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Yep. One of the ways the rich get richer is when they can self-insure everything and invest what they would have normally paid in premiums.
by matwood 2y ago
Yep. One of the ways the rich get richer is when they can self-insure everything and invest what they would have normally paid in premiums.
- seanmcdirmid 2y agoThat really isn’t true. The rich buy insurance like anyone else, they are even more aggressive about insurance with things like umbrella policies to protect their wealth. They also hedge a lot, which is just insuring through investing.
- matwood 2y agoMaybe a better way to put it is that rich people have options. Of course if it's cheap for someone to offload the risk, they will. But if an insurer raises prices too much a people who can self insure will walk. Most people don't have that option so we continue to get squeezed with higher premiums and worse service.
- seanmcdirmid 2y agoRich people will definitely have more options so they can walk away from bad deals.
- matwood 2y agohttps://finance.yahoo.com/news/charlie-munger-said-warren-buffett-154854452.html https://finance.yahoo.com/news/charlie-munger-said-warren-bu...
- deleted 2y ago[deleted]
- tptacek 2y agoAnother way the rich get richer is simply taking their money and investing it.
- potato3732842 2y agoThat's just a BS trope. People who can't self insure either insure, or don't. And of those who don't some get lucky, some get unlucky. If everyone who said screw it got unlucky the way the internet likes to make it seem then insurance as a business model simply wouldn't work at the price points it does.
- matwood 2y agoWhat do you mean BS trope? Literally the king of insurance says to self-insure if you can afford it. https://finance.yahoo.com/news/charlie-munger-said-warren-buffett-154854452.html https://finance.yahoo.com/news/charlie-munger-said-warren-bu...
- baq 2y agoeasy thing to say with 10 digits in your account!