221–230 of 421 posts
Earlier quoted context omitted.
No. Not raising kids in poverty is a matter of social responsibility. I would also argue that most people don’t want kids until they have a certain level of financial security. . That’s why family planning was so successful in decreasing birth rates.
So what do you recommend to people who are in a poverty cycle but want to feel they’re free humans, not economic slaves?
Earlier quoted context omitted.
The free market caused this situation in the first place.
Free market would mean no zoning regulations. Housing is not a free market whatsoever (for a good reason, in some cases).
I didn't buy luxuries like alcohol or fast food, I didn't even have enough money for that.
But this class would find a way to go on vacation, buy juice, and get takeout.
I'm long gone from that problem but I'm still frugal.
Until that class stops buying needless luxuries, I do struggle to emphasize.
Earlier quoted context omitted.
What are you talking about?
The Federal Reserve's overt mission is to dump new money into the economy to create inflation. But since they only pump it into the overgrown financial sector, we get asset inflation rather than general price inflation. Every time interest rates are lowered, land prices go up, because the monthly (financial) rent remains the same. Similarly with down payments (20% -> 5%). The next step will be lengthening mortgage te…
Wealth is a stock measure, income is flow. You accumulate wealth out of what you can set aside out of the flow. Some of us immigrants do not come to this country with an existing stock of wealth either back home or here. We are also not in the favored group of immigrants. We have human capital which we are trying to convert to financial capital for the next generation. Then, when we sort of "make it" here, people who…
I think this is an excellent comment. What makes me very sad is that during the past 14 months the divide between those who own assets and those who don't has reached gargantuan proportions. I mean, in my raging inferno of a housing market, over the past couple of years home prices have easily doubled. So a 400k house from 2018 now sells for 800k. Yes, if I want to move to another house in my area I'll pay similarly…
Wealth is a stock measure, income is flow. You accumulate wealth out of what you can set aside out of the flow. Some of us immigrants do not come to this country with an existing stock of wealth either back home or here. We are also not in the favored group of immigrants. We have human capital which we are trying to convert to financial capital for the next generation. Then, when we sort of "make it" here, people who…
The effect of multi-generational wealth cannot be overstated really. I live in the UK and earn a very good salary (£60k), but I'm far from being "rich". I do feel rich, which is great, but I can walk ten minutes down the road and see multi-million pound houses that, barring some extremely fortuitous event, someone like me will never, ever be able to own. It doesn't get my down, though. Those people with those houses…
Earlier quoted context omitted.
I thought this for the longest time. An embarrassingly long time. Then I volunteered with a program that helps people who qualify for EITC to prepare their taxes and budget how they’ll use their tax return to “get them out of their situation”. Person after person came in, we did their taxes, and then we went over their expenses and each case was a frustrating puzzle that was impossible to solve. There just wasn’t eno…
Okay...but on /r/personalfinance, people show up all the time with a litany of complaints and a litany of awful, awful budget mistakes they have no interest in fixing. 120/month cellphone, 400/month doordash, Dodge Charger with a 600/month note. And so on. each case was a frustrating puzzle What puzzled you? The necessities should never be a puzzle. If the rent, the food, the utilities, the insurance, and the day car…
If it is a necessity, by definition it cannot be cut back, unless you want to starve to death or live under a bridge.
Earlier quoted context omitted.
The Federal Reserve's overt mission is to dump new money into the economy to create inflation. But since they only pump it into the overgrown financial sector, we get asset inflation rather than general price inflation. Every time interest rates are lowered, land prices go up, because the monthly (financial) rent remains the same. Similarly with down payments (20% -> 5%). The next step will be lengthening mortgage te…
Their dual mandate is to maximize employment and manage inflation. Their mission is exactly not to create inflation (or at least, too much of it).
Earlier quoted context omitted.
Wrong. There are people who chose to not have kids and don’t deny that. They chose to give up this part of humanity on their own. Other people probably rationalize this differently because they can’t admit to themselves they’ve given up anything.
This is a relative statement. I never wanted kids they are annoying and I’d probably end up a terrible parent and get divorced and then be paying child support. In fact this would have been what happened if I stayed with my last gf. Much better to be able to FIRE by 35 instead haha.
Now imagine you couldn't. Imagine someone wanted children but was forced not to? How would that be different than forcing you to have (and pay for) children?