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Children of the Yuan Percent: Everyone Hates China's Rich Kids

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Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#141

Post by aianus »

crpatino wrote: post #137
iamcurious wrote: post #115

Earlier quoted context omitted.

What stops said Vietnamese for working the same 5 hours a month remotely?

Mostly, that it's not worth your bosses' time to micromanage you if they are going to extract merely 5 hrs/month worth of labor out of you. But nothing prevents you from working 50 hrs/week for one decade and then retire early, move to Vietnam, and live from your savings.

I say 5h/month but you can always do a freelance contract full-time for a month and then chill for four months and repeat.

The point stands, if you're an American programmer and think you have to work full-time to literally just survive you're wrong.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#142

Post by DubiousPusher »

blazespin wrote: post #131
DubiousPusher wrote: post #108

Earlier quoted context omitted.

That's horse shit. I work because if I don't I have nothing. I bought a nice house because I like living in a nice house, not for pride. I have a nice car because I enjoy riding in a nice car and was tired of the stress and panic created by having to get my car running by Monday every other weekend. When you're poor, even in developed nations, that poverty is an axe blade hanging by a thread just over your head.

No, that's simply not true. And thanks to Obamacare, not even true in the US anymore. One caveat of course, is this assumes you don't have dependents. That's obviously a completely different problem. I'm glad you like your standard of living btw. Completely unnecessary of course, but hey, whatever floats your boat.

It is tempting for me to turn this into a personal attack. To decry your ignorance or delusion but because of the nobler intentions of this forum I am not going to do that.

I could extract examples from my personal life of how poverty severely impacted my quality of life. But really I think the best thing I can link you to is the research. There are excellent studies that show how a single bout of homelessness causes a person's chances of imprisonment, joblessness and social disenfranchisement to skyrocket.

https://scholar.google.com/scholar?q=effects+of+homelessness...

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#143

Post by clickok »

It seems to me that, while wealthy, these fuerdai kids are uncomfortable bordering on neurotic. They're mainly notable because of their connection to their parents, and anything that they do accomplish is suspect because they never know if they got (hired|admitted|published|married) because someone was trying to curry favor with their folks. Attempts to branch out, to find wealth and power on their own, are not usually successful, especially when compared to their parents[0]. Their whole identity seems to be formed around "being wealthy", yet that wealth is based on things that they have little control over.

Thus the concern that at some point the money's going to stop flowing, whether because their parents fall out of favor with the government, or because a popular uprising takes place. They talk about emigrating to the US[1], or how philanthropy is really just a way of ensuring social stability.

In contrast, first generation rich people[2] seem to talk as if business were interesting (if not downright fun), and only discuss emigrating as some sort of inside joke whenever Obama wins an election.

---

0. Although maybe that's because they're starting fashion lines, concierge agencies, or magazines, while their parents run toothpaste conglomerates or shoe manufacturers. Missing opportunities because they're not sufficiently exciting, and then rushing off to compete in already crowded (but sexy!) businesses seems to be universal.

1. I thought that Britain was supposed to be the top destination for fleeing oligarchs and their scions? Is there like a Yelp for billionaires? Maybe Berezovsky left a bad review?

2. Jim Clark from that Michael Lewis book springs to mind, or any character meant to represent capitalism from Ayn Rand.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#144

Post by hugh4 »

AngrySkillzz wrote: post #81
themartorana wrote: post #59

Earlier quoted context omitted.

What will become of the already unstable Middle East when oil begins its inevitable (likely slow) decline as a dominant power source?

Most of the oil-rich nations have reasonably large sovereign wealth funds, so they have broad investment exposure to the rest of the global economy. I think the plan is to draw on those as necessary to transition their economies into something more diversified and sustainable.

Alternatively, the royals will just loot the sovereign wealth fund and flee the country.

Sovereign wealth funds in third-world countries don't tend to last long. Nauru would still be one if the richest countries on Earth except that the sovereign wealth fund somehow found its way into the pockets of the people tasked with looking after the sovereign wealth fund.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#145

Post by sliverstorm »

aianus wrote: post #104
SCHiM wrote: post #66

Earlier quoted context omitted.

> collateral costs Read "human lives". I understand and share your sentiment regarding the fact that a chance towards a (seemingly) more liberal form of government is good. But I'd be hesitant to call the costs of unrest at such a scale merely worrisome. The only thing I hope for is that change will come slowly, if it comes at all.

> The only thing I hope for is that change will come slowly, if it comes at all. That's worse than a bloody revolution. If change comes so slowly that you don't get to experience it in your lifetime you might as well have died anyways.

Only if living conditions today are so bad you might as well be dead.

Which is why I speculate revolutions might become rare, as progress has improved everyone's lot, even the lowest classes. Few people live in a wood-fired dirt-floor log cabin or wash their clothes in a tub by the river these days.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#146

Post by Stryder »

- One day this summer, at the urging of a friend, Wang decided to call his father and tell him he loved him. Wang senior picked up the phone. “I love you, Dad,” Daqi said. There was a pause. “Are you drunk?” his father asked. -

I would have asked the same thing, with expletives. I hope that I will never end up with dumbass children like that.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#147

Post by xj9 »

blazespin wrote: post #131
DubiousPusher wrote: post #108

Earlier quoted context omitted.

That's horse shit. I work because if I don't I have nothing. I bought a nice house because I like living in a nice house, not for pride. I have a nice car because I enjoy riding in a nice car and was tired of the stress and panic created by having to get my car running by Monday every other weekend. When you're poor, even in developed nations, that poverty is an axe blade hanging by a thread just over your head.

No, that's simply not true. And thanks to Obamacare, not even true in the US anymore. One caveat of course, is this assumes you don't have dependents. That's obviously a completely different problem. I'm glad you like your standard of living btw. Completely unnecessary of course, but hey, whatever floats your boat.

Obamacare is not a social safety-net, it was a minor healthcare reform.

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#148

Post by hiram112 »

blazespin wrote: post #10
lordnacho wrote: post #2

Well it sounds like they have the same problems other rich kids have. Mainly that it's hard to get away from from your parents' influence, and anything you achieve is credited to the family. Also there's a wariness about new people, and a feeling of being disconnected from ordinary society. I know a couple of heirs, and they've handled it differently. One kid works in the family office, investing the family fortune.…

TBH, if you can accept a lower standard of living, few people really need to work that much - at least in developed nations. Most people work for social pride and connection to the community. Which is a good reason. I just wish we could remake how to generate this social pride. Buying a nice car or nice house shouldn't be a reason to feel proud. Teaching, doing or learning something new and useful for your community…

I'd love to be able to agree, but in the US at least, it seems like it's all or nothing. There is little possibility of trading in half my salary for a 20-25 hours work week. Instead, it's 50+ hours or nothing.

Employers want complete control over your every waking hour, it seems. Even the ones screaming that they can't find skilled workers won't even consider allowing a consulting type relationship.

Buying a nice house or a nice car isn't a reason to feel proud, at least for me. It's a way to signal to the opposite sex that I'm a potential worthy mate. These things tend to matter once you're a little older ;)

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#149

Post by hiram112 »

blazespin wrote: post #131
DubiousPusher wrote: post #108

Earlier quoted context omitted.

That's horse shit. I work because if I don't I have nothing. I bought a nice house because I like living in a nice house, not for pride. I have a nice car because I enjoy riding in a nice car and was tired of the stress and panic created by having to get my car running by Monday every other weekend. When you're poor, even in developed nations, that poverty is an axe blade hanging by a thread just over your head.

No, that's simply not true. And thanks to Obamacare, not even true in the US anymore. One caveat of course, is this assumes you don't have dependents. That's obviously a completely different problem. I'm glad you like your standard of living btw. Completely unnecessary of course, but hey, whatever floats your boat.

In a sense it is possible when you're very young (i.e. early 20's or so). I was able to slide by at that age with minimal employment, for months at a time, followed by a few months here and there of retail / delivery work. Of course, I ate shitty food, had no access to medical/dental care (possible when you're 20 years old, not 40), lived with multiple roommates in rather cramped conditions, and lived very frugally - little going out, no girlfriends, kids, etc. We were not forced to buy health insurance, and most of us just gambled.

Once you're older, all it takes in the US is one trip to the ER, a traffic accident, bad roommate, etc. to screw your life up big time. Once in a hole, it is very difficult to climb out here without serious money. The US does have some social safety net, but it doesn't really apply for a single male (with skills) that is simply choosing not to work much.

Nowadays, with rents and other costs having doubled or tripled in most areas in the last 15 years, I'm not sure I could pull it off as a 23 year old in 2015 like I was able in the late 90's

Re: Children of the Yuan Percent: Everyone Hates China's Rich Kids

#150

Post by nostrademons »

djhn wrote: post #75
sulam wrote: post #53

Earlier quoted context omitted.

And software engineers. :)

1% in terms of income, or in terms of wealth? A low-to-mid 6 figures household income? Definitely possible. 8 million net worth? You're gonna have to be a rather.. senior software engineer.

Or picked the right startup to work for.
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