Why the Rich Don't Feel Rich
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http://finance.yahoo.com/blogs/the-exchange/why-rich-don-t-feel-rich-200600130.html I occasionally bring up the idea that people making $250K-$1 million a year aren't exactly rich, this is more proof to my argument. |
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If you make choices that cause your lifestyle to cost more money, that doesn't make you not rich. On the other hand, a lot of people don't have that choice at all. They live paycheck to paycheck, are swamped with debt, some people are starving, homeless. So no one wants to hear how tough it is to live on $600k a year. The problem with this country is that wages have stagnated, inflation is ridiculous, rent is high, gas is high, and debt is out of control, and there are hardly any jobs. I don't think the doc here is a bad guy and I don't begrudge him the money has, but he's not the issue, and his money isn't the issue. The issue is how shitty the country is becoming, and how there are fewer and fewer people in the upper middle class like him, and the rest of the middle class has pretty much fallen into poverty or near poverty. And the corporations and super rich (not this guy) control the government and all the power, so it's only going to get worse. |
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I don't begrudge anyone being rich, we all would love to be there, but it's the class warfare that creates the issue, not just having someone have more money than you. It takes a certain amount of money to live (depending on your area it varies) and anything above that is a choice, meaning you have extra money and if you want to spend it on extra cars, investments, houses, bigger tv's, etc. that is your right. But it is a choice you are making, not a necessity of living. But consider this guy Nac, he probably grew up in a decent family in a decent area and at the very least was taken care of until he went off to college. May have taken some college loans if he didn't have parents that could pay for it or didn't get a scholarship) then rolled into a few exciting years as he entered the field and then started making decent money. Sure he worked his way up to the 570K mark, but the guy probably has no idea what he is saying when he talks about risks, money loss, being burned and bills. He doesn't know what the people picking the produce he eats and cleaning his three cars for him go through to take care of their kids while working their asses off. Talk about risks, try living with no healthcare and put your life at risk, not 10% of your portfolio. Talk about being burned, worry about a fridge dying that has half your families food in it that you can't get replaced right now, or your car breaking down that keeps you from getting your next paycheck. It's arguments like what this guy is making that actually hurt the position. Nobody working paycheck to paycheck, worrying about getting kicked out of their home or losing a car if they miss a payment wants to hear about how hard it is to lose a hundred grand on a business startup (while still being rich after the loss). I could go on, but the point is made I think. But the bigger issue is the growing gap between the wealthy and the not so wealthy. It's been expanding at huge rate over the last couple decades. CEO's making millions of dollars just in bonuses (even while failing) while bitching about how it will hurt business to have the minimum wage go up. |
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If somebody earning $570,000 a year chooses to live on 401k Inflation Way, Crackertown, Georgia, that's on them. Just because they can't buy two more jet skis or have to send their kids to the second-most-expensive private school, they'll somehow manage to have a decent life nonetheless. ![]() |
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![]() Though I understand about the "risks" they take. And ex-doctor of mine is now serving a year in the federal slam for Medical fraud in an effort to get even richer... ![]() |
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As for the risks, on top of what others have already said, the fact that this guy CAN take a risk is in itself a privilege. What about all the poor people who would love to try investing in the stock market, but can't?? What about the people who would like to risk starting a business, but can't possibly expect a bank to loan them the money, because the bank expects you to already have enough financial value in order to take that risk on you?? (Or, as I've heard it phrased, "In order to get a loan from a bank, you must first prove you don't need it." Catch-22s don't come much lovelier than that...) And if this guy really needs to "keep up with the Joneses", let him leave the rich "Joneses", and relocate to where some middle-class ones live. Maybe then, he'll "feel rich"... |
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Buddy nobody told you to buy the million dollar house! You could buy a nice home for much less money! I live in one of the most expensive area in the country and I admit in the affluent suburbs of Boston a million bucks doesn't get you quite the home you think it would but it's still really nice. You don't need to live in Winchester, Newton or Concord(all big $$$ MA towns) just because. Go to a nice middle class town. |
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Or go to a low class area and buy a whole damn block of foreclosed houses and build a fence around it, topped with razor wire. You'll be all set for the zombie apocalypse and keep the skeezes out. |
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However, poor financial planning by those with income doesn't equal not having enough income to make ends meet. |
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Over heard of the real estate bubble? How many "rich" people found themselves underwater financially when the properties they owned lost their value? Or how many lost a portion of their "wealth" when the stock market tanked? Comparing a person who makes $500K a year to a Bill Gates or a LeBron James is ridiculous. It doesn't guarantee you're set for life. You can still get hammerer if something catastrophic like a serious illness or medical injury happens in your family, even with good insurance. |
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am i siding with Nacireman???!!! gotta check m'self. ![]() ![]() |
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But even with good financial planning, you would have to deal with things like rising costs of living, tuition, higher taxes, etc. Look, all I'm saying is what level of income that people have considered rich doesn't quite work with the reality of economics. |
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