3 ms·

Is it really possible for an individual to “build wealth” without exploiting the working class

mattgreenrocks 3y ago
Save 50% of your gross salary, invest in index funds, and be patient. You can speed up the process via geo-arbitrage, climbing the career ladder without lifestyle creep, working at a FAANG, being more frugal, or side hustles. Search for FIRE for more details. It’s not easy by any stretch.
- pharmakom 3y ago
  Let's be honest, it's only possible for people with rare skills and/or prestigious credentials (which are largely a function of your parents social class). Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings.
  - commonlisp94 3y ago
    ordinary behavior is unlikely to bring extraordinary results
  - yourapostasy 3y ago
    > Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings. If you are in your teens or 20's in a median wage income, then I advise considering vanlife grinding towards FIRE. I spent so much time in libraries or labs at that stage of my life that in hindsight, I should have dismissed the stigma of "homelessness" and adopted vanlife, scraped enough together for a duplex down payment, rent both sides out initially until one side is paid off, and then settle in that side should I want out of vanlife at that point.
- catmanjan 3y ago
  Aren’t index funds just based on the profits of exploitative companies?
- anthonypasq 3y ago
  this doesnt work if you have kids. I honestly think the only way to actually achieve financial independence to is to an entrepreneur
PM_me_your_math 3y ago
Exploited? Working for a living is called being an adult. The inverse of which is sticking your hand out and demanding that everyone carry you through adult life. People who agree to work for someone else are, in no way, being exploited. You have a choice to be a bum, as much as you have a choice where to work. And your options are greater when you're not a bum and have marketable skills that employers are willing pay for. Furthermore, if you're not a bum and you acquire skills, you can start your own business and do extremely well for yourself, and support dozens, if not hundreds or thousands of families if your business requires employees. I'm interested in discovering where you learned that successful business owners are "exploiting" people who willingly work for them.
Gareth321 3y ago
Absolutely. I’m not a fan of the overly broad definition of exploitation meaning “anyone who has a job.” Clearly voluntarily selling your labour for money isn’t exploitation. Save your money and live off the interest.
dougmwne 3y ago
For some definitions of wealth, sure. I think the minimum definition is that you are freed from at least some need to labor. Clearly there’s a wealth point at which you need to capture excess value from the labor of others.

Save 50% of your gross salary, invest in index funds, and be patient. You can speed up the process via geo-arbitrage, climbing the career ladder without lifestyle creep, working at a FAANG, being more frugal, or side hustles. Search for FIRE for more details. It’s not easy by any stretch.

pharmakom 3y ago
Let's be honest, it's only possible for people with rare skills and/or prestigious credentials (which are largely a function of your parents social class). Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings.
- commonlisp94 3y ago
  ordinary behavior is unlikely to bring extraordinary results
- yourapostasy 3y ago
  > Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings. If you are in your teens or 20's in a median wage income, then I advise considering vanlife grinding towards FIRE. I spent so much time in libraries or labs at that stage of my life that in hindsight, I should have dismissed the stigma of "homelessness" and adopted vanlife, scraped enough together for a duplex down payment, rent both sides out initially until one side is paid off, and then settle in that side should I want out of vanlife at that point.
catmanjan 3y ago
Aren’t index funds just based on the profits of exploitative companies?
anthonypasq 3y ago
this doesnt work if you have kids. I honestly think the only way to actually achieve financial independence to is to an entrepreneur

PM_me_your_math 3y ago

Exploited? Working for a living is called being an adult. The inverse of which is sticking your hand out and demanding that everyone carry you through adult life. People who agree to work for someone else are, in no way, being exploited. You have a choice to be a bum, as much as you have a choice where to work. And your options are greater when you're not a bum and have marketable skills that employers are willing pay for. Furthermore, if you're not a bum and you acquire skills, you can start your own business and do extremely well for yourself, and support dozens, if not hundreds or thousands of families if your business requires employees. I'm interested in discovering where you learned that successful business owners are "exploiting" people who willingly work for them.

Gareth321 3y ago

Absolutely. I’m not a fan of the overly broad definition of exploitation meaning “anyone who has a job.” Clearly voluntarily selling your labour for money isn’t exploitation. Save your money and live off the interest.

dougmwne 3y ago

For some definitions of wealth, sure. I think the minimum definition is that you are freed from at least some need to labor. Clearly there’s a wealth point at which you need to capture excess value from the labor of others.