The New Aristocracy: the 9.9%

[Chucho]

It’s very clear that being social creatures we are likely to mimic what others hold important. So it’s very difficult to argue your point. I would go further stating that what makes people “happy” is a bit rotten. We seem to seek material instead of moments. It seems very few people go back and recall the best moments they have had in their lives. Luckily for me these do not involve vacations or materials. Totally random moments with the right people at the right time given a random but precious situation, no planning.

I could go on. So... I won’t and will say:

I really liked the article Winehole put up. It involves self reflection and some interesting stats. Very Judeo-Christian in self reflection on one’s life as it relates to and how it affects others.

And... I have the good sense to realize I was born into a relatively great situation. If one reads Vito’s post, he needs to state that. Vito is lucky imo. So am I. I am not a Syrian child or a kid born to a crack mom. My parents somehow brought me up properly and allowed me to at least be able to analyze what self fulfillment and happiness entail for me. And to look at others and realize I don’t walk in their shoes, so be careful in judgement and realize what one does can affect others; Empathy is to be valued.

So now we Return to ragging on each other realizing it would never happen face to face.

Ummm, ok.

I was just telling Re ed, Racist Boots that his rebuttal was completely irrelevant. Can't stop racist people from being stupid, but can point it out.

[pgardn]

Ummm, ok.

I was just telling Re ed, Racist Boots that his rebuttal was completely irrelevant. Can't stop racist people from being stupid, but can point it out.

Totally agree and adding to it.

You can’t pick your parents and their situation.
And this is huge.

[pgardn]

If you have a net worth of $8, you’re doing it wrong.

Not in Haiti necessarily.
And not if your Donald Trump with huge pending loans unpaid and getting very fortunate his debtors let him slide.

[RandomGuy]

If you're born to a wealthy family you are more likely to be wealthy? WOW

Aristocracy? That's called Capitalism.

Blithely unselfaware criticism of capitalism.

[RandomGuy]

DarrinS picking on the blacks for lacking character and smarts, like he does.

It's not racism because it's an "accurate group generalization"

"highly correlated".


There is a reason for that.


White America’s racial resentment is the real impetus for welfare cuts, study says

White Americans are increasingly critical of the country’s social safety net, a new study suggests, thanks in part to a rising tide of racial resentment.

The study, conducted by researchers at two California universities and published Wednesday in the journal Social Forces, finds that opposition to welfare programs has grown among white Americans since 2008, even when controlling for political views and socioeconomic status.

[boutons_deux]

"White America’s racial resentment is the real impetus for welfare cuts"

yep, and I read a couple years ago that the top reason that right wingers don't want Medicare for All / universal insurance is that black/brown people would be covered

Another poll a couple years ago said that the wealthy don't mind paying more taxes, as long as their taxes don't pay for the safety net.

And of course, Trash's win was based on racist white resentment rather than in the economic disastrous dead end that 10Ms of Trash's voters find themselves.

[RandomGuy]

We live in a society super eager to give our monies back to the "corporate" elite and we foster a society that enables minimally skilled, non producing entertainers and athletes to join the elite, but they've little to return to the economy sans their taxes.

We are a materialistic, spend-first society fueled by how the entertainers, retailers and athletes present an unrealistic lifestyle to us. Couple in the "look at me, I'm awesome/caring/rich-but-not" culture that social media fosters.

Just like with guns, the class gap issue can best be addressed when we as a culture indict ourselves first and put some personal accountability onto ourselves.

Mostly agree.

One has to factor in the stink of money in politics. People with money can, and do, pay for things that benefit themselves. Poor people can't afford lobbyists, who vastly outnumber Congress, and even state legislators.

Our system is rigged in favor of those with money, as is the case in most governments, but the gini co-efficient doesn't lie.

Almost all of the benefits of our economy go to those at the top. Resource asymmetry allows rent-seeking. (economics terms both)

[RandomGuy]

Typical pseudo intellectual article from the Atlantic. Very long, riddled with statistics, zero solutions.

Typical non-intellectual stark from SnakeBoy. Lazily short, riddled with sarcasm, and zero actual substance.

[pgardn]

If you're born to a wealthy family you are more likely to be wealthy? WOW

Aristocracy? That's called Capitalism.

No it’s not.
fckn idiot...

[Winehole23]

Typical non-intellectual stark from SnakeBoy. Lazily short, riddled with sarcasm, and zero actual substance.

SnakeBoy used to shoot the a little bit. I miss that guy.

[RandomGuy]

You can either do what they did or just cry that you weren't born with a silver spoon in your mouth and lament that you are poor. What I'm telling you works, save your money, quit spending, if you don't have a good job, join the military, excel at it and retire in 20. Go work a civil service job for another 20 years.

go become a plumber, learn how to make cabinets, and do it for 40 years, it doesn't matter, what matters is living within your means quit spending on crap you don't really need and save.

Everybody can be millionaires, my parents proved that. I personally didn't see any advantage to that because when I was living in their home, it was as middle class as it gets, It wasn't until about 2000 when they started to see the fruits of all their savings, they are both still alive and my kids are seeing more of it than I was. I am working my ass off, I paid for my own college and I am following their example in my own life. I will have my house paid off in about 9 years so I will be going into my later years with no house payment and about 18 years of rent free living. Notice I didn't mention a thing about inheritance, I don't count money I don't have. If I am left anything from them, than I will be better off, but I'm not going to rely on what I don't have in my pocket.

70% of wealth building comes from what you contribute to it, not from luck or having elite situation, it comes from SAVINGS. Everyone can save, even people with terrible jobs can save some. You just have to chose to do it and stick to it.

Here is a list of you probably have that you don't need.

Cell phone, no phone equals between 600 and 1500 savings per year.
No cable TV, another 600 to 1200 per year in savings
Quit eating out, learn how to eat at home and you will save about 3000 to 5000 per year.
Walk, you don't have to drive everywhere, gas savings alone will be about 1000 per year if we just learn how to park the car and use the feet God gave us.
Raise the thermostat to 80 degrees, I know Texas is hot, but when I was a kid, my parents never set it below 80 degrees


I could go on and on, but if you say no to these things, then you are your own worst enemy and you need to look in the mirror because you don't really want to do the things you need to gain wealth.

It’s expensive to be poor
Why low-income Americans often have to pay more

https://www.economist.com/united-sta...ive-to-be-poor

[Chucho]

Being American in today's culture is expensive.

[RandomGuy]

It’s very clear that being social creatures we are likely to mimic what others hold important. So it’s very difficult to argue your point. I would go further stating that what makes people “happy” is a bit rotten. We seem to seek material instead of moments. It seems very few people go back and recall the best moments they have had in their lives. Luckily for me these do not involve vacations or materials. Totally random moments with the right people at the right time given a random but precious situation, no planning.

I could go on. So... I won’t and will say:

I really liked the article Winehole put up. It involves self reflection and some interesting stats. Very Judeo-Christian in self reflection on one’s life as it relates to and how it affects others.

And... I have the good sense to realize I was born into a relatively great situation. If one reads Vito’s post, he needs to state that. Vito is lucky imo. So am I. I am not a Syrian child or a kid born to a crack mom. My parents somehow brought me up properly and allowed me to at least be able to analyze what self fulfillment and happiness entail for me. And to look at others and realize I don’t walk in their shoes, so be careful in judgement and realize what one does can affect others; Empathy is to be valued.

So now we Return to ragging on each other realizing it would never happen face to face.

Why Rich Kids Are So Good at the Marshmallow Test
Affluence—not willpower—seems to be what’s behind some kids' capacity to delay gratification.


https://www.theatlantic.com/family/a...ow-test/561779

[RandomGuy]

SnakeBoy used to shoot the a little bit. I miss that guy.

He has retreated into his echo chamber, likely never to return.

Escape the echo chamber
First you don’t hear other views. Then you can’t trust them. Your personal information network entraps you just like a cult
https://aeon.co/essays/why-its-as-ha...to-flee-a-cult

[rmt]

When it comes to wealth Americans are their own worst enemy. Our lifestyle is what is holding us back from ac ulating wealth. Only Americans think they need to buy a new car every 4 or 5 years. Our grand parents and great grand parents didn't think like this, they bought a car and paid for it, and then they drove it until the wheels fell off, they they put them back on and drove it more. Maybe much later in life they bought another new car.

How often do Americans buy new houses? It is almost unheard of for someone to pay off their mortgage today, most are ended within 12 years. They are ended not because they are paid off but because American's like to think they can afford a bigger and better home. Our grand parents and great grand parents didn't think like this, they bought a home and lived in that home until they took their dirt nap.

This is why that generation was the last to retire with dignity. If you want to become wealthy, you don't have to be born with money or have a great education, you need to learn how to Save your money.

My parents between them have one high school diploma, and they are millionaires. They didn't get that way by being lucky or having great jobs. My dad was career Army, he put in 20 years and got out, he then went to work for the post office, put in another 20 years and got out. My mom worked her whole life at department stores selling makeup.

What they didn't do was buy a lot of houses or cars. They bought a house back in 1980 and paid it off by 1992. Between now and 1992 they have been living without a mortgage and saving that money. Their cars were paid off after 5 years and they drove them until a car accident basically forced them to get a new one, and they paid cash for it because they saved. My dad is still driving his Dodge pickup he bought back in 1978. He replaced the transmission twice and the motor once, but it is still in good shape. He hates car payments.

Did they struggle, yes, but now they have ac ulated over a million dollars and as I understand it, it's approaching 2 million. I don't know where that puts him on the scale of wealth, but I know what got him there.

Sounds like a summary of The Millionaire Next Door (highly recommended).

[Isitjustme?]

My feeling is both Democrats and Republicans are a bunch of Lemmings, following the leader off their proverbial cliff.

Try for a moment to actually think on you own, don't use canned comments and just decide who you are and what you believe. I have both liberal and conservative views and I reject all parties that try to fit me in their little box.

You sound like a deep, intellectual kind of guy

[RandomGuy]

You sound like a deep, intellectual kind of guy

I call it lazy cynicism. "I'm too cool to bother learning enough to make a choice or figure out which is better"

[Vito Corleone]

It’s expensive to be poor
Why low-income Americans often have to pay more

https://www.economist.com/united-sta...ive-to-be-poor

I would counter this by saying, it's expensive to be stupid. Being poor should only be a temporary thing. I absolutely believe we chose to be poor by the choices we make with our money. If you are poor because you are out of a job, that is understandable, but if you are working and you feel poor, you aren't living right.

Look at how we as Americans lived back about 60 years ago. All you have to do is go look at a house built in the 1050's or 60's. Look closely at the size, the size of the closets, etc. Very small by today's standards. Why? Because it was unheard of for someone to own as much clothes as we have now. One phone, one car, one TV, no cable TV bill, no smart phones, no internet. It can be done. You do it by choice and you aren't poor, you do it by necessity and you are poor but smart. You get those things and complain you are poor, then you are dumb.

Oh, and I practice what I preach, I have no TV and no cable bill. I have internet for my work and a smart phone paid for by my job. I have no car payment, and I save roughly about 12% of my salary every month, some months I am saving a lot more. My biggest mistake, was college loans, and I'm paying them off as fast as I can. I expect to be 100% debt free in 5 years, including my house.


One more bit of free advise, Don't rely on the stock market for building wealth. There are other alternative ways of putting your money to work for you without risking it in the markets. Real Estate is a fantastic place to put your money, as is Annuities and even life insurance policy can be used as a wealth building tool. It's actually my favorite tool. You still should use a financial advisor, or do a of a lot of research, but don't think you can invest in real estate because you watch flip this house. That is like saying you can be a doctor because you watch ER.

[RandomGuy]

I would counter this by saying, it's expensive to be stupid. Being poor should only be a temporary thing. I absolutely believe we chose to be poor by the choices we make with our money. If you are poor because you are out of a job, that is understandable, but if you are working and you feel poor, you aren't living right.

Look at how we as Americans lived back about 60 years ago. All you have to do is go look at a house built in the 1050's or 60's. Look closely at the size, the size of the closets, etc. Very small by today's standards. Why? Because it was unheard of for someone to own as much clothes as we have now. One phone, one car, one TV, no cable TV bill, no smart phones, no internet. It can be done. You do it by choice and you aren't poor, you do it by necessity and you are poor but smart. You get those things and complain you are poor, then you are dumb.

Oh, and I practice what I preach, I have no TV and no cable bill. I have internet for my work and a smart phone paid for by my job. I have no car payment, and I save roughly about 12% of my salary every month, some months I am saving a lot more. My biggest mistake, was college loans, and I'm paying them off as fast as I can. I expect to be 100% debt free in 5 years, including my house.

One more bit of free advise, Don't rely on the stock market for building wealth. There are other alternative ways of putting your money to work for you without risking it in the markets. Real Estate is a fantastic place to put your money, as is Annuities and even life insurance policy can be used as a wealth building tool. It's actually my favorite tool. You still should use a financial advisor, or do a of a lot of research, but don't think you can invest in real estate because you watch flip this house. That is like saying you can be a doctor because you watch ER.

Last bit first:
My wife and I managed apartments for a decade, she managed, I did the books. I have more than a little financial background, so I am good with both real estate and investments. At this moment paying down our debts is probably our best investment, with the goal of being similarly debt free. We are in the exciting part of the snowball where every few months we get rid of some payment or another.

As for everybody else:
Can't really blame poor people.

Two words:
information asymmetry, and simple psychology. I have posted a bit on this here.

Poverty is a self-feeding cycle, and no amount of finger pointing and smugness will cure it. What will is a decent social safety net, with training, and increases in education spending.

Socialism is the answer, because we have been underinvesting in people for hundreds of years. We are fatter, sicker, and poorer than other Western countries because of it.

[Chris]

Socialism is the answer

I knew it.

[sickdsm]

Red districts have less income inequality than blue districts but Let's ignore that.

[Winehole23]

The OP doesn't. Who did?

[boutons_deux]

Red districts have less income inequality than blue districts but Let's ignore that.

only because they are missing the very high end, while very heavy on the low-wage, low-ed end