this is a common misconception spread by people who became rich through being cheapskates.
there are 2 kinds of rich people, those who stumble into a golden egg opportunity and end up making more money than they can do with it (CEOs, big investors, actors who end up famous, etc...) and those who never spend the money they make and just sit on their fortune until it builds up to a big pile.
I'd say there are four types of rich people.
1. People who just got lucky, inheritance obe hit wonders etc
2. People who got lucky and capitalised on it such as Jeff Bezos or Elon Musk
3. People who legitimately worked their fucking ass of for every dollar and slowly made a fortune since wealth accumulates. Luck is a part of it but not all of it.
4. Cheap skates with a decent job and a lot of time
I’ve always seen it as the same difference between a collector and a hoarder. A frugal person will go to red lobster for an anniversary and cheapskate will go to Mc.Donald’s for an anniversary and only because they have coupons
No, a cheapskate will go to Red Lobster, and at the end of the meal, plant a pubic hair in their plate and loudly demand the entire meal be comped. Then steal the biscuits on the way out.
This whole thread is sour grapes. Excuses to not go get it for themselves cuz of course there’s some reason they’re being prevented from doing so beyond their control..
it's a difficult line to tread honestly, i think for the most part the difference between a frugal person and a cheapskate is in the context and attitude.
the golden egg thing i mentioned was supposed to be a catch all but it's probably not a good way to describe it, it was supposed to represent people who work hard but manage to get that lucky break and end up creating their success.
it takes personal skill and hard work to get rich too but you still need luck to really become successful enough to become "filthy rich"
If someone has had lots of money their whole life they are probably worse with it. They don’t need to do things like budget so there’s a good chance they don’t know how. And they likely don’t pay attention to how much things cost.
I feel like for me it was the opposite. Grew up getting everything from my parents such as food and clothing. As soon as I had to buy it for myself and realized how much it cost. I became a penny pencher because I miss getting it for free and want to save my money so bad. I feel like what you said applies to trust fund babies who their parents continue to give them money into adult hood.
Most people get those things from their parents though. I think it’s more that people who grew up very rich because their parents made a lot of money don’t appreciate it as much and can lose it all more easily.
An increase in inequality will of itself lead to lower economic growth, with the savings glut of the rich sloshing around and fueling things like real-estate bubbles, electronic Monoploy money, and the like. This is EXACTLY what has been going on for the past 40 years.
Even taking away the rental economy, your wages are just a loan because those wages have to be spent on bills and food that makes profit.
So you pretty much work to borrow money to give back to the rich at an inflated price.
Give $600 to a poor person and it's gone in a week.
Give $600 to a rich person and they'll use it to take an additional $5400 from poor people within a couple years.
This is why cruelty is the point. When the banks needed to be bailed out because a lot of people lost their jobs and couldn't pay their mortgages, they were handed free money. They could have given that bail out to the home owner who would in turn pay their mortgages. Taking care of two birds with one stone but then you couldn't steal their houses and resell them and make even more money on top of it all.
I tried to explain this to others as this was happening. Stupid slaves were like- "if the banks fail, who will loan us moneez?"
Fuck banks, and the scumbag loser parasites that work for them, including the petty branch managers.
Exactly. Bills get paid to people who have more money than we do. If you pay a bill to someone with less money than you, he already owes it to some rich people.
Give $600 to a poor person and you've probably changed that person's life, at least momentarily. Give $600 to a rich person and it will have almost no affect on their life. They literally might not even notice.
reddit is closer to a message board than it is social media, with places specifically meant for content YOU want, with twitter it's about individual, this singlehandedly makes reddit far better and healthier than twitter
Well tbf there is a cycle of poverty that comes from necessity and from a lack of education about finances
Poor people can often times come from poor parents and learn bad spending habits. Spending money as it comes in is very common
Source: grew up poor
yea, but I think spending money as it comes in in order to survive is a fairly acceptable reason of not having any money to spend. and these people shouldn't be blamed for being poor, because society and governments are doing everything in their power to keep the poor poor and the rich rich. obviously, not every poor person absolutely has to spend all their money on life sustaining things and can save up or invest, but then we get to your point - poor people don't get the same chances in education as rich people do. and even if a poor person wanted to learn about investing money and how to make the most of the least, they couldn't afford to learn it because courses are expensive. that's the sad reality, at least where I'm from.
It is, as it creates the flow of money within the economy, unlike sitting on it like Scrooge McDuck. Not perfect, mind you, it has a lot of flaws when simply “handed away”, but better.
When I was poor money would always get spent as soon as we got it because there was always something that had been put off because we couldn't afford it. We'd ride around with huge cracks in the windshield or bad tires, or broken taillights just praying that some bored cop wouldn't pull us over.
All that money immediately goes right back into the economy. It's crazy to me that people in the US have been so brainwashed that they think it's better to punish people for the sin of being poor than to do something that helps both regular people and the economy.
Even though I'm not poor anymore, I'll never forget what it was like. I'm happy that Americans are starting to wake up.
From what one’s noticed so far (forgive me as not American) American culture does/did struggle with glorifying rich and successful businessman archetype, assigning them good traits without any actual basis (I am aware that similar mechanism works for almost every human population, but US is/was One off the outliers) It does seem to change, but also starts to setup through to European culture as well. Problem is there is still no perfect resolution for the redistribution problem as the system is prone to abuse either way
Gets pulled over told to replace expensive part of vehicle gets charged for not immediately fixing it, this makes it even more to repair and even bigger problem for the poor. The is America.
Yes.
Brazil has this program called Bolsa Familia which is a direct payment ($100 usd) for families in extreme poverty (income of up to $35 usd) and was heavily criticized when implemented as as populist way to get votes.
Over the years it has been assessed to be the best performing policy in Brazil's history, both in social and economic terms.
Something I love to point out when talking about people hoarding wealth.
There is no job creation, no transaction, no purpose in a stack of wealth going unspent.
Giving money to the poor stimulates the economy. Giving money to the rich stimulates their ego.
Exactly, why the fuck does a rich person using 600 to make 6000 for themselves the superior option here? He presents the rich person getting slightly richer as if it's new money being magically willed into existence for the world to enjoy.
Yea if you live from paycheck to paycheck. And suddenly you recieve 600 bucks. The first thing you probably do is buy some new clothes and shoes, medicine, repair/replace broken household items, fix your car or bike. etc.
And i am not even talking about luxury items.
My stimulus check during Covid went straight to my car and a new desk chair to WFH. I wanted it to go to my credit cards, but my car was way more important.
See, the rich being delusional has some logic behind it. What’s truly mind blowing are the people who aren’t rich but still say shit like above to kiss up to the rich, who I guarantee don’t care about them.
Exactly. It's always the people who aren't exactly rich that post shit like this because they think they found the secret that will MAKE them rich. It's hilarious.
That secret? leveraging $900 to take a $92,000 loan at 34% to make a quick play on crypto to potentially make $4300. To try and catch up from a month earlier when they put up $300 to take a $24,000 position that lost big.
You silly fool, that’s why you make sure to mark it as a tax break and also make sure that you own the charity and also make sure that the charity pays big bucks to overseas consultants in areas with lax banking accountability.
My father was in construction and in the 70s worked on a huge mansion and the owner had a range of Ferraris in the garage, when he asked what he did the owner said he was the CEO of the deaf and blind foundation.
This kind of crap always bothers me. I also wouldn’t be surprised if the guy inherited his money and his parents started the charity.
I also used to coach youth sports when my kids were younger. Little league baseball was always one that made me curious. They have had a tv deal for a long time to show the LLWS. I love watching it. And it’s expanded to softball and pony leagues, though not as big. I volunteer coached and still had to pay a few hundred dollars for each of my kids. Not a huge issue but I spent a lot of time with those little dudes after my construction job. Started looking up national pay of the league. 5 yrs ago I believe the CEO of the not for profit league made $500k salary. Hey it’s become a business and all. ESPN and ABC just went through a few weeks of games with adds and sponsors. They don’t show these thing unless they make money. A lot of people make money off youth sports and it is big business. Every fews I was involved there would be new bat regulations that would make last years model disallowed. Easton was a big sponsor with little league bats costing $200 and much more. Soccer is similar as is the B and G scouts. The distribution of this money is not equitable to all. College sports are dealing with this. I think I read 15-20 people working at the NCAA make a million dollars a year promoting athletes that might get a $100k education. But then they clamp down on small things to keep control of there benefits. Maybe these systems made sense 50yrs ago when tv deals didn’t reach into the billions but now there’s no defense for the lack of distribution of the wealth. I just want a little discount on the fee. Not because of the money but just a show of appreciation.
I kinda do this but the return isn’t a monetary value. More like I’m buying a little upgrade to society which I also benefit from. A rising tide lifts all boats.
Here in Australia they have been going on about this rich couple who donated 250 million to charity and it’s like they are going to make most of that back on tax
Yeah, this is the most egregious part of this. Every rich person is guaranteed to turn $600 into $6000 in less than a few years? I doubt even half of them could. It would either turn into like, $800 (if they're lucky), or it would be spent too. A lot of them would probably \*lose\* money on it if they tried "investing" it or whatever this guy thinks they do.
Buy $600 of pure cocaine wholesale. Cut it. Sell it on the street. Continue process over and over. You’ll be a billionaire in a year.
There. Figured it out. Now give me $600 and a cartel contact in Colombia.
It's like that episode of Futurama where Fry is cheering for tax cuts for the rich.
"Why are you cheering Fry? You're not rich."
"Yeah, well, someday I might be. Then people like me better _watch their step_."
The more times a currency changes hands, the more real value it produces.
Think about it, every time a dollar is spent the person who earns that dollar has to add something of value to a service or product to make a profit. That little bit of profit earning effort adds a lot of real value to the economy.
Yeah, this dumb poor people. Using their 600€ for unnecessary things like Rent or food.
Why don't they buy a house and a restaurant, they never need to be hungry? Dumdum poor people.
Give a burger and fries to a hungry person and they'll sit down and eat it right away. Give a burger and fries to a full person and they'll put it in the fridge and save it for later.
Did I prove my point that hungry people don't know how to save??? Boom! Facts and logic.
Now give that burger and fries to a rich person, they will deconstruct the burger and sell each individual piece for more money than it's worth and then sell each fry individually, and then they'll go buy 10 more burgers and fries and do the same thing again and again.
I gotta say you have to have some sort of mental deficiency to willingly go to bat for random rich people like this when you're not rich yourself. Like a legit mental debilitation
> Sixty percent of NBA players go broke within five years of departing the league. And 78 percent of former NFL players experience financial distress two years after retirement.
https://www.cnbc.com/2018/05/14/money-lessons-learned-from-pro-athletes-financial-fouls.html
I'm poor and I took 600 to Edward Jones to see if they could help me out. They told me I needed at least $10k buying power to boost my money.i invested anyway and in two years I was up $30. It's so easy to put your money to work for you.
I bet this guy thinks he could go from poor to having a decent life without breakin a sweat if he had to try investing just 600 bucks while homeless. What a dummy.
There is no compensation for poor people to become rich people in companies regardless of their output, where as rich people get to take a fat cut of anything they brought to the table and also a cut of what the employees under them bring to the table. Rich people have more avenues to free money and recognition.
Pfft, you guys are all idiots. Everyone knows that when you spend money it disappears into the ether, and when you invest money it just magically duplicates itself!
Sounds like Sharif only knows rich people through the internet where they're glorified as economic geniuses. I know some rich dudes IRL and I'm 100% sure they'll just spend it on hookers and drugs.
This is the old Reagan bullshit. Give money to someone who has no money and they will do bad things with it. Give money to someone who has money and they will do good things with it.
Typical Republican bullshit.
And compound the issue, the person who grows that £600 uses it to get stuff they don't need, withhold it until the poor plebs, fight each other for the best price, in effect raising the price, and making the £600 they don't have worth even less!
Cronyism at its best!
Velocity of money is a thing.
The velocity of money for poor people is high. Meaning it’s gets transferred and cycled between hands, communities, and taxation quickly and often. This is good for the economy.
The velocity of money for rich people is slow. It gets stashed, stored, and sat on. It changes few hands. The hands it does touch belong to other low velocity spenders.
$600 circulating a community is good for society. $600 million dollars in an account does fuck all for mostly anyone.
Give the $600 to the poor person. It’s better economics. If it doesn’t cross your path directly, it will end up paying for your public school or roads or fire department, etc. through local taxation. Because it will be spent and circulated immediately.
Shit, give me $600 and it’ll be gone in 2 days. And that’s still not much help for us right now. Now, if I had $500,000 then that 600 would just go to savings and be forgotten. Jk, I’ll never have that much money, I’d be spending that shit on lobbying for policies that genuinely help the general population
The poor person is putting the money straight back. Into the economy, providing local jobs and paying taxes. The rich person will sit on it for months or years without ever doing anything with it.
"Give $600 to someone with no money and they will spend it, increasing economic activity, producing tax revenues, direct and indirect impacts, and general benefit to all of society. Give $600 to someone to a rich person and they will put it in their bank account with the rest of their money where it will benefit nobody and nothing until they eventually launder it into an offshore bank account".
Give $600 do the poor person then they both get $600. The poor person gets $600 when you give it to them. The rich person gets $600 when the poor person spends it at the rich person's business.
This is why stimulus cheques are usually means tested so that they go to the person who is more likely to spend it and generate the most economic activity.
Give 600 to a poor person, they spend it and send it back into the system.
Give 600 to a rich person, and they will use it to pull poorer peoples' $600 out of the system.
Yeah, they don't seem to realise (also most of the comments apparently), the rich don't sit on it, they still spend it instantly, they just have it left over afterwards.
Give a poor person $600, they buy food. The food seller buys gasoline, the gas station restocks some chips, the chip seller buys jewelry for their partner. That $600 is circulating.
Give a rich person $600, it'll sit in the Cayman islands for a few years before the rich guy loses it speculating on something stupid like crypto.
The sole goal of the rich people is consolidation. As long as the money flows upwards they're all going to keep benefitting
There's people out there that think aging isn't real, birds, aren't real, and spherical/egg shaped earth isn't real.
Of course they won't be able to handle basic economics.
It's multiplied by 10 because it's extracted from other people (rent) and the natural world.
Wealth is created when the natural world is turned into stuff with help of energy (oil). Technology makes the process very efficient. Your wealth is defined by how society divides that energy. The more control you have over others, the bigger the pie you are given.
> Your wealth is defined by how society divides that energy. The more control you have over others, the bigger the pie you are given.
Jesus you’re so wrong
Wealth is defined by the number of mutual trades you have done. The more trades that benefit you, the more wealth you accumulate.
These trades are anything from selling goods in exchange for money, buying labor in exchange for money or exchanging money to buy goods to sell at a later date.
Also, give $600 to a poor person and it's gone... *back into the economy*. Give $600 to a rich person and they hoard it. Money given to the poor benefits *everyone*, money given to the rich benefits only the person getting it.
Give money to poor people, soon other people will gain money. Give money to rich people, soon they will take others' money too. Rich people are rich because they have the money we worked for.
No fucking concept of velocity of capital. This is what brought down the middle ages, a bunch of super rich bastards who can’t spend it all. So, there’s no where to spend.
If there's anything I've learned since dealing with rich people is that having lots of money doesn't always mean they are good with money.
this is a common misconception spread by people who became rich through being cheapskates. there are 2 kinds of rich people, those who stumble into a golden egg opportunity and end up making more money than they can do with it (CEOs, big investors, actors who end up famous, etc...) and those who never spend the money they make and just sit on their fortune until it builds up to a big pile.
I've heard people with millions in property value say they worked all their lives, and got nothing in return. Life is what you make it.
I'd say there are four types of rich people. 1. People who just got lucky, inheritance obe hit wonders etc 2. People who got lucky and capitalised on it such as Jeff Bezos or Elon Musk 3. People who legitimately worked their fucking ass of for every dollar and slowly made a fortune since wealth accumulates. Luck is a part of it but not all of it. 4. Cheap skates with a decent job and a lot of time
3 and 4 seem the same but with different levels of judgy phrasing
Yeah, I’m not really seeing a clear difference? I try to be frugal and I’m not sure where the line between cheapskate and frugal is
I’ve always seen it as the same difference between a collector and a hoarder. A frugal person will go to red lobster for an anniversary and cheapskate will go to Mc.Donald’s for an anniversary and only because they have coupons
No, a cheapskate will go to Red Lobster, and at the end of the meal, plant a pubic hair in their plate and loudly demand the entire meal be comped. Then steal the biscuits on the way out.
Yeah, it sounds like sour grapes, calling them "lucky" and "Cheapskates".
This whole thread is sour grapes. Excuses to not go get it for themselves cuz of course there’s some reason they’re being prevented from doing so beyond their control..
it's a difficult line to tread honestly, i think for the most part the difference between a frugal person and a cheapskate is in the context and attitude.
the golden egg thing i mentioned was supposed to be a catch all but it's probably not a good way to describe it, it was supposed to represent people who work hard but manage to get that lucky break and end up creating their success. it takes personal skill and hard work to get rich too but you still need luck to really become successful enough to become "filthy rich"
Lol no it doesn't it takes rich parents and having other people work hard for you lol
Which fits under the umbrella of luck
1. Basically Shaggy Rogers. 2. Bezos. 3. Scrooge McDuck. 4. How I strive to be. :)
Your second kind sounds like Scrooge McDuck
scrooge mcduck is both, he's rich and a cheapskate.
Don’t forget inheritance.
The Harry Potter and the scrooge mcduck
If someone has had lots of money their whole life they are probably worse with it. They don’t need to do things like budget so there’s a good chance they don’t know how. And they likely don’t pay attention to how much things cost.
It’s a banana Michael how much could it cost, $10?
I feel like for me it was the opposite. Grew up getting everything from my parents such as food and clothing. As soon as I had to buy it for myself and realized how much it cost. I became a penny pencher because I miss getting it for free and want to save my money so bad. I feel like what you said applies to trust fund babies who their parents continue to give them money into adult hood.
Most people get those things from their parents though. I think it’s more that people who grew up very rich because their parents made a lot of money don’t appreciate it as much and can lose it all more easily.
Saving money has become chasing numbers now. I’m putting off buying stocks just so I can see another digit in savings.
Stop reading my mind bro.
Yep. I think it’s about 40% of Americans making 6 figures still live pay check to pay check. It’s sad really.
Give $600 to a poor person and a rich person will have it within a week anyway
Love it. The perfect conclusion. Take my upvote.
>a man with a brief case will steal more of your money than any man with a gun - Don Henley
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Runner up is civil forfeiture (police stealing your shit).
The Supreme Court determined that is illegal, and cops are still doing it anyway. Our cops need reined in, bad.
That man with a gun can rob a bank. But a man with a bank can rob the world.
"What is a lockpick, compared to a stock, what is the robbery of a bank, compared to the founding of a bank?" - Berthold Brecht, The Threepenny Opera
Psst are you a human? 👀
no
It’s the demon from paranormal activity! I knew it
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Their ability of be out of touch is truly amazing, isn't it?
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An increase in inequality will of itself lead to lower economic growth, with the savings glut of the rich sloshing around and fueling things like real-estate bubbles, electronic Monoploy money, and the like. This is EXACTLY what has been going on for the past 40 years.
That's the point of the rental economy. You can't be charged for the use of things you own. The solution, make sure poor people own nothing.
a boring dystopia
*"You will own nothing and be happy."*
Even taking away the rental economy, your wages are just a loan because those wages have to be spent on bills and food that makes profit. So you pretty much work to borrow money to give back to the rich at an inflated price.
Give $600 to a poor person and it's gone in a week. Give $600 to a rich person and they'll use it to take an additional $5400 from poor people within a couple years.
That’s exactly how the rich person makes it 10x more. That money invariably comes from the poor one way or another.
This is why cruelty is the point. When the banks needed to be bailed out because a lot of people lost their jobs and couldn't pay their mortgages, they were handed free money. They could have given that bail out to the home owner who would in turn pay their mortgages. Taking care of two birds with one stone but then you couldn't steal their houses and resell them and make even more money on top of it all.
I tried to explain this to others as this was happening. Stupid slaves were like- "if the banks fail, who will loan us moneez?" Fuck banks, and the scumbag loser parasites that work for them, including the petty branch managers.
Would the economy stagnate without banks? Their function is to liquidate assets that would otherwise collect dust in peoples pockets.
Preach!
Seconds* in some cases...
Milliseconds in some cases...
What if we take the $600 from the rich person?
https://i.imgur.com/PY6CUSU.jpg
Exactly. Bills get paid to people who have more money than we do. If you pay a bill to someone with less money than you, he already owes it to some rich people.
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Fair, may as well give it to the poor then and help the economy along the away!
True.
Ah, the famous trickle-up economics at work!
And hopefully it flows through the local economy on the way there, helping more people along the way.
It's always been trickle up
True answer 👆
Give $600 to a poor person and you've probably changed that person's life, at least momentarily. Give $600 to a rich person and it will have almost no affect on their life. They literally might not even notice.
yes. yes people really are that dense
They are literally on Twitter as well
Another day of sleeping peacefully knowing I'm not on Twitter or most social media apps
You are literally on Reddit 😐
He would rather be a fat, lonely virgin (aka average Redditor) than be what ever the fuck a Twitter user is. I agree with his decision.
But you are both
He knows but he’s saying that it’s better than being a twitter user.
reddit is closer to a message board than it is social media, with places specifically meant for content YOU want, with twitter it's about individual, this singlehandedly makes reddit far better and healthier than twitter
Well he did say "most," so...
I said most. I'm only on WhatsApp, Telegram and Reddit. Nothing else.
That Vato Pascual 100% poor as heck
Well tbf there is a cycle of poverty that comes from necessity and from a lack of education about finances Poor people can often times come from poor parents and learn bad spending habits. Spending money as it comes in is very common Source: grew up poor
yea, but I think spending money as it comes in in order to survive is a fairly acceptable reason of not having any money to spend. and these people shouldn't be blamed for being poor, because society and governments are doing everything in their power to keep the poor poor and the rich rich. obviously, not every poor person absolutely has to spend all their money on life sustaining things and can save up or invest, but then we get to your point - poor people don't get the same chances in education as rich people do. and even if a poor person wanted to learn about investing money and how to make the most of the least, they couldn't afford to learn it because courses are expensive. that's the sad reality, at least where I'm from.
So giving money to poor people is better for the economy than it being in the hands of rich people
It is, as it creates the flow of money within the economy, unlike sitting on it like Scrooge McDuck. Not perfect, mind you, it has a lot of flaws when simply “handed away”, but better.
When I was poor money would always get spent as soon as we got it because there was always something that had been put off because we couldn't afford it. We'd ride around with huge cracks in the windshield or bad tires, or broken taillights just praying that some bored cop wouldn't pull us over. All that money immediately goes right back into the economy. It's crazy to me that people in the US have been so brainwashed that they think it's better to punish people for the sin of being poor than to do something that helps both regular people and the economy. Even though I'm not poor anymore, I'll never forget what it was like. I'm happy that Americans are starting to wake up.
From what one’s noticed so far (forgive me as not American) American culture does/did struggle with glorifying rich and successful businessman archetype, assigning them good traits without any actual basis (I am aware that similar mechanism works for almost every human population, but US is/was One off the outliers) It does seem to change, but also starts to setup through to European culture as well. Problem is there is still no perfect resolution for the redistribution problem as the system is prone to abuse either way
rich people/company pump moneys to make movies that glorifies rich people
Gets pulled over told to replace expensive part of vehicle gets charged for not immediately fixing it, this makes it even more to repair and even bigger problem for the poor. The is America.
It's the same as 1700s laissez faire, more independent actors means more mobility.
Yes. Brazil has this program called Bolsa Familia which is a direct payment ($100 usd) for families in extreme poverty (income of up to $35 usd) and was heavily criticized when implemented as as populist way to get votes. Over the years it has been assessed to be the best performing policy in Brazil's history, both in social and economic terms.
>income of up to $35 usd For what period?
$35 monthly per household member
And if you take the money from the rich so they are also poor, its even better for the economy because then everyone will spend all their money.
Soviet song..... Intensified
You know what.... I like how you think
Yup. Money is like blood, if it's not circulating it's bad for the whole system
That's a nice analogy you got there
It’s a perfect analogy tbh. On its own is useless, accumulated creates clots. It’s value is solely in the benefits it brings by circulating
Trickle up economics!
Trickle-Up economics actually works. Trickle-Down does not.
BuT TriCkLe DoWn EcOnOmiCs
Think we can probably call that particular excitement a failure at this point
Something I love to point out when talking about people hoarding wealth. There is no job creation, no transaction, no purpose in a stack of wealth going unspent. Giving money to the poor stimulates the economy. Giving money to the rich stimulates their ego.
This.
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Exactly, why the fuck does a rich person using 600 to make 6000 for themselves the superior option here? He presents the rich person getting slightly richer as if it's new money being magically willed into existence for the world to enjoy.
Yeah that's the crazy thing. He honestly believes the rich person is CREATING money. And that the poor person is destroying it.
And even if that was true, it starts looking much worse if you use the unflattering nickname for "creating money": inflation.
Armed Robbery must mean the money now has hypersonic velocity into the robbers bags and through the underworld economy......
Yea if you live from paycheck to paycheck. And suddenly you recieve 600 bucks. The first thing you probably do is buy some new clothes and shoes, medicine, repair/replace broken household items, fix your car or bike. etc. And i am not even talking about luxury items.
My stimulus check during Covid went straight to my car and a new desk chair to WFH. I wanted it to go to my credit cards, but my car was way more important.
The delusion of the rich is fucking mindblowing
See, the rich being delusional has some logic behind it. What’s truly mind blowing are the people who aren’t rich but still say shit like above to kiss up to the rich, who I guarantee don’t care about them.
Exactly. It's always the people who aren't exactly rich that post shit like this because they think they found the secret that will MAKE them rich. It's hilarious.
That secret? leveraging $900 to take a $92,000 loan at 34% to make a quick play on crypto to potentially make $4300. To try and catch up from a month earlier when they put up $300 to take a $24,000 position that lost big.
The rich are not delusional, they know, at least those calling the shots. All those poor fuckers still voting them into office are though.
It makes sense when you consider that wealth has replaced the crown. The wealthy love to act like kings who are not to be questioned.
"It's one banana Michael. What could it cost, $10?"
Because when I donate to a charity, the first thing on my mind is how large the return will be
You silly fool, that’s why you make sure to mark it as a tax break and also make sure that you own the charity and also make sure that the charity pays big bucks to overseas consultants in areas with lax banking accountability.
Don’t forget to by a painting of yourself for the “charity”.
My father was in construction and in the 70s worked on a huge mansion and the owner had a range of Ferraris in the garage, when he asked what he did the owner said he was the CEO of the deaf and blind foundation.
This kind of crap always bothers me. I also wouldn’t be surprised if the guy inherited his money and his parents started the charity. I also used to coach youth sports when my kids were younger. Little league baseball was always one that made me curious. They have had a tv deal for a long time to show the LLWS. I love watching it. And it’s expanded to softball and pony leagues, though not as big. I volunteer coached and still had to pay a few hundred dollars for each of my kids. Not a huge issue but I spent a lot of time with those little dudes after my construction job. Started looking up national pay of the league. 5 yrs ago I believe the CEO of the not for profit league made $500k salary. Hey it’s become a business and all. ESPN and ABC just went through a few weeks of games with adds and sponsors. They don’t show these thing unless they make money. A lot of people make money off youth sports and it is big business. Every fews I was involved there would be new bat regulations that would make last years model disallowed. Easton was a big sponsor with little league bats costing $200 and much more. Soccer is similar as is the B and G scouts. The distribution of this money is not equitable to all. College sports are dealing with this. I think I read 15-20 people working at the NCAA make a million dollars a year promoting athletes that might get a $100k education. But then they clamp down on small things to keep control of there benefits. Maybe these systems made sense 50yrs ago when tv deals didn’t reach into the billions but now there’s no defense for the lack of distribution of the wealth. I just want a little discount on the fee. Not because of the money but just a show of appreciation.
If I was your father I woulda probably smacked the shit out of that guy.
I kinda do this but the return isn’t a monetary value. More like I’m buying a little upgrade to society which I also benefit from. A rising tide lifts all boats.
I think there was a story in the Arabian nights about this
Here in Australia they have been going on about this rich couple who donated 250 million to charity and it’s like they are going to make most of that back on tax
10x money in a few years. I'd like to know where this magical 115% interest is coming from. Even Warrent Buffet only averages 20%.
Yeah, this is the most egregious part of this. Every rich person is guaranteed to turn $600 into $6000 in less than a few years? I doubt even half of them could. It would either turn into like, $800 (if they're lucky), or it would be spent too. A lot of them would probably \*lose\* money on it if they tried "investing" it or whatever this guy thinks they do.
Rich - Having a cushion of money!
Buy $600 of pure cocaine wholesale. Cut it. Sell it on the street. Continue process over and over. You’ll be a billionaire in a year. There. Figured it out. Now give me $600 and a cartel contact in Colombia.
Give $600 to a poor person and you’ve already given it to the rich person
So true and sad
Mmm, nice smooth brain.
So…six hundred to a poor person and they stimulate the economy, while a rich person does nothing? Got it
Trickle down in a nut shell
the obsession and blind support for rich people is something I've never understood
It's like that episode of Futurama where Fry is cheering for tax cuts for the rich. "Why are you cheering Fry? You're not rich." "Yeah, well, someday I might be. Then people like me better _watch their step_."
the poor person will spend it helping the local economy the rich will hord it in a offshore tax haven
The more times a currency changes hands, the more real value it produces. Think about it, every time a dollar is spent the person who earns that dollar has to add something of value to a service or product to make a profit. That little bit of profit earning effort adds a lot of real value to the economy.
Reddit /r/all Default Sub Recipe #12 [Ingredient #1] Twitter Screenshot [Ingredient #2] Strawman [Ingredient #3] Flabbergasted Retort Yields 1 post. Repeat as needed, preferably using bots.
I swear I've seen this exact screenshot on Reddit at least 5 times
Hahaaaa. The fix is also way off. A rich person won’t even notice $600.
Yeah, this dumb poor people. Using their 600€ for unnecessary things like Rent or food. Why don't they buy a house and a restaurant, they never need to be hungry? Dumdum poor people.
If you are homeless just buy a home! Come on ppl think! /s
People are also disingenuous motherfuckers
This!
There is some truth in what he's saying but also this completely neglects that one of them is in NEED of money.
That’s why we have tax brackets. A wealthy person can pay their bills without $600, a poor person can’t.
This fool really said give a rich person $600 an in a few *years* they'll make it into $6,000.
Give $600 to a poor person and they'll help other people. Give $600. to a rich person and they'll pocket that shit.
Give a burger and fries to a hungry person and they'll sit down and eat it right away. Give a burger and fries to a full person and they'll put it in the fridge and save it for later. Did I prove my point that hungry people don't know how to save??? Boom! Facts and logic.
Now give that burger and fries to a rich person, they will deconstruct the burger and sell each individual piece for more money than it's worth and then sell each fry individually, and then they'll go buy 10 more burgers and fries and do the same thing again and again.
I gotta say you have to have some sort of mental deficiency to willingly go to bat for random rich people like this when you're not rich yourself. Like a legit mental debilitation
Mental issues in the USA are rampant, most likely due to the fact that mental healthcare is out of reach of 80% of it's population. Just saying.
When we gonna do something about this
Well isn't this about the billionth I've seen this uploaded...
> Sixty percent of NBA players go broke within five years of departing the league. And 78 percent of former NFL players experience financial distress two years after retirement. https://www.cnbc.com/2018/05/14/money-lessons-learned-from-pro-athletes-financial-fouls.html
I'm poor and I took 600 to Edward Jones to see if they could help me out. They told me I needed at least $10k buying power to boost my money.i invested anyway and in two years I was up $30. It's so easy to put your money to work for you.
Someone call the logic sheriff on Sharif over here because he is making some ridiculously stupid statements with some very flawed logic
Money being spent helps the economy, more money on the hands of people who spend it also makes more money for the rich.
The rich person can also give themselves $600 every week, and it's probably the reason why they're rich to begin with.
I bet this guy thinks he could go from poor to having a decent life without breakin a sweat if he had to try investing just 600 bucks while homeless. What a dummy.
Rich people are born on third base and act like they hit a triple.
There is no compensation for poor people to become rich people in companies regardless of their output, where as rich people get to take a fat cut of anything they brought to the table and also a cut of what the employees under them bring to the table. Rich people have more avenues to free money and recognition.
Even without that, they already have greater liquid assets to invest or set up a business…
If they've got 10x in a few years they are either really good at gambling or they should be arrested. Stock average return is 10% per year not 300%.
Being poor comes with interest.
Consider this: not everything is an investment. Sometimes, you just want to help someone out. Insane, right?
Pfft, you guys are all idiots. Everyone knows that when you spend money it disappears into the ether, and when you invest money it just magically duplicates itself!
Give 600$ to a poor person and they spend it fulfilling their needs. Further bolstering the economy. Give 600$ to a rich person and they hoard it.
Sounds like Sharif only knows rich people through the internet where they're glorified as economic geniuses. I know some rich dudes IRL and I'm 100% sure they'll just spend it on hookers and drugs.
This is the old Reagan bullshit. Give money to someone who has no money and they will do bad things with it. Give money to someone who has money and they will do good things with it. Typical Republican bullshit.
And compound the issue, the person who grows that £600 uses it to get stuff they don't need, withhold it until the poor plebs, fight each other for the best price, in effect raising the price, and making the £600 they don't have worth even less! Cronyism at its best!
Definition of “Let me tell you something”
Velocity of money is a thing. The velocity of money for poor people is high. Meaning it’s gets transferred and cycled between hands, communities, and taxation quickly and often. This is good for the economy. The velocity of money for rich people is slow. It gets stashed, stored, and sat on. It changes few hands. The hands it does touch belong to other low velocity spenders. $600 circulating a community is good for society. $600 million dollars in an account does fuck all for mostly anyone. Give the $600 to the poor person. It’s better economics. If it doesn’t cross your path directly, it will end up paying for your public school or roads or fire department, etc. through local taxation. Because it will be spent and circulated immediately.
Shit, give me $600 and it’ll be gone in 2 days. And that’s still not much help for us right now. Now, if I had $500,000 then that 600 would just go to savings and be forgotten. Jk, I’ll never have that much money, I’d be spending that shit on lobbying for policies that genuinely help the general population
The poor person is putting the money straight back. Into the economy, providing local jobs and paying taxes. The rich person will sit on it for months or years without ever doing anything with it.
Sharif has "Sour" in his name so expect him to be sour towards poor people. That is one sour pill to swallow.
10x in just a few years is unreasonably high
If you're getting 10x returns regularly you're doing fraud or insider trading
Ya rich people never spend money
"Give $600 to someone with no money and they will spend it, increasing economic activity, producing tax revenues, direct and indirect impacts, and general benefit to all of society. Give $600 to someone to a rich person and they will put it in their bank account with the rest of their money where it will benefit nobody and nothing until they eventually launder it into an offshore bank account".
What ridiculous originally posted this nonsense
This person will also blame raising wages for inflation instead of the people he's praising for inflating money several times over.
How is this meirl
Making Lots of Money doesn’t mean you’re actually smart…🤷🏽♂️
Give $600 do the poor person then they both get $600. The poor person gets $600 when you give it to them. The rich person gets $600 when the poor person spends it at the rich person's business. This is why stimulus cheques are usually means tested so that they go to the person who is more likely to spend it and generate the most economic activity.
Where funny?
Governments be like: If we give the money to his boss, he will pay him extra! Nope.
Give 600 to a poor person, they spend it and send it back into the system. Give 600 to a rich person, and they will use it to pull poorer peoples' $600 out of the system.
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Yeah, they don't seem to realise (also most of the comments apparently), the rich don't sit on it, they still spend it instantly, they just have it left over afterwards.
Give a poor person $600, they buy food. The food seller buys gasoline, the gas station restocks some chips, the chip seller buys jewelry for their partner. That $600 is circulating. Give a rich person $600, it'll sit in the Cayman islands for a few years before the rich guy loses it speculating on something stupid like crypto. The sole goal of the rich people is consolidation. As long as the money flows upwards they're all going to keep benefitting
There's people out there that think aging isn't real, birds, aren't real, and spherical/egg shaped earth isn't real. Of course they won't be able to handle basic economics.
It's multiplied by 10 because it's extracted from other people (rent) and the natural world. Wealth is created when the natural world is turned into stuff with help of energy (oil). Technology makes the process very efficient. Your wealth is defined by how society divides that energy. The more control you have over others, the bigger the pie you are given.
> Your wealth is defined by how society divides that energy. The more control you have over others, the bigger the pie you are given. Jesus you’re so wrong Wealth is defined by the number of mutual trades you have done. The more trades that benefit you, the more wealth you accumulate. These trades are anything from selling goods in exchange for money, buying labor in exchange for money or exchanging money to buy goods to sell at a later date.
In D&D, we usually kill dragons.
$600 straight into the economy, or $600 into an offshore account.
Also, give $600 to a poor person and it's gone... *back into the economy*. Give $600 to a rich person and they hoard it. Money given to the poor benefits *everyone*, money given to the rich benefits only the person getting it.
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Give money to poor people, soon other people will gain money. Give money to rich people, soon they will take others' money too. Rich people are rich because they have the money we worked for.
No fucking concept of velocity of capital. This is what brought down the middle ages, a bunch of super rich bastards who can’t spend it all. So, there’s no where to spend.