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Forum ยป The 1% Close to Having As Much Wealth as the Entire Middle Class
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Thread: The 1% Close to Having As Much Wealth as the Entire Middle Class

post 1591361581 11-10-2019, 08:52 PM
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#121
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Originally Posted By DeadlyStriker⏩
Highest debt ratio in the history of US.

$1.22 Trillion in auto loans
$1.5 Trillion in student loan debt
$9.4 Trillion in mortgage debt

The median american household has $11,700 in savings, while the top 1% households have a median savings of $1.1 million in a variety of savings accounts.

The median transactional account balance for those under 35 years old was $2,600. During the years between 35 and 44, balances grow significantly. The median for 35-year-olds to 44-year-olds is $3,800. By the time we reach 75 and above the median is $10,000.

I can go on and on. The average american is in debt, living beyond their means, don't have a fully funded emergency, and barely has any savings.

Your turn. I provided reality, you need to provide stats now.

-Also note I posted median vs average. Average accounts for the top 1% which completely skews results.
Couple of things

-Most cars are way overpriced these days. Most don't drive luxury, but a Toyota is easily $30,000 out the door

-Colleges and Credit card companies are predators to Young and dumb college students. I didn't know shiit about APR and Credit score until my early 20s. Parents also don't know any better

That also doesn't touch up on housing prices and food prices which have grown a lot over the years
post 1591361791 11-10-2019, 08:58 PM
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Originally Posted By MikeLowrrrey⏩
Couple of things

-Most cars are way overpriced these days. Most don't drive luxury, but a Toyota is easily $30,000 out the door

-Colleges and Credit card companies are predators to Young and dumb college students. I didn't know shiit about APR and Credit score until my early 20s. Parents also don't know any better

That also doesn't touch up on housing prices and food prices which have grown a lot over the years
Oh you gotta buy a new car? You can't by used for sub $10k?

You can't google how credit cards work? You can't read and ask questions? There are no financial literacy classes out there or online that you can go to?

You gotta buy a house? You can't rent? Or move to an area where your money goes further to buy a house?

You can't just cook food at home, you gotta eat expensive foods?

Should 100% of everyone be able to drive new cars, buy big expensive houses and eat out whenever they want / buy the most expensive foods?
post 1591361871 11-10-2019, 08:59 PM
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Originally Posted By Devils⏩
the problem is the 0.1%, old families with literally TRILLIONS of dollars
Trillions of dollars?
post 1591361961 11-10-2019, 09:01 PM
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Originally Posted By Dave22reborn⏩
Well it's a good thing people like you aren't in charge of anything, you want to tell people how much money they can have?
Exactly what I said. After a certain point where it does not matter if you have more money then YES your money should be used for something else. Everyones aspirations all come down to being happy/satisfied with life.. now knowing this, doesnt it make sense that once you have the desirable amount of money to attain satisfaction/happiness that the surplus be used to help others achieve this? or should it be used for needless luxuries which actually take away from authentic fulfillment/happiness?
post 1591361971 11-10-2019, 09:01 PM
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Originally Posted By MikeLowrrrey⏩
Couple of things

-Most cars are way overpriced these days. Most don't drive luxury, but a Toyota is easily $30,000 out the door

-Colleges and Credit card companies are predators to Young and dumb college students. I didn't know shiit about APR and Credit score until my early 20s. Parents also don't know any better

That also doesn't touch up on housing prices and food prices which have grown a lot over the years
Are you telling me that people are so stupid, they they don't know how a credit card works? No wonder they're broke.
post 1591362041 11-10-2019, 09:02 PM
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#126
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Originally Posted By MikeLowrrrey⏩
Couple of things

-Most cars are way overpriced these days. Most don't drive luxury, but a Toyota is easily $30,000 out the door

-Colleges and Credit card companies are predators to Young and dumb college students. I didn't know shiit about APR and Credit score until my early 20s. Parents also don't know any better

That also doesn't touch up on housing prices and food prices which have grown a lot over the years
- cars are overpriced because the average consumer keeps buying them at said price. If that stops, prices drop. Financial responsibility.

- that's your problem. I used employer tuition assistance to cover my undergrad and am using the GI Bill for my MBA while working full time as a cloud systems engineer. Go cry to your parents for not preparing you for the world.

- as for housing prices
According to the National Association of Home Builders, the average size of a new single-family American residence in 1950 was 983 square feet. Today, it is nearly 2500
I bet you could find affordable houses compared to previous decades if you shop for houses comparable to previous decades.

Try again millennial.
post 1591362071 11-10-2019, 09:03 PM
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Originally Posted By beansieweansie⏩
Exactly what I said. After a certain point where it does not matter if you have more money then YES your money should be used for something else. Everyones aspirations all come down to being happy/satisfied with life.. now knowing this, doesnt it make sense that once you have the desirable amount of money to attain satisfaction/happiness that the surplus be used to help others achieve this? or should it be used for needless luxuries which actually take away from authentic fulfillment?
Its their money, they can do whatever they want with it.

Floyd Mayweather worked his entire life boxing to become a billionaire, people like you look at him with envy, and would take 99% of his wealth and do what with it?
post 1591362091 11-10-2019, 09:03 PM
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Originally Posted By Dave22reborn⏩
Are you telling me that people are so stupid, they they don't know how a credit card works? No wonder they're broke.
And those terrible companies FORCE you not to read how the APR and everything works too and REFUSE to answer any of your questions. Not only that but they grab your hand and FORCE you to sign on the dotted line and then they FORCE you to use the card EVERY DAY

Man, credit card terrorists I'm tellin' ya!
post 1591362151 11-10-2019, 09:04 PM
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#129
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Originally Posted By soaponarope1⏩
- cars are overpriced because the average consumer keeps buying them at said price. If that stops, prices drop. Financial responsibility.

- that's your problem. I used employer tuition assistance to cover my undergrad and am using the GI Bill for my MBA while working full time as a cloud systems engineer. Go cry to your parents for not preparing you for the world.

- as for housing prices


I bet you could find affordable houses compared to previous decades if you shop for houses comparable to previous decades.

Try again millennial.
I don't get his car example, a 30,000 dollar Toyota? WTF?
post 1591362531 11-10-2019, 09:11 PM
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Originally Posted By Dave22reborn⏩
I don't get his car example, a 30,000 dollar Toyota? WTF?
Neither do I. A 2020 Corolla starts at $19,600

I guess if you think you need a Avalon, which is considered toyotas non-Lexus luxury car and starts at $35k, you could spend that (and are probably a moron).
post 1591362581 11-10-2019, 09:12 PM
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#131
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Lol at everything
post 1591362851 11-10-2019, 09:17 PM
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#132
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Originally Posted By BetaAsPhuck⏩
Yes.

The nordic countries are social democracies, which is a left wing form of capitalism (though many on the far left call it Centrist, rather than left wing).

https://en.wikipedia.org/wiki/Social_democracy

https://en.wikipedia.org/wiki/Nordic_model

I'm genuinely curious how you are going to argue that it's right wing.
Lets see: All of the countries are in the top 25 in freeist economies. no minimum wage, no wealth tax. (homogenous population is the only reason they can do it and have a "mixed"
post 1591362861 11-10-2019, 09:18 PM
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#133
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Originally Posted By soaponarope1⏩
Neither do I. A 2020 Corolla starts at $19,600

I guess if you think you need a Avalon, which is considered toyotas non-Lexus luxury car and starts at $35k, you could spend that (and are probably a moron).
Man.....my head hurts.
post 1591362951 11-10-2019, 09:19 PM
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#134
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Originally Posted By MikeLowrrrey⏩
Couple of things

-Most cars are way overpriced these days. Most don't drive luxury, but a Toyota is easily $30,000 out the door

-Colleges and Credit card companies are predators to Young and dumb college students. I didn't know shiit about APR and Credit score until my early 20s. Parents also don't know any better

That also doesn't touch up on housing prices and food prices which have grown a lot over the years
Yes, everything you said is correct.

But you don't have to do or play any of those games.

I came out with student loans. I stayed at home and lived within my means (despite moving cross country to california at one point) and paid all of it off.

Buy a used car. I have a lease now, since my dad worked at a dealership and I got a good deal, but when that is up next year, I will by a used car cash for 5-8k. No more payments.

Yes housing and COL is higher. You know what I'm doing? Buying a cheaper Condo or Townhouse and living in it a few years, then renting it out for passive income. Just budget food. It is so easy. Or how about you start your own garden, get some chickens, etc. Then you have veggies and eggs all the time, and just have to buy a little meat and milk, rice and potatoes.

You're playing the game all wrong. Everyone is playing the same game. Some are just on different levels.
post 1591363091 11-10-2019, 09:22 PM
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#135
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Originally Posted By DeadlyStriker⏩
Yes, everything you said is correct.

But you don't have to do or play any of those games.

I came out with student loans. I stayed at home and lived within my means (despite moving cross country to california at one point) and paid all of it off.

Buy a used car. I have a lease now, since my dad worked at a dealership and I got a good deal, but when that is up next year, I will by a used car cash for 5-8k. No more payments.

Yes housing and COL is higher. You know what I'm doing? Buying a cheaper Condo or Townhouse and living in it a few years, then renting it out for passive income. Just budget food. It is so easy. Or how about you start your own garden, get some chickens, etc. Then you have veggies and eggs all the time, and just have to buy a little meat and milk, rice and potatoes.

You're playing the game all wrong. Everyone is playing the same game. Some are just on different levels.
Great post. It's really not that hard. Most people nowadays are of sound body and mind and have so much at their fingertips.

They need to stop "living for the gram" and stop living through social media. Buy that used Nissan for 5k. Live with roommates until you can buy your own property and then rent rooms out. I have 2 rooms in my house I'm considering renting or putting on AirBNB just to get some extra income

People would much rather bitch and complain about the 1% even though so many millionaires used these tactics on their road to wealth
post 1591363171 11-10-2019, 09:23 PM
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The OP thinks billionares keep money in their vaults like Scrooge Mcduck
post 1591363321 11-10-2019, 09:26 PM
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If you hate handouts, i.e. not putting in the work and reaping rewards..shouldnt you also hate inheritance?

Getting handouts from family members that "made it" is the same thing

Or are we going to stretch the "earning" - i.e. hard work - aspect not from an individual one, but to a family or "group" one?
post 1591363591 11-10-2019, 09:30 PM
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#138
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lmfao

it's easy to spot those who grew up spoiled in this thread.
ayylmao
post 1591363621 11-10-2019, 09:31 PM
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#139
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Originally Posted By Dave22reborn⏩
Its their money, they can do whatever they want with it.

Floyd Mayweather worked his entire life boxing to become a billionaire, people like you look at him with envy, and would take 99% of his wealth and do what with it?
So youre going to ignore my logic? since what youre saying has none and is based off selfishness. Its not about who owns what, its about whats right.. and whats going on with capitalism isnt right. Im sorry but you lack perspective. all the sadness in this world has come from greed and selfishness. This is coming from someone who lives in the suburbs and ive never had to truly worry about money once in my life
post 1591363681 11-10-2019, 09:31 PM
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Originally Posted By BigDeeps01⏩
Great post. It's really not that hard. Most people nowadays are of sound body and mind and have so much at their fingertips.

They need to stop "living for the gram" and stop living through social media. Buy that used Nissan for 5k. Live with roommates until you can buy your own property and then rent rooms out. I have 2 rooms in my house I'm considering renting or putting on AirBNB just to get some extra income

People would much rather bitch and complain about the 1% even though so many millionaires used these tactics on their road to wealth
YES. Thank you. People don't realize you need wealth to create wealth, but you start with small wealth accrual.

For example, everyone talks about putting money in a 401k and rothIRA and utilize compound interest. Yet these same people don't utilize the same concept in life. You minimize debt and COL, increase and utilize income, buy, invest, sell/rent, etc. It's all a game. All these guys are pros at COD and Apex Legends or whatever, but don't apply the same skills with the game of finance. Make it simple.

Roll a small snowball down a hill, it gets bigger and bigger little by little, it then builds momentum, and then it is an unstoppable force.
post 1591363731 11-10-2019, 09:32 PM
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Originally Posted By beansieweansie⏩
So youre going to ignore my logic? since what youre saying has none and is based off selfishness. Its not about who owns what, its about whats right.. and whats going on with capitalism isnt right. Im sorry but you lack perspective. all the sadness in this world has come from greed and selfishness. This is coming from someone who lives in the suburbs and ive never had to truly worry about money once in my life
That may be why you feel like such a special snowflake. You'd appreciate what you have a lot more if you had to work for it
post 1591363891 11-10-2019, 09:37 PM
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#142
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Originally Posted By propreffered7⏩
If you hate handouts, i.e. not putting in the work and reaping rewards..shouldnt you also hate inheritance?

Getting handouts from family members that "made it" is the same thing

Or are we going to stretch the "earning" - i.e. hard work - aspect not from an individual one, but to a family or "group" one?
If you have kids you're not going to leave them anything?

Or should the state seize the money, and property of the deceased?
post 1591363951 11-10-2019, 09:39 PM
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Originally Posted By beansieweansie⏩
So youre going to ignore my logic? since what youre saying has none and is based off selfishness. Its not about who owns what, its about whats right.. and whats going on with capitalism isnt right. Im sorry but you lack perspective. all the sadness in this world has come from greed and selfishness. This is coming from someone who lives in the suburbs and ive never had to truly worry about money once in my life
Congratulations, you live in the suburbs....is that supposed to mean something? Instead of trying to seize someone else's money, maybe.....oh I don't know, try earning it?
post 1591364041 11-10-2019, 09:41 PM
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Originally Posted By BigDeeps01⏩
That may be why you feel like such a special snowflake. You'd appreciate what you have a lot more if you had to work for it
Are house going to ignore his "logic?"
post 1591364241 11-10-2019, 09:47 PM
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Originally Posted By Dave22reborn⏩
If you have kids you're not going to leave them anything?

Or should the state seize the money, and property of the deceased?
Oh i agree..i think there are massive incentives to create enough to be able to pass down generations.

Im just saying i think technically the mechanisms of "hand outs" are the same thing. So if youre against "hand outs" but are for receiving large inheritances that doesnt make sense

Im talking concepts and creating new ideas from scratch not talking about the already established ownership nuances with the states seizing stuff, etc.

I just find it funny when people are like "no, dont give handouts" but "im self made cause my parents gave me 50k dollars to buy x and x" - as opposed to having to originally earn that 50k
post 1591364441 11-10-2019, 09:51 PM
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Originally Posted By BigDeeps01⏩
That may be why you feel like such a special snowflake. You'd appreciate what you have a lot more if you had to work for it
How does what im saying make me look like a special snowflake? If anything its the opposite. Anyways im very appreciative of what my parents have given me and once im done school ill make more money then i need.
post 1591364491 11-10-2019, 09:55 PM
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Originally Posted By Dave22reborn⏩
Congratulations, you live in the suburbs....is that supposed to mean something? Instead of trying to seize someone else's money, maybe.....oh I don't know, try earning it?
I am not talking about taking money for myself but for people who dont have basic necessities... Once again you ignore what i have to say and make assumptions on who i am.
post 1591364561 11-10-2019, 09:55 PM
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Im sorry but all the personal things you guys are saying just makes you look bad and doesnt take away from the fact that im right
post 1591364841 11-10-2019, 10:04 PM
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Land value tax
Allowing bankruptcy on student loans
Ending immigration and deporting illegals

I lol if people think taxation would do anything, the rich can ALREADY send the government a check, I wonder why they don't do it lol.

Even if you redistributed 100% of the wealth, in 5-10 years you'd have the same distribution, this is the Pareto principle and it's a universal law you cannot escape.
post 1591365021 11-10-2019, 10:09 PM
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Originally Posted By beansieweansie⏩
How does what im saying make me look like a special snowflake? If anything its the opposite. Anyways im very appreciative of what my parents have given me and once im done school ill make more money then i need.
Sorry but you can't come up with a good answer of what constitutes excess wealth, who gets to decide that, who gets to decide what to do with it, what is to be done with it, and what will happen afterwards
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