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Thread: Pros and cons of the generation you were born into

  1. #41
    A Transient Configuration Sistamatic's Avatar
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    Quote Originally Posted by Starjots View Post
    Hindsight is certainly 20/20. I'm guessing the longer you live, the more opportunities you realized you missed. I think there are a lot of opportunities out there, even know, in the age of wtf.
    Better lucky than good again.
    I was reading about japanese billionaire day trader who lost a ton of money trying to play the short game in the 2020 stock market. He's still got hundreds of millions of dollars, so it's not like he's out on the streets, but he went in all cocksure and found out nothing makes sense any more.

    I think most rich people are just lucky. People ask their advice after they've done well, but really most of them were in the right place at the right time. Additionally, once you reach a certain threshold, you can afford to play the kinds of investments where if you win once and lose 30 times, you still come out ahead. If all your capital goes to food, housing and education and you still need a credit card to buy work clothes and a loan to have a car, how the fuck are you supposed to invest? At that income level, you can do every single thing right for 50 years and have one bad thing happen or make one bad decision and you are fucked.

    Also, 2020 hindsight is going to mean something different after this year I think. It's going to be one of those clever sayings that every newscaster cleverly comes up with on their own on Jan 1, 2021.
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  2. #42
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    I think there's a lot to be said for making good decisions though. Getting rich just requires you to make more than you spend and invest the difference. The make more than you spend part is what people have problems with. Some people can't make enough money, but there are plenty of people who make good money but spend profligately. I have friends in dual engineer income marriages that are always complaining that they don't have money. Like, how? I get it if your income is below the median, but if it is above that then the spend half of the equation really needs to be looked at.

    Luck seems like sort of a multiplier to the equation.

    Of course, with a robust safety net and affordable, universal health care building wealth isn't necessary. We're all just hoarding for some possible unforseeable future event.

  3. #43
    A Transient Configuration Sistamatic's Avatar
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    Quote Originally Posted by starla View Post
    I think there's a lot to be said for making good decisions though. Getting rich just requires you to make more than you spend and invest the difference. The make more than you spend part is what people have problems with. Some people can't make enough money, but there are plenty of people who make good money but spend profligately. I have friends in dual engineer income marriages that are always complaining that they don't have money. Like, how? I get it if your income is below the median, but if it is above that then the spend half of the equation really needs to be looked at.

    Luck seems like sort of a multiplier to the equation.

    Of course, with a robust safety net and affordable, universal health care building wealth isn't necessary. We're all just hoarding for some possible unforseeable future event.
    Oh, I absolutely agree. I do know a few of the "rich poor" types who spend more than they make no matter how much they make.
    But I am also acutely aware that it is easy for me to blame my secure financial position on my decisions when those decisions were made with:
    1. a college educated father
    2. a food and shelter secure childhood
    3. a two parent household
    4. a parental safety net that I landed on more than once as a teen
    5. lucky genetics in terms of physical and intellectual ability

    Fifty percent of the population has a two digit IQ, and that's something a government has to account for if it doesn't want a bunch of disgruntled idiots running around causing problems for everyone else.
    Insults are effective only where emotion is present. -- Spock, "Who Mourns for Adonais?" Stardate 3468.1.

    It is the mark of an educated mind to be able to entertain a thought without accepting it. -- Aristotle

    This SEP field is glorious!

  4. #44
    Senior Member jyng1's Avatar
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    Quote Originally Posted by Sistamatic View Post
    Oh, I absolutely agree. I do know a few of the "rich poor" types who spend more than they make no matter how much they make.
    But I am also acutely aware that it is easy for me to blame my secure financial position on my decisions when those decisions were made with:
    1. a college educated father
    2. a food and shelter secure childhood
    3. a two parent household
    4. a parental safety net that I landed on more than once as a teen
    5. lucky genetics in terms of physical and intellectual ability

    Fifty percent of the population has a two digit IQ, and that's something a government has to account for if it doesn't want a bunch of disgruntled idiots running around causing problems for everyone else.

    According to the Pentagon, 71% of Americans aged 17 to 24 would fail to be eligible for military service. If there's that large a number who can't even be a grunt, there must be quite a large percentage who wouldn't have the attributes to be financially successful.

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