When you think about it, at that point at least the rich are spending their money again in order to buy another yacht, actually putting money into the economy.
People who think the rich just have vaults full of money are so fucking ridiculous.
Poor people sit on cash. Poor people hide cash in their house. Almost the entirety of any rich person’s wealth is invested, because rich people generally pay smart people to handle their money.
Yes, and a big part of that is that rather than get bank accounts, savings accounts, and any sort of money discipline, they fly blind and end up turning to terrible shit like payday loans.
See, one of us has actually worked to help change the spending habits of low-income people and the other person gets their information from memes.
7 million out of 39 million living in poverty don’t have bank accounts. Lol, that’s your proof for your argument. And that’s not including the working poor. Wow, I don’t know what’s scarier- the fact that you think this is proof that the PoOr aRe CoNdItiOned tO noT uSe bAnKs- If OnlY thEy’D oPen Savinzgs AcCoUnts, or that you think that you “got me” with that stat. Fucking 🤡
What I think is scary is that people born into immense privilege, like you, think you understand how the “working man” feels, but I console myself with the knowledge that you’re not very important.
Underbanking is a problem, and so is underinvesting. Both are caused by profit motives because investors rather put in pay day loan services instead of grocery stores in historical redlined districts🤷
Yeah, all those poor folks literally sleeping on cash under their mattresses because they don’t have to spend it immediately on things like, you know… staying alive.
Lol. Sure sure. Apparently I’ve been living poor incorrectly by immediately spending my money on things like food, shelter and childcare instead of hoarding it like some kind of Scrooge McDuck wannabe.
You think poor people have money they don’t need to spend, so they just keep it stashed away in a shoebox or something? How out of touch are you?
Almost the entirety of any rich person’s wealth is invested, because rich people generally pay smart people to handle their money.
Damn, maybe poor people should just hire a full-time broker and give them the $20 they can spare this month and let that smart person invest it so they’re not poor anymore 🤓
Being poor in the US is a literal trap. It is intentional. It is exploitation. The lack of financial education isn’t the fault of poor people who grew up going to schools that could barely afford to run, and/or went to school hungry.
And once you’re poor, it can be extremely difficult to escape, bc the system is designed to punish poor ppl. Poor ppl sit on cash bc if it’s in a bank the money they need for food might get taken away bc of some bullshit overdraft fee or similar. I know bc I’ve been poor and know poor ppl.
Poor people aren’t poor because they don’t invest wisely enough. They’re poor bc the system is designed in so many ways to keep it that way.
Also rICh pEoPle dOnT Sit ON tHeiR MoNey ThEY iNvEsT it
Yeah, putting billions of dollars into stocks and letting it sit there is still hoarding wealth. Call it “investing 🤓” or whatever. It’s still hoarding, it’s still immoral and detestable.
You sound like you’re 17 and just started listening to Fox Business for financial advice.
Yeah, putting billions of dollars into stocks and letting it sit there is still hoarding wealth. Call it “investing 🤓” or whatever. It’s still hoarding, it’s still immoral and detestable.
This has no factual basis.
You seem like you think I’m attacking poor people for not having money to invest rather than making fun of people who believe the quoted statement.
See I used as much logic in that response as u used in ur comment, so my answer is just as valid as yours. But since I used more logic in the comment you’re replying to, my original point still stands. Try again, lil bro.
You seem like you think I’m attacking poor people for not having money to invest rather than making fun of people who believe the quoted statement.
I do not give a flying fuck whether you were making fun of someone or trying to get a billionaire to see ur comment so they’d let u suck their dick, bootlicker. You’re wrong.
Also billionaires can literally just use their stock value as cash, genius.
Why you simp for billionaires bruh. U ain’t gonna become one.
The only one talking about vaults of cash is the comment i replied to 😂 what no reading comprehension does to a mfer, the “vaults of cash” is something he pulled out of his ass.
What i am saying is that he is dumb to think rich people are rich because they invest and poor people are poor because they don’t invest.
What i am saying is that he is dumb to think rich people are rich because they invest and poor people are poor because they don’t invest.
Don’t make fun of other people for reading comprehension and in the same comment demonstrate that you failed to comprehend what you read. The guy you replied to was saying that the wealthy generally invest their money while the less wealthy generally just save it. The former earns some kind of return while the latter slowly loses value. He didn’t say anything about why anyone is rich or why anyone is poor.
Poor people generally don’t have the luxury of investing. They don’t have extra money to invest, and if they do, they generally can’t take the chance of having their money tied up in investments when a situation might arise where they need access to it.
Just because they don’t literally have millions sitting in a checking account doesn’t mean they can’t liquidate some of their investments and get it in short order.
This person veliev s rich people have millions sitting in checking. This belief is widespread, and is not just misleading, it changes the entire discussion from wealth to money.
People who think the rich just have vaults full of money are so fucking ridiculous.
Poor people sit on cash. Poor people hide cash in their house. Almost the entirety of any rich person’s wealth is invested, because rich people generally pay smart people to handle their money.
You are willfully ignorant.
You’re an idiot if you thinks fucking safe holds any real amount of money, or that one South African semi-rich person counts as any sort of evidence.
Cash depreciates over time. No rich person keeps a ton of cash, because it means they get less rich every day.
Poor people live paycheck to paycheck, 1 disaster away from bankruptcy and absolute poverty. What the actual fuck are you taking about??
Yes, and a big part of that is that rather than get bank accounts, savings accounts, and any sort of money discipline, they fly blind and end up turning to terrible shit like payday loans.
See, one of us has actually worked to help change the spending habits of low-income people and the other person gets their information from memes.
Source- trust me bro!
That’s a pretty cool story you’ve got going on in your head there lol. You’re a fucking 🤡
Thanks for driving my point home about your memes-based-worldview.
But if you want a source, because you can’t Google basic facts, then sure
https://www.gao.gov/blog/more-7-million-u.-s.-households-have-no-bank-account.-why
7 million out of 39 million living in poverty don’t have bank accounts. Lol, that’s your proof for your argument. And that’s not including the working poor. Wow, I don’t know what’s scarier- the fact that you think this is proof that the PoOr aRe CoNdItiOned tO noT uSe bAnKs- If OnlY thEy’D oPen Savinzgs AcCoUnts, or that you think that you “got me” with that stat. Fucking 🤡
What I think is scary is that people born into immense privilege, like you, think you understand how the “working man” feels, but I console myself with the knowledge that you’re not very important.
Lol, go console yourself you fucking retard
I guess if you push a useless mouth too far they have nothing left to do but punch down.
Underbanking is a problem, and so is underinvesting. Both are caused by profit motives because investors rather put in pay day loan services instead of grocery stores in historical redlined districts🤷
But sure, blame the habits of poor people.
Yeah, all those poor folks literally sleeping on cash under their mattresses because they don’t have to spend it immediately on things like, you know… staying alive.
It boils down to poor people are poor because they don’t invest, and rich people are rich because they invest 😂 nothing else matters!
He’s talking like poor people can just put money into a savings account and make money lol. What a fucking out of touch clown
What internalizing articles from “the economist” does to a mfer.
Tell me you don’t actually know any poor people without telling me you don’t actually know any poor people.
Lol. Sure sure. Apparently I’ve been living poor incorrectly by immediately spending my money on things like food, shelter and childcare instead of hoarding it like some kind of Scrooge McDuck wannabe.
You think poor people have money they don’t need to spend, so they just keep it stashed away in a shoebox or something? How out of touch are you?
This is an endemic problem with poor people, actually, because poor people are often conditioned not to “trust” banks.
You’d know that, if you knew them.
You must be right. I’ve never lived in and among poverty. Thank you for explaining my life to me. Is there anything else I didn’t actually experience?
Tact and schooling, apparently.
Good to know you’re keeping those gates safe. Keep up the good work!
You’ll eventually matter if you stay in school and work hard
Yeah, cause poor people and low income people are so much more rare to encounter during a day, then a millionaire/billionaire or people in top 5%… /S
Damn, maybe poor people should just hire a full-time broker and give them the $20 they can spare this month and let that smart person invest it so they’re not poor anymore 🤓
Being poor in the US is a literal trap. It is intentional. It is exploitation. The lack of financial education isn’t the fault of poor people who grew up going to schools that could barely afford to run, and/or went to school hungry.
And once you’re poor, it can be extremely difficult to escape, bc the system is designed to punish poor ppl. Poor ppl sit on cash bc if it’s in a bank the money they need for food might get taken away bc of some bullshit overdraft fee or similar. I know bc I’ve been poor and know poor ppl.
Poor people aren’t poor because they don’t invest wisely enough. They’re poor bc the system is designed in so many ways to keep it that way.
Also rICh pEoPle dOnT Sit ON tHeiR MoNey ThEY iNvEsT it
Yeah, putting billions of dollars into stocks and letting it sit there is still hoarding wealth. Call it “investing 🤓” or whatever. It’s still hoarding, it’s still immoral and detestable.
You sound like you’re 17 and just started listening to Fox Business for financial advice.
This has no factual basis.
You seem like you think I’m attacking poor people for not having money to invest rather than making fun of people who believe the quoted statement.
Yes it does.
See I used as much logic in that response as u used in ur comment, so my answer is just as valid as yours. But since I used more logic in the comment you’re replying to, my original point still stands. Try again, lil bro.
I do not give a flying fuck whether you were making fun of someone or trying to get a billionaire to see ur comment so they’d let u suck their dick, bootlicker. You’re wrong.
Also billionaires can literally just use their stock value as cash, genius.
Why you simp for billionaires bruh. U ain’t gonna become one.
Imagine caring about the opinions of someone who calls you a “bootlicker” for simply understanding how reality works
And again no reasoning given. Yup, certified brain rot.
You can’t be this dumb 😂
Are you saying that you believe the wealthy just have large vaults of cash?
The only one talking about vaults of cash is the comment i replied to 😂 what no reading comprehension does to a mfer, the “vaults of cash” is something he pulled out of his ass.
What i am saying is that he is dumb to think rich people are rich because they invest and poor people are poor because they don’t invest.
Don’t make fun of other people for reading comprehension and in the same comment demonstrate that you failed to comprehend what you read. The guy you replied to was saying that the wealthy generally invest their money while the less wealthy generally just save it. The former earns some kind of return while the latter slowly loses value. He didn’t say anything about why anyone is rich or why anyone is poor.
Poor people generally don’t have the luxury of investing. They don’t have extra money to invest, and if they do, they generally can’t take the chance of having their money tied up in investments when a situation might arise where they need access to it.
Removed by mod
Wow…The mask came off, huh… who else from what base is notorious for saying “Go back to (insert country here)” yeah… the mask always comes off
Fucking right wing fascist apologists are worse than commies but that nuance may be lost on you due to brainwashed propaganda you have been consuming…
Lemmygrad is not a country.
Comprehension is hard, huh… I’m sorry buddy
Lemmygrad got defederated, which is as big a “not welcome” sign as can be put up on Lemmy.
Communists should be shouted down everywhere because they do not exist in reality.
You’re kidding right?
The yachts are probably insured
Just because they don’t literally have millions sitting in a checking account doesn’t mean they can’t liquidate some of their investments and get it in short order.
This person veliev s rich people have millions sitting in checking. This belief is widespread, and is not just misleading, it changes the entire discussion from wealth to money.