Current Events > It seems like many low-income people dislike the rich...

(+) Yeah! (+)

Solid Snake07 posted...

A 1000 dollars a year compounded 10%(which is pretty conservative) for 40 years is about 500k. That's certainly not rich but it's a enough to have a dignified retirement coupled with social security.

But honestly, even though I highly advocate to begin investing as young as you possibly can, if you're in your twenties and making minimum wage it should be your first priority to find more gainful employment.

So let's pretend we're in civilization where minimum wage is $15/hr. Thats ~30k a year if you're making full time hours. Taxes will drop that to ~20k in cash. Anywhere with $15/hr has studios for 1k a month, so now you have 8k left over for the entire year. That's about $666 a month to split between, food, gas, utilities, you get it. 1k a year is another $100 a month. When your monthly leftover is already probably 100-200$ why the fuck would you squirrel that away instead of enjoying your life even a little bit. Especially considering you worked like a dog 40hrs per week for that small slice of living.

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CloneTheHero posted...

https://giphy.com/gifs/SY44A3CMBwM83yI7t2/html5

Nobody wants to hear the tripe. Statistics show that those from modest upbringings succeed less than those from bountiful upbringings. Your argument doesn't need entertainment when the facts prove it wrong. The people who succeed regardless are exceptions, exceptional people. An average (at best) person placed under poor conditions is still fucked.
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monkmith posted...

yeah, f*** eating and rent! put all your money into a mutual fund!!!

I have investments I bought in at 30 cents that are now at $15 in the crypto world. I always tell people to learn about what's going on in there. To give an example, this topic reminded me to talk to a friend, where I told her to put in $10 and she said she couldn't afford it (let's be real here, she could have figured something out), but now wants to put in $50 in the investment. That $50 would probably give her just 3 or so tokens compared to the $10 that would have brought in 20 back in the day. Just being in the environment, knowledge and opportunities will come your way. This is one of the most important lessons a lot of people aren't taught. This is what allows others to get ahead even if they're unprepared.

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Because the only way you get rich outside of celebrity, athletics, etc is exploiting other people. That's literally the whole point of our economic system and why the rich just keep getting richer.

IllegalAlien posted...

So let's pretend we're in civilization where minimum wage is $15/hr. Thats ~30k a year if you're making full time hours. Taxes will drop that to ~20k in cash. Anywhere with $15/hr has studios for 1k a month, so now you have 8k left over for the entire year. That's about $666 a month to split between, food, gas, utilities, you get it. 1k a year is another $100 a month. When your monthly leftover is already probably 100-200$ why the fuck would you squirrel that away instead of enjoying your life even a little bit. Especially considering you worked like a dog 40hrs per week for that small slice of living.

There is a lot wrong with your math, lol.

Also, as I said, no one should he working a minimum wage job all the way to retirement. In my early twenties I was able to save up and invest around 36k in the span of about three years serving tables and bartending making maybe 30ish thousand a year. And no I didn't live at home, I had bills just like anyone else. So it's pretty hard for me to buy into this "it's impossible for low income earners to save" narrative

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Reminder that poor people arent poor because rich people exist

Solid Snake07 posted...

Around 80% of american millionaires are first generation money, so this is just demonstrably false.

Ya I'm going to need a source

Assuming that is correct, tax cuts for the rich are still fucking bullshit. I pay more in taxes than people that make millions. That is fucked. Absolutely fucked.

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Solid Snake07 posted...

There is a lot wrong with your math, lol.

Also, as I said, no one should he working a minimum wage job all the way to retirement. In my early twenties I was able to save up and invest around 36k in the span of about three years serving tables and bartending making maybe 30ish thousand a year. And no I didn't live at home, I had bills just like anyone else. So it's pretty hard for me to buy into this "it's impossible for low income earners to save" narrative

im going to make a wild assumption that you lived in a place where minimum wage is not $15 an hour, so you made $15 an hour likely in a $7.25 state right

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Dreepapult posted...

Ya I'm going to need a source

https://www.investopedia.com/financial-edge/0810/7-millionaire-myths.aspx

Dreepapult posted...

Assuming that is correct, tax cuts for the rich are still fucking bullshit. I pay more in taxes than people that make millions. That is fucked. Absolutely fucked.

Lol, no you don't buddy. You pay a lower tax rate and significantly less taxes than top income earners

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Dreepapult posted...

Ya I'm going to need a source

I pay more in taxes than people that make millions.

Lmao, no you dont

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CloneTheHero posted...

you clearly dont know a thing about investing or how to manage money. even minimum wage can provide you with enough for rent food and a little investing provided you live alone. if youre not financially stable and you birthed a whole family into existence thats on you for being ill-prepared in which case, yea youre fucked, you prob have on room for error.

okay dude I don't know how to manage money yet I'm maxing my 401k and Roth IRA. The point is absolutely flying over your head, which is this: telling the poor to get rich by investing is unbelievably out of touch with reality. Telling the poor to invest to get to middle class is unbelievably out of touch with reality. The lower class has limited mobility due to structural reasons which are largely an artifact of the rich (the real rich, the ones buying political power and control)

Put another way, the American dream is largely bullshit and your narrative of investing as a surefire vehicle for upward mobility is essentially a talking point

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IllegalAlien posted...

im going to make a wild assumption that you lived in a place where minimum wage is not $15 an hour, so you made $15 an hour likely in a $7.25 state right

No I was not making minimum wage if that's what you're asking.

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Capitalism is not designed to assist those who really need it.

For example, people with mental and physical health problems. There is no benefit for an employer to hire someone who is not as capable. By definition those with health problems are far more likely to not be as capable as the rest.

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Solid Snake07 posted...

No I was not making minimum wage if that's what you're asking.

So since we're talking specifically about minimum wage.......

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IllegalAlien posted...

So since we're talking specifically about minimum wage.......

As I already said, unless you're a teenager with their first job you should not be working a minimum wage job. Anybody can get a job serving tables just like I did

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Solid Snake07 posted...

As I already said, unless you're a teenager with their first job you should not be working a minimum wage job. Anybody can get a job serving tables just like I did

Many people work minimum wage their entire life. There's no "should" about it, many people will never be able to leave that level of work. You are extremely sheltered if you can't understand this.

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Solid Snake07 posted...

As I already said, unless you're a teenager with their first job you should not be working a minimum wage job. Anybody can get a job serving tables just like I did

this is stupid. Things happen where people lose their jobs or arent able to find anything other than minimum wage jobs. In my city there arent a lot of jobs for people without degrees that arent min wage.

Its easy to say "just dont work minimum wage" when a lot of people have no choice.

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IllegalAlien posted...

Many people work minimum wage their entire life. There's no "should" about it, many people will never be able to leave that level of work. You are extremely sheltered if you can't understand this.

That is total horseshit. There's nothing to stop someone from getting a job waiting tables or a hundred different other avenues to make a livable wage.

Most people are not as completely helpless as you seem to think they are

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I4NRulez posted...

this is stupid. Things happen where people lose their jobs or arent able to find anything other than minimum wage jobs. In my city there arent a lot of jobs for people without degrees that arent min wage.

Its easy to say "just dont work minimum wage" when a lot of people have no choice.

There's a huge difference between working a minimum wage job between employment and just accepting that's your fate in life and staying at that job forever

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Why do you hate people who make minimum wage?
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Solid Snake07 posted...

There's a huge difference between working a minimum wage job between employment and just accepting that's your fate in life and staying at that job forever

Some people dont have the options. They arent "accepting their fate" they are trying to survive and not go homeless or starve.

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I can only speak from my personal experience, but literally every single wealthy, successful person I've ever known was born into a rich family, and got to where they are through nepotism.

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MutantJohn posted...

Why do you hate people who make minimum wage?

I don't. I just know they can do better, even if they don't believe it themselves

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Solid Snake07 posted...

I don't. I just know they can do better, even if they don't believe it themselves

That's very kind, wishful thinking that ignores a ton of factors that go into people staying in poverty.

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I4NRulez posted...

Some people dont have the options. They arent "accepting their fate" they are trying to survive and not go homeless or starve.

If you ain't dead you got options bro

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Again, why punish people on the bottom who are actually working?
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Solid Snake07 posted...

That is total horseshit. There's nothing to stop someone from getting a job waiting tables or a hundred different other avenues to make a livable wage.

Most people are not as completely helpless as you seem to think they are

HUNDRED OF JOBS FOR YOUR BOOTSTRAPS!!!!!!!

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MutantJohn posted...

Again, why punish people on the bottom who are actually working?

Who's punishing them?

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Plenty of minimum wage jobs are just dead-end.
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Graycap posted...

Plenty of minimum wage jobs are just dead-end.

I would say almost all of them are. There's what 1 manager per 10-30 employees at that level, those employees can't just fuck up to management level. Then there's no transferable skills so you're always bouncing between minimum wage jobs. This is the reality of America for millions of people.

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CloneTheHero posted...

they want everyone on an even playing field not knowing we already are theyre just financially illiterate and dont know how to invest or save their money. your average lower middle class owns no stock, no funds, no ira, no nothing lol. they live paycheck to paycheck because investing is too "risky" lmao, but theyre perfectly fine blowing paychecks on new game consoles and mustangs and shit that depreciates

If some people are financially literate and some aren't.. then everybody *isn't* on an even playing field?

CloneTheHero posted...

the option to invest is always there. for the one millionth time, you do not have to be rich to invest

never said it was, i know people that arent rich who do invest. Hell im one of them.

but for the people who live paycheck to paycheck who have 20 dollars in their accounts at the end of the month dont have that option.

Regardless of the fact that people seem to think they just dont want more out of life.

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IllegalAlien posted...

HUNDRED OF JOBS FOR YOUR BOOTSTRAPS!!!!!!!

Just because you have a fatalistic view on the economic possibilities of people doesn't mean your right. There are literally millions of people out there proving you wrong.

Tell me what barrier would prevent a poor person from getting a job serving tables short of a debilitating disability?

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I geuss I'm saltier because many of my friends are in this situation, except a good chunk of them also have a college degree and are smart people. Either accept your privileges and good luck or shut the fuck up about your bootstraps.

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The rich are fine. The disproportionate distribution of money is the problem. A CEO getting millions of dollars in bonuses why an employee can barely get hours to make a decent check is the problem. Those same rich people crying about raising the minimum wage and paying more in taxes to help those less fortunate are the problem.

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IllegalAlien posted...

I geuss I'm saltier because many of my friends are in this situation, except a good chunk of them also have a college degree and are smart people. Either accept your privileges and good luck or shut the fuck up about your bootstraps.

You're the only one talking about bootstraps buddy. I'm thinking I should probably just take the advice in your signature

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Solid Snake07 posted...

Tell me what barrier would prevent a poor person from getting a job serving tables short of a debilitating disability?

Being clumsy and bad with people. You'd get canned pretty fast.
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Solid Snake07 posted...

You're the only one talking about bootstraps buddy. I'm thinking I should probably just take the advice in your signature

yeah that's a good idea, you can take that 20k you saved up and enjoy it in 40 years at the yatch club

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CloneTheHero posted...

because a few actually take the time to educate themselves on the subject. for others its just "too risky"

Well it is. For every one successfully rich dude you could probably have hundreds who failed. Having the knowledge alone doesnt always mean youll succeed.

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I don't dislike the wealthy, but I think they are unfairly advantaged by our tax system and that it would be better to tax them more and redistribute it to the needy

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"Blah blah poor people are lazy blah blah bootstraps blah blah rich people rule poor people drool!"

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Solid Snake07 posted...

There is a lot wrong with your math, lol.

Also, as I said, no one should he working a minimum wage job all the way to retirement. In my early twenties I was able to save up and invest around 36k in the span of about three years serving tables and bartending making maybe 30ish thousand a year. And no I didn't live at home, I had bills just like anyone else. So it's pretty hard for me to buy into this "it's impossible for low income earners to save" narrative

How many children did you have in your early twenties?

MutantJohn posted...

Again, why punish people on the bottom who are actually working?

Hypnotized by capitalist propaganda into believing that the people who work the least should make the most amount of money and the people that work the most should make the least.

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You take these low-income people and put them in place of the rich and they would make the same decisions as the rich did. People just have an easier time hating on privileged groups without putting themselves in their shoes.

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