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Why the Rich Don't Feel Rich

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S.F. Jude Terror

OMCTO

Postby S.F. Jude Terror » Thu May 23, 2013 1:25 pm

Juan Cena wrote:
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.


There's nowhere in the country where you can make $600k and not be financially secure for the rest of your life if you want to be. Commute an hour or two to work in a sensible car, buy a $300,000 house in the suburbs, you'll be absolutely fine.

Live in a multi-million dollar house, drive lexuses, then sure, you may have to deal with troubles "keeping up with the Joneses" but that's nothign compared to people who can't eat today by no choice of their own.
User avatar

BlueStreak

The Red Stands for Irony

Postby BlueStreak » Thu May 23, 2013 1:29 pm

Juan Cena wrote:
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.


Dealing with those costs is a part of good financial planning. I'm already saving up for my kid's tuition, and I don't have any yet.

I think the real issue here is that people who make a significant amount of income expect to live a certain lifestyle, which in the current economic situation is economically unfeasible. If you want to pay your kid's tuition, for instance, that's fine. However, don't bitch about how much it costs when they can take out student loans or work their way through college.
User avatar

outsider

Outhouse Drafter

Postby outsider » Thu May 23, 2013 1:36 pm

Juan Cena wrote:
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.
Of course it doesn't. Everyone is going to have stress in their lives whether they're rich, wealthy, comfortable, well-off or just getting by. But when you know you'll always have a home and three squares a day, you can't really complain about how tough it is when we still have people in our own cities dying of starvation and exposure.
User avatar

habitual

Silly French Man

Postby habitual » Thu May 23, 2013 1:55 pm

Juan Cena wrote:
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.


As the cost of living rises so does compensation.

The article is ridiculous.

Hab
User avatar

Juan Cena

DANG!

Postby Juan Cena » Thu May 23, 2013 1:58 pm

S.F. Jude Terror wrote:
There's nowhere in the country where you can make $600k and not be financially secure for the rest of your life if you want to be. Commute an hour or two to work in a sensible car, buy a $300,000 house in the suburbs, you'll be absolutely fine.

Live in a multi-million dollar house, drive lexuses, then sure, you may have to deal with troubles "keeping up with the Joneses" but that's nothign compared to people who can't eat today by no choice of their own.


Using that theory, the guy who works as a manager at McDoanld's is "rich." You're looking at the concept of from the ground up.

3MJ

Postby 3MJ » Thu May 23, 2013 1:59 pm

I'm glad blues married. If I saw a single Outhousers post that they've started saving for their imaginary kids college it'd be weird.
User avatar

Juan Cena

DANG!

Postby Juan Cena » Thu May 23, 2013 2:01 pm

BlueStreak wrote:
Dealing with those costs is a part of good financial planning. I'm already saving up for my kid's tuition, and I don't have any yet.

I think the real issue here is that people who make a significant amount of income expect to live a certain lifestyle, which in the current economic situation is economically unfeasible. If you want to pay your kid's tuition, for instance, that's fine. However, don't bitch about how much it costs when they can take out student loans or work their way through college.


Twenty years ago, that lifestyle at that level of income was probably feasible.

That's the problem. People have ideas of what is rich that are decades old, and not based on current economic realities.
User avatar

Juan Cena

DANG!

Postby Juan Cena » Thu May 23, 2013 2:03 pm

habitual wrote:
As the cost of living rises so does compensation.

The article is ridiculous.

Hab


That's debatable. Wages have been stagnant for decades now.
User avatar

habitual

Silly French Man

Postby habitual » Thu May 23, 2013 2:05 pm

Juan Cena wrote:
That's debatable. Wages have been stagnant for decades now.


That's not true.

Do you even know what a COL index is?

Have you ever leveled a compensation matrix?

Hab
User avatar

LoganRSA

FROGMAN

Postby LoganRSA » Thu May 23, 2013 2:11 pm

I really have to ask, and I'm being serious: Nac, are you making $500k a year and struggling? If not, how much do you make?
User avatar

outsider

Outhouse Drafter

Postby outsider » Thu May 23, 2013 2:39 pm

Juan Cena wrote:
That's debatable. Wages have been stagnant for decades now.
That's the first valid point you've made in this thread! :lol:
User avatar

CountD

Undead Member

Postby CountD » Thu May 23, 2013 2:43 pm

outsider wrote:That's the first valid point you've made in this thread! :lol:


I also agree it's debatable. I have no COL index or whatever to refer to...I'm just going by my pay and those around me. (and I always get yearly raises)
User avatar

S.F. Jude Terror

OMCTO

Postby S.F. Jude Terror » Thu May 23, 2013 2:50 pm

Companies give wage increases but over time from say, the 1950s to today, it's hugely stagnant. A lot of that has to do with the massive increase in debt that's become prevalent in our society. Mortgages, car loans, student loans, credit cards... With the exception of credit cards, the other three are basically facts of life. Student loans in particular are pretty fucked up. We push this idea on kids for the first 18 years of their lives that they need to go to college, then schools, colleges, counsellors, and often parents convince their kids to take out loans they'll be paying off for 20 to 30 years. It's insane. 18 year olds aren't qualified or armed with the knowledge to make a decision like that. We basically churn out debt paying slaves for the banks, locked in from the moment they enter independence.
User avatar

habitual

Silly French Man

Postby habitual » Thu May 23, 2013 2:54 pm

CountD wrote:
I also agree it's debatable. I have no COL index or whatever to refer to...I'm just going by my pay and those around me. (and I always get yearly raises)


Cost of Living index.

Say your company opens an office in Walla Walla Washington, there's a matrix that's used to determine what the difference is in the cost of living in Walla Walla vs. Trenton N.J. and what you pay an employees that perform the same duties for parity.

Hab
User avatar

outsider

Outhouse Drafter

Postby outsider » Thu May 23, 2013 2:57 pm

CountD wrote:
I also agree it's debatable. I have no COL index or whatever to refer to...I'm just going by my pay and those around me. (and I always get yearly raises)
Shiiiiiiiiit, there haven't been raises around here since 2007, I think? I work for awesome people, but in this area it's considered a raise if you keep your job from one year to the next.

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