What do the wealthy spend their money on? It wasn't entirely what I expected

[Twilight Hue]

Sometimes I think the wealthy get over criticized on some things and ignored on others.

I was a bit surprised to see the CNN piece that does paint an alternate picture on how we view the spending habits of the wealthy in the popular sense.

What the wealthy and ultra-wealthy spend their money on - CNN

In spite of it, I still have some trouble with the piece and view that, as I recall from reading past articles, the most wealthiest people in the US (1% ers) still hold the majority of the country's money in their own accounts.

https://www.washingtonpost.com/news...wealth-than-at-any-time-in-the-past-50-years/

What do you think?

 

[Nakosis]

Sometimes I think the wealthy get over criticized on some things and ignored on others.

I was a bit surprised to see the CNN piece that does paint an alternate picture on how we view the spending habits of the wealthy in the popular sense.

What the wealthy and ultra-wealthy spend their money on - CNN

In spite of it, I still have some trouble with the piece and view that, as I recall from reading past articles, the most wealthiest people in the US (1% ers) still hold the majority of the country's money in their own accounts.

https://www.washingtonpost.com/news...wealth-than-at-any-time-in-the-past-50-years/

What do you think?

We can't have wealthy folks being charitable to just any one. We need the government getting in the middle to make sure the money goes to whom the lobbyists say it should.

 

[ADigitalArtist]

The article discusses raw numbers a lot more than ratios. Bezos gives 0.0906% to charity. If you make $25 an hour, and drop a $20 bill on two charities per year, you're giving more of your income to charity than the richest person on earth.

As far as I'm concerned, every billionaire is a policy failure on our part. I appreciate the American dream of climbing a ladder but not being able to pull it up after you. Wealth hoarding in this country is nuts.

 

[Daemon Sophic]

The article discusses raw numbers a lot more than ratios. Bezos gives 0.0906% to charity. If you make $25 an hour, and drop a $20 bill on two charities per year, you're giving more of your income to charity than the richest person on earth.

As far as I'm concerned, every billionaire is a policy failure on our part. I appreciate the American dream of climbing a ladder but not being able to pull it up after you. Wealth hoarding in this country is nuts.

Ayup.
From the article in the OP....

For most high-net-worth individuals giving is a priority. After a dip in the wake of the global financial crisis, philanthropic giving has recovered. Still, as a proportion of net worth, the wealthy give far less than people of more limited means, according to the report.....​

It’s real peachy and all that the wealthy give some to the needy (and not so needy), but if you want charities to get funded better, then make sure the money starts in the workers’ hands. They are much nicer about giving what they can.

 

[Nakosis]

Ayup.
From the article in the OP....

For most high-net-worth individuals giving is a priority. After a dip in the wake of the global financial crisis, philanthropic giving has recovered. Still, as a proportion of net worth, the wealthy give far less than people of more limited means, according to the report.....​

It’s real peachy and all that the wealthy give some to the needy (and not so needy), but if you want charities to get funded better, then make sure the money starts in the workers’ hands. They are much nicer about giving what they can.

Hey, good idea. Lower taxes.

 

[ADigitalArtist]

Hey, good idea. Lower taxes.

Better idea: tax the **** out of the 1%.

 

[Jumi]

It's nothing new or surprising. We've been told that people who have more money than they can spend like to throw away some for philantrophy to have a better image, even if they're not going to ever feel anything even if they lost 95% of their wealth. When you own luxury palaces in many different locales, a couple of aircraft and ten yachts, those millions going to a new hospital ain't much. You might even get some return investment for some "philantrophy"...

 

[Nakosis]

Better idea: tax the **** out of the 1%.

Well, I don't think it solves anything and it's the wealthy keeping the economy going. I suppose you could tax the wealthy until the economy stops.

 

[Revoltingest]

Well, I don't think it solves anything and it's the wealthy keeping the economy going. I suppose you could tax the wealthy until the economy stops.

Just in case you've forgotten, somebody else built their business for them.


Oh, come on....
Someone had to say it.

 

[ADigitalArtist]

Well, I don't think it solves anything and it's the wealthy keeping the economy going. I suppose you could tax the wealthy until the economy stops.

They would certainly like you to think the economy would collapse unless they have billions of amassed wealth. It'd be gullible to believe them, and stupid to let them ransom for wealth hoarding which damages the economy far more.

 

[Nakosis]

Just in case you've forgotten, somebody else built their business for them.


Oh, come on....
Someone had to say it.

You know actually my brother in law has become wealthy off of tax money. He does government contracts so, you know the more money you all give in taxes the wealthier he gets. Just lets the government decide who gets all of the wealth. That's where Perot got all of his wealth from.

 

[ADigitalArtist]

Just in case you've forgotten, somebody else built their business for them.


Oh, come on....
Someone had to say it.

The business in a vacuum claim is indeed pretty funny. My favorite is when the starbuck CEO said nobody helped him when living in the projects in the bronx. Literally citing government assisted housing in his 'I pulled myself up by my bootstraps' nonsense.

You too can get wealthy by exploiting the underpaid workforce and argue you've made it all on your own

 

[Nakosis]

They would certainly like you to think the economy would collapse unless they have billions of amassed wealth. It'd be gullible to believe them, and stupid to let them ransom for wealth hoarding which damages the economy far more.

If they wealth hoard, then they aren't very smart. Best way to make your money grow is to invest. Hoarding money really isn't going to work out well for them. I presume that having made the money in the first place, they'd understand this.

 

[ADigitalArtist]

If they wealth hoard, then they aren't very smart. Best way to make your money grow is to invest. Hoarding money really isn't going to work out well for them. I presume that having made the money in the first place, they'd understand this.

Neverminding that most of these people, including Trump, did not make the money in the first place, a cat hoarder that gives up two of 100 cats to breed (increasing net cats by 2% or more) is still hoarding cats.

 

[Revoltingest]

You know actually my brother in law has become wealthy off of tax money. He does government contracts so, you know the more money you all give in taxes the wealthier he gets. Just lets the government decide who gets all of the wealth. That's where Perot got all of his wealth from.

I remember that about Perot.

 

[Daemon Sophic]

Hey, good idea. Lower taxes.

Yes; for the lowest 99%, even the lowest 99.9%
Raise it on the uber-wealthy.

 

[Daemon Sophic]

Well, I don't think it solves anything and it's the wealthy keeping the economy going. I suppose you could tax the wealthy until the economy stops.

Why do you think that the wealthy are the ones who are “keeping the economy going”? Seriously.

 

[BSM1]

The article discusses raw numbers a lot more than ratios. Bezos gives 0.0906% to charity. If you make $25 an hour, and drop a $20 bill on two charities per year, you're giving more of your income to charity than the richest person on earth.

As far as I'm concerned, every billionaire is a policy failure on our part. I appreciate the American dream of climbing a ladder but not being able to pull it up after you. Wealth hoarding in this country is nuts.

Why? Who's to say what you can or cannot do with your money?

Why do you think that the wealthy are the ones who are “keeping the economy going”? Seriously.

You ever work for a poor person?

 

[ADigitalArtist]

Why? Who's to say what you can or cannot do with your money?

Take it you skip taxes?

 

[suncowiam]

Why? Who's to say what you can or cannot do with your money?



You ever work for a poor person?

The government.

I can't go buying human organs or military grade missiles.

Just saying.