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Just Be Rich

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Re: Just Be Rich

#501

Post by bsenftner »

teddyh wrote: post #413
ironman1478 wrote: post #48

Earlier quoted context omitted.

This. Poverty doesn't just cause immediate issues it can also cause long term issues that can effect not only adults, but the children who grew up in that environment. This is largely because families in poverty tend to also abuse their kids at higher rates (this includes mental abuse) or at least foster an extremely unhealthy environment due to the stress it causes. So even a generation later it can be difficult for…

Whenever this topic comes up, I like to link to these excellent and eye-opening articles: • 5 Things Nobody Tells You About Being Poor , May 27, 2011: ( https://www.cracked.com/blog/5-things-nobody-tells-you-about... ) • The 5 Stupidest Habits You Develop Growing Up Poor , January 19, 2012: ( https://www.cracked.com/blog/4-things-politicians-will-never... ) • 4 Things Politicians Will Never Understand About Poor Peop…

fantastic articles - and from Cracked!

Re: Just Be Rich

#502

Post by Red_Leaves_Flyy »

taurath wrote: post #196
inglor_cz wrote: post #132

Earlier quoted context omitted.

Are you sure? From what I see around me, people who have money are a constant target of other people who want to drop their beaks into it, so to say. Starting with distant relatives that got into trouble and suddenly found a familial love for them, continuing with various false friends, gold diggers of both sexes and people hustling investment opportunities. Ending with lawyers and doctors who might induce you to und…

Extremely rich people around rookie who aren’t rich are likely targets, because frankly on a whim that extremely rich person can solve most of the poor persons material problems in an instant. That’s why rich people live in secluded communities so they don’t have to deal with the consequences of obscene wealth.

The consequences of segregating society like this compound over time. This is why we're seeing a growing number of people unironically calling for the return of the guillotine. Kick a dog enough and it'll bite, or whatever.

Re: Just Be Rich

#503

Post by goatinaboat »

watwut wrote: post #289
lordnacho wrote: post #232

Earlier quoted context omitted.

Maybe I should have expanded upon it. When I went to visit SF with a startup, I naturally thought one of my dozen cousins in the area would know someone who did something with one of the many startups in the world's startup capital. They don't just not work in startups, they seem to not have any connections to it. Granted, I didn't do a thorough survey, but if they knew someone in a prominent firm I think they'd have…

Honest question: why do you think working for startup would be better for them then working for google? Why do you think a doctor would be better off or happy working for startup? Why do you assume having seeking connection to startup world is a think they miss in their lives? On hn, there is sort of bubble of people who think that working for startup is best thing ever and everyone else is selling the soul. What if…

On hn, there is sort of bubble of people who think that working for startup is best thing ever and everyone else is selling the soul.

HN, for obvious reasons, over-estimates how likely it is a startup will succeed, and over-estimates how much an early-stage employee will make on an exit, and also over-estimates how many valuable experiences an early-stage employee will be exposed to. Vastly.

Re: Just Be Rich

#504

Post by mempko »

fer wrote: post #169
inglor_cz wrote: post #132

Earlier quoted context omitted.

Are you sure? From what I see around me, people who have money are a constant target of other people who want to drop their beaks into it, so to say. Starting with distant relatives that got into trouble and suddenly found a familial love for them, continuing with various false friends, gold diggers of both sexes and people hustling investment opportunities. Ending with lawyers and doctors who might induce you to und…

> Are you sure? From what I see around me, people who have money are a constant target of other people who want to drop their beaks into it, so to say. I'd say that's largely a new-rich problem. People born in rich families generally have the wealth management groomed in. I'm far from being rich, but that's something I'll teach my kids, as I believe one major driving factor in poor families staying poor is lack of ed…

What part of your economic education will prepare your kids for climate change? Now finance is more interesting because the finance community is really scared about what climate change will bring. Economists? Not so much.

Re: Just Be Rich

#505

Post by mensetmanusman »

qazpot wrote: post #428
d_silin wrote: post #7

A lot of people who are just as smart and motived as Elon Musk or Steve Jobs will never be able to start their own companies and get rich. Because they have family obligations that take priority. Because they live outside high-income countries. Because they have no access to support network, so when they fail, they fall all the way to bottom. Because they may have made a crippling mistake in their pasts that now prev…

On HN I see the sentiment that you expressed a lot of times. I live in a country which will be categorized by western countries as a developing country. There is no social support system in my country, you are pretty much on your own. Nobody is coming to help you. And I have made serious mistakes when I was in school which resulted in not being able to go to a good college which makes things in my country ten times m…

Thanks for this.

For some reason it reminds me of what some political philosophers think is the most interesting subconscious axiom that divides and subtly defines the ‘left/right’ political debate; and that is the belief in free will (versus determinism).

https://www.researchgate.net/publication/318842505_Political...

Those on the left tend to default towards determinism, while those on the right point to stories like yours as proof that people can rise above their circumstances. (And then the left will retort that your particular circumstances determined your success somehow etc etc)

This debate opened my mind to why there is disagreement on almost every political issue. It is also an amazing starting point to many great discussions on being human.

Anyway, thanks for sharing your humanity.

Re: Just Be Rich

#506

Post by vekker »

nindalf wrote: post #151

OP mentions PG’s article arguing against a wealth tax. That article is short, simple and to the point - Modelling a Wealth Tax ( http://www.paulgraham.com/wtax.html ). It is so compelling, but also misleading and wrong. Its not easy to spot the sleights of hand he uses. I wrote more about it here - Modelling a Wealth Tax Correctly ( https://blog.nindalf.com/posts/wealth-tax/ ). And yet, I think the simplicity of PG’s…

Simplicity is also often an indicator of truth.

I think you completely missed another important point hidden in PG's article, besides the obvious compounding effect, and that is that unrealized gains would be taxed under a wealth tax regime.

To simplify with a ridiculous example: suppose I have $0 to my name and I inherit a family art piece from my grandmother that happens to be valued at $2 million. The next year, under a wealth tax regime of 2% above $1 million, I owe $20,000 to the tax man even though I don't have the money in my account.

That is why I think a wealth tax is a stupid idea. Why not just impose greater capital gains and dividend taxes above a certain threshold, for example? That's where wealth is realized. Until then, you're talking about taxing "imaginary" wealth. (edit: or more generally speaking, taxation should happen on transactions, not on an assumed wealth "state")

Re: Just Be Rich

#507

Post by killtimeatwork »

herbst wrote: post #286
donnythecroc wrote: post #64

Earlier quoted context omitted.

The problem is all down to the basic human need of a home. In the 70s and 80s even 90s someone on a teacher's salary could own their own home in a major world city - say London. Now, literally zero chance. Because homes have become an asset class and the rich can outbid regular people so they are pushed out. That's the problem. I couldn't care less how many billionaires there are if regular people can afford a decent…

I think its more than just that. I think less people are interested in actually owning their housing. For me housing is the least thing i want to worry about, so i gladly rent and simply can fix any problems by calling my landlord who is by law obliged to keep the house in a liveable condition. Also flexibility, i can move whenever i want without worrying about the value of my house (which in reality likely only loos…

> who is by law obliged to keep the house in a liveable condition.

Depends on the country. In Poland, the landlord is only responsible for heavy/structural repairs (cracks in walls, broken windows etc.), while everything else, like clogged pipe, broken fridge etc., is actually tenant's responsibility by law, and they can be held responsible (witholding of deposit, lawsuit) if they neglect it.

Re: Just Be Rich

#508

Post by credit_guy »

d_silin wrote: post #7

A lot of people who are just as smart and motived as Elon Musk or Steve Jobs will never be able to start their own companies and get rich. Because they have family obligations that take priority. Because they live outside high-income countries. Because they have no access to support network, so when they fail, they fall all the way to bottom. Because they may have made a crippling mistake in their pasts that now prev…

It's easy to tell yourself you are as good as Musk or Jobs or Bezos. And comforting. But there's also the possibility that they are truly different. More talented, more focused, more hard working, more driven. And more willing to take risks.

I don't know any of these guys, but I know plenty of people who got much farther in life than me because they were simply better than me in some respect.

I also know some people who got farther by pure luck, but the thing is, when I look around me, I find more cases of merit- than luck-based advancement.

So, yes, this, or that or that can hold you back in life. But, conversely, when you don't succeed in life, we always find excuses, don't we? It's never "I wasted hours on social media sites", it's "I didn't have the same connections as Gates".

Re: Just Be Rich

#509

Post by iso1631 »

conjectures wrote: post #381
stdbrouw wrote: post #202

Earlier quoted context omitted.

That's simply not true. Economists who try to explain the housing crisis have pointed to increased regulation, cheap credit leading to an asset bubble, speculation, ill-advised tax cuts for homeowners, NIMBYism (not by government but by current residents), irrational buy vs. rent decisions, changing preferences for city vs. suburb, relaxed downpayment requirements, changing lifestyles and demographics with bachelors…

It's very simple. If you have N house-seekers and M house-sellers then when N >> M: houses get expensive. Given it's hard to change N, raising M implies building more houses. In the UK the equivalent of 'zoning' regulations keeps M low. Government 'help to buy' here exacerbates the problem as it directly increases N without directly increasing M. The fundamental model here is musical chairs.

I'd still be renting if it wasn't for help to buy. The mortgage payment was the same as we'd pay in rent, so affordable, but saving up even a 10% deposit would have been impossible.

Re: Just Be Rich

#510

Post by qPM9l3XJrF »

pydry wrote: post #275
qPM9l3XJrF wrote: post #265

Earlier quoted context omitted.

Wealth tech people are giving their money away younger than the previous generation of billionaires: https://outline.com/mtGgFW I think they understand noblesse oblige. But it's a 2-way street. Don't expect them to feel a sense of obligation if you're going to assume the worst about them just because they are rich.

You've got cause and effect reversed. Bill Gates started giving his money away after he was attacked for his anti competitive behavior and attempts to kill open source, etc. The rich donate because they are protecting their reputation and for the sake of their own self image (everybody needs to be the hero of their own story). The only ones who can manage that and not be charitable are the utterly self deluded (e.g.…

I suggest you watch the documentary Inside Bill's Brain https://www.netflix.com/title/80184771

Bill is way too invested in this stuff for it to be a cynical PR effort. And he himself states it was his mother who inspired him to give: https://www.businessinsider.com/bill-gates-mother-inspired-p... If Bill's giving was a cynical PR play, why would he be pushing other HNWs to give through the giving pledge? Wouldn't it be better to discourage them from giving so he looks better by comparison?

Note also that a few years ago when Zuck pledged to donate 99% of his money, the internet erupted in incoherent anger. Similarly whenever the news covers tech philanthropy, the angle is always "well really this is something that the government should be doing, the fact that it is being handled by private philanthropy is kinda problematic". The giver's generosity is inevitably taken for granted. For the supposed PR benefits of philanthropy there is a shocking lack of good PR. Far more scorn is heaped upon wealthy philanthropists than rich people who just quietly buy yachts and stuff. Your reaction of "giving is just a cynical ploy" seems to be way more common they "hey, they are giving, that's pretty cool" in all the online discussions I have seen of billionaire giving.

BTW, did demonization of wall street in the wake of the 2008 crash trigger a wave of philanthropic giving from them?

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