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(Abc.net.au)   Billionaire: "If you're jealous of those with more money, don't just sit there and complain; do something to make more money yourself - spend less time drinking, or smoking and socialising, and more time working"   (abc.net.au) divider line 440
    More: Obvious, smoking  
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9336 clicks; posted to Main » on 30 Aug 2012 at 11:04 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-30 12:10:54 PM
 
2012-08-30 12:12:01 PM

MycroftHolmes: Can you even remotely back this up?


You could do a little looking around. There are people who are making a shiat-ton of money, and with extremely few exceptions they are doing very little 'real work' themselves. They are moving around money made by people who are doing 'real work', and those workers aren't really going anywhere.
 
2012-08-30 12:12:20 PM
I wonder if she ended up looking like that because she spent too much time

a) getting up and doing stuff
or
b) just sitting there
 
2012-08-30 12:13:37 PM
"parlaying a multi-million dollar inheritance" isn't hard work.

"If you have a hundred dollars and want to make it a hundred and ten, that's work. If you have a hundred million dollars and want to make it a hundred and ten million, that's inevitable" (source unknown)
 
2012-08-30 12:14:21 PM

clevershark: It's your money, you do what you want, but anyone would be suspicious that payback will be required at some point in time. You know how the mafia gets people "on side"? They do them a favor first. I'm sure that's not what you have in mind, but the adage "there's no such thing as a free lunch" resonates with people who have some experience of the world.


Totally understand where you are coming from but if someone puts in the two years and does all the work themselves and proves motivation and seriousness that is hardly free in my opinion. This is also having the understanding that there are 6.8 billion opinions in this world and knowing others will differ from mine. Thank you for sharing yours.
 
2012-08-30 12:14:59 PM

impaler: MycroftHolmes: You are right, building up your network 100x is easy, and just because she started with something, she doesn't know anything about the benefits of hard work and perseverance.

We can say for certain she has no idea how to build up your net worth 100X if you already don't have millions of dollars. Her advice is useless to anyone that doesn't have millions of dollars.


So, you are saying that the principle of deferred gratification, hard work, and focus are not portable concepts? That she can't offer advice except to people with exactly the same situation?

It is funny, because we see pro and Olympic athletes all the time doing public service announcements about the value of exercise. They are so freakin' stupid, because since I was not born with their genetic gifts, they don't know anything about the value of exercise, or discipline, or focus.
 
2012-08-30 12:15:18 PM
Wow, jabba the hutt has really let himself go.
 
2012-08-30 12:15:39 PM

impaler: What if I'm not jealous of those with more money, and just want the arsholes that are super rich to stop farking everyone over?


FYI, I meant to say "the arsholes that happen to be super rich to stop farking everyone over."

Not everyone that's super rich is an arsehole.
 
2012-08-30 12:17:06 PM
Australia's richest person Gina Rinehart has urged Australians to work harder and cut down on drinking, smoking and socialising if they want to become wealthy.

What if we don't really care about becoming wealthy, but we think it would be nice if millionaires and billionaires actually paid their damn taxes instead of lobbying for loopholes in the tax code that allow them to dodge most of their tax burden so that they can stick that money in an offshore bank account to never be seen again, which creates 0 jobs and does nothing to contribute to the overall economy? Maybe I am jealous of the obscenely wealthy, but not in the way that you think. I'm jealous of your tax rate, not your wealth. I wish I could get away with paying so little.
 
2012-08-30 12:17:19 PM

fireclown: Probably something to that, even though the messenger might be less than ideal.

What the hell. OK FARK, lets brainstorm. I'm willing to blow $500 on a startup. It has to be something that I can do while still working full time. Gimme your ideas.


Develop a system where all I have to do is press star (*) or pound (#) on my land line, or cell that would block the caller from ever calling me again. Example, I get a call from some politician, press one button and never get another from that phone number.
 
2012-08-30 12:17:54 PM
While I don't know about "rich" one of the biggest things you need to do to retire well off is don't get snakebit. Don't have a child with Downs Syndrome or a radical behavior disorder. Don't develop a drug habit. Don't have a kid or spouse who develops a drug habit. Don't live beyond your means. Don't get cancer. Don't marry a biatch/bastard. Don't have your parents have to live with you. Don't have an unplanned and way too early pregnancy. Don't major in poetry. Don't get in a car wreck and break your back. Some of these things are in our control, some aren't. Been lucky so far....my mum and law lived with us with dementia for five years or so, but it wasn't that big of a deal.
 
2012-08-30 12:19:33 PM
This is a poor excuse for a thread
 
2012-08-30 12:21:23 PM
i1158.photobucket.com
 
2012-08-30 12:21:27 PM

Icetech3: I agree with this guy 100%.. I grew up in detroit, had nothing.. i work 70 hours a week.. i don't believe in drinking and partying and i now have a good bank account and a nice house and a pretty good life.. just takes hard work.


If your job happens to as boring and unsatisfying as most are, then no, you don't have a pretty good life if you're spending that much time there.
 
2012-08-30 12:21:29 PM

Noticeably F.A.T.: MycroftHolmes: Can you even remotely back this up?

You could do a little looking around. There are people who are making a shiat-ton of money, and with extremely few exceptions they are doing very little 'real work' themselves. They are moving around money made by people who are doing 'real work', and those workers aren't really going anywhere.


1. Define real work-I manage a team of network engineers. I make 1.5 times what they make, but I do less actual configuration of equipment, directly produce fewer deliverable. My guess is that you would say that I do less 'real work', though my input and management results in higher efficiency, so the value I add is high.
2. It is fallacious to define the curve by the outliers. Sure there are some 1% who are there because of luck or unethical behavior. And we all hear about these guys because they are notorious. But do they really make up the gamut of all the people that could be considered well off?
3. Confirmation bias-you already want to believe that the wealthy are a bunch of lazy bums. So you look for instances that support your stance, or interpret facts to support your stance.

I went to a business school taught solely by successful entrepreneurs. They had net worth's ranging from a few million to over $500 million. The $500 million one did start with family money, but he also put in 100+ hour week after 100+ hour week to achieve success.
 
2012-08-30 12:23:34 PM

Noticeably F.A.T.: MycroftHolmes: Can you even remotely back this up?

You could do a little looking around.


Classic. There's the whole Internet, right there. Well, that and captioned cat pictures.

/"Studio audience, are you ready?!? It's time to play Prove my Assertion!"
 
2012-08-30 12:23:48 PM
"Mrs Rinehart, who has seen her fortunes rise after parlaying a multi-million dollar inheritance..."

Typical. "I worked very hard to outlive my parents so if you want to be rich quit, drinking, smoking and socialzing and outlive your wealthy parents".
 
2012-08-30 12:24:34 PM

mod3072: Australia's richest person Gina Rinehart has urged Australians to work harder and cut down on drinking, smoking and socialising if they want to become wealthy.

What if we don't really care about becoming wealthy, but we think it would be nice if millionaires and billionaires actually paid their damn taxes instead of lobbying for loopholes in the tax code that allow them to dodge most of their tax burden so that they can stick that money in an offshore bank account to never be seen again, which creates 0 jobs and does nothing to contribute to the overall economy? Maybe I am jealous of the obscenely wealthy, but not in the way that you think. I'm jealous of your tax rate, not your wealth. I wish I could get away with paying so little.


That's a lie. It creates like 2 accounting jobs. In the Bahamas.
 
2012-08-30 12:24:54 PM
The thing I don't get about her argument: not everyone can do it. I don't mean because not everyone has the skills (although that's true), but because it's not mathematically possible.

I'm no economist, but there are N dollars in the economy. If we all woke up tomorrow and had exactly equal skill and drive, we wouldn't all become rich. Someone has to consume the production.

Also, I agree with those above who say to become rich you must start a business. Someone replied and said that they know people making 6 figures working for the man. The kind of 6 figures you make being an employee won't get you rich. If you are very, very elite you might make over $500k/year as an employee somewhere, but that's extremely rare.
 
2012-08-30 12:25:41 PM
This is what she sounds like in my head...

When I first started this company, I had just two things in my possession: a simple dream, and six million pounds. Today, I have a business empire the like of which the world has never seen the like of which.

img207.imageshack.us

I hope it doesn't sound arrogant when I say that I am the greatest man in the world.
 
2012-08-30 12:27:25 PM
Steve Martin explained how to become a millionaire:

"First, get a million dollars..."
 
2012-08-30 12:28:07 PM

vudukungfu: The nicest millionaires I know don't talk much at all. You wouldn't know they are loaded, either. They don't roll the poor.


I worked for a guy like this once. First time I ever met him, he showed up at my house at a neighbor's request in boots and jeans with a couple of chainsaws to help cut up this tree that had fallen on my house. Later I found out he was worth something like $8 million.

But I still think he's in the 99%. Compared to a Romney or an Adelson or a Koch or a Buffett, a net worth of $8M is nothing.
 
vpb [TotalFark]
2012-08-30 12:28:23 PM

Debeo Summa Credo: vpb: dittybopper: TsarTom: ...after parlaying a multi-million dollar inheritance...

Youre looking at it from the wrong angle. Why shouldn't the person who built the organization be able to do whatever he/she wants with it?

If I am smart/lucky/hard working enough to build a business worth $100m/$2m/150k or whatever, why shouldn't I be able to give it to my lazy stupid son? Sure, he didn't do anything to deserve it but I did and want it to go to him.


No, you are looking at it from the wrong angle. A company is a group of people working together. You may have played a major role in building it, and you may be a part of it, but you didn't build it all by yourself.

You may have contributed money and time and maybe leadership, so you earned something. Not everything but something. Your son didn't. He certainly didn't earn the right to control other peoples livelihoods or to control the fraction of the economy that that company represents.
 
2012-08-30 12:28:40 PM

plcow: vpb: That's comical. No one gets rich from hard work. You can inherit it, you can steal it, you can exploit flaws in the financial system, you can get lucky in the stock market (assuming you have a lot of money to invest in the first place), win the lottery etc. Working won't do it for you, working makes other people rich.

Besides, it is interesting to me that the wealthy people who think this way are almost always people who inherited their money. People like Warren Buffett seem to have more of a grasp of reality, since they actually had to do something to make their money.

Bullsh*t, it takes work. Some people have better starting advantages than others, but it always takes work. There are almost as many geniuses on welfare than millionaires. The only thing that is assured is that if you play on Fark, or Skyrim, or get high all day is that you will NEVER become wealthy.

I work a 7-5 during all day, business network 2-3 nights a week, and probably spend 2-4 hrs a night trying to find ways to save money or boost my income. I have been doing this for several years (sometimes spending 6+ hrs at night for weeks at a time). I am just now in my 30's, I will become wealthy, and if I don't I will keep trying. I want the freedom of not being tied to a 9-5 or relying on other people for my safety and the safety of my family, and I will fight and work and do whatever it takes to get it. People think I am smart, and I can assure you I am not, I have just WORKed my ass off compared to other people, and other people look at me and think there must be some kind of short cut to get where I am at. Most people can't even comprehend doing what I do, much less do it. And this is because limitations set in their own minds, mostly by making excuses like you did.

Another problem that I commonly see, is that many people have WAY too high of expectations for what the return for their work should be. You work 10 hours and expect $100, you put your money into the stock market and ...


People don't become billionaires by working their ass off. Hard working people are dime-a-dozen. You have to have something that everybody else doesn't - whether it's a killer idea, the right contacts, lots of capital, etc. - in any combination, and be in the right place at the right time.

It's easy to judge people for their situation, but it's a lot harder to look ourselves in the mirror judge how much we can help, either as individuals through voluteering or donating, or collectively through supporting effective social and government programs.
 
2012-08-30 12:28:58 PM
This idea that everybody can be rich if they just work hard is an illusion that needs to be dispelled.

At best, people can become middle-class and comfortable through hard work and halfway sound financial decisions.

Rich? That's pure luck of either birth or circumstance.

Okay. Let's say you're a typical, average, normal American, just very hard working. You are born to a middle class or lower-middle-class family. You get slightly above average grades (average intellect, but study hard). You work a part-time job in your teenage years.

You want to go to College to get ahead. Well, you've got two choices (since your parents aren't rich enough to pay for it all)

1. Go deep into student loan debt, racking up tens of thousands of dollars of debt in the hope your education will pay it off.
2. Join the military and use your GI Bill and/or Tuition Assistance to pay for College. This hopes that you can get into the military and don't have a disqualifying medical condition, or otherwise are suitable for military service.

So, once you've traded off either 6 years of your life, or a mid-five-figure range debt for a degree, what are you going to do?

Now, let's assume you followed the popular advice here on Fark and majored in a hard science, like Physics or Chemistry. Well, university calculus is pretty freaking hard, and so are upper-level hard science classes, so even though you're a hard worker, Mr. Average will barely pass and skate by with a mediocre GPA.

Okay, you're in the job market. . .now what? Job market stinks. That science degree makes you fit to hold the same jobs any other college graduate has, or to work as a lab assistant. A Bachelor's degree, or even a Master's degree in hard sciences doesn't guarantee a good job.

So, you can go to graduate school, and hope to get a Ph.D. and make your way into academia. . .but that isn't going to make you "rich", just mildly affluent (at best). Your average intellect will have trouble competing with the elite intelligentsia, no matter how hard working you are.

Hmm. You could open a business! That's it, a small business!

Oops, the vast majority of small businesses fail within the first year or two. You can be very hard working, but unless you get very lucky, that business will probably fail. You don't have the capitol to invest in a franchise of some big chain or something that is almost guaranteed to make a profit.

So, where in all this does just getting out and working hard make you rich?
 
2012-08-30 12:29:01 PM

HotWingConspiracy: Debeo Summa Credo: vpb: dittybopper: TsarTom: ...after parlaying a multi-million dollar inheritance...

The problem isn't that the poor want to be poor. They don't, obviously. It's that they don't generally have the financ ...

It's nothing to do with the long term poor, she is talking about the middle class. The people who do the actual work that makes people like her rich.

She might actually do some work, but that's not where here money comes from, she simply inherited a company which gives her the right to take whatever the employees of the company produce and give them as little as she can get away with.

I have never understood why someone would be able to inherit an organization anyway, like it was a piece of furniture or something. It's almost like the feudal system where nobles inherit a manor and get to take a big share of what the serfs produce, simply because of birth.

Youre looking at it from the wrong angle. Why shouldn't the person who built the organization be able to do whatever he/she wants with it?

If I am smart/lucky/hard working enough to build a business worth $100m/$2m/150k or whatever, why shouldn't I be able to give it to my lazy stupid son? Sure, he didn't do anything to deserve it but I did and want it to go to him.

Dynastic wealth has no place in a democracy.

In any event, go ahead and give it to him. He gets taxed on his new income. Sounds fair to me.


Asset confiscation has no place in a democracy either.

But yeah I'm okay with treating inheritances as income, quite honestly. Not so much just to take from the rich, but because we need revenue.

Okay to do it to all inheritances I assume? You inherit your folks' $150k house that's taxable income to you for that year, ok?After all, if it's income to a rich deadbeat son it would be income to you, no?
 
2012-08-30 12:29:18 PM

Thunderpipes: 94% of America's millionaires are first generation, self made. But you knew that.


It's pretty high, but not that high. Try 80%. (Actual citation, vs. pulling a number out of my butt.)
 
2012-08-30 12:29:42 PM

MycroftHolmes: So, you are saying that the principle of deferred gratification, hard work, and focus are not portable concepts? That she can't offer advice except to people with exactly the same situation?


*facepalm.jpg*

In her regular column in a mining industry magazine, the controversial magnate says billionaires and millionaires are doing more than anyone to help the poor by investing their money and creating jobs.

Corporate profits up, yet so is unemployment.
 
2012-08-30 12:33:08 PM

dittybopper: Doesn't mean the advice is bad.


It does mean the advice is a worthless generalization. I don't smoke, don't drink, and never socialize (though I do speak to my wife). All I do is work. All day, every day, every evening. And I'm not a billionaire. I'll bet I work harder than Ms. Rinehart. What am I to do with her advice?
 
2012-08-30 12:34:14 PM

fireclown: Probably something to that, even though the messenger might be less than ideal.

What the hell. OK FARK, lets brainstorm. I'm willing to blow $500 on a startup. It has to be something that I can do while still working full time. Gimme your ideas.


An amazing amount can be accumulated for a small expenditure, decent audio/video recording equipment, a vulnerable person and a dead hooker.

/Or so I hear.
 
2012-08-30 12:35:03 PM
I would work harder but I end up falling asleep early and sleeping through the night (9p-6a) - what a waste of time !
 
2012-08-30 12:36:19 PM
As many others have pointed out, she lacks credibility on the issue, due to her starting on third base. While she could argue, with some justification, that many others have done so and squandered it all, she still sounds like an asshole.

She also neglects to mention the positive career impacts of socializing. Building networks is key, especially in a scarce job market.

I will agree, however, with her general sentiment that many who are poor (and middle class and rich, for that matter) waste a lot of time. My friends used to ask me how I made time to work full-time, go to school four nights a week, and still socialize my ass off. They complained about never having enough time. I asked them how many hours of television they watched a week. Usually about twenty hours to thirty hours. Which is about the time it takes to go to school full-time, with time left over for studying and socializing.
 
2012-08-30 12:36:41 PM

vernonFL: Mrs Rinehart, who has seen her fortunes rise after parlaying a multi-million dollar inheritance into a mining empire now worth more than $20 billion, blames anti-business and socialist policies for hurting the poor.

What is this? I don't even...


I get your point, she didn't earn the multi-million dollar inheritance.

HOWEVER, in all fairness, she did turn a few million into a mining empire worth more than $20 billion. That didn't happen in a void.

The reality is you cannot become rich by working a ten or fifteen dollar an hour job, and then blowing your extra money on smoking, drinking.

If you want to improve your station, work hard, live frugally, save your money and take a calculated risk and open your own business. It is not a guarantee that you will become a millionaire, but it is a guarantee that you have a much improved chance of improving your life compared to doing nothing.
 
2012-08-30 12:37:01 PM

MycroftHolmes: but he also put in 100+ hour week after 100+ hour week to achieve success.


A lot of people put a lot of work into their business, only to end up bankrupt. One's odds of having a business still operating after 4 years is equal to betting on "black" at a roulette table.

www.statisticbrain.com
 
GBB [TotalFark]
2012-08-30 12:38:31 PM

dittybopper: It's kind of like a natural born Olympic level athlete telling the rest of us to exercise more. Sure, we'll never swim like Michael Phelps or run like Usain Bolt, but that doesn't mean that regular exercise won't make us more healthy.

...

The problem isn't that the poor want to be poor. They don't, obviously. It's that they don't generally have the financ ...


Just like your Olympian analogy, not everyone is cut out to be a financial genius or business mogul. The problem is that not everyone is a strong player in the Game of Money. But, it's a game that we are all forced to play. And just like a weak kid getting bullied on the playground, the rich continually grab the poor's arm and slap them in the face with their own hand while chastizing them to "stop hitting yourself".
 
2012-08-30 12:40:27 PM
I thought the Huts made their money in gambling and being loan sharks.

i.imgur.com

For comparison...
upload.wikimedia.org 

/Bring Solo and Wookie
//Eats frog-thingy
 
2012-08-30 12:40:38 PM

T.M.S.: All but one billionaire I know started with nothing. All but one of them made their money in television.

I advise working in television.


"Plastics"
richgee.com
 
2012-08-30 12:41:32 PM
I don't look to the rich as an example but the words are valid.

I started off dirt poor. Literally, we had no floor in our house until we bought a trailer. Then, when I was 8, we bought a tiny house in South Texas.

I do not have a college education but I do know how to make decisions that better my family. I don't know how I got the skill, maybe from watching my older brother make so many bad ones. I made a lot of bad decisions, too, living with a 30 year old when I was 16, dropping out of high school for a while, etc.

But one must remember that those bad decisions are okay...they are not who you are, they are only points in your life to help you become who you will be. THAT's the focus.

Because of that one thing, my children's children will be well-to-do. My family made little money, I make more, my child will learn from me and make more than that and, if I've done my job right, they will have integrity, honor and character to teach their children as well.

I'm not focused on being a millionaire; I'm focused on my grandchildren having a better life than my children do.

There's too much importance placed on getting money now and too much importance put on the "me".

/Anecdotal so you can ignore it or inspiring so you can think about it...your choice
 
2012-08-30 12:42:14 PM

vpb: GAT_00: Just 'working more' will not make you a millionaire. If that was the case, grad students would all be incredibly rich when they got done.

Generally the people who work hardest are the poorest. You get rich by acquiring the right to the product of other people's wealth.


Exactly. Minus the financial sector, commerce is all about selling objects produced by another person's labor while paying the lowest price possible for that labor. The primary concern of commerce, then, is managing labor; in goods industries there is a level of abstraction, but in service industries this is direct and explicit. Regarding Finance, the objective is to create investment "vehicles" out of the labor of others, while at the same time farming as many service fees and claiming as much interests(itself merely a "usage" fee; thus "usury") from those vehicles as possible, so we're simply talking about an additional level of abstraction, not a fundamentally different behavior.
 
2012-08-30 12:42:17 PM
Took this long?
Billionaires, Politicians.. same thing.

t0.gstatic.com 

Bullworth: Isn't that OBVIOUS? You got half your kids are out of work and the other half are in jail. Do you see ANY Democrat doing anything about it? Certainly not me! So what're you gonna do, vote Republican? Come on! Come on, you're not gonna vote Republican! Let's call a spade a spade!
[Loud, angry booing]

Bullworth: I mean - come on! You can have a Billion Man March! If you don't put down that malt liquor and chicken wings, and get behind someone other than a running back who stabs his wife, you're NEVER gonna get rid of somebody like me!

http://www.imdb.com/title/tt0118798/quotes?qt=qt0144749
 
2012-08-30 12:43:55 PM
If she really wanted to be a job creator, she should hire someone to bathe her, comb her hair and put on some makeup. That would take a decent size staff - especially the ones wrangling her into a tub.

For such a rich person, she always looks greasy and a bit stinky.

Plus, would it kill her to smile?

/If she can give "get out of poverty" tips, I'm going to offer her some grooming tips.
 
2012-08-30 12:46:11 PM

Babwa Wawa: [i.imgur.com image 340x226]

Finally, the answer to Babwa Wawa's eternal question: "What I wouldn't do for a billion dollars."


She could stand to spend a teensy bit of her fortune on some plastic surgery and a good exercise / diet program...
 
2012-08-30 12:46:37 PM

signaljammer: Bill Gates grew up in one of two communities, as I did in the other, that made computers available to students at the time. His father was a patent attorney who was able to keep Microsoft private up to the 286 gen on his own dime. His mother was on the board of the Red Cross along with the president of IBM, so he got the contract for the PC OS. Sweat of his brow.


What you're saying, then, is that his parents aren't idiots. Weird how that works out. Smart kids have smart parents.
 
2012-08-30 12:48:07 PM

vpb: That's comical. No one gets rich from hard work. You can inherit it, you can steal it, you can exploit flaws in the financial system, you can get lucky in the stock market (assuming you have a lot of money to invest in the first place), win the lottery etc. Working won't do it for you, working makes other people rich.

Besides, it is interesting to me that the wealthy people who think this way are almost always people who inherited their money. People like Warren Buffett seem to have more of a grasp of reality, since they actually had to do something to make their money.


No matter how many times I explain this issue, there are still delusional morons that refuse to believe in reality. There is 1 component to success, opportunity. There is a laundry list of things you can do to improve the likelihood of taking advantage of your opportunity/opportunities, many of which are in your control, but the fact remains that without out opportunity, none of those other factors matter.
 
2012-08-30 12:50:11 PM

Debeo Summa Credo: HotWingConspiracy: Debeo Summa Credo: vpb: dittybopper: TsarTom: ...after parlaying a multi-million dollar inheritance...

The problem isn't that the poor want to be poor. They don't, obviously. It's that they don't generally have the financ ...

It's nothing to do with the long term poor, she is talking about the middle class. The people who do the actual work that makes people like her rich.

She might actually do some work, but that's not where here money comes from, she simply inherited a company which gives her the right to take whatever the employees of the company produce and give them as little as she can get away with.

I have never understood why someone would be able to inherit an organization anyway, like it was a piece of furniture or something. It's almost like the feudal system where nobles inherit a manor and get to take a big share of what the serfs produce, simply because of birth.

Youre looking at it from the wrong angle. Why shouldn't the person who built the organization be able to do whatever he/she wants with it?

If I am smart/lucky/hard working enough to build a business worth $100m/$2m/150k or whatever, why shouldn't I be able to give it to my lazy stupid son? Sure, he didn't do anything to deserve it but I did and want it to go to him.

Dynastic wealth has no place in a democracy.

In any event, go ahead and give it to him. He gets taxed on his new income. Sounds fair to me.

Asset confiscation has no place in a democracy either.


It has been part of ours since its founding.

But yeah I'm okay with treating inheritances as income, quite honestly. Not so much just to take from the rich, but because we need revenue.

Okay to do it to all inheritances I assume? You inherit your folks' $150k house that's taxable income to you for that year, ok?After all, if it's income to a rich deadbeat son it would be income to you, no?


Yes. Thankfully though, rich people pay our politicians to raise the ceiling on what is untaxable. Since I come from no money, it's nothing I'll ever need to care about.
 
2012-08-30 12:52:34 PM

dittybopper: The rich who lose all their money don't generally fall into long-term poverty due to misfortune or the occasional misstep, though they can fall into short term poverty. They end up clawing their way back out of it.


The rich have the ability to diversify their investments and retain enough so they don't become an overworked 99%er even in the worst case scenario. Of course maintaining that would take skills that most don't have.
 
2012-08-30 12:54:02 PM
That advice is bs, this woman has plenty of free time to stuff pie in her fat face.
 
2012-08-30 12:54:47 PM
I think money skills to the 1% are tantamount to fighting skills for bullies. Bullies usually win and exploit the weak because they're frequently exercising their fighting skill. The weak (i.e. 99%) only triumph against the bully in movies and very seldom in real life.
 
2012-08-30 12:54:50 PM
Despite all the vitriol in this thread, she has a valid point.

Sure, she inherited millions. But she worked hard and turned in into billions.

Her point is that hard work is a good thing, and that sloth and living off the dole are bad things. And she's correct.

But to be completely fair, she missed the obvious fact that hard work alone is not enough to make you fabulously wealthy. It takes having a good marketable idea that's worth money in order to become a millionaire/billionaire.
 
2012-08-30 12:56:25 PM

vpb: Cythraul: shadownick: Cythraul: When a millionaire/billionaire

Also keep in mind that people who are not born in wealth but become wealthy are usually slaves to their jobs I've met a few people like this. "Workaholic" would be a kind word to describe their work ethic. After seeing the sacrifices these kinds make in order to get more wealth, I sometimes wonder if it isn't better to try and eek out a living off of a modest middle class life than to try and become a rags-to-riches millionaire.

That is true sometimes, but usually those people have more sympathy with people who aren't wealthy because they didn't just have it fall into their laps. The problem is that they have an obsessive compulsive disorder, and have an unhealthy obsession with grasping at money. Also, expending effort isn't the same thing as "work" unless you think of work as something other than productive labor.

Most people have a more balanced outlook on life and just want to have a comfortable middle class life. They aren't jealous of the uber wealthy, the problem is that you can't really benefit from working harder if you are in the middle class because someone else decides what your labor is worth.

In our economic system, unless you have a strong union you are either rich or cheap labor. There simply isn't any provision for someone who wants to work hard for 40 or so hours and then live a normal life spending time with their family

The reason that the executives of corporations make hundreds of times what the employees make is that they are in a position to determine what labor is worth. As much as possible for themselves and as little as possible for the people who actually produce things.


Except, an executive's job isn't to produce "things" as much as it's their job to create shareholder value. Until we change fiduciary duty, we'll keep heading back towards feudalism. It also doesn't help that the overwhelming majority of people don't really have the skills needed to compete in the modern global economy, and have basically become serfs. Unless one has a STEM degree from a tier 1 school or equivalent, they're pretty much SOL.
 
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