I Stop Celebrities from Blowing Their Money • Hacker News Board

Re: I Stop Celebrities from Blowing Their Money

#111

Post by savanaly » Fri, Jun 22, 2018, 2:18 PM UTC

jeffreyrogers wrote: post #109

savanaly wrote: post #106

Earlier quoted context omitted.

I support free markets because they tend to distribute scarce resources efficiently, and monopoly disrupts that. A union is, roughly, an attempt to form a monopoly and charge a price above the market price, which our first expectation should lead us to think will cause a deadweight loss and drop in employment, although there will be some rents to the workers that keep their jobs which of course is why they are trying…

That's true if you have a free market, but the healthcare market is not free due to supply restrictions (can't make new doctors easily), demand restrictions (employer or government bears most of the cost, but patients are consuming healthcare services), and complex regulatory things that increase overhead. So an idealogically pure libertarian would argue that unions are bad, but a more pragmatic libertarian could arg…

I guess I interpreted the argument as being about workers and employers, with healthcare cost as a given, with the debate mainly being about how much the employer should subsidize healthcare. Which basically amounts to how high should the wage be since you can lump in any subsidy to healthcare with the standard wage and consider that the entire compensation package that's being negotiated over. And in the case of software engineers specifically, which is what I responded to, the market has a lot of buyers and sellers.

Re: I Stop Celebrities from Blowing Their Money

#112

Post by rock_hard » Fri, Jun 22, 2018, 2:20 PM UTC

bjl wrote: post #92

proaralyst wrote: post #53

Earlier quoted context omitted.

Or give them the benefit of the doubt and email them.

Do people still really believe that cases like this are the result of ignorance? It's been years since GDPR was made into law, seems to me the only explanations are severe negligence or malevolence.

Maybe some people just decided to don’t give a shit about GDPR...hard to blame them. They law (while well intended) is totally out of proportion and puts the internet in danger.

It’s insanly stupid and backwards...just like the new copyright laws the EU is working on.

Europeans are shooting themselves right back into the dark ages...and I probably wouldn’t care if they weren’t ruining it for everyone else too.

And before somebody asks: I am European

Re: I Stop Celebrities from Blowing Their Money

#113

Post by jpindar » Fri, Jun 22, 2018, 2:21 PM UTC

JumpCrisscross wrote: post #52

2muchcoffeeman wrote: post #41

Earlier quoted context omitted.

Seems reasonable considering the amount of babysitting they do. Managing assets and making sure certain bills get paid on time seems reasonable. But having to talk them out of impulse buys they may not be able to afford sounds terrible. It’s like these stars are not fully functioning human beings.

> It’s like these stars are not fully functioning human beings Or that the personalities that (a) go into low-probability high-payoff careers like entertainment and (b) do well in entertainment (through further selection or the perso al transformations necessary to succeed in Hollywood or the NFL) are also bad at saying no to competitive luxuries and short-term impulses.

And many of them work with people who make even more money than they do, which can distort their idea of what lifestyle they can afford.

Re: I Stop Celebrities from Blowing Their Money

#114

Post by joezydeco » Fri, Jun 22, 2018, 2:31 PM UTC

majewsky wrote: post #54

smadge wrote: post #44

“One thing that’s surprisingly inexpensive for a lot of our clients is health insurance. The insurance policy for members of SAG-AFTRA is amazing. For the money, it is the best health insurance out there. It’s only about $400 per quarter for an individual, so you’re looking at about $1,200 or $1,500 a year for the best PPO coverage in the country. It travels with you everywhere, and you have access to emergency care…

/me goes to sign up for acting lessons

The card is a lot harder to get than taking a few classes.

Re: I Stop Celebrities from Blowing Their Money

#115

Post by codingdave » Fri, Jun 22, 2018, 2:37 PM UTC

walshemj wrote: post #104

godot wrote: post #12

Thought this bit was interesting: "... actors, recording artists, producers, writers, and athletes with personal net worths ranging from $1 million to $50 million..." I kind of feel bad for the low end of her clients whose net worth is only $1 million. Don't get me wrong, it's a lot of money. But it also doesn't go that far nowadays, especially if you live in SF Bay area (though most of her clients are probably in th…

You normally ignore your first home in these sort of calculations. Even a TV series regular doesn't get a huge amount (when compared to a google engineer) at first - and they normally sign for 5 years

> You normally ignore your first home in these sort of calculations.

I was under the impression that you subtracted your mortgage from its value when calculating net worth, not just ignore it. It makes a difference in your life decisions -- In my case, I have a home with no mortgage. I could sell it to move to a cheaper area and end up with enough cash out of the move to fund a new business. It would be a high risk move, but the option is not nullified just because I currently live in that home.

Re: I Stop Celebrities from Blowing Their Money

#116

Post by meestaahjoshee » Fri, Jun 22, 2018, 2:39 PM UTC

iamatworknow wrote: post #99

TwiztidK wrote: post #98

Earlier quoted context omitted.

So, doing the "right thing" might not be the way to phrase it, but there are many athletes who lived within their means themselves and were taken advantage of by people they trusted. A recent example of the is Jack Johnson [1], whose parent's spent all of his money and left him $10M in debt. [1]: https://deadspin.com/how-jack-johnsons-parents-screwed-him-a...

Tim Duncan's another example: https://www.reuters.com/article/us-nba-duncan-adviser/financ...

he got screwed over but he's far from bankrupt.

Re: I Stop Celebrities from Blowing Their Money

#117

Post by gambiting » Fri, Jun 22, 2018, 2:40 PM UTC

wink wrote: post #108

weeksie wrote: post #91

Earlier quoted context omitted.

I can assure you that the majority of SAG actors are working service jobs, living hand to mouth. This isn't an example of the rich lording over the plebs, this is an example of a union doing right by its members.

When I compare that to German health insurance, it comes out to an income of ~1600 EUR per month before taxes, but you pay more of if you earn more. Quite an interesting concept though that their rates don't seem to up no matter if you just get by or make millions...

Same in UK - you pay a % of your salary above a certain level, so the more you earn the more you pay. But you are always covered for absolutely everything without co-pays, limits etc etc no matter whether you earn zero(and pay nothing towards it) or are a millionaire. Using it also doesn't affect how much you pay, it's just a flat % of your salary regardless of whether you are healthy or chronically ill.

Re: I Stop Celebrities from Blowing Their Money

#118

Post by beat » Fri, Jun 22, 2018, 2:48 PM UTC

savanaly wrote: post #106

carlmr wrote: post #77

Earlier quoted context omitted.

This is one of things I always wonder about. Libertarians and other free-market enthusiasts should actually be for collective bargaining and unions. Because in an actual free market it's legal to form unions, just like it's legal to form a corporation. Collective bargaining is a feature of a free market. If you don't like the idea of unions and collective bargaining, you don't like free markets.

I support free markets because they tend to distribute scarce resources efficiently, and monopoly disrupts that. A union is, roughly, an attempt to form a monopoly and charge a price above the market price, which our first expectation should lead us to think will cause a deadweight loss and drop in employment, although there will be some rents to the workers that keep their jobs which of course is why they are trying…

Isn't that what corporations are, too?

Re: I Stop Celebrities from Blowing Their Money

#119

Post by lagadu » Fri, Jun 22, 2018, 2:49 PM UTC

marvin wrote: post #37

elgenie wrote: post #34

The US does a terrible job of inculcating basic financial literacy in the populace. The only way that paying someone 5% of assets / income just to avoid ruination can be a sound investment is if the person is utterly clueless about how money in general, and compound interest in particular, works.

That jumped out at me too, 5% for these incomes is an absurd number. Albeit worth it if the person is completely clueless.

From reading the article these aren't just accountants or financial managers: they're on call 24/7 and ready to handhold you through everything and seem to be willing to manage every aspect of your life that you throw at them (love life included, like mentioned in the article). Seems like it's a ton of work.

Re: I Stop Celebrities from Blowing Their Money

#120

Post by InitialLastName » Fri, Jun 22, 2018, 2:49 PM UTC

wink wrote: post #108

weeksie wrote: post #91

Earlier quoted context omitted.

I can assure you that the majority of SAG actors are working service jobs, living hand to mouth. This isn't an example of the rich lording over the plebs, this is an example of a union doing right by its members.

When I compare that to German health insurance, it comes out to an income of ~1600 EUR per month before taxes, but you pay more of if you earn more. Quite an interesting concept though that their rates don't seem to up no matter if you just get by or make millions...

Why should health insurance be progressive? I'd be willing to bet that healthcare costs scale sub-linearly with income, so why would a private insurer charge more to somebody who makes more money?

In the case of a properly functioning public healthcare system, I totally buy and support it, though.