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  #11  
Old Aug 24th 2013, 02:35 PM
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Default Re: Disadvantages to being rich

Well, if I may link two cliches together: "Money is power" and "power corrupts."

I've never been rich (at least not by the standards of this culture), but I suspect that if I became so, the greatest "disadvantage" would be the increased temptation for me to become a [more] smug, self-centered, cynical bastard.

I'm reminded of a proverb:

"give me neither poverty or riches;
feed me with the food that is needful for me,
lest I be full and deny you
and say,” Who is the Lord?”
or lest I be poor and steal
and profane the name of my God."
(Proverbs 30:8-9)
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  #12  
Old Aug 24th 2013, 02:54 PM
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Default Re: Disadvantages to being rich

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Originally Posted by dilettante View Post
Well, if I may link two cliches together: "Money is power" and "power corrupts."

I've never been rich (at least not by the standards of this culture), but I suspect that if I became so, the greatest "disadvantage" would be the increased temptation for me to become a [more] smug, self-centered, cynical bastard.
That's actually another advantage. The rich can afford to be smug bastards, the poor are dependent upon each other and have to exhibit social behaviour whether it comes naturally to them or not.
A rich person can even be insane without consequences, then they're just 'eccentric'. The poor insane get locked up in a psychiatry or a prison.
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  #13  
Old Aug 24th 2013, 02:58 PM
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Default Re: Disadvantages to being rich

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That's actually another advantage. The rich can afford to be smug bastards, the poor are dependent upon each other and have to exhibit social behaviour whether it comes naturally to them or not.
A rich person can even be insane without consequences, then they're just 'eccentric'. The poor insane get locked up in a psychiatry or a prison.
Maybe, but the disadvantage I tabled in post 5 certainly isn't another advantage.
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Old Aug 24th 2013, 03:05 PM
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Default Re: Disadvantages to being rich

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Okay, I'll try another suggestion.

Someone who isn't rich can be more confident that their romantic partner has chosen them for them, rather than for their money.

Any comments on that suggestion?
Have you really never noticed in society that those 'romantic' partners (m/f/t) tend to disappear when the money disappears ? Not just for the rich, but for all classes ? I'm afraid that romance doesn't exist or at least is no more than a temporary inflammation.
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  #15  
Old Aug 24th 2013, 03:17 PM
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Default Re: Disadvantages to being rich

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Have you really never noticed in society that those 'romantic' partners (m/f/t) tend to disappear when the money disappears ? Not just for the rich, but for all classes ? I'm afraid that romance doesn't exist or at least is no more than a temporary inflammation.
Well, that's exactly why a poor person can be more confident that their romantic partner is with them for non-money-related reasons, and so it's a disadvantage to being rich.
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Old Aug 24th 2013, 05:42 PM
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Default Re: Disadvantages to being rich

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That's actually another advantage. The rich can afford to be smug bastards, the poor are dependent upon each other and have to exhibit social behaviour whether it comes naturally to them or not.
A rich person can even be insane without consequences, then they're just 'eccentric'. The poor insane get locked up in a psychiatry or a prison.
I suppose it hinges on what one considers to be advantageous.
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Old Aug 24th 2013, 07:43 PM
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Default Re: Disadvantages to being rich

I watched an interesting and rather depressing documentary once about people who win the lottery. This is actually a really weird and unique way to become wealthy, when you think about it. Most other avenues to wealth are matters of gradation and sequences of successes or wins resulting from some form of success. The only thing that varies is the steepness of the climb (a lifetime of promotions and gains or being the Instagram dude).

But with the lottery, you get a bunch of money you did nothing to earn through the vagaries of chance. So, there you are in your same (statistically middle class or poor) neighborhood, but suddenly you have 200 million dollars to your name that you did nothing to earn. That's where the documentary came in.

These people were absolutely inundated with requests and demands for money from family, friends, coworkers, neighbors, etc -- beyond what someone like a basketball player or actor who "made it" might expect with an entourage since there was no talent or merit of any sort whatsoever. At first they'd do it, but that only made the demands larger, so then they'd stop and actually become ostracized to the point where they'd leave the neighborhood and go somewhere that was more affluent.

But they really wouldn't fit in there either, since those areas tended to populated by old money types or successful entrepreneurs or whatever, and the odd people out were always the janitor and his family who happened to have the right power ball numbers. Add to that the fact that these people tended to badly mismanage their money, and it was a pretty depressing thing to watch on all fronts.

So, disadvantages to being rich? Not exactly. There were things that the people I saw could have done to help themselves, and it's nearly impossible to argue that they weren't better off for the influx of money. But it does present a unique set of problems in some cases, particularly when the wealth is not earned. (One could also apply this to trust fund babies with no skills whose money train stops for some reason)
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  #18  
Old Aug 25th 2013, 02:56 AM
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Default Re: Disadvantages to being rich

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Originally Posted by Dominick View Post
That's actually another advantage. The rich can afford to be smug bastards, the poor are dependent upon each other and have to exhibit social behaviour whether it comes naturally to them or not.
A rich person can even be insane without consequences, then they're just 'eccentric'. The poor insane get locked up in a psychiatry or a prison.
There are many examples of rich people who have died prematurely, or at least degenerated as a result of becoming too rich at too young an age.

Most people would choose to be rich, including myself, but I don't think we can say there are no disadvantages.
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  #19  
Old Aug 25th 2013, 03:16 AM
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Default Re: Disadvantages to being rich

PS: I think this is because they can do what they want, making them internally lazy, and unwilling to put up a struggle. They therefore succumb to temptations (like drugs), since not succumbing to them requires a struggle.
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  #20  
Old Aug 25th 2013, 09:44 AM
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Default Re: Disadvantages to being rich

Quote:
Originally Posted by drgoodtrips View Post
I watched an interesting and rather depressing documentary once about people who win the lottery. This is actually a really weird and unique way to become wealthy, when you think about it. Most other avenues to wealth are matters of gradation and sequences of successes or wins resulting from some form of success. The only thing that varies is the steepness of the climb (a lifetime of promotions and gains or being the Instagram dude).

But with the lottery, you get a bunch of money you did nothing to earn through the vagaries of chance. So, there you are in your same (statistically middle class or poor) neighborhood, but suddenly you have 200 million dollars to your name that you did nothing to earn. That's where the documentary came in.

These people were absolutely inundated with requests and demands for money from family, friends, coworkers, neighbors, etc -- beyond what someone like a basketball player or actor who "made it" might expect with an entourage since there was no talent or merit of any sort whatsoever. At first they'd do it, but that only made the demands larger, so then they'd stop and actually become ostracized to the point where they'd leave the neighborhood and go somewhere that was more affluent.

But they really wouldn't fit in there either, since those areas tended to populated by old money types or successful entrepreneurs or whatever, and the odd people out were always the janitor and his family who happened to have the right power ball numbers. Add to that the fact that these people tended to badly mismanage their money, and it was a pretty depressing thing to watch on all fronts.

So, disadvantages to being rich? Not exactly. There were things that the people I saw could have done to help themselves, and it's nearly impossible to argue that they weren't better off for the influx of money. But it does present a unique set of problems in some cases, particularly when the wealth is not earned. (One could also apply this to trust fund babies with no skills whose money train stops for some reason)
A majority of people who suddenly come in to big money prizes don't have the personal ability to manage it, even with professional assistance. Most live far beyond their means. 70% of large lottery winners are BK within five years.

Inherited fortunes seldom last beyond three generations if successive heirs have access to principle. Same problem, living beyond their means.

Living beyond one's means certainly isn't limited to individuals receiving financial windfalls by winning lotteries, gaining inheritances or earning big bucks. For the US a quick glance at personal debt levels and BKs display a distinct lack of general public financial reality across the board.

I once asked a financial planner I use how many of her clients have a formal personal budget they monitor and adjust on a monthly basis. Her reply was few and far between, mostly those with a business background that included
financial responsibility.
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