There's a lot of lower-middle class families that could've been upper-middle class if they didn't buy so many unnecessary things that depreciate in value.
Last edited by PC2; 2020-01-17 at 05:17 PM.
Buying a house, even for renting out requires either:
A) A fucktonne of money. like seriously real estate investing is for people who already have money.
B) Have a high enough credit score and cashflow to be eligible for a loan, to get started.
Stocks are a rollercoaster and in general are shit for long-term investments, plus requires additional effort in relation to keeping UTD with the market and having a certain knowledge about it as well.
One of the only real ''safe'' investments are mortgage or state bonds which have low ROI.
For most people, getting some quality of life improvements for the current situation trumps buying stocks or other cashflow assets, which potentially ends in a loss.
The financial crisis that wiped millions of people from their houses and put an entire generation on bad footing because they went into the job market around that same time had more effects than people buying unnecessary things. That's not even going into wage stagnation and other problems.
It’s resentment.
Maybe the OP is having a tough financial situation idk.
But it is understandable.
I resent my father for his irresponsible spending growing up. It’s probably what has made me an extremely frugal person. I constantly have my mind framed like “what if it all goes to shit” so I’m very risk adverse.
Correlation isn't causation though. An immigrant performing well doesn't mean their immigration status is the cause of any of it.
In my personal experience I've found that successful immigrants mostly all came through a formal process and we're already relatively successful and educated before they came.
OP is having financial trouble and he complains his parents or grandparents didn't give him enough? I wonder why he has financial problems...
I grew up in a single house hold where we didn't get much luxury items. Am I pissed at my mom because she didn't do better during her time? Fuck no, what kind of thinking is that... She did her best and did a damn fine job at that considering the circumstances.
Even to this day she keeps taking care of us "kids" even now when we are adults and some have kids of their own. Our heritage is what she have done for us and still do until she will die.
it just screams entitlement to me.
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A lot of it is poor financial education or straight up not caring about it. One of the scandinavian countries has a sovereign fund, something like that would be neat in the US but with some taxes to fund it rather than oil money or oil money whatever goes
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Its worrying that people stake everything on their house tbh
Because people live longer and people are barely able to set aside enough money to retire. How do you expect people to be able to set aside enough for the next generation as well?
Those silly lower classers with their houses and cars! Their houses would be worth more but America has correctly chosen that short term wealth gains for a minority of the population is better than infrastructure spending. Cars are a pretty worthless investment but at least there's plenty of parking and no transit options. That's forward thinking.
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Alaska has one and its decently functional but they use it as an excuse to reduce taxes instead of spending the money on infrastructure and development. Norway's is better because Norway chooses to use proper taxation to fund infrastructure.
I make 63k a year, my other half makes 30k a year. Between the two of us, you'd think we'd have plenty of money to throw around. But we live in a state that has one of the highest costs of living in the country. We also both have student loan debt, and car payments. That is along side of the typical bills such as insurance, phones, internet, food, and other living expenses. In the end, we are able to save money, but don't really have enough to put towards investments.
With all of that in mind, we are in better shape than the majority of people we associate with. If we had our incomes and lived in a cheaper state, we'd be able to do a whole lot more with our earnings, but it sadly all comes down to where we live.
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If you live in a very expensive place, paying rent, and are living paycheck to paycheck, uprooting and moving a cheaper place may simply not be an option. Being financial trapped is a real thing that many are stuck with.
RIP Genn Greymane, Permabanned on 8.22.18
Your name will carry on through generations, and will never be forgotten.