The richest 10% own 70% of the country’s wealth

[MMS]

The people at the top have the game rigged so that if you aren't one of them or don't establish a connection to one of them the odds are you'll never make it there. Most people don't have enough money to lean how to manage it better.

I didn't learn how to manage money till I was in my early 30s. I'm almost 36 now and I had to be about 32 when I learned how to manage money and it was because at that level I was making enough money that I realized I only needed about half of what I made to live comfortably and I could just save the other half.

When you come from a deprived state and gain money many people buy all the shyt they could never have before. I spent money on tons of dumb things. I spend like $10,000 on big screen TVs in a span of about 3 years (2012-2015) as an example. If I would have invested that money back then it would be worth a lot more now.

People have to grow accustom to dealing with money to manage it better and sure not all of them will learn but many would learn how to handle if from actually having it.

I'm gonna be real man. The real reason people are poor has everything to do with financial education. It wouldn't matter what political system is in place.

You just said it took you a long time to figure that you didn't need so much. That said you still haven't figured out what real assets are. Assets are anything you put money into that can put money back in your pocket.

Think simple to see what I'm saying. Ask yourself how a chinese restaurant turns a profit and you'll start seeing the answers. Managing money isn't enough! You must realize the power of the dollar in order to become financially free and independent. When you hand money to financial advisors they profit off your dollars and ultimately give you what's left over (miserly returns between 5-20% if you're lucky). My business all generate 50% margins or greater.

I was in your shoes early last year and had a great plan in place to achieve FIRE within about 10 years. The only reason I discovered this side was my efforts to discover REAL side hustles which ultimately led to me discovering business and the true nature of capitalism. It shook me enough to leave my comfort zone and never look back.

I'ma let you cook and not even go any further if you truly believe this is what wealth is...good luck with that.

Doing quite fine

 

[MMS]

@Hood Critic

just so I can hammer this home:

You said that being wealthy was owning a portion of the steel industry. Lets shrink this for a moment

 

[Cynic]

The people at the top have the game rigged so that if you aren't one of them or don't establish a connection to one of them the odds are you'll never make it there. Most people don't have enough money to lean how to manage it better.

I didn't learn how to manage money till I was in my early 30s. I'm almost 36 now and I had to be about 32 when I learned how to manage money and it was because at that level I was making enough money that I realized I only needed about half of what I made to live comfortably and I could just save the other half.

When you come from a deprived state and gain money many people buy all the shyt they could never have before. I spent money on tons of dumb things. I spend like $10,000 on big screen TVs in a span of about 3 years (2012-2015) as an example. If I would have invested that money back then it would be worth a lot more now.

People have to grow accustom to dealing with money to manage it better and sure not all of them will learn but many would learn how to handle if from actually having it.

@MMS is right. Sometimes it really is about mindset.


I've invested more than you've lost and still haven't seen the gains from that investment.

On the other hand I got into Lyft through a consulting deal for $2/share
and also picked up bitcoin back when it was in the 600 range.
I cashed out when it hit $10k... my moms cashed out at $18k

These were ancillary wins that weren't part of my core business neither


You win some and you lose some breh. No use lamenting over 10K ...

 

[MMS]

@MMS is right. Sometimes it really is about mindset.


I've invested more than you've lost and still haven't seen the gains from that investment.

On the other hand I got into Lyft through a consulting deal for $2/share
and also picked up bitcoin back when it was in the 600 range.
I cashed out when it hit $10k... my moms cashed out at $18k

These were ancillary wins that weren't part of my core business neither


You win some and you lose some breh. No use lamenting over 10K ...

 

[Reece]

We live in a world of selective socialism now. Socialism is allowed when it benefits certain people and disallowed when it benefits others. The socialism that benefits the masses is loathed by the rich elite. If they could get rid of medicare and social security tomorrow with no public consequence it'd be gone. Part of the reason we don't have medicare for all is because the rich elite don't want their profit game fukked up off it not because we as a country can't afford it.

Socialism is giving more power and control to a central government. Based on everything you know about human nature documented throughout world history and everything that’s going on across the world right now in the Middle East (Libya, Algeria, Syria, Yemen), Latin America (Venezuela), Africa (Sudan, Nigeria) and other places, why would you want to place MORE power in the hands of those people, into the hands of people like Donald Trump and all other worse leaders that may come after him, especially when you just created a thread about the elites disenfranchising the poor? Throughout history there’s always been a slippery slope from a socialist government implementing populist policies for the poor, to a tyrannical government taking power. It’s hard to imagine that ever happening in the US but, it happened everywhere else. Maybe it will never be outright authoritarianism and brute violence but it may come in the form of atms being shut off or loss of privacy and increase in policing.

Spoiler

This in slightly unrelated but the proliferation of digital money and the criminalization of cash is just another way for the government to keep track on what you’re doing and if they ever need to freeze the whole system they’ll be able to do it in a heartbeat just like they did in Greece. Remember this post the next time we have a financial crash.

Some socialist policies? Okay. Cool. Socialism? No. The same greedy power seeking individuals would be attracted toward positions of power except now they have would absolute control.

 

[winb83]

Employee wages grew by just 84 cents per hour last year, as CEOs earned million dollar raises

 

[Mook]

You're not addressing the rigging of the game MMS. We all know how the game is played, but they limit the access to capital.

Also your plan involves me turning into a bad actor and exploiting people. If you asked me right now if I believe there is a way to win without becoming a bad actor, I'll admit I don't see a way. But you can't expect me to join the sith bruh

 

[Black Panther]

It can only happen with socialism.
Its socialism that creates monopolies
Its socialism that created the .01%

He didn't lie

Such utter, obvious bullsh*t

You can tell brehs who don't study history...be a breh who has never heard of Standard Oil, The Bell Telephone Company/AT&T, Microsoft, or US Steel, brehs

 

[MMS]

Such utter, obvious bullsh*t

You can tell brehs who don't study history...be a breh who has never heard of Standard Oil, The Bell Telephone Company/AT&T, Microsoft, or US Steel, brehs

its when you assume that those entities are a single person and not a group is when the obvious bullshyt begins

no one said there isn't a place for regulation and anti-trust laws.

The difference with socialism is those entities become government entities which is worse

 

[MMS]

You're not addressing the rigging of the game MMS. We all know how the game is played, but they limit the access to capital.

Also your plan involves me turning into a bad actor and exploiting people. If you asked me right now if I believe there is a way to win without becoming a bad actor, I'll admit I don't see a way. But you can't expect me to join the sith bruh

 

[Black Panther]

its when you assume that those entities are a single person and not a group is when the obvious bullshyt begins

no one said there isn't a place for regulation and anti-trust laws.

The difference with socialism is those entities become government entities which is worse

The premise was flawed from the start. @BrownSkin Intellect said that only socialism creates monopolies and the .01%, which is patently false (unless you and he believe the US is a socialist country. )

The problem is too much power in too few hands; both socialism and capitalism can bring that about.

 

[Prince.Skeletor]

Such utter, obvious bullsh*t

You can tell brehs who don't study history...be a breh who has never heard of Standard Oil, The Bell Telephone Company/AT&T, Microsoft, or US Steel, brehs

You study YOUR history & recent history.
Who do you think decides a president's cabinet?
And do you think it was Government or Corporations that told Govt to make the tax code a billion pages long & full of loopholes?

And again who decides an administration's staff/cabinet?
With Obama it was Citigroup & with Trump it's Goldmann & probably Boeing.

Look how many U.S Corporations have sat in the white house, from pharmaceuticals to military to financial companies to Monsanto to every other large company.

For Example:

former Goldman banker Stephen Bannon is in the West Wing as chief advisor to incoming US president Donald Trump. Former Goldman partner Steven Mnuchin will be seeking Senate confirmation to run the Treasury Department. And Gary Cohn, currently Goldman’s president and chief operating officer, looks set to join the administration as an advisor to Trump and director of the National Economic Council.

Look at that, & do your research on previous presidents as well.

The left screams for more regulations & presidents only appoint execs from mega corporations as heads of these regulatory bodies.
All of this is corporations at the helm of central planning, how does that not make socialism part of the issue?
You mentioned AT&T, ya sure include telecom & tell me about Ajit Pai's past with Verizon.
Socialism is not part of the problem?
Tell that to Net neutrality!

 

[Black Panther]

You study YOUR history & recent history.

I'm not even quoting the rest of what you said, because most of it is irrelevant to what we're discussing.

Nothing you've said makes the US a "socialist" country by any stretch of the imagination.

Neither does it prove your assertion that only socialism creates monopolies or an ultra-rich .01% that controls 70% of wealth.

Every example you gave is a result of unfettered capitalism, not socialism.

Do you even know what socialism means, and can you explain how what you've said fits the definition of socialism? :bpgucci:

 

[Prince.Skeletor]

Ugh.....
In the context of THIS conversation...
Capitalism is govt OUT of the economy
Socialism, central planning.

Not rocket science!
Perhaps you only think socialism as redistribution of wealth & capitalism as 'Hey the rich getting richer'.
The idea is that with socialism you get central planning, and with that you can have a team of experts with degrees figure shyt out for the good of the people. But it's not experts with degrees figuring shyt out for the people, it's corporations deciding shyt.
Soci

EDIT: Let me say this, corporations getting richer with the help of Govt, gaining more market share with the help of govt and promises of unaccountability just CANNOT be considered capitalism in any way shape or form.
I am sure everyone can agree with that.

 

[CrimsonTider]

Everyone on the coli claims to have a consulting firm

Wonder what this is really code for? Selling insurance or some shyt?