Mandatory minimum wage has slowly turned able bodied men into entitled children.
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The low annual income of the typical american worker is disturbing
- Thread starter winb83
- Start date
There are less than 100 people in this world that combined have over half the world's wealth.
62 people hold more wealth than a combined 3.5 billion. Somebody is making a hell of a lot of money but its not most people.
For most of us we hit the birth lottery of family or talent and that's our shot at wealth. If we lose that maybe if we're smart with money and are frugal enough we can become a millionare shortly before retirement.
Red Shield
Global Domination
you are rich.
so many people outside of the country view us as rich and we are to be honest
That's what I'm saying. Debt has become a substitute for income because the cost of living continues to rise far outpacing income rises. Whole sectors like college, automotive, and housing are almost entirely propped up on debt now because most people couldn't afford those products otherwise.what
People flat out need to be paid more so they can spend real money on stuff instead of using debt to buy everything. This economy can't prop itself up on debt forever. As the cost of living continues to rise and incomes don't match the pace how long before another one of these debt based industries experiences massive defaults like the housing market experienced a while ago?
How long will it take before the common American way of life becomes so expensive that people can't obtain it anymore even with debt?
Red Shield
Global Domination
shyt is crazy breh. Yeah people need to paid more. But you're gonna have people, a sizable percentage that are gonna argue against their own interest. I've said this in other threads and it's really no joke. But this country has a "fukk You" mentality.
Wages stagnated in the 70s and people started increasing their loan/debt load. Then drunk the kool-aid and went full retard in the 80s. And you ain't kidding, when the school, housing, auto, etc bubbles burst...Don't think there will be a bailout like in 08.
I am not rich. I live a modest life. I drive a 15 year old paid off car and live in a 1 bedroom apartment. The differences between me and the typical American is I have no children and no debt, my recurring living expenses (utilities / rent / phone / internet / cable) add up to about 30% of my take home pay and my other expenses such as food, clothing, house expensive add up to another 20% so about 50% of my after tax income is completely disposable.
I realize that I'm in a better position than a lot of people my age just off my debt situation alone but that's far from rich.
I think student loans will be next. If people graduate from college and can't get jobs in their fields of study or can't get enough pay to get rid of the debt how long will they pay for the debt their meaningless degrees brought them? They're basically paying a monthly bill for nothing. After a while they're just gonna say screw it and stop paying. Does the industry then come after those people and garnish wages? If they do how will that effect other industries? We'd be looking at a domino effect that could have serious consequences.
Sounds like excuses and a defeatist attitude. Even those deemed elite, at one point started out with nothing. Europe threw out the monarchy but they still had it's poor. Wealth is hard to obtain and easier to lose as most people will not sacrifice or do not have the combination of luck and calculated decision making, network building skills (and most importantly creating families). No one wants to live below their means and lives for instant gratification or pool their resources with family and friends. If some spend money for a pack a day of cigarettes per day, which averages $7000 a year (alcohol, weed or other drugs are more) that is $7000 + more towards your household and investment in real tangible things like minerals,land, business, what have you. Money is a shared illusion as ancient as seashells and glass beads for currency but absolutely necessary yet absolutely worthless unless everyone believes in it.
There are people in the jungle who don't know how to capitalize on their natural and human resources. If you can't manage a little chances are you won't be able to manage a lot (or obtain wealth especially generational wealth). My dad is self made, a Black American. In this new age we have so much information and access to generate our own wealth. It's a blessing if you seize it. Also nothing wrong with working 2 or 3 jobs
I know, I meant compared to the rest of the world even the most modest living American is rich
JahFocus CS
Get It How You Get It
The system is set up to fukk the vast majority of people. People are indoctrinated into thinking this is acceptable and the natural order of things, and they live life as if shyt is sweet. Wasting money on BS when you're already in an extremely compromised position does you no favors at all.
Red Shield
Global Domination
Either student loans or pension funds...
But yeah I remember reading something on either a financial blog or over at zh 2 years ago. That there is a sizable percentage of student loans that are delinquent. And then you have to figure those student loans were packaged triple aaa securities...
serious consequences is probably an understatement
The gap between rich and poor is not only yawning: It is obscene
also
You take the bottom 50% of the world and 8 people have more than them. Wow.
also
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Sounds like excuses and a defeatist attitude. Even those deemed elite, at one point started out with nothing. Europe threw out the monarchy but they still had it's poor. Wealth is hard to obtain and easier to lose as most people will not sacrifice or do not have the combination of luck and calculated decision making, network building skills (and most importantly creating families). No one wants to live below their means and lives for instant gratification or pool their resources with family and friends. If some spend money for a pack a day of cigarettes per day, which averages $7000 a year (alcohol, weed or other drugs are more) that is $7000 + more towards your household and investment in real tangible things like minerals,land, business, what have you. Money is a shared illusion as ancient as seashells and glass beads for currency but absolutely necessary yet absolutely worthless unless everyone believes in it.
There are people in the jungle who don't know how to capitalize on their natural and human resources. If you can't manage a little chances are you won't be able to manage a lot (or obtain wealth especially generational wealth). My dad is self made, a Black American. In this new age we have so much information and access to generate our own wealth. It's a blessing if you seize it. Also nothing wrong with working 2 or 3 jobs
