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I'm going to offer a defense of his definition, then cast it aside and offer a better definition. If you're poor, you spend a lot of time doing tasks yourself

by wtracy 6y ago

I'm going to offer a defense of his definition, then cast it aside and offer a better definition. If you're poor, you spend a lot of time doing tasks yourself that other people would outsource. (Food preparation, home repairs, etc.) If you are employed, you probably invest a lot of time working relative to the returns you get. You probably spend a lot of additional time commuting, or doing other tasks adjacent to your job. If you are unemployed, you're almost definitely going to spend a lot of time scrambling for some sort of income. This is less tangible, but you also spend a lot of time worrying. True poverty means never getting to relax, because any number of small problems could turn into financial disaster. Which brings us to the definition I'm going to offer: Wealth is security. It's knowing that you can quit your job at any time, and have enough in the bank to tide you over until you land another. It's knowing that if your car breaks down, you can afford to get it repaired, and afford to rent another or take Uber in the meantime. It means being able to focus on getting emergency medical care for a loved one without worrying whether you will still be able to make rent.

fsociety 6y ago
This was very apt and insightful. I’ve been on the less financially secure side and spent too much time worrying. I think a lot of issues would be solved, or would be put on the way to a solution, if the government found a way to provide that security to individuals regardless of who they are or were.
wait_a_minute 6y ago
I think your definition is better but not quite complete. You could be able to do those things before you have become wealthy. If you have 100k in the bank, you are starting to be well-off and can afford to do those things, but you are still one bad accident or one bad year away from having to start all over again. So what I would add to your definition of wealth is how much of those things you can afford. Meaning, being wealthy means being able to cover emergency medical care for your family with cash and never even noticing that the cash is gone.
- em-bee 6y ago
  or you could be someone who is very confident about the future, (and maybe trusts in god if you like) you could also live in a country with universal healthcare and a social support net, so that, even if you don't have/earn enough, you never have to worry about food, a place to sleep and your health. to worry is more of an attitude problem than it is a wealth problem

by wtracy 6y ago

fsociety 6y ago

This was very apt and insightful. I’ve been on the less financially secure side and spent too much time worrying. I think a lot of issues would be solved, or would be put on the way to a solution, if the government found a way to provide that security to individuals regardless of who they are or were.

wait_a_minute 6y ago

I think your definition is better but not quite complete. You could be able to do those things before you have become wealthy. If you have 100k in the bank, you are starting to be well-off and can afford to do those things, but you are still one bad accident or one bad year away from having to start all over again. So what I would add to your definition of wealth is how much of those things you can afford. Meaning, being wealthy means being able to cover emergency medical care for your family with cash and never even noticing that the cash is gone.

em-bee 6y ago
or you could be someone who is very confident about the future, (and maybe trusts in god if you like) you could also live in a country with universal healthcare and a social support net, so that, even if you don't have/earn enough, you never have to worry about food, a place to sleep and your health. to worry is more of an attitude problem than it is a wealth problem