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  #21  
Old Aug 25th 2013, 09:50 AM
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Default Re: Disadvantages to being rich

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Originally Posted by Americano View Post
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.
The thing that I've put in bold must function as a social leveller, I would think.
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  #22  
Old Aug 25th 2013, 10:16 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.
Unless convicted of a criminal act or are diagnosed as a definite threat to society, not in the USA. When he was Governor of California former President Ronald Reagan began dismantling government mental health facilities in favor of government mental health field workers. He expanded that program as president.
The mentally ill now receive welfare and Medicaid with the freedom to live where they please. That often includes homeless encampments, under freeway overpasses and in abandoned buildings.
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  #23  
Old Aug 25th 2013, 12:48 PM
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Default Re: Disadvantages to being rich

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Originally Posted by Americano View Post
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.
It blows my mind that people don't budget when I see that others don't. I have no idea how you plan for anything if you don't -- just stop spending when you can't pay your credit card down or something?

It does make me think of another, possibly rich-exclusive problem, though. If you've got the kind of credit that comes from being wealthy, you have the capability to get yourself into massive debt.
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  #24  
Old Aug 25th 2013, 12:58 PM
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Default Re: Disadvantages to being rich

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Originally Posted by NickKIELCEPoland View Post
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.
Poor people more often than not shack up together for purely practical, financial reasons, i.e. to share costs. And even if it's a 'romance', it's constantly under great stress from all the problems arising from poverty.
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  #25  
Old Aug 25th 2013, 01:02 PM
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Default Re: Disadvantages to being rich

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Originally Posted by NickKIELCEPoland View Post
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.
Sure, there are a few who fuck up. Meanwhile 7 million children under the age of 5 die yearly from poverty. A little perspective please.
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  #26  
Old Aug 25th 2013, 01:04 PM
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Default Re: Disadvantages to being rich

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It does make me think of another, possibly rich-exclusive problem, though. If you've got the kind of credit that comes from being wealthy, you have the capability to get yourself into massive debt.
And who pays off that debt ?

By the way, 'rich' in the present day doesn't refer to millionaires. That's peanuts. Rich starts with 'billion' now.
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  #27  
Old Aug 25th 2013, 01:59 PM
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Default Re: Disadvantages to being rich

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Sure, there are a few who fuck up. Meanwhile 7 million children under the age of 5 die yearly from poverty. A little perspective please.
Please don't start making comparisons with the advantages of being rich/disadvantages of being poor. We all know there are more advantages to being rich. The question is about disadvantages to being rich.

Also, you've got your definition of rich, others have got theirs.
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  #28  
Old Aug 25th 2013, 02:05 PM
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Default Re: Disadvantages to being rich

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Please don't start making comparisons with the advantages of being rich/disadvantages of being poor. We all know there are more advantages to being rich. The question is about disadvantages to being rich.
It's not a disadvantage to being rich when there are but a few exceptions to the rule. Fucking up is not an inherent property of being rich. If only
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  #29  
Old Aug 25th 2013, 02:06 PM
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Default Re: Disadvantages to being rich

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It's not a disadvantage to being rich when there are but a few exceptions to the rule. Fucking up is not an inherent property of being rich. If only
It's a disadvantage if it's a result of being rich, and that was the proviso which I provided, which you may not have noticed.
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  #30  
Old Aug 25th 2013, 08:59 PM
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Default Re: Disadvantages to being rich

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It's a disadvantage if it's a result of being rich, and that was the proviso which I provided, which you may not have noticed.
Are you referring to the romance issue again ? That's also not inherent to being rich. It happens to all classes too. If the sole income of a family consists of a slavery wage from flipping burgers, it's more than possible that the non working partner will walk out when/if the working partner loses that job. And when the departing partner subsequently enters a relationship with someone who still has a flipping-burgers-income, how is that person to know that isn't the sole reason ? Status, including that of a financial nature, is both absolute and relative.
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