will be broke again in a few short years. Take a look at most lottery winners if you don't believe that. Or take a look at Hollywood and former athletes. Plenty of broke people that made multi millions at one time. Once on their own with it they don't know what to do.
Wander makes a good point. Born into wealth, a person has access to connections, education, and a running start. They also have experience with money. Are there exceptions - you betcha, and trump's constant (according to Carl Icahn) business failures and amoral schemes is a glowing example of this.
Give a broader look at lottery winners, hollywood stars, and athletes who came into sudden wealth, many have managed very well. They just don't make headlines.
I think your argument is using "Exceptions MAKE the rule" instead of "Exception PROVES the rule". Using "exceptions" as sole data leads to confirmation bias and inaccurate conclusions.
It doesn't depend on that. The average person isn't very smart period. It's not a perception. Its a fact. I know quite a few people that have made more than us throughout, but getting into retirement have close to nothing. It isn't bad luck that put them there. I think the same people handed a million dollars would just spend that also.
They most likely did not have a lot of extra capital ...not saving money properly isn't the same as not investing properly. People that can't or don't save properly just never get to the point where they can invest enough to significantly increase their net worth. This is partially a stagnant wages issue combined with the cost of living continuing to go up disproportionately. However I agree on the athletes and lottery winners, yup, sometimes a fool and his money are easily parted.
Between my wife and I we make right at 150g a year. That is somewhat less than Bernie Sanders and he paid a lower % than I did last year, yet he is one of the biggest criers. Why don't these criers pay extra taxes if they feel so strongly about it? There is no law stopping them.
There are laws and there are loop holes. The loop holes are there to protect the wealth of the rich by ripping off the American public. The reason people run for office is that it pays very, very well. Then they loose interest in their own message.
No one rails on the SCOTUS, but they granted "free speech" to corporations and oligarchy which further erodes our democracy. The Roberts SCOTUS consistently rules against the individual in favor of corporations, and has become a strong enemy of democracy.
Wander makes a good point. Born into wealth, a person has access to connections, education, and a running start. They also have experience with money. Are there exceptions - you betcha, and trump's constant (according to Carl Icahn) business failures and amoral schemes is a glowing example of this.
Give a broader look at lottery winners, hollywood stars, and athletes who came into sudden wealth, many have managed very well. They just don't make headlines.
I think your argument is using "Exceptions MAKE the rule" instead of "Exception PROVES the rule". Using "exceptions" as sole data leads to confirmation bias and inaccurate conclusions.
Warren Buffet wasn't really born rich but yep he had tons of connections. As soon as he got out of school he had a huge head start. His dad was a congressman. I still have a lot of respect for him though he clearly worked his butt off throughout his life and made a lot of smart decisions.
You mean people like Ben Carson, Muhamed Ali, O. Simpson, Kaepernick, Kareem Abdul Jabar, Maxine Waters, George Foreman, Shirley Chisholm, Condi Rice, Will Smith, Morgan Freeman, etc.
THOSE "oppressed" people?
They talk the talk real well. Walk the walk, not so much. That being said I don't disrespect all of them. Ben Carson, Condi Rice and Shirley Chisholm are just fine. OJ turned into a bit of a degenerate, but I don't think he killed anyone. I have no use for Kaepernick, Kareem Abdul Jabar, Maxine Waters or Muhamed Ali (in real life Cassius Clay). I don't know anything about George Foreman, Will Smith or Morgan Freeman.
Should wealthy Americans--wealthy businesspeople, doctors, scientists, high paid professors, high paid journalists and radio hosts, athletes, sports owners, etc. owe the 99 percent of Americans something? *****
Should they pay more federal and state taxes?
Should they giveaway any unused mansions or homes to homeless and poor people?
Should wealthy Americans pay up in federal reparations for black slavery?
Do wealthy people owe the 99% of America anything? If so, what?
I voted "no" since I believe that in most but not all cases the 1% do pay more proportionally than others. If they did not my views might be different. But "from each according to his ability, to each according to his need" is a sure way to make sure nothing gets done.
They most likely did not have a lot of extra capital ...not saving money properly isn't the same as not investing properly. People that can't or don't save properly just never get to the point where they can invest enough to significantly increase their net worth. This is partially a stagnant wages issue combined with the cost of living continuing to go up disproportionately. However I agree on the athletes and lottery winners, yup, sometimes a fool and his money are easily parted.
Many people also increase their spending on lifestyle cars clothes etc once they start making more money .
How many say they don't have money to invest but then they have a new BMW or Mercedes , designer clothing etc .
Not saying it's bad to spend on that stuff but if one does spend on it I feel like they don't really have a right to complain about not having enough to invest .
Also regarding stagnant wages it's up to the individual to make more income for themselves .
That might mean a part time job or gig or a side business .
This actually seems a lot more common now and I am sure that a lot of it is because cost of living has gone up especially in larger urban areas like L.A ,NYC etc .
Before it could just be one spouse in the household working then both and now both working full time and working side gigs / businesses.
Many people also increase their spending on lifestyle cars clothes etc once they start making more money .
How many say they don't have money to invest but then they have a new BMW or Mercedes , designer clothing etc .
I'm not "wealthy" but I do OK. But much to my mother's discomfiture my "increase" in lifestyle was from a Toyota Corolla and Honda Accord to a Toyota Camry. And I continued to buy most of my Nautica and Orvis clothes at outlets, not full-priced stores. The expression "Jews don't like to pay full price" is instructive. And FYI I'm Jewish.[/quote]
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