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If you're rich enough to be in the 0.1%, it's not your work that's making you wealthy, it's other people's. More likely, you've inherited that wealth from someb

by 8note 5y ago

If you're rich enough to be in the 0.1%, it's not your work that's making you wealthy, it's other people's. More likely, you've inherited that wealth from somebody who's not working anymore. All the same, if they're still working when they don't have to, they're doing it for something other than money, so I'd bet that they would stay on anyways

asteroidbelt 5y ago
> If you're rich enough to be in the 0.1%, it's not your work that's making you wealthy, it's other people's. Not exactly. The work is not just to paint the walls, but also organize the work of people who paint the walls, and that's much complex work (I'll avoid saying "hard"). I have worked with many talented managers directly and indirectly (some of them had income much higher than mine), and I know for sure that if I was swapped with them, I would screw it up. Thanks to them I and a lot of other people have the work. They deserve their pay. It is akin saying airline pilots do not deserve their high pay because without people cleaning the planes it wouldn't be possible to operate an airline. Or as the anecdote says: tapping with the hammer: $2. Knowing where to tap: $9998. Or let me put it another way. If you think you can do the work of people who get 0.1% income, why don't you do go and do their work, what stops you? > More likely, you've inherited that wealth from somebody who's not working anymore. That's not true. Quick google-fact: among people with $30 or more of wealth, 67.7% were self-made, 23.7% had a combination of inherited and self-created wealth, and only 8.5% completely inherited their wealth.
coryrc 5y ago
Eventually you must realize the assets, either you spend them or you die with them. We let the ultra-wealthy "spend" them in ways they don't have to pay tax, and we let them pass then on untaxed after death through tax-sheltered trusts.

by 8note 5y ago

asteroidbelt 5y ago

> If you're rich enough to be in the 0.1%, it's not your work that's making you wealthy, it's other people's. Not exactly. The work is not just to paint the walls, but also organize the work of people who paint the walls, and that's much complex work (I'll avoid saying "hard"). I have worked with many talented managers directly and indirectly (some of them had income much higher than mine), and I know for sure that if I was swapped with them, I would screw it up. Thanks to them I and a lot of other people have the work. They deserve their pay. It is akin saying airline pilots do not deserve their high pay because without people cleaning the planes it wouldn't be possible to operate an airline. Or as the anecdote says: tapping with the hammer: $2. Knowing where to tap: $9998. Or let me put it another way. If you think you can do the work of people who get 0.1% income, why don't you do go and do their work, what stops you? > More likely, you've inherited that wealth from somebody who's not working anymore. That's not true. Quick google-fact: among people with $30 or more of wealth, 67.7% were self-made, 23.7% had a combination of inherited and self-created wealth, and only 8.5% completely inherited their wealth.

coryrc 5y ago

Eventually you must realize the assets, either you spend them or you die with them. We let the ultra-wealthy "spend" them in ways they don't have to pay tax, and we let them pass then on untaxed after death through tax-sheltered trusts.