Why are wealthy kids broke?

[Wildhundreds]

Easy. People are human.

As far as your first point about hating the 1%, well duh. It's common sense, and with social media and more access to these people seeing them just blow money hand over fist it's very easy to hate the people.

For a capitalist society to work you have to have winners and losers. The commodities that you speak of are a good way to keep people distracted.

The bold isn't true breh.. People always knew the wealthy blew money. And if people wanted to be ultra rich, they knew they couldn't make it working for someone else..

 

[ThatTruth777]

Not being trained to inherit it I guess.

 

[Wildhundreds]

1st generation peasant strikes it rich, hoards every penny, buys land, invests for the future
2nd generation spoiled, spends money like water, mortgages land to maintain social status
3rd generation dissolute, sells land for pennies on the dollar, chases the high of the family name, bankrupt
4th generation peasant

This is so true breh..

Lots of blacks moved here from the south in the 60s.. Worked at the steel mills and got government jobs.. Paid off homes and retired back down south.. Left the homes to the kids and they pulled the equity out to do dumb shyt.. Couldn't make the payments then lost the house.. Financial literacy is totally absent in the black community..

 

[TELL ME YA CHEESIN FAM?]

Heh only a small fraction of rich white kids go broke
You nikkas watch too much YouTube
White people got it good in this country

 

[Amestafuu (Emeritus)]

Parents shouldn't only pass down their money, they should also share their knowledge on how to keep and multiple their money.

you can share value for money someone never had to make/work for that's why they burn through it

or you get the really strict wealthy parents who will cut off their kids

 

[Jay Kast]

There's an entire thread on this forum about powerful Black families. 3,4,5 generations of wealth and multiple examples.

I'm interested, got a link?

 

[get these nets]

I'm interested, got a link?

https://www.thecoli.com/threads/americas-most-powerful-black-families.619760/

 

[Ya' Cousin Cleon]

You're confusing commerce with critiques of predatory capitalism and income inequality

We're also not the first generation to hate the 1%.

This generation hates the 1% with a passion..

But they're big time consumers.. How can you enrich the people you despise? How do you hate the 1%, yet keep getting the latest this and that?
And they find a excuse to justify this way of thinking. How do "brehs" make 30 page threads about the "poisonous capitalist system", yet poke fun at the next person because he doesn't have the money to help you make the 1% more richer?

Shyts crazy to me and needs to just stfu..

 

[Insensitive]

This generation hates the 1% with a passion..

But they're big time consumers.. How can you enrich the people you despise? How do you hate the 1%, yet keep getting the latest this and that?
And they find a excuse to justify this way of thinking. How do "brehs" make 30 page threads about the "poisonous capitalist system", yet poke fun at the next person because he doesn't have the money to help you make the 1% more richer?

Shyts crazy to me and needs to just stfu..

Problem is there's a lot that we consume that isn't consumer electronics or the latest apps or videogames or cameras they're
consumer staples that we have to buy to participate within society.

Can someone really "live" in the 21st century without electricity ? without running water ? without food ? etc.
When you look at the necessities it takes for one to live some semblance of a normal life, you start to see that
you inherently must participate in Capitalism especially when you look at Companies like Walmart or Target,
just these two behemoths can wipe out entire towns, killing off all the small businesses and becoming the SOLE employer
for hundreds of people while also being the SOLE provider of consumer goods at a cheap/decent price.

And because they have some immense bargaining power in these opportunity deserts, they can afford to under pay their employees
and force the government to subsidize other aspects of their employee's lives (like healthcare and food stamps).


Capitalism as it stands now and for the foreseeable future is pretty horrific and in certain parts of this country no matter
how hard you work, how hard you study, how smart you are, the chips are stacked so horribly against you that you may NEVER
change the position you were born in.

I mean look at consolidation and how a few companies inevitably own so much of the market, in this case Consumers have no choice
but to enrich those people.

 

[MajesticLion]

This is so true breh..

Lots of blacks moved here from the south in the 60s.. Worked at the steel mills and got government jobs.. Paid off homes and retired back down south.. Left the homes to the kids and they pulled the equity out to do dumb shyt.. Couldn't make the payments then lost the house.. Financial literacy is totally absent in the black community..

Before you get to the financial literacy part you have to address the lack of willingness to let children go through some kind of struggle in their own right to earn whatever comforts you have to pass on. Too many have let themselves be infected with ideas of "a better life" and indulged/spoiled their children, not realizing just how badly they're doing them a disservice in the long run.

 

[Pure Water]

The bold isn't true breh.. People always knew the wealthy blew money. And if people wanted to be ultra rich, they knew they couldn't make it working for someone else..

People will blame social media for anything except when it doesn't fit their narrative.

 

[get these nets]

Problem is there's a lot that we consume that isn't consumer electronics or the latest apps or videogames or cameras they're
consumer staples that we have to buy to participate within society.

Can someone really "live" in the 21st century without electricity ? without running water ? without food ? etc.
When you look at the necessities it takes for one to live some semblance of a normal life, you start to see that
you inherently must participate in Capitalism especially when you look at Companies like Walmart or Target,
just these two behemoths can wipe out entire towns, killing off all the small business and becoming the SOLE employer
for hundreds of people while also being the SOLE provider of consumer goods at a cheap/decent price.

And because they have some immense bargaining power in these opportunity deserts, they can afford to under pay their employees
and force the government to subsidize other aspects of their employee's lives (like healthcare and food stamps).


Capitalism as it stands now and for the foreseeable future is pretty horrific and in certain parts of this country now matter
how hard you work, how hard you study, how smart you are, there chips are stacked so horribly against you that you may NEVER
change the position you were born in.

I mean look at consolidation and how a few companies inevitably own so much of the market, in this case Consumers have no choice
but to enrich those people inevitably.

You're talking about necessities. He was referring to conspicuous consumption.

And buying into that definitely has people supporting the 1 %. Social mobility and the possibility of it exists here to greater degree than almost anywhere in the world. This is what has always attracted some of the most resourceful and ambitious people from other countries and what has helped develop and expand the American economy.

 

[Genos]

This generation hates the 1% with a passion..

But they're big time consumers.. How can you enrich the people you despise? How do you hate the 1%, yet keep getting the latest this and that?
And they find a excuse to justify this way of thinking. How do "brehs" make 30 page threads about the "poisonous capitalist system", yet poke fun at the next person because he doesn't have the money to help you make the 1% more richer?

Shyts crazy to me and needs to just stfu..

So you love the government? How do you drive on roads, drink the clean water, and use the internet pipelines of an entity you hate?

You don't realize the complexitiesnof corporations wealth. Mega corporations that are worldwide and have many subsidiaries exist now. Even if you avoid the main brand a corp owns another version.

 

[Insensitive]

You're talking about necessities. He was referring to conspicuous consumption.

And buying into that definitely has people supporting the 1 %. Social mobility and the possibility of it exists here to greater degree than almost anywhere in the world. This is what has always attracted some of the most resourceful and ambitious people from other countries and what has helped develop and expand the American economy.

Necessities or no, America does very poorly on economic mobility worse than many first world countries.

Example 1.
Example 2.
Example 3.

 

[get these nets]

Necessities or no, America does very poorly on economic mobility worse than many first world countries.

Example 1.
Example 2.
Example 3.

Thanks
Will read