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"...marvel at the poor decisions of the poor" - I've always wondered if rich marvel at the bad decisions of the middle class in the same way. And what they see
by nonce42 13y ago
"...marvel at the poor decisions of the poor" - I've always wondered if rich marvel at the bad decisions of the middle class in the same way. And what they see as the big mistakes keeping them from being rich. E.g. the problem with the middle class is they just don't understand the importance of entrepreneurship / capital gains / ???
- RougeFemme 13y agoI think they do. There are always people on higher rungs of the socio-economic ladder looking down at those on the lower runs and marveling about why they can't pull themselves up. Sometimes they are looking at people only one rung below. I think rich people also marvel at the failure of the middle-class to not go to the right schools, make the right connections, marry into the right families, not take "full advantage of the tax code" (e.g., for Americans - bank offshore).
- kstenerud 13y agoAnd the thing is, they are right. Although you're probably not wealthy enough to go to the right schools, you may be able to get in via scholarships. Although a middle class pool of good connections is limited, there are ways for a creative person to seek out better ones, often by something as simple as changing their environment. Tax code knowledge is useful and valuable, and can be learned if you're willing to put the time and effort into it. My point is, if you wish to elevate yourself, you must first study those whose ranks you wish to join. Learn how they acquire, and, more importantly, keep their wealth and power, and find ways to do so yourself, even if you have to be scrappy to do it. The whole startup thing does just that in the business world. There will always be things you are simply blocked from doing. Instead of focusing on how unfair that is, focus on the things you CAN do, even if it requires greater effort or a more creative approach than someone more privileged would need.
- VLM 13y agoIf I had to summarize the outlook toward the middle class of the rich people I've known over my lifetime, it would be more or less not understanding relationships between time and money. In about 50 zillion interpretations of it. Basically the middle class folks not understanding there is a relationship at all, other than obviously for hourly laborers. This is aside from obvious cultural differences WRT the type of status symbols and such.
- zodiac 13y agoWhat exactly is the relationship between time and money you're referring to? Is it the time value of money? Honestly curious.
- VLM 13y agoI guess in one line it would boil down to only their (rich) social group knows how to properly estimate, divide the estimates, and compare the results. Or knowing that such comparisons are possible between pretty wide ranging subjects, rather than making decisions by just following the herd. With that inability as a rationalization for why they're poor and we're rich or source of humor. Or something like that.
- aevernon 13y agoCould you give an example of such a comparison? Are you saying rich people are better able to estimate the risks and trade-offs for their decisions?
- VLM 13y agoTypical example would be car choice. Middle class dude selects based on TV commercials, friends opinions, and conspicuous consumption, ending up with a giant pickup truck typically, however most rich dudes drive something quite a bit more modest. I should point out I'm talking more about "people who become rich on their own" rather than lucky lotto winners or lucky selection of parent or trophy spouse or whatever.