Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I hope we don't end up in a socialist country. "Wealth redistribution" means they take the money you've spent a lifetime saving and give it to people who've never lifted a finger; maybe even illegals.
The main wealth redistribution in this country is underpaying labor and funneling the difference to the rich and then topping it off with tax cuts for the 1 percent. .
I hope we don't end up in a socialist country. "Wealth redistribution" means they take the money you've spent a lifetime saving and give it to people who've never lifted a finger; maybe even illegals.
Seems to be true, the first and last paragraph. The "personal worth" is a Western thing; some cultures like FSU who aren't use to money tend to wear a lot of it at any given time, w/mink coats and jewelry and spendy cars. I thought that was rather gangster, personally. That's been my observation, in those who were young adults or teens when Communism collapsed with the Soviet Union.
It took me a while to realize that "FSU" wasn't Florida State University. But now that you mention it, yes, in the USSR the mentality was that all material success is ill-gotten, whether by speculation or fraud or sheer muscle. Honest people are sentenced to incorrigible poverty. So, anyone who comes into any wealth, must necessarily be a crook. And for the same reason, all wealth is ephemeral. It can be confiscated, expropriated, or just stolen. In the early 1990s there was a massive devaluation of the Ruble. Suddenly, people who had sizeable savings-accounts were left with nothing.
The corollary is that any wealth that one does procure, should be spent right away, while one still has it... expensive clothing, jewelry, or other portable and easily-hidden items... of consumption, such as fancy restaurants or vacations. In a slightly more stable society, cars become the badge of consumption.. ideally, German cars, Germany being the go-to place for anything that's "quality".
Without making too discriminatory of a remark, I think that we see similar behavior in disadvantaged groups in America, be it the inner-city ghetto or the Appalachian warren. All wealth is suspect, and any wealth that's procured should rapidly be spent. To invest is a sucker's game... one's money would get stolen by the banking cartel, or by financial-advisor charlatans, or maybe the government itself. So, why bother investing? Instead live for the moment!
When I started thinking that I have no idea how someone can live on the national median income is when I realized I was doing okay. I always tried to keep my house note far below what people at my income level were doing has been key to retiring comfortably and early...yesterday went to the Parade of Homes with wife and that will make you and/or your spouse want to upgrade to the latest.
So true - one of the best ways to live below your means is to not go out shopping and looking for ways to spend money! Because no doubt you'll find something that looks cool but isn't really necessary. It's like when you're on a diet, don't have junk food in the house to tempt you.
Without making too discriminatory of a remark, I think that we see similar behavior in disadvantaged groups in America, be it the inner-city ghetto or the Appalachian warren. All wealth is suspect, and any wealth that's procured should rapidly be spent. To invest is a sucker's game... one's money would get stolen by the banking cartel, or by financial-advisor charlatans, or maybe the government itself. So, why bother investing? Instead live for the moment!
I don't think it's so much that they are suspect of financial institutions as just a desire to live like the rich and famous we see on TV. Those TV people have big money and show it in vulgar fashion and so the those with sudden "wealth" like lotto winners or YouTube sensations want to do the same with their new found money. But I agree that it's very much a "live for today, not thinking about the future" mode. We see it a lot in some professional athletes or music "one hit wonders" who live high, and end up running through all their millions in a few years.
Because they've never been exposed to the concept of compounding wealth, they don't get that they can live like a money-mad king for a few years and go broke, or live like a clever prince forever on the earnings of their windfall, and even end up with some money left at the end. I also think that some people just can't handle dealing with the math of it. To them a million is an unfathomable amount of wealth, to those with some money experience a million is just a house in the nice part of town.
Last edited by TheShadow; 09-09-2019 at 04:54 PM..
Actually, it was my Son who made it hit home for me. He was living in San Diego and I was visiting one time and having lunch with him and a friend of his. I offhandedly mentioned that if he stayed living there, I might "drop a hundred grand on a boat to park in San Diego harbor for when I come to visit". After his friend left, my Son scolded me severely. "Dad, you just can't talk like that. Most people can't just buy a $ 100,000 boat for when they come to visit". My first thought was, "They can't ?" So I started doing some math on how much "good jobs" pay and then I was like, "Oops, now I get it". I've never made a comment like that since.
My company a number of years ago was soliciting contributions for the United Way and I donated $2,500 directing it to the Salvation Army one of our chosen charities. Turns out I was the top contributor out of 1,400 employees.
I don't think it's so much that they are suspect of financial institutions as just a desire to live like the rich and famous we see on TV. Those TV people have big money and show it in vulgar fashion and so the those with sudden "wealth" like lotto winners or YouTube sensations want to do the same with their new found money. But I agree that it's very much a "live for today, not thinking about the future" mode. We see it a lot in some professional athletes or music "one hit wonders" who live high, and end up running through all their millions in a few years.
Because they've never been exposed to the concept of compounding wealth, they don't get that they can live like a money-mad king for a few years and go broke, or live like a clever prince forever on the earnings of their windfall, and even end up with some money left at the end. I also think that some people just can't handle dealing with the math of it. To them a million is an unfathomable amount of wealth, to those with some money experience a million is just a house in the nice part of town.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
