daguti + wealth   132

Why Rich Kids Are So Good at the Marshmallow Test - The Atlantic - Pocket
"Ultimately, the new study finds limited support for the idea that being able to delay gratification leads to better outcomes. Instead, it suggests that the capacity to hold out for a second marshmallow is shaped in large part by a child’s social and economic background—and, in turn, that that background, not the ability to delay gratification, is what’s behind kids’ long-term success."
childrearing  children  wealth  poverty  research-studies  research-studies-conflicting 
yesterday by daguti
They Never Have Enough Money - Why is Trump going after Obamacare yet again? Because the modern Republican Party has one guiding purpose: to shovel as much money as possible to the rich. : politics
"Isn't that the whole Republican schtick, to create the problems which only they can "solve"?

I mean, the GOP is pretty good at enacting policies that create the things they hate:

Abstinence-Only sex-ed that produces pregnant teens and abortions

Middle East policy that brutalizes people to the point where they become terrorists

Climate policy that will displace hundreds of millions of people, making them refugees and migrants

Military spending and tax cuts for the rich that increase the national deficit

Attitudes toward crime and punishment that only perpetuate criminal activity and keep incarceration rates high

Economic policy that is pushing Millennials-and-younger to embrace socialist policies"
politics-philosophies-republicans  wealth 
12 weeks ago by daguti
Meritocracy is a myth invented by the rich: The elite college admissions scandal in the US is a reminder that being born into wealth, not talent, is what determines the opportunities you have in life : TrueReddit
See these comments:

"one of my favorite books from college was "malign neglect." it was a long term sociological study of a two groups of kids living in a struggling/impoverished neighborhood.

they broke the kids into two groups -- those who were rule followers and worked hard, and those who felt like it didn't matter how hard they tried since the system was rigged against them. i'm sure i'm forgetting key details, but that was the general idea.

they studied these kids over the course of decades, to try to measure their life outcomes. there was absolutely no difference between the two groups. being black and poor was too powerful of a deterrent to success. hard work didn't really matter. rule following didn't really help. believing in the american dream didn't matter either.

and if my memory is anywhere close to correct, i think in the end a couple of the kids in the "give up, don't try" group ended up doing better with their lives than most of the "rule followers" did.

EDIT: the book was actually called "ain't no makin it" . also read malign neglect in the same course."


-> 'Americans get caught up in their own success'

defined as "cult of the self" and it dominates our cultural landscape.

This cult has within it the classic traits of psychopaths: superficial charm, grandiosity, and self-importance; a need for constant stimulation, a penchant for lying, deception, and manipulation, and the inability to feel remorse or guilt. This is, of course, the ethic promoted by corporations. It is the ethic of unfettered capitalism. It is the misguided belief that personal style and personal advancement, mistaken for individualism, are the same as democratic equality. In fact, personal style, defined by the commodities we buy or consume, has become a compensation for our loss of democratic equality. We have a right, in the cult of the self, to get whatever we desire. We can do anything, even belittle and destroy those around us, including our friends, to make money, to be happy, and to become famous. Once fame and wealth are achieved, they become their own justification, their own morality. How one gets there is irrelevant. Once you get there, those questions are no longer asked.”
text linked to: https://www.goodreads.com/quotes/7442191-the-cult-of-self-dominates-our-cultural-landscape-this-cult
wealth  psychology-wealth-power  culture  society  countries-united-states-america 
march 2019 by daguti
Americans Have Lost Faith In Their Ability To Move From Poverty To Riches | More than two-thirds said it's no longer commonplace for hard work to be a path from poverty to wealth, according to a new World Economic Forum poll. : TrueReddit
quotes = "“America is the wealthiest nation on Earth, but its people are mainly poor, and poor Americans are urged to hate themselves. To quote the American humorist Kin Hubbard, 'It ain’t no disgrace to be poor, but it might as well be.' It is in fact a crime for an American to be poor, even though America is a nation of poor. Every other nation has folk traditions of men who were poor but extremely wise and virtuous, and therefore more estimable than anyone with power and gold. No such tales are told by the American poor. They mock themselves and glorify their betters. The meanest eating or drinking establishment, owned by a man who is himself poor, is very likely to have a sign on its wall asking this cruel question: 'if you’re so smart, why ain’t you rich?' There will also be an American flag no larger than a child’s hand – glued to a lollipop stick and flying from the cash register.

Americans, like human beings everywhere, believe many things that are obviously untrue. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves. This inward blame has been a treasure for the rich and powerful, who have had to do less for their poor, publicly and privately, than any other ruling class since, say Napoleonic times. Many novelties have come from America. The most startling of these, a thing without precedent, is a mass of undignified poor. They do not love one another because they do not love themselves.”

― Kurt Vonnegut, Slaughterhouse-Five"
capitalism  capitalism-greed  wealth-income-distribution  quotes  wealth 
january 2019 by daguti
(1) Diana Young - learned a word today! Veblen good "Veblen goods...
Veblen good

"Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand. Consumers actually prefer more of the good as its price rises, and the result is an upward sloping demand curve. For example, in the 1990s when "fashion" jeans became popular, one retailer found that he could sell more when he raised the price. "
definitions  language-concepts  wealth 
november 2018 by daguti
Demonweed comments on Billionaires Are the Leading Cause of Climate Change
"One, among many, problems with a class of people who believe they are above the law is that civilization itself cannot reign in their worst excesses. Many economists argue against high end taxes because illegal non-payment produces lower returns from the economic elite than from regular working families. That is an abominable reason to shape policy -- rewarding criminal conduct by easing social burdens on those most able to carry those burdens. Yet these views are popular across the spectrum of established American partisans.

So to it goes with climate change. The billionaires use their news networks to insist we all must eat less meat, ride more buses, etc. What they don't do is unchain our civic culture so that we could rethink agricultural subsidies, invest in upgrades to mass transit, etc. The bad behavior of oligarchs is not a problem to be solved by the saintliness of struggling workers. If their power cannot be trumped by civilized governance, then it is the duty of every decent human being to undermine the oligarchy and oppose the economic order that produced such devastating concentrations of wealth and power. Our ability to feed ourselves is literally being gambled just to prevent the reversal of Reaganomics."
climate  climate-global-warming  wealth  power  corruption  corruption-corporate 
october 2018 by daguti
A recent study finds that young people who get financial support from their parents have greater professional success, highlighting one way social inequality is transmitted from one generation to the next : science
counterintuitive = Not exactly counterintuitive, but runs contrary to the myth of the "self made man."

Reminds me of the meme I saw of Jeff Bezos showing him in a garage working to build Amazon in the early days. Then below it listed all his advantages:
- went to one of the best schools in the world
- had a top Wall Street job
- parents provided financial support, etc
success  wealth  counterintuitive  research-studies 
may 2018 by daguti
I Volunteered for the Hospital Board and was Sued for Millions. - Physician on FIRE
"If you do serve on a Board, be sure you are provided with adequate Directors & Officers insurance; this should come from the organization.

I know very little about D&O policies, but I now know that insurance that doesn’t cover you in the event of the non-profit filing for bankruptcy is woefully inadequate. Bankruptcy is exactly the sort of event that could be most likely to result in a lawsuit against the Board.

Carry umbrella insurance. I don’t believe it would have helped protect me in this particular case, but the target on a wealthy individual’s back is ever-present, and umbrella insurance can protect from lawsuits related to your home or auto. When I had this lawsuit cloud over my head, my home and auto carrier wouldn’t consider covering me. After my dismissal, I was able to secure $3 Million in coverage at a cost of under $200 a year. It’s a small price to pay for peace of mind."
warnings  Entrepreneurship  wealth  money-insurance 
february 2018 by daguti
Why the myth of a perfect meritocracy is so pernicious  - Vox
"I mentioned a study in the book that is quite chilling on this point. It found that kids from lower-income families who scored in the top quartile on math tests in the eighth grade were less likely to graduate from college than students who scored in the bottom quartile in math but happened to be born into homes in which their parents were in the top third of income distribution."
wealth  wealth-income-distribution  analysis  politics-philosophies-republicans  poverty 
december 2017 by daguti
A disaster. A joke. A lie. Here's how these... - U.S. Senator Bernie Sanders
The dissenting viewpoint: The wealthly who would benefit from tax cuts saying that they don't need them.

counterintuitive anti-something
video  wealth  wealth-income-distribution  taxes-as-a-concept 
december 2017 by daguti
Create an LLC for your kids when they're in high school...
Text from the image:
"Create an LLC for your kids when they're in high school. File taxes on it for 4 years.(start business history) pay them on the business payroll checks. (set their salary) Get a business credit card. Make them an authorized signer (establish business credit) GRADUATION GIFT! Let's break the cycle."
childrearing  children  babies  money  wealth 
november 2017 by daguti
4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford
Notice how the "poorer" two don't plan about money - it "happens" to them, while the other two are all about planning, thinking ahead, making their money work for them. Certainly highlights Earl Nightingale's quote: "You become what you think about."
wealth  poverty  analysis  money  society  culture  money-retirement 
june 2016 by daguti
People in Power Are Quick To Call Out Injustice When They Are Harmed : Shots - Health News : NPR
This reminds me of the NPR article about how lack of a certain resource will cause you to make bad decisions in relation to that resource... creating a downward spiral, for example, of finances.... Very similar psychological thing going on here.
psychology-wealth-power  wealth-income-distribution  wealth  power  poverty 
june 2015 by daguti
Disrespecting the Poor | Ian Welsh
It costs more (whether in time or in money) to be poor. "The poor spend time to save money; the rich spend money to save time."
poverty  wealth  analysis  respect-and-civility 
december 2014 by daguti
You're More Likely To Inherit Your Dad's Social Status Than His Height : science
Also see bookmark 2012-10-16 "Movin On Up? That May Depend On Your Last Name", tagged with some of these same tags.
habit  public-policy  family  genetics  wealth  success  names-people 
november 2014 by daguti
Warren Buffett Helping LeBron James Quietly Build The Next Big Sports Empire
Note that this is an advertorial (see very top of the page, right side of the main column... or just EDIT > FIND > advertorial)
people-warren-buffett  wealth  power  counterintuitive 
september 2014 by daguti
New York Skyscraper's Separate 'Poor Door' Called A Disgrace : NPR
Developers get tax credits for creating some affordable units within a building, so they build a "poor door" through which the "poor" residents have to enter, so as to not inconvenience the wealthy tenants.
wealth-income-distribution  wealth  poverty 
august 2014 by daguti
Paul Piff: Does money make you mean? | Talk Video | TED
"It's amazing what a rigged game of Monopoly can reveal. In this entertaining but sobering talk, social psychologist Paul Piff shares his research into how people behave when they feel wealthy. (Hint: badly.) But while the problem of inequality is a complex and daunting challenge, there's good news too."
video-making-tools-accessories  wealth  success  anti-something  warnings  wealth-income-distribution  psychology  groups 
march 2014 by daguti
Habits of the World's Wealthiest People (Infographic) | Entrepreneur.com
Habits of Bill Gates, Oprah Winfrey compared to the poor. ................... If you read the paragraphs before the infographic, it says that this was produced by a social media marketing company. In the infographic, it mentions it's based on the research of some person or other. How simple to create content... find research data of a relevant or interesting topic, turn it into an infographic and BAM! Instant content.
wealth  power  visualization  frameworks  success  projects-strong-women  standing-out-or-differentiating-by-content  marketing-tactics--educating-or-content-marketing  marketing-tactics--hacks  me-stuff  projects-computech  discipline-or-willpower 
february 2014 by daguti
Humble-living Connecticut woman surprises town with millions from will - U.S. News
This sounds less like a case of frugality & investing and more like a case of being totally disorganized!
wealth  world-records  charity  news  2013 
december 2013 by daguti
Scion of NYC socialite sent to prison for plundering mother's fortune - U.S. News
The son of Brooke Astor was sent to prison for 1-3 years for pilfering his mother's fortune.
2013  crime-theft  news  wealth 
june 2013 by daguti
The New Science Behind Philanthropy | WSJ.Money Summer 2013 - WSJ.com
"Taubes noticed that the full name in the email was John Arnold, and a quick Google search turned up a curious figure under that name: a wunderkind natural-gas trader at Enron who later founded his own hedge fund. The fund was secretive—little-known in its hometown, Houston, much less the rest of the country—but legendary in hedge-fund circles for its mega-returns. It was starting to get interesting." ------------------------------------- world-records = Only a handful of people made more money ($4B) during the 2000s. *AND* never has there been such a young person who amassed so much money at such a young age and devoted themselves exclusively to philanthropy at such a young age.
me-stuff  world-records  entrepreneurs-young  wealth  charity  people-john-arnold 
may 2013 by daguti
Per Square Mile: Income inequality, as seen from space
More green (i.e. trees) literally equals more "green" i.e. money.
color  maps  wealth-income-distribution  wealth 
may 2013 by daguti
Viral Video Shows the Extent of U.S. Wealth Inequality
The matter of wealth inequality in the United States is well known, but this video shows you the extent of that inequality in dramatic and graphic fashion.
money  wealth-income-distribution  wealth  video  explanation-simplification 
march 2013 by daguti
Wealthy People and Families: What is it like to be discreetly wealthy? - Quora
poverty, capitalism = see the answer by Anon User starting with "Not directly related to the topic, but it does speak to our motivations..."
capitalism  poverty  wealth 
february 2013 by daguti
Movin' On Up? That May Depend On Your Last Name : NPR
genetics, family = Not in the traditional sense that I've used these tags, but I know I'll think of these tags when I think of this story. ........ public-policy = "But it's clear he has growing doubts about whether public policy can really help people move up the social ladder." ........ family = ""And it really is conveying this message that families are where the action is at in terms of the outcomes and performance for people," Clark says." ........ habit = This article paints it like success/failure is a foregone conclusion. I see it as a function of habits. Successful ancestors had good habits, which they passed down through families. Those habits filter into decendants' lives and create those higher probabilities of success. ............... Also see bookmark 2014-11-24 tagged with some of these same tags: http://www.reddit.com/r/science/comments/2na2d5/youre_more_likely_to_inherit_your_dads_social/
habit  public-policy  family  genetics  wealth  success  names-people 
october 2012 by daguti
Larry Ellison's Private Island Makes Mel Gibson Look Small | Wired Enterprise | Wired.com
real-estate =
Chris Krolow — CEO of Private Islands Inc., a real estate company that sells, yes, private islands — says his most expensive sale topped out at about 150 million euro, or roughly $188 million. But he does say that in private island market, many sale prices are not disclosed.
real-estate  world-records  wealth  people-larry-ellison 
july 2012 by daguti
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