What is Digg?86 Comments
- redrock34, on 10/18/2007, -0/+28The poor look rich by living beyond their means by buying products from companies the rich own.
- ToadLeg, on 10/20/2007, -0/+26What's interesting is that it's peoples' desire to look rich that's making the super-rich even richer.
- sundancekid503, on 10/20/2007, -1/+26What!? I can't hear you, too much *ICE* on my ear bitchez! ----- BRB collection agency is calling
- DanAndJenn, on 10/18/2007, -2/+25The good life to me is freedom to do what ever I choose, when ever I choose. My time is my own!
Wait, I'm doing that now - SWEET! - sanotaan, on 10/18/2007, -1/+17in this respect, i have no problem with--and even endorse--the rich getting richer and the poor getting poorer. a fool and his money are soon parted.
- chaparyan, on 10/18/2007, -2/+14very random political comment. let's try to stay on topic.
- inactive, on 10/18/2007, -1/+12I think we now know whay anarchy is the way he is.
Seriously, if you think that $100,000 household income is some unachieveable milestone, then you have taken some SERIOUSY wrong turns in your life - ScotchInBox, on 10/18/2007, -5/+16buried as spam - rehash/ripoff - read the classic "The Millionaire Next Door"
- whiledo, on 03/25/2009, -0/+8http://maddox.xmission.com/
So, nevermind about that, then? - Lane, on 10/18/2007, -1/+9and on the opposite end of the saving spectrum please don't become one of those little old ladies with a few mill in the bank waiting to be passed on to the spoiled brats you call grand kids either
- inactive, on 10/18/2007, -1/+9The guy is "beating the meat". I worked in the electrical servicing industry in Australia. I had the opportunity to observe wealthy men and management in a work environment. All the stuff written in the motivational and wealth books is ***** written by dreamers.
To be successful in business you have too be ruthless, opportunistic and know how to manage a business and money. If you don't there are another 100 people behind you with "sharp daggers" waiting and willing to walk over you when you trip.
As for the average worker; the reason he is broke is that trying to live the "Hollywood Dream" is for the movies and an advertiser's goldmine.
In Australia; there are many illiterate immigrant Italians living in up market houses paid for in cash, where your Aussie born "intelligent" man is living in a ***** box. How did thee Italians do it? Very easy. They were used to living on a subsistence income with the ability of turning basic ingredients into "7 star restaurant meals". While the Aussies were paying through the hip pocket for meals the Italians were getting fat on home cooking. Secondly they purchased affordable housing, paid it off and upgraded to a better home. Now most of the Italians are at retirement age, they can afford to downgrade into smaller luxurious houses and still have a reasonable disposable wealth.
The problem with today's generation is that they want it now, pay for it on credit and are bankrupt for the rest of their lives. Plenty of "school education" but lack the ability in the "common sense intelligence department".
Keep reading all the ***** articles posted on digg and go broke big time. - Lixie, on 10/18/2007, -0/+7You can't tell whose rich by what they drive or what they wear, as some people drown in debt looking and living rich. But if they bust out the black card, you can be pretty sure they've got bank.
- barandon0D9, on 10/18/2007, -0/+7"Note that according to a recent Business Week article, the national savings rates for Europe, Japan, and China are 20%, 25%, and 50%, respectively. On the other hand, America has a negative savings rate: for every dollar we earn, we spend $1.22."
Interesting fact - The article reminds me of an infomercial though. - onbrkenwings, on 10/19/2007, -1/+6honestly who gives a ***** how much money you make? or how rich you are?
happiness is all that counts and if money is the only thing that makes you happy then something is wrong with you..
i'm also currently unemployed and broke. :( - inactive, on 10/21/2007, -2/+7HOUSEHOLD income. Meaning if you are married, or living with a partner, you combine for $100,000. Any college graduate in their mid to late 20s should be easily getting a thousand bucks a week even in the smaller cities.
- Takalth, on 10/18/2007, -0/+4I won't complain. We could use a few more people like Dave Ramsey, even if they aren't as good.
- ezkl, on 10/18/2007, -1/+5This is absolutely my philosophy.
- xtc46, on 10/18/2007, -0/+4it would be impossible to spread wealth evenly for any significant amount of time because there will always be those who can talk others out of their money, or who provide a service others want and can get them to spend their money.
- sleeknerve, on 10/18/2007, -0/+4lol thats what my grandparents are doing, except they spend money to go to hawaii and pismo beach at least, i would like to earn my money
- argoff, on 10/18/2007, -2/+6For anybody to be rich in the USA, they must understand that they are under constant attack and take protective measures accordingly. How are they attacked:
A) Fiat money. Currently they are watering it down by up to 14% per year, but even if that was only 1%, that would still be worth millions over an 80 year life span. Moral: never save in cash, always put your money somewhere where it is not being watered down, have gold.
B) Taxes. Currently sales + income + state + federal + social security (which may as well be a tax for anybody under 40) : hidden and non hidden taxes add up to 40% of average income, but even if it was just 1% - that would still compound to millions over an 80 year life span. Moral: avoid taxes at all costs, weather via business structures, evasion, or private deals. Risk your life if you must because it is impossible to accumulate honest wealth in a high tax system.
C) Debt. Once again, debt that is being used for anything other than production and infrastructure will soak you dry. The interest rates compounded over a lifetime could easily add up to millions. Moral: stay out of debt whenever possible, (buy used cars) and avoid debt based bubbles, (eg stocks 2000, housing 2007)
D) Regulation. This is a very wide swath, but basically your life is subject to millions of rules that you likely don't even know about. Moral: make sure that nobody else knows your business accept for you. (especially the govt) Otherwise they will make your life miserable.
At this point you may be thinking it is nearly impossible to get rich unless you break all the rules, are insanely lucky, or a corrupt (wall street) insider. Well that's sort of the point. If you don't understand and act like you're under constant attack, you will never get wealthy. - sleeknerve, on 10/18/2007, -0/+3how can anybody be so stupid to buy things with money they dont have yet, i dont understand what is so hard about putting a little bit in a savings account each day, then you will be rich! really soon
- datastorageguy, on 10/21/2007, -0/+399% of "wealthy" people have worked for it.
- chsbrgr, on 10/18/2007, -0/+3Agreed, an excellent book on income vs. net worth.
- Takalth, on 10/18/2007, -0/+3The problem with your statement is that you say that one absolute extreme is better than another. This isn't recommending going to an extreme where you only buy what you need. It's basically just a "spend less than you make" philosophy. I buy tons of stuff I don't need, but I'm still living within my means.
Besides that, when you save money (at least using a savings account), you're giving a bank money to loan which people will use to build businesses and such, which also boosts the economy. - busterti, on 10/21/2007, -0/+3i wish i could digg you twice for that link.
- oscarsonthepond, on 10/21/2007, -1/+3This guy = wannabe Dave Ramsey but not as good
- MrTea, on 10/18/2007, -0/+2Don't forget about the "you only live once"/"live life to the fullest" rationale. For some people that means "gather up all the cash you can, because you might be dying today!" Of course, there are other ways to "live" without spending money. Especially if you're saving to live better tomorrow.
- kylesherman, on 10/18/2007, -1/+3The Automatic Millionaire is a brilliant book. I recommend it to everyone. It's a quick read and really gets down to the basics of saving money. One of the main things he recommends is 'paying yourself first'. Anyway one of the audio clips from the linked site are from the author David Bach.
- Takalth, on 10/18/2007, -0/+2"The problem with today's generation is that they want it now, pay for it on credit and are bankrupt for the rest of their lives. Plenty of "school education" but lack the ability in the "common sense intelligence department".
Keep reading all the ***** articles posted on digg and go broke big time."
Aren't you contradicting yourself with these two paragraphs? This isn't a "get rich quick scheme" article. It's advising people not to make the mistakes that you're blasting people for making. - teluial, on 10/18/2007, -1/+3Or as poor as Europeans, who save far more and spend far less than Americans. One economist, concerned with the depreciation of the American dollar and the valuation of the Euro remarked that the way to fix it would be if Europeans started spending extravagantly and Americans started saving again.
- bob_the_alien, on 10/18/2007, -3/+5I'm sorry to say, but you are completely wrong about this, depending on where you live, 100,000 yearly income can be everything for nearly impossible to fairly easy to come by. America maybe one of the wealthiest countries in the world, but that wealth is not evenly distributed across the country. The income in almost every job can be completely different depending on what city and state you are living in.
- Square47, on 10/18/2007, -0/+2Dave is the man. Anybody that promotes people waking up and actually taking charge of their money is ok in my book though. You really don't have to make that much. You just have to make smart decisions with it and learn to live on less than you make when you are young. Then, when your pay increases...you save (invest) more. You don't just drive nicer cars but still live paycheck to paycheck.
- sanotaan, on 10/18/2007, -1/+3unless you are acting illegally or are in fact the US federal reserve, you do nothing of the sort.
- bdbr, on 10/18/2007, -0/+1I don't think its completely fallacious, just the part about having to be corrupt.
Its not impossible to gain honest wealth without shirking taxes, its just very slow. They take a huge portion once you pass six figures. I asked not to get promoted this year because I see so little of it after the government is done, and its not worth the extra stress.
And regarding debt, I can't imagine anyone could obtain much wealth without hating the idea of paying interest. The only thing I pay interest on is my house, and I got a 15-year loan to minimize that. - datastorageguy, on 10/18/2007, -0/+1So true. I see alot of kids and people working janitorial jobs driving around in a brand new Mustang or whatever, yet they go home to a crappy apartment in a bad part of town, with 10 people living there, no savings or 401k...yet they do have a nice car! They somehow think that their outward appearence and status is more important than actually having money.
- Alfdog, on 10/18/2007, -0/+1Your frown emote is proof of your happiness?
- watsoninc, on 10/18/2007, -3/+4Lane, I agree that some can take it too far. Unfortunately, most people in the U.S. don't come close to saving and investing enough
- bdbr, on 10/18/2007, -1/+2You don't sound very happy either.
- Calcularius, on 10/18/2007, -2/+3Conspicuous wealth is one of the most offensive of human traits.
- inactive, on 10/20/2007, -0/+1Even better, be rich and look like a slob.....
- Square47, on 10/18/2007, -0/+1Number one reason for divorce in North America is money issues and money fights. So having tons of money isn't the central issue. Its more like agreeing on what to do with it and having a financially stable foundation that will lead to (or at least be the ground work for) happiness.
- Square47, on 10/18/2007, -0/+1No joke. Apparently you have to be ruthless and cut throat to gain wealth, but the Italians did it by being simple and living on less than they make. If only we were all stupid enough to live on less than we make and pay off our homes.
- rtjin, on 10/18/2007, -0/+1In Other breaking News: Ten Greatest Robberies Of All Time.
http://digg.com/offbeat_news/Ten_Greatest_Robberie ...
yeeehaaawww - Square47, on 10/18/2007, -0/+1Who would do the crappy jobs has nothing to do with capacity. Everyone has the capacity to live on less than they make. Most just don't have the discipline. Its really that simple. Everyone can attain some wealth (rich is subjective). People that live paycheck to paycheck (no matter how much they make) are chosing to not gain wealth despite the thousands of dollars that they will handle in their lifetime.
- WRXFiles, on 10/18/2007, -1/+2Not about being fortunate, it's about a decision.
- Square47, on 10/18/2007, -0/+1I'm with you except for the gold part. Gold has been a terrible investment compared to mutual funds over the long run.
- mozfet, on 10/21/2007, -1/+2Try Search for "Make Money Online" in Google, Millions of people seem to be spreading that message... truth is that not everyone has the capacity to become rich, if everybody could/do become rich, who would do all the crappy jobs?
- bdbr, on 10/18/2007, -0/+1It takes a combination of hard work, smart (or at least appropriate) decisions, and reasonably frugal living. You can be the hardest-working social services worker in town, and while you may have a rewarding job, you'll probably never get rich. You need to find a career path that will lead to a good income, and live well within your means. I've known of plenty of people that would be considered rich who got there this way. I've known of plenty other people who make the same income and don't have a dime in savings.
Its not fun, its not quick, its not sexy, but it doesn't depend on luck. -
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