8 Insane Things Rich People Think Are Normal
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- In this episode, Chelsea talks about how rich people's perceptions of what is "normal" is making life worse for the rest of us.
Cutting ties with lower-income friends: www.stylist.co.uk/life/friend...
Why rich people are jerks: thefinancialdiet.com/heres-ho...
Ability to pay bail vs. being sentenced: slate.com/news-and-politics/2...
Boomer inheritances: www.latimes.com/business/stor...
Co-buying by the numbers: www.marketwatch.com/story/as-...
Rent burdened populations: furmancenter.org/thestoop/ent...
Silicon valley fad dieting: www.theatlantic.com/health/ar...
Food spending statistics: www.ers.usda.gov/data-product...
Americans worrying about money: www.cnbc.com/2019/05/24/25-pe...
Food anxieties: www.vox.com/first-person/2020...
Extracurricular participants: www.theatlantic.com/education...
On "meritocracy": www.nytimes.com/2019/06/12/op...
Getting things for free: www.distractify.com/p/rich-ce...
www.moneyaftergraduation.com/...
Being rich = confidence: www.marketwatch.com/story/inc...
Watch more of The Financial Diet hosted by Chelsea Fagan here: • THE FINANCIAL DIET
The Financial Diet site: www.thefinancialdiet.com
Facebook: / thefinancialdiet
Twitter: / tfdiet
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The reality is that people in different income brackets have varying definitions of what is "normal". Check out this throwback video for a list of financial systems that are making American's lives so difficult: bit.ly/35zXPMp.
The American dream now depends on status, influence and your level of intelligence to get best out of the system, not just bootstrapping or hardwork.
Hi Chelsea and TFD Team - Happy New Year! - Wishing you all he very best for 2021 and beyond! Stay safe and well x
What was discussed in this video is important for many around the world. We need to understand what and who actually contributes and impacts the way we live today. Thank you for sharing :-)
Sadly most of this is true in Australia. Chelsea, you are one of my fave TH-camrs. Pls can I join the Mona Fan Club ? She is too cute for words ! Stay safe and best wishes from Australia 🤗
@@richardfinance616 what if you have serious invisible health problems that mean you cant "produce" anything? This culture is so toxic, assuming everyone "can do it." Intelligence means nothing without means.
@@GarlicGrinder9 I agree there are situations or circumstances that can eraze or nullify intelligence. But i strongly believe that any soul willing to dive deep into their creative mind, and willing to keep going despite obstacles like Thomas Edison, has a 99% chance of not only maximizing the American dream, but also be a story to the present and future generation.
When I was in college, one of our social work assignments was to ride the city bus on something like ten different occasions and to document our experiences. This was to help the people in the class understand what their future clients would experience when it comes to having to depend on public transportation. Well, the rich kids in the class complained so much to the department head about our professor having the audacity to expect them to ride the bus with poor people that the assignment was shut down and other professors even questioned if that particular adjunct professor should be allowed to teach there the following year. Now, that's privilege! Smh.
Pretty ironic, really.
Wow
This is so irritating. Those people should not be in that field.
So they caved to a bunch of over privileged brats? Pathetic
Woah, so sorry to hear and it's sad the class assignment was taken away. I grew up with public transportation and I feel offended whenever people (with better means) complain about it like is not a necessity for the MAJORITY of people. 🙃
Yeah, my mom's rich friends bought their daughter a house to live in while at university and then sold the place for a profit. Being rich is cheaper in many ways than being poor, which is ridiculous conceptually but true
being middle class is also cheaper than being poor. being poor is cheaper than being homeless.
Oh my Dad did that for me!
I didn't go to college and started a trade job, i invested 1000k a month for the last 25 years. I have 5 million in etf stocks. You still paying your loan?
@@sess9561 yeah, lol, though almost done (would have been done already had they not suspended payments due to COVID "relief"). I've been saving for less than a decade, but not at your rate, and been investing for much less, but at least I've been started
You are correct..being poor is very expensive.
The confidence thing is HUGE and so subtle. I was a good student. Graduated with honors from college . But I was a nervous wreck applying to graduate school. Like textbook case of anxiety (sharpened An entire pack of pencils to bring to the GMATs, etc) I got into my school of choice, but when I was talking to a friend I made in the program about how relieved I was to have been accepted, she looked at me like I had 3 heads. People raised a certain way just assume things will go well. They waste no energy on worrying. Life is a trust fall. It's fascinating. (And not something I will ever be able to emulate) And they walk into every room with that as an invisible friend.
So true! I can fake confidence, but boy oh boy my heart rate is probably 160 bpm or something in that moment and I’m most likely holding back tears.
I have social supports. It's the only reason I'm alive, is because I live with family that makes money, even when I don't.
I cam be guilty of the "trust fall."
But. I have had entire paycheques eaten up by unexpected bills. Members of my family make in bonuses, that are twice of what I make all year.
They may have some financial stress. But I really don't think they get it, the anxiety.
And I'm super privileged to be living there. It's very surreal. It's strange as hell.
@@wafflesthearttoad6916I can't fake the confidence. Well. Not in a way that can completely hide the anxiety.
I had that attitude until my husband (a politician's son) changed it. The simple fact is that insecurity, although natural, objectively makes no sense if you believe that God CHOSE to make you one of the infinitesimal details of His infinite universe. There are other ways to think of it, but if you act like you believe it then you have confidence (even if you don't happen to have my Christian take on it, and I apologize if sharing my religious perspective is offensive because I don't intend it to be). Confidence does matter, and I just think everyone should get to feel it.
I always think of that as being a good thing sometimes sending it and not thinking about consequences is the only way forward in life if you keep your chin up and go one day at a time you get through a lot and you will learn a lot as well
That's true. A rich kid hit and killed my mom in a "car accident." It was brushed off by the police, we were gaslighted, and sent death threats for even bringing it to court.
Oh, my god. I'm so sorry that happened to you.
How awful 😔
Oh my god this is absolutely horrendous, I'm so sorry
And even if this internet trope is true, a single anecdotal claim does NOT prove this is at all normal. How many non-wealthy people are in auto accidents. Big hint: WELL over a million motor vehicle deaths occur globally EVERY SINGLE YEAR.
@@rogergeyer9851do you think poor people who commit vehicular manslaughter get away with it as easily as rich people because poor people get into most of the car accidents? that’s just because there’s more poor people. lol wtf
My husband and I have reached the point where we don't have to worry if we toss a few extra yummy things in our grocery cart and that is honestly my definition of having "made it." Some people are motivated by objects, I am motivated by fresh fruit and mint chip Klondike bars.
Same
Me too. To me, wealth is having amazing friends, a loving family, and a safe home environment.
Oof, yeah. I'd be happy just to have more kitchen appliances and time to make my own food...
Oh yes! The feeling of not having to worry about spending too much for quality food because your overall lifestyle is much cheaper than your earnings is really liberating. I wouldn't consider myself to be rich - we could afford to buy a home, but not hassle-free - I am definitely privileged in that matter.
Same here! Just not having to pinch pennies feels like I hit the lottery!
#7 reminds me of Terry Pratchet's Boot Theory of poverty: "Take boots, for example. He earned $38 a month plus allowances. A really good pair of leather boots cost $50. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about $10. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles. But the thing was that good boots lasted for years and years. A man who could afford $50 had a pair of boots that'd still be keeping his feet dry in 10 years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet."
My children love this, although I have not read this book, they love telling me about this theory. I have always tried to buy fewer good quality items, as they last for decades instead of years.
I ran through this in real life :,D
When I was in my apprenticeship in a bakery I had to buy new shoes for work every week, because the soles were glued with not water proof stuff. I did this for six months, then I decided to wait one month with the same pair of shoes (even though there was no sole left after five days) and then buy a pair that would last for the rest of the apprenticeship. It was the hardest month in my life. At least for my feet. But it was totally worth it. This still is a good quote and we should think about how we may change this situation.
If you apply the theory to car ownership whoo boy.
THIS, THIS, THIS!!!
More people should know about *_THIS!!!_*
I was just thinking this! Glad I'm not the only one :D
Working in Spain as a consultant, I had a coworker who our team lead thought was very good because "her husband is the owner of [company inherited from Daddy]". The rest of us didn't see how being born rich and having married rich made her any good at our job, but maybe we were weird.
Anyway, one day she arrived late and flustered. The English nanny had taken sick, therefore was missing work, and she had called the German nanny to take the kids in the morning but the German nanny had replied that one, she was not free to do so since she worked for a different family in the mornings and two, if she did she would have expected to be paid accordingly. "Can you believe it, she wants us to pay her extra just to spend more time with the kids?" "Uh... that's how being paid by the hour works. She's your contractor, not your mother, so she gets paid for the work she does. You know, just like we do?" "Oh, pfaugh!... So tell me, what do you do when any of your nannies isn't available?" "We don't have nannies, much less foreign nannies." "What? But... how do you take care of your kids then?" "I'm starting to wonder what planet did you drop from."
damn thats crazy out of touch.
Very good story, and very true as well, with very similar stuff going on ALL OF THE TIME .And me I've frequently experienced the latinos in one city-housing project being told by a non-rich "property mis-manager" with no academic background telling them what to think and believe in. All working/labor-class hispanics who had a bi-lingual person (me) explaining to them (in both languages, (mostly US-English) that converting a gov. subsidized non-for-profit housing project (it was a trailer park) can NOT be converted into a for-gain business by "voting" for it. In the ensuing conflict between people, not involving me, nearly cost one of two fighting guys his life (in a street fight that included two other men, and one mature mother). For me or anyone to say that these dullards were just a bunch of total loosers is a major understatement. 🥴
Hahaha. I remember one day when a coworker had to take a day off, because his wife had to go to hospital and he had to deal with the kids. Grandparents were on vacation so there was no other choice for him. When he returned and complained about how stressful it was, that no one else was available made a group of women giggle. He then asked what was the matter and they told him... They all were single parent mothers with no family around. They didn't even think about having to go to hospital and being unavailable for their kids. I still love this. People can be idiots in some ways.
Worked as a nanny for a family like that. Never have I thought someone would be willing to spend that much money to spend as little time as possible with their child.
I have a similar Story where when pandemic started and we had Lockdown in Germany, I had no other choice than having my 3-year old next to me while working remotely. My hubby was relevant to the City System and needed to go to work.
As a Part time project lead with a Part time salary (in a company that paid less, because it used to be a startup, so my salary was 38€k / year Germany).
We had one project lead who was the best paid in the company and his wife was also having a full-time decent Management Job, they inherited a big house, when wife's grandma died, etc. So they more or less were way wealthier than us living in a subsidied Apartment.
That very project lead was obviously confused why I was not performing as usual and asked "what the heck are you doing the whole day?" well, I communicated (again, as also to my boss) that I am watching my 3 year old. He was Puzzled, saying "you do not have a nanny during lockdown? I do that illegally, we pay her extra and she says she is family member, etc."
I was like "well, if it is ok with your salary"
I dated a person who grew up in a NYC Park Ave high rise. He said there was a hierarchy among tenants based on the floor they lived on (higher was better; he was upper middle rich 😄) and what views they had. He told stories of how his family members waited for each other to die so they could get stuff, example - "I want a new car, when is grandpa going to die?" But the part of this video that brought back memories is *the lack of regard for the law* . He never considered red traffic lights!!! 🤯 He always drove through red lights like it was a normal thing! He honestly didn't think it was a big deal and said no one had ever reprimanded him for it. He was annoyed at my insistence that we wait for green light!s when I was a passenger!!! Needless to say, we didn't last.
The family thing is awful, the law thing I hear is infuriatingly common, and the red light thing is incredibly dangerous, oh my God, I know he could pay the fine or whatever, but he could die, kill someone, or both!
Good think you broke it off. That's why you're still alive.
Uuuugh it’s not about getting reprimanded for it it’s about keeping the roads safe, what an inconsiderate guy
@@DrGandW The fact he couldn't figure that out proves he's an idiot. You can't waste your time on idiots, whether they're rich or not.
I’ve only known a few rich people and the one thing that stood out in them was their tendency to be really exploitative, mean and cheap. One rich woman, for example, made her poor Hispanic maid “work off” the cost of every $2 coffee mug, etc., that she accidentally broke. This was a woman whose designer, everyday lip balm cost $100/tube. I was happy when the maid quit.
The idea that the wealthy are good at spending is some what of a misconception. Generally with the ultra wealthy (which is mostly the problem ESPECIALLY for the desparity overall) is that they ARENT really participating in the economy. Jeff Bezos has more money than he can spend in four lifetimes and he's just sitting on it. Money needs to flow through the economy and it isn't, it's just sitting in a pile at the top which is one big factor in making the dollar go shorter and shorter. Wages are stagnant, COL is up, inflation continutes. Rich people are generally less likely to tip service staff for example. They didn't get wealthy by being generous. They're entitled, many being cheap and mean like your example. In the 80's there were millionaires but we still had a thirivng and large middle class. Taxes were high for the 'ultra rich' at that time and many people were unionized with pensions. Personally I place BIG blame on Reagan for starting the trend of screwing the working class. But yeah, richer people being generous or paying well is the funniest myth to me.
She used hundred dollar lip balm but only two dollar coffee mugs?
@@needmoresnacks That is one of the most economically ignorant things I've ever read in my life. Jeff Bezos IS participating in the economy. He doesn't just have 100 billion dollars sitting in a vault beneath his house. He's worth billions because the COMPANY he owns is worth billions because it produces billions of dollars in value. Please don't vote. I don't want people like you making decisions for the rest of us. I'm telling you right now that you will live the rest of your life in poverty with the mindset that you have.
@@johnmckenzie6661 Jeff Bezos has run MANY small and even not so small businesses out of business by offering the same products at a lower price because they could afford to take the loss and once that competition was out they upped the price. Amazon has declared a ‘loss’ in money for two decades to avoid paying taxes. People who work for him are paid incredibly low for the job they do, they are very anti union, their quota is all that matters. This isn’t shit I’ve heard, someone very close to me worked in their warehouse. These aren’t all rumors somebody made up for funsies. His personal wealth he is just sitting on, that’s why he pays virtually no taxes. It’s not exclusive to him, many of his peers do the same shit. They keep all their assets tied up in stocks or property and live off loans from the bank they get because they have SO much to put up as collateral, the interest is basically nothing. The way Amazon is run is predatory and the only reason anti monopoly laws haven’t shut down half the stuff they’ve done is because they’re outdated and no one wants to go up against Jeff. He’s a very smart individual but no individual person ‘deserves’ a billion dollars. There’s no mathematical way to ‘earn’ that without exploitation.
@@johnmckenzie6661 I vote in EVERY election including locally, I truly hope we can make lasting change to benefit the workers again. We need more unions and stricter labor laws. The working class who are actually generating the profit should be benefitting from that worm they do, not living paycheck to paycheck and being berated at work.
I always wanted to participate in extracurriculares but my parents couldn’t afford it. I wonder how many children had so much talent to nurture but just couldn’t afford to. It breaks my heart because when I was a child I totally didn’t understand the reasons why I couldn’t do it and now I know my parents did all they could for us to survive.
Too bad, education should always be "free".... I mean, the government should pay for the extracurricular activities when parents can't afford it. That's investing in the future of the nation why they won't see that =(
I was the fastest in my school. I was team captain of all my sports teams. I was spotted by the high school track coach in the fifth grade. I moved 14 times by the age of 18. I had so many absences junior year due to being homeless on and off, that for punishment, the school banned me from sports senior year. It was their policy that if a student missed too many days of school, they couldn’t do sports. I lost all scholarship opportunities and the school suffered as well since I was a key component to their victories. I was literally punished for my poverty. And I’ve never forgotten it.
I had so little growing up as well. Now with birth control, people are having fewer kids. Children are expensive and it's so cruel to kids when they didn't have the means for experiences when growing up. No camping, travel, sports, not even decent clothes. I had 1 ugly dress.
This is a major problem with society. The world is full of people who have had their potential diverted, unrecognized, unrewarded, or stifled. To me it's terrible that the world tells kids they can be anything they want to be, but votes not to give free lunches to orphanages or fund Head Start or spend so little on schools that teachers often dig into their own pockets to help students out.
I have always been a pretty curious kid. I was one of those kids that would tear things apart to find out how they work, and spend my recess in the library devouring science books like candy. The only problem was, I didn't have an outlet for all this. I accumulated all this knowhow and knowledge but didn't have the funds to apply them, no extra curriculars, no science projects at home. We were broke, spending what little we could save on fixing cars, houses (cause our landlords were dicks), and pretty much anything else that could go wrong. I grew frustrated, and I remember vividly one time that a friend of mine who was confined to a wheelchair was unable to reach something on a tall shelf. I went home that weekend and scribbled out a design for a robotic arm in my school book. I showed this to my parents, my teachers, pretty much anyone I could get my little hands on, but no-one had the extra money or time to help me make this happen. Now, don't get me wrong, that design had a LOT of flaws, I was 11 for crying out loud, but a family in a better financial situation could have likely indulged the curiosity and sense of selflessness that child harbored. Likely putting that kid on an early road to inventing things and helping people. How many other kids are just like that? How many inventors, scientist, musicians, actors, authors, doctors, and more are we as a society missing out on because those kids aren't given the resources to explore and learn and grow. I also happen to know that this is simply a matter of resources and not personal convictions because of a lucky break I experienced as a middle schooler and high schooler. I got into Magnet schools through the lottery program. My high school in particular had an Engineering magnet program. I had access to software, 3D printers, knowledgeable mentors, and backing resources that were never available to me before. I quickly became one of the best students in that program, satiating my curiosity with learning I was never able to have before. I had teachers who were capable AND WILLING to throw a little money at my crazy ideas. By the time I left high school, I had solid skills in CAD, CAM, 3D Printers, Adobe Software, Excel Spreadsheets advanced functionality, and thanks to one teacher in particular I graduated with a solid background in programming. I have since made good money working with small and mid-sized businesses on software meant to empower their business. I also work with people to help them make prototypes for new ideas they have, I have 3D printers in my own house, and a growing collection of tools for various processes. NONE of that would have been possible without the lucky break of a lottery pick and the resulting resources that were invested in me and my development. I KNOW there are kids out there that would be GREAT if we just invested in them, because I was one of those kids.
One thing to keep in mind is that rich people tend to mainly associate with other rich people because money can quickly become an uncomfortable, divisive issue between friends of different means. This is especially true, when financial hardships come up.
Especially rings true when people have to show off to others who can't afford the same crap.
Some rich people are more private and introverted when it comes to money and possessions, those are the type that are compatible with basically any economic class.
Absolutely. It makes them confront the fact that what they have is in the backs of others whose work propelled their family to wealth. I imagine they ignore it for the most part. Like seeing an unhoused person on the street; most people will avert their eyes and pretend they aren't there.
Man nobody does activities with friends that can’t afford it that’s not a rich vs poor thing
Something else that is critical to this conversation: dentistry. A HUGE barrier to financial progress and a potentially VERY expensive (relatively speaking) obstacle that is also virtually always shamed and blamed. Heck, just look at TH-cam presenters, anyone on TV, everyone in commercials...the norm of nearly perfect, straight gleaming white teeth has become an absolute prerequisite to participation and acceptance. And not having that look immediately shunts people into an inferior position, with all the consequences (financial, social, emotional, etc.) that result.
You make a really good point here that I haven't seen anyone else make.
I'd say the super straight, super white teeth is a US (and a bit Australian) thing.
I find them creepy, since natural healthy teeth are slightly yellowish?
But, all the other things, yes. E.g. my not well off bio father has missing teeth, his jaw went kind of crooked. My much better off bio mom got bone regeneration treatment and the best available dental implants, and so not only she has normal teeth function and no pain, but also looks younger on account of the maintained facial structure.
@@Olivia-W,
I honestly didn’t know it wasn’t a universal standard…thanks for the fyi.
It sounds like your bio mom got the best treatments available. Did she have to pay for it all? What did that cost, and what country is she in?
The reason I ask is because in the long term, it costs society far more not to provide dental treatment than it does to cover it.
I need about 12k of dental work.... AFTER insurance. And they're only covering about 2k of that.
And I'm not talking about braces and tooth whitening and veneers...I'm talking crowns so I can keep my teeth
@@thatonedog819 ,
For someone in the US earning the median wage, $12,000 is around three months pay. Absolutely obscene, and totally unrealistic for so many.
About two years ago, I went with my best friend to Mexico. He was tired of dealing with the whole dental insurance mess, so he had all of his teeth filed down and capped off with some kind of high-strength mineralized polymer We stayed one week and he was done, under anesthesia, in just two procedures. That was $70,000 worth of work for $20,000. Just over the border are literally hundreds of well-qualified dentists competing for dollars. Your $12k of work is like $3 - 5k tops. Inexpensive hotels, cheap, good food…the town is definitely a bit rustic, but the dentist offices are all new construction, equipment, and procedures. It’s one option for many in your situation, but there’s no question it should absolutely NOT be necessary for anyone to have to literally leave the country to get decent medical care. It’s absurd.
My aunt and uncle are millionaires. Their 18 year old son keeps getting DUIs (he's had several and even crashed into trees, thank god he hasn't crashed into humans yet, but I figure it's only a matter of time). He's never spent a single night in jail or faced any consequences whatsoever cause mommy keeps paying for an expensive criminal defense attorney instead of rehab.
Me taking a cold shower at my grandma's house in mexico with no water heater: poor.
Influencer taking a cold shower for the physiological benefits: glamorized
Exactly!
CEO: does intermittent fasting to help with concentration (and because it's trendy).
Me: does intermittent fasting because I need to ration my food at the end of the month before my disability cheque comes in, and I just emptied my bank account on enough cat food to tide the beastie over. Non-trendy hunger sucks.
There is a difference between poor and broke. Poor is a state of mind. Broke is just that you don't have money at the moment. I highly doubt your grandma is poor.
^^^^^ Why do people keep on saying these things? 🤦♀️
@@neuralmute Doesn't the food bank help? And food stamps?
@@jazztocountry1047 We don't do food stamps here in Canada, and the food banks are really overburdened right now with the pandemic. Not to mention that I have multiple life threatening food allergies, so it's always a toss up as to whether a food bank even has anything that I can eat safely. One of their top donations, peanut butter, is a fast, painful death in a jar for me. They say beggars can't be choosers, but when a single bite of the wrong thing can kill you, that stops working. This is where the intersection of chronic illness and poverty makes life particularly difficult. I'm poor because chronic illness makes regular work more or less impossible, and poverty is ensuring that my health remains unstable. It's the ultimate catch-22. I'm just overwhelmingly thankful for universal healthcare, because without it I, and half my family, would be dead, and the rest of my family would be in debt for at least the rest of their lives.
My activities as a child was with my grandma. I was dropped off with grandma and we would work her large garden. And when she died My activities was with my other grandma and that was a bunch of hard work. I learned how to can food, make soap, make fermented foods, do lawn work, how to bargain for stuff, how to kill a chicken for the table, cook, bake, and a bunch of stuff.
I wasn't related to either grandma's because my father's mother was dead and mom's mother lived so far away. But my parents wanted me to have something to do with someone who would care about me. To have that relationship with an older person.
My parents where poor and spending time with my grandmas didn't cost anything but me being willing to help them. I learned a lot and they loved me vary much.
That is the wealth that you'll keep forever! ^^
Out of university, I often got the unstated message: "If you cannot afford to take an unpaid internship, you probably really don't want the job enough." I worked at a nonprofit and the manager was generally shocked that I would leave when in order to deal with a revenue shortage, I was asked to return to volunteer status after having volunteered to initially be considered for the job.
I just want to have enough money so I can go to the grocery store and just put things in my basket and not have to add up the total as I go
+
wow, I never do that when grocery shopping with my boyfriend and didn't realize it's a privilege. I have to clarify, we are not very wealthy, and we spend a significant amount of income on groceries (25-30 percent) but we are lucky to have other privileges that means we are spending little money on other things so we can afford to spend this amount on food without stressing about it.
That recently just happened for me and it’s a game changer.
I feel like no matter how much money I make I will still never get to this point. I'm sure it's just a side effect of a lifetime on a budget, but beyond a certain price total it just feeeeeeels like too much food.
I add as I go, even of you do have an average salary, it is always sensible to live within your means, otherwise the lifestyle creep will catch up. I don't buy premium items because I wouldn't want to get too used to it and then end up hate the no name brand stuff which is cheaper. Don't want to get used to driving a much more expensive car either, frugal living is a good thing ☺️ I use scan and go whilst at grocery shop that adds all your groceries up as you go along, it's super helpful 😊
It's really interesting because I had a friend that grew up poor but came into a situation where she was earning approximately $30k a month for doing nothing. Her attitude towards people that made less than her grew nastier the longer she made this free money and built her wealth. She once complained to me about a private handyman that charged $20 an hour and how that was outrageous. I explained to her that $20 an hour is barely $40k a year for him and his family. She still thought it was too much. She also started accusing everyone that made less than her of wanting her money or wanting to use her for her wealth. We aren't friends anymore.
She sounds nasty and delusional. What did she do for $30 k a month.
I've had the opposite problem. Friends of mine who were more successful than I were resentful when I started catching up to them. They liked bein on top. I had one friend avoid me for years when I made a killing in a real estate deal even though she had a way better job than I had.
@@jennifermcgee8621 we'll call it an inheritance... It's weird how some people don't want their friends go be successful. I hope you've got better, more supportive friends now!
sounds like she was raised wrong lol. money and power corrupts, but if you were raised to be kind and generous and carefully stick to those values it doesnt matter how much money you or ur parents made.
I can guarantee you she isn't a minority. I don't know any minority getting that kind of money for doing nothing and yet these are the same people being labeled as "lazy".
@@realemaskye286 I actually disagree. Being too kind, generous, caring, or even paying attention too much can label one as being ‘lower class’. Poor people take care of each other. Rich people don’t give a shit, and think you are odd if you do. I was privileged enough to take a three week cruise vacation with private-jet-rich type people. I got ‘accused’ of being on staff because I was too universally friendly and helpful with people.
I grew up quite poor and now that I have children of my own, and am comfortably middle class, I have noticed how obsessed I am with offering my kids extra curricular activities when they get older.
I never got to play sports, go on camp, do paid weekend activities etc
Im also set on making sure they never go without outdoor play equipment like bikes, scooters etc because it was incredibly rare for me to get to play with things like that.
Yes I am doing this too for my kids. I did this for my nephew too. My mother told me I am buying the childhood I didn't get. Now she buys my kids the clothes she couldn't afford to dress me in. Poverty is intergenerational. I don't think paying for school band, sport classes etc is a bad way to spend money. I hope your children appreciate your efforts.
There was a brief period when I was younger that I hung out with some rich folks. They made fun of me for being paranoid because I didn't have the nonchalant attitude towards the law that they did.
I used to work for a VERY wealthy family. They had no concept of what an ordinary income was. Their prevailing attitude was: "Sometimes you just have to go down to the bank and take out the money." regarding something like a big car repair, medical bill, or other unplanned expense. It did not occur to them that the 5,000-10,000 or whatever was not in the bank. They had the same thing about college: "You seem to have a really good mind, invest your money in tuition at MIT or Stanford, you will do well."
Something else mentioned here that I wish came up more often- the concept of "self-made" has become distorted. I know a lot of people who brag that they are "self-made", but who actually went to the best schools with tuitions paid by their parents, while driving a car they got as a gift from their parents, and who did not have to work because they had a big allowance from their parents. Then after graduation they got recommendations for high level jobs from their parent's rich friends, or they got start up money from the parents or parents co-signed for everything in a new business. Sometimes they even got 2nd startups when the first business failed. Granted, the young people I am talking about did not just have millions handed to them, but with the advantages I have just listed, I do not buy that they are self-made.
True. True. True. I can't help but resent rich people because they're so disconnected from reality. They don't know what it's like to work for something and not have everything handled to them
Marie Antoinette Syndrome.
@@valerietaylor9615 Good name for it. Although Marie Antoinette probably never really said "Let them eat cake." when she was told the peasants had no bread, the principle applies.
Nobody is entirely self made. We each grew up with certain advantages and disadvantages. More than 2/3 of all millionaires are first generation, and most wealth (90%) is lost within 2 generations because it is incredibly hard to have multigenerational discipline to keep it.
There was this queen, when told „Mylady, the people have no bread“, she answered „So why don’t they eat cake?“ 😮
Even the difference between middle class and upper middle class gets uncomfortable now.
My friends keep planning international birthday trips with the whole “ omg why don’t you ever have time to go” thing.
Like wth, how am I supposed to go to Bali, Amersterdam, and Mexico while also making 50% less but paying similar living expenses. Can’t we just go to dinner for Bdays...geez.
They're frustrated with your poverty, yet don't want to insult you, so they talk about your excuse of "not having time" to go with them, rather than telling it to your face they know you don't have the money.
This brings back memories of high school with rich friends "lets do 30 dollar brunch, it's so worth it"when I got 20 dollars to feed myself for a week. Also, "its my birthday, lets fly to across the country to get our hair cut!"
just tell them u ain't got that kinda cash and to go ahead without you bc you can stay behind and party in the states with your friends that aren't in debt up to their eyeballs
Yup I agree. However, this might be a time to reassess who you’re friends with and your values and start hanging out who share those with you. When I was in that same boat, I had to stop hanging out with my friends who were more financially affluent than me until I got my finances together and got a higher paying job because going out with them as often as they liked to would put me in the poor house for sure. I’ve never even traveled throughout the US, let alone overseas because I could never afford it. Don’t allow them to make you feel bad because they have the privilege of traveling abroad when you’re unable to. Real friends will try to meet you half way and plan fun get togethers that everyone can afford to participate in and save those more extravagant trips for their friends who are in the same income bracket as them.
Jeez, that’s not just upper middle class. That’s straight up upper class. International birthday trips constantly are not the norm. Oof. Your friends are out of touch.
I never thought about the "class ceiling" It does make sense that upper or upper middle class folks feel like they have less to lose by demanding more compensation, expecting to be promoted, socializing with executives and wealthy clients. People like me really do have this "who am I to make a big deal - am I really worth it?" I am in banking and in previous gigs, so many of the executives went to the same prep schools and had finance degrees from the same colleges. They belonged to the same clubs and their kids grew up together. I felt there was no way to break in.
Right?
The attitude “what’s the worst that can happen? They say no?” Ignores that, for so many of the poor, the worst could be GETTING FIRED for “being difficult”.
@@phastinemoon Fired and blackballed, maybe.
Everyone wants to taste the new Baconator sandwich. No one wants to have to slaughter the pig. Even not having to kill what we eat, grow it etc. is a form of privilege most people will never have to give up nor think about.
@@phastinemoon Exactely!! Not having to worry about accidentally pissing of your manager and potentially ruining your career is such an underrated privilege.
Rich people NEVER understand what a big deal that is: they always think a quiet poor person is uninterested or lazy or extremely shy because any of those options is easier to proces than the idea that the person is scared.
I feel like that's one of the good traits of the rich, they don't let people walk all over them, and that's an important quality to have, like it or not. Not being a pushover is an underrated trait
Having a lawyer or solicitor in the family that you can go to whenever you get into legal trouble has to be a high privilege too. Having someone who will take care of the consequences of your mistakes means you can progress without all the obstacles that everyone else has to learn to deal with.
Even if you're not in trouble, but seek legal advice. How many people got scammed when buying property, got evicted unlawfully, or stripped of an inheritance (even if it's tiny). A poor person less likely involve themself in a legal battle because of its costs and stay or even become broke.
Good point. 😎👍
The rich people I know never seem to consider themselves rich because they always know so many people who are richer they are.
@@jazmine9570
I agree with everything except the urban comment.
Of course it is subjective. If you compare an unemployed German to a full-time worker in Bangladesh, you see _who_ is rich. But usually you compare yourself to the people in your country.
All Americans
Quite.
I've had a guy tell me "I make 350k/year and I'm barely making it!" Meantime I make NOWHERE close near that, and am making it. I budget hard loo
"[mistakes make us stronger] is only true for those who can afford to make them" - damn girl
The ultimate strategy is to cultivate good karma. Rich people, healthy people, good looking people are all a product of past life good karma. Start learning about karmic law.
@@JesusChrist5000 No. There is no evidence that karma is real, and while it feels good to believe in karma, so you can feel like good things happen to good people and bad things happen to bad people, and you don't have to worry about all the pain and suffering in the world because the universe will ensure justice in the end, but ultimately this belief is harmful. It results in people blaming themselves and others for problems beyond their control, and keeps people from making the world a better place because they're convinced everything is already inherently just.
@@PixieoftheWood You could not be more wrong. The problem with our society is that many people such as yourself believe that karma is not real . Or they believe "Jesus died for my sins" As a result, they have no moral compass. They believe they can perpetrate any evil against anyone or screw people over and nothing will come of it. As long as they are not caught or convicted in court, they think they have gotten away with the evil act. i have lived 51 years, and I have personally seen karma manifest in my own life and others. What comes around goes around despite what you believe to the contrary. And if you are a so called Christian, then keep in mind "God will not be mocked, what one sows, one will certainly reap" Galatians 6:7
@@JesusChrist5000
God isn't real. Karma isn't real. This failed biological experiment we call humanity is proof of that.
@@jeremypeterson705 On the contrary. "This failed biological experiment we call humanity" is proof that karma IS indeed real. "God will not be mocked. What one sows, one will certainly reap" - Galatians 6:7
I've been so low income that now that I finally have a full time minimum wage job I feel "rich". I can sill barely afford anything, but it's better than nothing at all.
I think a lot of middle to upper class people can suffer from living well above their means too. For instance my uncle earned over double my yearly salary (almost triple), but was always making claims that he didn't have enough money. It turned out a lot of things he took for granted and considered normal were things in his wealthier lifestyle that were huge expenses, stuff like owning an extremely high end sports car, constantly having to have the newest tech and having a phone contract that was about 3x what I pay for mine, going out a lot, constantly treating himself and his wife to consistent pamper days etc. When I discussed with him how I don't have/do any of those things, he couldn't understand how he could live without them and assumed everyone lived like he did.
Laws only exist for poor people if the penalty is just a fine.
TRUTH
There are some nations that fine, for example speeding, according to your salary. Wouldn’t that be great as a general rule?
well said...sad truth
@@Ordgrill I mean, if you're a rich football player, they should send a fine of a couple of million dollars, otherwise it wouldn't compare.
@@forisma Then, it's not accurately great as a general rule.
I've only got to point one, but I have some experience of this. My friend dated a wealthier person who thought nothing of parking in places they shouldn't. They didn't see it as getting a £60 fine. They saw it as a £60 parking space.
£65 is like £6.50 for them. Spare change in their pocket
This is why in some Scandinavian countries, they fine people based on their pay rather than flat fee, so a footballer would get charged a 50k speeding fine. If we have a progressive tax system I don't see why we can't apply this to fines
I live in a tiny seaside town (UK) that's very popular with tourists. The streets are narrow and often pedestrianised so there's very little parking actually in the town which is a nightmare for residents at the best of times but impossible in Summer. There's so many people (in big expensive cars) that park all day in the 1 hour zones, residential permit zones and just on the double yellows blocking the way because they don't care about the parking fine. It's ridiculous. Sometimes you see them stay there all weekend with 10 tickets stacked up!
@@nenemaria-cornfieldsgarden why doesn’t your town build a parking garage with all the money you make with Parking fines?
Driving in the bus lane in London used to be a £80 fine, once a day. Rich people go "cool it only costs £80 to have your own special lane!"
The extracurricular activities part is so spot on. I've had to work multiple part time jobs to make ends meet while in school, while I saw my classmates get top awards because they had the time and energy to devote all their time to their studies. It's really unfair.
Me too.
No mention of leveraging 'credit'. That's a huge one; being able to pay off things over time, keeping the bulk of your money working for you.
But seriously, the first point of rich people skirting the law cause they can, truly undermines our society as a whole. We can’t act like law is truly the great equalizer if the punishment for the same crime slaps one person’s wrist and breaks the other’s back
Last Wednesday: case in point
At the highest level.
Very well put 🖤
that last sentence!! You hit the nail on the head 👏👏
Anyone who thinks U.S. laws are applied equally to all is willfully blind and/or ignorant.
The great equalizer has a much grimmer name! lol
The most significant change I’ve noticed since earning a good bit more than I did previously is the way stress kind of evaporated. I still like to plan and manage my budget but being able to cover all bills, pay down debt and also save = a massive mental weight off my shoulders. I honestly can’t imagine what it would have been like to go through life like this 🤯
Yeah, I used to think I was so bad at managing my money. But then I realized I was just too poor to really afford all the normal stuff I needed to live my life.
@@sleepyheadsarah yuuuuuup 😆
Yeah, going from living off about $1000/month in college (I did benefit from middle class privilege in a lot of ways, like getting healthcare off my parents' insurance, as well as more institutional benefits like going to a high school where it was presumed most students would go to college and thus was geared towards college prep, my parents could not afford to provide any significant financial support) to making over 40k a year now, I can afford to just buy groceries without doing math on what I can afford, and I no longer have to worry about having the entirety of my savings wiped out every few months when my car needs a repair (also helps on that that I was able to afford to get a nicer car that doesn't break down every six months). Of course, there's a difference between student-poor and actually-poor, but making well over twice as much money makes my life a lot easier and less stressful.
OMG this. I've literally only just hit this in like the last 6 months, and I'm still grappling with it because the concept is so foreign.
@@afreaknamedallie1707 beware the lifestyle creep!! 👀😬
My parents were middle class and while they couldn't teach us about starting and owning a business, money management, investing, high income job hunting, etc they did send us to private/boarding schools and had us in extra curricular activities. Chelsea is right in the fact that education and extra curricular activities do help one navigate life better and gives them access to greater opportunities regardless of income.
While I went to school with middle upper class and upper class kids, we barely interacted like that but it gave me a glimpse into their lives.
While these experiences weren't made available to everybody, I appreciate my parents a whole lot more and what they did for us because it helped me in more ways than one.
The unawareness is what kills me, and the unwillingness to recognize that they’re wealthy instead of just “comfortable” in an attempt to stay humble or whatever. I feel like i think about my privilege all the time and maybe that’s a “woke young person” thing, but it makes me much more aware. For example i only have one semester’s worth of student loans because my bio father died suddenly when i was a toddler, and the money i got from that was required by law to be kept inaccessible in an account until i turned 18, so when it was released to me i immediately used it to pay for most of college. Even though i still have a loan it is so much less than most people in my family’s income bracket and the way i handle my finances is very different just because of this one lump sum that allowed me to avoid extra debt. I think about this all the time and i hope to use that small leg up to actually do some kind of good for others and the planet when i’m able to do so.
Your papa would be very proud. Well done!
I eventually discovered that nearly all of my friends (early 30s) who own a home had their parents pay at least a down-payment. And those parents also paid for their college. So they will not be forever slaughtered by debt like the rest of us
Tbh, that is what happened with my ex too. Parents fully funded a private university study, then did a downpayment when he got a job and wanted a house. Meanwhile I was building debt in med school.
Back when I went to college it cost me 40K. I had it paid for before I graduated because I hate being in debt. I ate MAC and Cheese. I ate ramen noodles and other painfully cheap unhealthy foods so I'd have money to pour into knocking down my debts. I had a 4.0 GPA in computer science so scholarships were plentiful. I found tons of paid internships in college so that was money I used to pay down college debt. I have no problem putting off gratification until I have earned much more money.
@@AUTISTICLYCAN Yeah... most people need to do more then "putting off gratification" for that. CS is already probably the best major for high-paid internships, and actually getting those internships and scholarships is nontrivial for a lot of people.
@@AUTISTICLYCAN That's pretty wildly unhelpful. College is more than a bit more expensive than that these days (I think my state uni's up to 10k/semester, not counting books, lab fees, and of course food/rent. Scholarships often don't pay fees which can be the biggest portion of a semester's price (allows them to advertise low tuition), and let's not get started on how incredibly expensive living on ramen and kraft dinner is in the long run once the doctors' bills start showing up. Also, a house isn't gratification, it's escape. Renting is poison, no equity. Biggest way to build any wealth whatsoever is to own and build equity in a property. I _really_ wouldn't call one of the few ways out of the hole "gratification".
@@Archgeek0 Last time I checked the best \ fastest way out of poverty was living well within your means then investing the proceeds in stocks. Best way to escape poverty is automatically shift money from your paycheck to your 401K before you can spend it on unneeded junk. Houses are shelter NOT investment vehicles and only poor people think otherwise. The average appreciation on houses don't come close to appreciation of even a safe blue chip stock over time. My house appreciated maybe 30% to 35% in the past 20 years. My investments have appreciated over 100% in the past 21 years. I made 129K a year before retirement. I fully funded my 401K first before blowing money on dinning out and buying junk. Now in retirement I am not RICH but neither am I suffering, pinching pennies or starving. Oh despite my garbage college diet I can afford medical bills as I can afford eating healthy NOW!
2:41 Life altering mistakes aren't a big deal
5:12 Expecting an inheritance
6:53 Having a deus-ex-machina relative
9:44 Having a suspect wellness routine
11:51 Buying items without looking at the price tag
14:05 Growing up with helicopter parents
16:44 Getting more stuff for free
19:08 Getting good job opportunities regardless of competence
Thank you!
I remember when I was younger I wanted to be involved in extracurricular activities such as being in gymnastics or orchestra but we weren’t able to afford it. I feel like it really affects you later on in life because you don’t have a tight knit group of people with the same interests. I also get sad thinking about how I could’ve grown up in a healthy environment with good grades if I had been doing those activities and maybe even gotten into a good university. It makes me sad to think about sometimes.
I taught low-income high school students for years in North Las Vegas. They often had to work 1 or even 2 full time jobs on top of school and also cared for their younger siblings while parents, too, worked multiple full-time jobs to make ends meet. These were largely the oft-derided undocumented workers whom high-income conservatives complain about "not paying taxes." Yet they not only could never attend college, or only a precious few, due to having no legal tax status; they also were in schools were a high school diploma was more equivalent to an eighth-grade education where I grew up.
The system was so stacked against them that even those who got to college often dropped out due to lack of study skills, poor preparation from their subpar high school, and family pressures to contribute in an immediate financial way. The military is often the only way out of poverty for them, but many had children of their own to support due to religious beliefs about contraception, as well as lack of access to quality healthcare. Not to mention the high rates of obesity due to living in food deserts or places where one apple and tomato at the local supermarket cost as much as 30 chicken nuggets from the McDonald's in the parking lot. Yet I've heard many claim that they're "living on the government dollar" when they don't even have a legal way to qualify for welfare services!
It's so messed up, and that was in a city with a lot of work available to unskilled workers and a relatively low cost of living. I myself struggled intensely when trying to live in Duval County in Jacksonville, Florida, where teachers earned far less than in Las Vegas. My own sister admitted that without her then-boyfriend, now-husband, supporting her when she moved there to teach and be closer to him, she wouldn't have survived as a public school teacher. Like, what?!
Unrelated to this video, but I accidentally missed a credit card payment and did exactly what you suggest to contact them, explain the situation, and BE NICE. They cancelled the late fee! And my credit report is fine!!!!! Thank you so much! I used to always think it was a lost cause if late fees happened! Thank you for the great advice!!!
Typically if you pay the payment before the 30 day mark, it won't affect your credit.
I did the same thing on an overdraft charge. I got the advice from a middle aged white woman who basically was like, “Ask for it back” without hesitation or pause. The advice was reenforced by this channel and I got the charge reversed 🙃
Me too. And notice how us normal folks have been taught that if we make a mistake it's our fault and we deserve what we get. Rich people see everything as a challenge, a negotiation, an inconvenience.
If you have a longstanding history of paying on time, companies usually see the glitch and forgive the penalty.
I also worked for a creidt agency, and have many lines of credit myself. I've paid late a few times before by a day or two. Only ever had to deal with a late fee, but never did anything happen to my credit bc credit companies can only get you when you are 30 days past due or further. The penatly for paying a day late or so is usually a just a monetary penalty and not credit penalty.
It blows my mind when rich people think being poor is child neglect, and want to blame parents or think somebody should take their kids away. Or when they think having bad credit means you are immoral or irresponsible. Sometimes people are poor or have bad credit because things were going well-comfortably- and then they weren’t.
I have bad credit because fuck the system. 🤷♂️
It used to be in the UK (not anymore) that your credit score was attached to your spouse. So you could be doing well, but your spouse could be drinking it all away down in the pub. Even fi you had separate accounts and you paid all the bills and you were doing ok yourself, if your partner took out a bunch of debt in their name then you would BOTH get a bad credit score. I have known a few (now divorced) couples who were put in this situation. Nowadays in the UK your credit score is not attached to your spouses, which is a fairer system I think because then a bad partner can't trash your financial future in quite the same way.
I have to say...I really appreciate you opening my eyes to my upbringing. I hadn't thought until watching this video that my "millennial" shuffling from activity to activity as a kid w/my mandatory-in-this-household participation in a team sport, an individual sport, an instrument, and an academic club might have been anything other than totally normal. I didn't grow up in a mansion or in a particularly wealthy neighborhood. We never ate out. We didn't have fancy furniture. I didn't know we were rich. I didn't know how expensive my individual activities were (figure skating, piano and voice lessons, and volleyball). Or my sister's, which were horseback riding, soccer, and violin (even MORE expensive). I had no idea that wasn't normal. I wish my family had talked to me about the different forms that wealth can manifest in. Glad to have my eyes open to it now.
As someone with ADHD who's never been able to focus, how do you even have the energy for all of that + school? I'm so jealous of people like you.
Agreed. I grew up fairly well off, but remember also feeling independent bc I had a job 2 days a week and would rude my bike to football practice.
I had no idea, ever, about the difficulty of choosing groceries to get thru a period, and I TOTALLY felt like I earned everything I had.
in school, i really hated it when teachers praised a student for being well traveled since their parents were diplomats. she was saying how well traveled students are well rounded etc, knew more languages, etc. i hated it because they praised their economic opportunity and ignored students with no opportunity and have to rise from the ground up and pave their own way since they dont have parent with the ability. just grieving here but there was a student with 2 doctors for parents and they bribed every teacher at pre med school to pay extra attention on their child.
Sometimes I have to explain to my fiance why ordering 3 items of food when someone else is footing the bill isn't acceptable. An appetizer, full-size salad, and a burger with fries? Babe, if you're going to order 30 bucks worth of grub, don't ask my parents to pay for it lol. It's just little things that people who've never had to pay for items don't really think about.
Putting someone in the situation of having to scale back their order because someone else is paying for it is also wrong. If I want and had my heart set on a $40 porterhouse steak with all the trimmings it's wrong for me to be forced to buy the fish special and tatter tots because someone chose to "pay" for the meal. That's why I ALWAYS politely insist on paying for my own meals. That way I can buy whatever I damn well please without risking hurting someone else's bank balance. I can afford the $80 generous tip included check for whatever food I want. People who say they want to pay for everyone's meals but then hope everyone buys a meal of cheap snickerdoodles and spit to save their budgets are grand standers and fakes. If you can't honestly afford to buy dinner for everyone shut up, sit down and buy only buy what you want.
@John Grigg I'd never give my debit card to any woman or man to go get anything. Even if that person had a booty like POW, POW, POW! He or she is NOT getting my debit card. That was all your fault my dude. You opened yourself up to her abuse.
@@AUTISTICLYCAN Yup, he was thinking with the wrong head!
@@AUTISTICLYCAN I agree but also disagree agree with you. I guess it's ok if you insist on buying your food, but if someone is paying, be considerate. It's not your last meal on earth.
One thing I dislike is sharing the bill equally, I will pay for what I ordered.
That's why I'm so glad that I met someone who grew up not too differently to me when it comes to these things. I honestly don't know how I would live with someone who grew up richer and less money conscious.
People flipped out about bail reform when the whole point was that given two people committing the same crime, the poor one sits in jail, the rich person swipes their card and goes home. It's hard to get people invested in this because they think the rich are better people.
Well smartenough to be rich and get away with crime
@@alexcoop522 Both the rich and poor get caught and charged with the crime in the example. Being rich enough to Buy a smart lawyer and post bail does not mean the rich person is smarter.
You trust politicians too much. Every time they write a bill, it's to pass something that has nothing to do with said bill. When they DON'T write a bill, it's because someone paid them not to. #ShouldaVotedForTrump
@@donb8088 bull
@@alexcoop522 Care to elaborate or are you just going to say, "bull?"
I love when she said those of us who come in contact with rich people (because we work for them) need to pretend we're all on a level playing field. Has been my work life for 30 years--HATE IT. PREACH
In the 2000s, I used to come across articles how a family of 4 paid off all of their debt on 40K a year. They often left off the fact of inheritance they have received. I used to get so frustrated especially since I made a little above 40K a year and just could pay my bills and save a little.
I had this friend in graduate school who reminds me of the "deus ex machina" relative point. She had the same job as me (making a pittance of a thousand dollars a month stipend as a teaching assistant), no second job, but lived in this gorgeous apartment in this nice apartment complex. She liked to go out to eat, had a nice car, and had a little dog she entered in competitions. Meanwhile, I lived in a basement apartment with a freestanding stove, microwave, and mini-fridge I considered a "kitchen" where I paid 285 dollars to live in a little room and wash my dishes in the shallow bathroom sink (but that was what I could afford - and thank God for that basement honestly!) My big splurge every week was buying one $5 Little Caesar's pizza and a single can of diet coke from the gas station. My friend was always a really nice, generous person, but I was genuinely perplexed by how she could afford all this. I knew it couldn't possibly be with the money we made at our job, and then one day she told me that she had in the recent past inherited a large sum of money from her grandmother which essentially funded her living expenses (seemingly in perpetuity). It really taught me not to compare myself to other people's lives because you never have any idea how someone is funding their lifestyle, and often it's not because they "pulled themselves up by their bootstraps."
I live in Olympia, WA, an area kind of known for having rich and poor people living fairly close together. I've known a lot of rich people in my time, despite being poor, and I've never met a single one who didn't have rich family. I have litterally, never once in my life, even met a person who "pulled themselves up by their bootstraps", as the idiom suggests, this is fruitless and meaningless exercise. If you tug on your boot straps, you will not magically float into the air. No, you will stay exactly where you are, looking like a fool. Someone from above has to pull you up.
I feel like this is mostly an opinion but I am going to comment anyways. I am an assistant, I go to peoples homes and work for them, I make minimum wage. Many of these people are poor, and many of these people are well off and many of these people are in between. All of the people who I would consider well off were welcoming and humble and tell me about their lives and the hard work they put into their lively hood over the course of 50, 60 and 70 years. It has always been very motivating as someone who would like to be a NNP, but I suppose that depends on your own bias and how you handle situations.
wait...i thought everyone had freestanding fridges, microwaves and ovens 💀 are they meant to be built in or something?!
Maybe you be that Grandma, one day.✌🤔
@@ThrottleKitty precisely! The pull up by your bootstraps was originally used to prove that mindset wrong because it’s physically impossible to do!
Finland has fines that are proportional to your income, we should learn from them
Oh thats smart.
Switzerland too, I think
Torilla tavataan!
Y e s !
While the “crime” is the same, what matters to actually deter the behavior from being repeated is the *consequences*
A $500 fine for me is a HUGE consequence and the same fine for Kylie Jenner is not evennn a slap on the hand
Guess who learned the lesson and is less likely to do it again?
yeah, I live in Finland and I can confirm it. It does make sense to do it this way
My most striking example of rich people playing by different rules is when this one rich girl I knew had an even richer friend that constantly got speeding tickets in his parents' Audi. They had a lawyer fight every single ticket and instead of suspending his licence he just had to take an online course about driving after every few tickets. The worst part was that he was too privileged to even do the course, he had the rich girl do it for him. Then he'd constantly bring her on trips and vacations bc his parents funded his entire lifestyle as a 20 something year old adult.
My biggest takeaway from meeting her is that they have basically zero real stress in their life and have massive expectations for quality of life. Breaking the law has no consequence to them, and they actively subvert any consequence that was incurred. They are much more likely to take financial risks bc they have a massive safety net and no concept of poverty or failure that could change their lifestyle. The girl I met never saved money, she bought a new jeep as a college student and was constantly booking trips. She was always quick to say she paid her own rent but she literally just begged her parents for money whenever she needed it to pay for anything else.
It's hard not to resent someone that lives so detached from problems that the vast majority of people face, especially when every opportunity they have was given to them or they were guided to it.
Europe is ahead here. With subsidised schooling at least everyone can go and most activities are also covered. So people start off on a more equal footing. I went to engineering uni and it cost €500 per annum (that’s about $580 and lower income students had to pay even less). Also, flaunting wealth is seen as crass and is discouraged. That also allows everyone to feel more equal even if there are disparities in income. I am always shocked by how normalised flaunting wealth is in US and even in UK now
A wealthy friend asking me and my friends why we were leaving the party so early...it was 1am, and when we said we needed to get back to the kids and let their babysitters go, asked why we hadn't just left them with their nannys....???? She had no less than 2 full-time nannies, though of course she didn't work outside the home.
Talk about clueless
Wow I forgot how different parenthood is with affluence
So out of touch too the real world. Wow
I legit forgot Nannie’s were a thing. I left them in the realm of 150+ years ago in my head.
@@eothamec2427 Exactly.
2:38 Life-altering mistakes aren't a big deal
5:13 Expecting an inheritance
6:54 Having a Deus Ex Machina relative
7:49 Dog
9:45 Having a suspect "wellness" routine
11:51 Buying items without looking at the price tag
14:05 Growing up with "helicopter parents"
16:44 Getting more things for free
19:08 Getting good job opportunities regardless of competence
❤️ MVP ❤️
THANK YOU 😘
thank you for dog
Hahaha I LOVE that you pointed out dog
Yes, I went straight to 7:49! Thank you!
Dog is the one that's important
Im glad you could say it! I made the same argument, backed up with Stats and quantitative studies. I got told, "Stop being a victim" or, "you (people) are always complaining "
Lowkey Nr. 1 of how to hold back and ignore middle and lower class people.
Geez, ppl can be terrible
I was telling my partner last night how between 2000 and about 2008 I never looked at the price of petrol when filling up. I just filled the car and paid. She said this was proof of having more money than I needed, which is true.
I worked at a popular children's furniture/accessory store and I met a lot of confounded wealthy people. A customer was looking at a cute radio and I was explaining that it was battery operated, so she would need to buy batteries. Not lying here: she looked at me and said "oh, where would I get those?". I did make sure we were talking about the batteries. So she had never bought batteries in her life? Never had a Walkman in the 80's? Boom box? I really felt embarrased to be telling another adult that batteries were sold in pharmacies, corner stores, hardware stores, etc. There is a disconnect, for sure!
Like when George Bush went into a supermarket and was amazed they had bar codes on products. By that time, bar codes had been around for decades.
Maybe she was asking where they were/if they were sold in the store? I dunno that’s crazy if she had no clue where to get batteries
Shii batteries now a days come with electronics
I would not be able to resist quoting the IT Crowd and risk getting fired
“I’m sorry...Are you from the past!??”
@@Tejmurthy445 I’m assuming she had staff run all of the errands for her, so she never had to keep track of restocking items in her home(s).
Inheriting a fortune and then scaling that fortune is MUCH easier than starting from scratch 🤣
true
It the difference between microwaving chicken nuggets and starting with the chicken 🐓
Self promoting go away
Louder for the people on the presidency
A lot of people have no clue what to do with their inheritance... Eg they don't know how to invest and create passive income. And a lot of the time this inheritance is charged with emotions. Yes, my OH has received inheritance BUT he had lost his father last year. Believe me, we would prefer for my father in law to be alive...
My friend’s dad would match any money she saved at the end of the year. By the time she got her license she had enough to pay cash for a relatively new car. She got jobs bc she knew the owners and couldn’t understand why I didn’t have three jobs like her. The idea that she was rich never occurred to her. The idea that I was poor never occurred to her. Then I had a lot of health problems while she joined the swim team and became a gym teacher. The idea that I didn’t choose this lifestyle never got through to her. She’s the sweetest person too so it’s bizarre that she has no idea how privileged she is.
Another major benefit they have is not being fearful of loosing the job. They can confront bosses and ask for raises more often! I grew a lot in my job after my emergency fund was complete because I no longer fear loosing it. Weird right?
The "buying items without looking at the price tag" reminded me of one of my favorite "games": when I see something I think I want, I first evaluate what it's worth to me. $10? $20? $100? Only after I've got a solid number in my head do I look at the price. If it's less than my value, I can buy the thing if I want to (and feel like I'm getting a deal). If it's more, sorry, it's just not worth that much to me. So often value is driven by what other people think a thing is worth. This has been a good way for me to tap into what *I* think a thing is worth. It's a lot harder to do with online shopping though :P
That's a neat idea! I've pretty much cut out online shopping unless it is for a very specific item that I cannot make myself or source from a local brick and mortar. Mindless browsing was way too easy, and "only $10" a couple times a week really added up quick. I think I'll add your trick to my repertoire when physically shopping for clothes or home decor items, tho. That'll probably help even more to pull back any excess spending habits!
That is such a good idea! I’m going to do this now too. Thank you. 💗💗💗
I also have a rule of if I'm still thinking about it for a few days then I'll buy it.
excellent idea
I think there can be an issue with this way of looking at things, though, as it can devalue the work of others if you're not careful. For instance say you want a jacket, you might say "it's only worth $20 to me", you then see a jacket that's $15 but is made by exploited workers, is fast fashion, and likely won't last you a year. You see a jacket for $50 but it's handmade by someone localised by good quality fabric and would potentially last you a decade or more. By saying it's only worth $20 to you feels a little like devaluing the work of that individual. Granted, if $20 is all you can afford, there's no judgement there, but the rise of sweat shops and fast fashion has definitely changed peoples expectations of what something is 'worth'.
My personal approach is to find better quality items and save up and purchase one good thing. Aka I'd rather have one of that long lasting handmade jacket, than 3 of the fast fashion mass produced one. I think it's better to only shop when you *need* a specific item, aka a new jacket, and then spend several days hunting for a good maker of that garment, while also giving yourself plenty of time to think about it.
I vividly remember not being able to go on a "history" tour of france, italy and greece in school due to the cost. I went to a public school that was in a good zone, and was old, so had a lot of the prestige of a private school even though it wasn't. I was constantly being sent home with slips asking my parents for money, from expensive uniforms to biology camps to musical instruments. I was incredibly lucky to do things like fencing through school, so paid a nominal $5 each term (or similar), but I remember being one of the only ones with the borrowed gear. I played orchestral trombone to a national high school level but, because I got the free lessons thru school and borrowed my instrument, I couldn't get to the skill level and continue on into the national youth/university level. I had amazing opportunities, but I was reminded at every turn that I was being given it through my luck of getting in on the ballot to this school, and how much of an outsider I was because I wasn't an Old Girl, part of the rowing club, and didn't have the money to buy private singing lessons and a $5,000 trombone.
Girl, your privileged 🙄 just not as privileged as those people at the school.. but the fact that your family could afford to even let you go to such a school.. is privilege
(my town doesn't have fencing or row boat teams.. were lucky to have a few new books in the library and a handful of apple computers in the tech lab.)
Though I've Been to schools with only one lunch line and food fit for prisoners. Broken floor tiles held by duck tape and these were public schools..
@@Yukosan13 Okay, and some people eat literal tree barks to survive. Guess you're privileged compared to them. I'm sorry your school was poor, but what even is the point of your comment
I took lute lessions in college. (I'm a history nerd) I stopped when the instructor stopped letting me use the school's lute and told me a "starter" lute "only" cost $10k. 🤔 Dude, I'm here on grants/scholarships, where do you think I can get that kind of money?
@@Yukosan13 It sounds like a charter school, which is free. Poor students get in through lotteries. Their parents likely didn't have to "afford" anything
The amount of times I've been told "you're boring" by classmates because I have to work is ridiculous, but so many scholarships that would enable me to work less in school go to people who are "socially minded" so even though I've done tons of nonprofit work, because mine is done on a budget and for people who actually need the help(let's face it, a lot of nonprofit work doesn't actually help poor people or other social justice issues), it's not recognized for the purposes of reducing my educational expenses. And that's not even getting into the fact that I can't afford to take an unpaid internship. So while my richer classmates are calling me boring for doing what I can to survive, they're also paying off their student debt within a year or two of graduation because either their families, or the job market access I'll likely have to wait a decade to have access to.
@Mostakim Kabir not to mention the Deans List grants that also went more to students who had the time to spend more time studying and schmoozing with professors because they didn't have to work. It's very hard to keep a fantastic GPA when working 30h/wk minimum to stay housed, especially when you have a chronic condition like I do.
I posted this a year ago. Graduated straight into having to couch surf. It's worse than I thought, and I was pretty pessimistic about it.
I'm thankful for the roof over my head, food in the refrigerator, a warm bed and medical insurance. A wonderful wife to share with whom to share it with, and some friends who come over sometimes.
I'm *far* from rich, but I do have an emergency fund; rather distant family recently asked for a lot of $$$$ without so much as a "how've you been these last few months?" I'm not saying it's ok for rich people to cut off ties with those less fortunate, but it is ok to distance oneself from people who think you're just a bank account.
This. We recently started making great salaries, but we have student loans to match. My parents immediately started asking if we'd buy their sinking house so they could build a new one. Relatives wanted me to "fly out for the weekend" to birthday parties. I can't afford any of that! Not once do those same people say "hey, how are you doing?".
I took as more rich people just didn’t want to make concessions in order to hang out with people who don’t have as much money. But obviously what you’re talking about is not okay. My brother graduated a year ago and is an electrical engineer. He’s four years younger and now makes double my salary, but I don’t use him for his money. I used to pick up the cost of hanging out when he was in college whereas now I know he can afford it, but aside from that, I don’t treat him differently.
I felt this
@@casondrastinson8525 that you fly them out or that you fly to them?
Yeah, same. I'm also far from rich, but I've definitely increased my income over the years. The #1 reason why I've left friends behind is because they were unhappy with their own progress in life, and their behavior towards me turned nasty as a result. (And their lack of progress was due to poor career decisions and/or being really irresponsible with money.) I guess it's a lot easier to lash out at friends than it is to introspect.
I remember I knew a guy who was a manager and lived in a three building mansion he decorated with marble furniture and 5ft paintings of him and his partner, and he described himself as “working class” the rich have no idea how rich they are
It is a problem in the 1% community, where old money fights new money, and old money always wins in the long-term. I’ve seen multi-millionaires call themselves “working-class” and “middle class” and in reality they’re not in the club, but they’re still upper class.
@@sunshineimperials1600 How much money is rich? Is rich when you make over 100k a year?
@@worldsofwood8809 I think that if you have a net-worth of over $2 million, then you’re rich.
They do know how rich and priveledged they are. They just don't want to admit it... The burden is too heavy and an inconvenience.
@@sunshineimperials1600 i think if your household income is over 60k then you're rich
It blows my mind, how some of the items on this list are so normalized; like being in lots of extra curricular activities to improve your odds of getting into a good university. I always wondered how certain "well off" people seem to know each other from a very early start and it make sense that they probably were in a lot of the same extra curricular activities growing up or at the very least have that same shared experience. I grew up in a working class family and when I was deciding on what university to attend, it was advised that I bulk-up on my extra curricular activities. My advisor recommended this like it was standard operating procedure, so my junior and senior years were filled with gymnastics, track, student government and academic decathlon. Talk about exhausted!
Best way to define your wealth is what is the most expensive thing you buy without giving too much thought to the cost.
My 21 year old student loan is gone. I'm broke now, but it is finally out of my hair, skin, nails, clothing, kitchen, life....
It's a good feeling to be rid of it! I got rid of mine as well..after it had been defaulted, etc. The student loans that I had through the government wanted $500 a month payment. Right out of college that was not something that I could afford.
Congrats!
"the quiet struggle of people who are used to going without" is also my quiet superpower. i know i can deal with problems, because i have to. and while it's not necessarily generous or healthy, sometimes it's also my consolation.
I feel like I’m finally listening to someone who “gets it.” I am shocked by things I’ve heard from the obliviously privileged people throughout my life. Thank you for this video.
I am very middle class. I paid my way through college caddying at an exclusive golf club. No scholarships or parental help. I have never been concerned about well to do people. I always considered myself fortunate not to be poor. I sometimes feel guilty for not being poor. Does that make sense to anyone?
The amount of "not all rich people" in these comments is kinda ridiculous. Y'all are totally missing the point. Nowhere in the video does she say "all rich people are like this"--these are trends, backed up by empirical data, which she provides. For the most part, individual rich people aren't ruining other people's lives (with some exceptions, e.g. Bezos), but structural and cultural trends that favor rich people at the expense of poor people absolutely DO. Asking rich people to be accountable about their behavior is not a personal attack, and if you see it as such, maybe think about why that is the case. And if you're angry at people who are saying "eat the rich" in the comments, think about how exhausting it might be to carry the burden of generations of financial struggle and continuously ask for change... and see things just get worse. It's an exaggeration that comes from a place intergenerational trauma and struggle. It's not a personal attack against you. So, please, have some empathy and consider serious self-reflection.
++
"Not all men"
@@shanemorris3554 Yeah, exactly what I was thinking of. It's the same deliberately-missing-the-point response that comes up with every social justice issue
@@chartreuseninja not all white people, not all gays, etc. Yeah we know it's not all of them, it's called a generalisation and there's enough of a problem in that community or demographic that it needs to be addressed.
Very well written! 🙏
Having gone from being homeless to owning a house and being comfortably off, I can confirm that everything Chelsea says here is true.
I’m incredibly happy for you. I don’t live on my own yet, but I’m terrified of being able on my own. I’m hoping that I can make all of my monthly groceries including non food items not exceed $325 a month
Congrats 👌🏼
@@witchypoo7353 Thank you! You’ll do it.
@@cindy846 Thank you!
@@JehanineMelmoth thank you so much💕
Fortunately my mother taught me the priorities that a household needs to stay afloat. First pay the rent or mortgage, next pay the utilities, after that, buy food, if there is any money left over, then give to the church, and get new clothes or shoes. It worked. We didn't starve or have money problems. When she was single mother used credit very sparingly: a "chargaplate'. This was a small metal plate issued by a department store in the 1940s and 1950s. That was all. Credit is a dangerous tool and should be used very carefully.
Food comes first WTF
The idea is that rent CANNOT be changed in price. If you don't meet rent, you're on the streets. If you meet rent, and only have a little bit of cash left over, oh well. rice and beans this month.
If you can pay rent comfortably then it's veggies and ground beef and noodles this month. Rent is first.
Thank you for including the statistic at 6:31 that only 20% of households receive inheritances. The financial advisory industry has been hyping the trillions of dollars that will be inherited when the current generation of seniors pass away without any data about what percentage of these seniors actually hold the bulk of those trillions and have family offices to manage that wealth already. It would be interesting to find out how much of the 20% who will receive an inheritance will receive more than a few thousand dollars, if even that much.
It's Boomers saying this bc they are next to die. They hate that they don't get the next round of inheritances (again) and want to blame Millennials for needing the money.
One of the big issues is the cultural transition between various income (low, middle, and high) income brackets - and the attitude towards wealth and how it occurs. In a low income bracket, "people are more important than money, because the money won't always be there." Thus, someone who is temporarily wealthy is expected to be generous to those who are less fortunate - on the assumption that when that person is poor (again), others around them will help them out.
In contrast, in a middle-class income, it's individual responsibility to maintain their own lifestyle through their jobs: ie buy their own house, never default on a debt, and get out of debt as quickly as possible. (Middle class economic culture has a strong aversion to debt - except for a mortgage, which is considered a necessary evil. One of the hallmarks of being a successfull middle-class person, for example, is to pay your house off - whereas someone from an upper-class background would potentially view that as an unleveraged asset.)
While in upper-class incomes, it's all about investing and making your money work for you. And through successful multigenerational wealthy families, it's all about NOT spending money - or specifically, spending money only on things that actually matter. High-income earners are also more comfortable living in debt, as they have the kind of debts that are things like "I mortgaged one of my cheatuxs in France to take advantage of that IPO I got a hot tip on from my friend at the Yacht Club - but I looked into it with my investment banker, and the underlying business model is rock-solid."
The point here being that each set of rules is there to keep people in those categories - when you transition between them, those around you will look at you unfavorably, as you're breaking cultural norms. It's not as much going from middle-class to upper-class, but there's a definite difference between "you earn money through your job" and "you earn money by managing your stock portfolio". (ie, the middle class can be prejudicial against the "idle rich").
I grew up in poverty and am now middle class with friends in the middle to upper class and this completely spot on.
Wow Kevin, you really explained it beautifully. Once you start moving up in different income levels there are certain practices done to keep that level and to continue moving up. My husband and I grew up lower income but due to our educational level and less of an income gap back in the 70's and 80's we both had many friends that were pretty wealthy. It took us quite a while to become property owners. My daughter though did inherit from grandma and went to college debt-free. She's now making the same salary after one year at her company that I was making after 30 years in the same field. Oh, I should mention that I'm a bi-racial woman and my daughter looks completely white. I didn't realize until recently how race played such a big part in our income levels.
@@krussell89 It must be nice to be blissfully unaware of and unaffected by racial issues that don't affect you and your daughter.
What a wonderful breakdown
It's not a "cultural shift." It's called class I interest. A house owner trying to sell a house makes less money by providing fair or affordable rent. It is literally against best their class Interest to provide affordable housing. That's why lower classes don't like them. Not because of some dumb "cultural" explanation.
There's also the risk that people with family wealth might be more willing to take because they either have access to a safety-net or just never felt insecure about money, so they aren't as risk-averse. Even if someone from a poor background attains a level of financial success, they probably lose out on opportunities to grow wealth by not investing as much or not moving to chase more lucrative opportunities, etc.
@soapfanaddict investing always has risks though. Until you can point me in the direction of an investment that keeps up with the inflation rate and is completely risk free (I don't mean high probability of success, I mean guarantee as in nothing short of society collapsing can make me lose money) then I'll save
@@petelee2477 You might look into mutual/index funds--as long as you're looking at it on a long time scale and not locking in losses by panicking and leaving the market, you actually are pretty much guaranteed to at least not lose money, short of societal collapse. Compared to losing money to inflation in a savings account, it's kind of the best option around. I think this channel might even have some info on that.
Meh, risk taking seems personality driven. I'm poor as shit and so are my friends and we will routinely risk everything on something that drives us.
Some personalities will risk everything for any reason, some people won't risk anything for any reason. I don't think financial status changes risk taking.
@@petelee2477 The more money you have, the less risk investments are.
Andrew Yang writes very well about this. And I agree with you; poor people cannot afford to gamble first because they can't afford to lose, but second because they have so little capital -- and opportunity -- to gamble with in the first place. You can be much more daring when you have a secure life than when you're always at the edge of a fall from which you will not be rescued.
"There are no second acts in American lives." -- Arthur Miller
Excellent points about character and resume inflation. A kid who has to have an after-school minimum wage job looks much less impressive on paper than one who had had the opportunity to embrace athletics, charity, etc., because he had nothing holding him back from doing so. And the same goes for schoolwork; the student who has to work 20 hours a week or more to be able to pay his expenses competes against the student who doesn't have to work at all, and that is a tremendous disadvantage. The stress alone can be tremendous. But nobody wants to talk about that ... or at least so I thought ...
The mistake thing! My hubby used to sail boats with mega rich (he worked as crew and we were middle class). Those guys loved driving fast and fines were just considered a normal expense - like petrol. Also went to a club with those guys once, ordered a water and they brought me one for about $10! I didn’t drink much that night
W
I remember my aunt offered to “take” my daughters to ballet with her own daughter m, who was about the same age. I agreed. She clarified that of course I’d have to pay for it. I politely told her that it couldn’t possibly afford it (in fact, doing so would not only wipe out my emergency repairs, etc., budget, wouldn’t have money for food and household necessities). She accused me of being selfish.
That's crappy, insensitive, and presumptuous on her part. She has no idea about your finances and priorities. Sorry she was callous.
Too bad we can't choose our relatives!
What is shallow minded ass!
But why did you not then tell her your budget so she learned something?
@@tracik1277 do you really think a person who acts like that would be understanding about someone being poor? She would most likely call her lazy for being poor.
I've noticed another way travel is easier for wealthy people. They have friends who own homes all over the world who can help them with lodging. In addition to that, in my 20's I knew people who had lodging with people who at some point had been exchange students in their homes. When I was in high school I looked into my family hosting a student and realized there were 2 qualifications my family lacked. Air conditioning and a room solely for the exchange student. Paying for lodging while traveling is a huge expense.
As a former exchange student: a single room for the student mostly isn't a requirement. I shared my room. However, you still need an additional bed and pay for regular meals (not any extras or pocket money). So there is extra cost associated with hosting an exchange student.
Yep. Im one of a few middle class people in my friend groups (barely 20s age) and when one of my lower class friends moved to the UK for uni I went to visit them for their birthday week, bc I could afford the £600+ plane ticket, the £100 food budget (including takeaway + cake for the birthday) the £150 each train tickets to get us to London for the birthday shopping trip in Forbidden Planet and the £150 giftcard I gave them, and we agreed that I'd get to crash on their bedroom floor for the week in their student housing because I couldn't afford to pay all those expenses AND get a hotel as well (I ended up on the sofa, brought my own towels toiletries etc, did the dishes every night, and brought a tub of chocolates for the 4 other students in the house to apologize for intruding lol)
That was my biggest expense that year, more expensive than Xmas etc (and i have a BIG family) and I could only do it bc I was employed full time while they were working part time at uni + had loans. It was cheaper for me to go over there and spend my 1000+ for just the two of us them it was for them to come back home and spend just the 600 plan ticket, bc of our wealth disparity. I replenished my account within the next month (as I was living rent free at home at the time, bc my parents could afford to let me) while it would have taken them 3 months :/
Ok now THIS is bull shit. Nothing to do with the rich. I'm part of SOTC and a lot of us are poor. But we STILL provide our own with lodging. Even if it means giving up the living room, dining room, a kid's bedroom, whatever
Hello, a Ukrainian here😊 Sadly to say, I now have a chance to travel across Europe without worries about housing because I have refugee acquaintances in almost every country- Poland, Germany, Czech Republic, Austria, Switzerland... And finally, my cousine with her husband lives in New York
interestingly, my wife and i come from vastly different backgrounds, but good parenting for me and bad parenting for her actually more than levelled the playing field - i'm more confident, risk taking and have what seems like a more well rounded personality. i think my parents (specifically my dad) bio-hacked me into levelling up, by getting low cost solutions to problems that most rich families just throw money at. even more surprisingly, his description of my grandfather indiates that he did the same too! while Indian society and Indian problems are quite different from American ones, having moved to the UK and seeing how the average person makes quite poor (and occasionally self-damaging) choices, it seems some of the problems you described are almost universal even though they don't need to be.
The inheritance things was such a culture shock for me. My entire life I kinda assumed that the silver lining of loosing loved ones was that my family would get some money out of it. Well I’ve lost 4 grandparents and a father and we’ll all 5 of these losses costed me and my family more money then we got in “inheritances”
I’m a huge fan of Dave Ramsey but it bothers me when he brags about being a full time college student and had a full time job. He leaves out of the equation the lake house that was available to him. When I went to college, room and board were a huge financial burden plus my parents were so poor that I would work to help them, too.
Dave Ramsey has some good pieces of advice (and some bad), but at the end of the day he is an out-of-touch, wealthy capitalist and he certainly doesn't follow the teachings of the Bible as he claims to.
Don’t be a fan of Dave, he’s a creep. He doesn’t let his employees have sex outside of marriage and fires them if he finds out. He’s pulled out a gun at a staff meeting to “teach his employees a lesson about gossip”. He’s attempted to threaten his disgruntled employees via their local pastors and most importantly his advice isn’t very good. He’s talked up pyramid schemes on past calls and still doesn’t understand the basics of crypto currency despite offering up objectively false facts on it. Listening to him will hurt you financially.
Dave Ramsey gives mediocre advice. How can you be making six figures and be in debt unless you're an idiot when it comes to penny pinching?
@@danOH112 You can dislike Dave Ramsey as a person, but the advice he gives is sound. Debt is the biggest obstacle to becoming wealthy. Note that Dave is not entirely against debt. He knows that it is almost impossible for the typical person to buy a house with cash. There are also times when business related debt is okay.
As far as crypto currency, it has zero inherent value and is vulnerable to fraud, such as an exchange or wallet getting hacked, Mt Gox for example. North Korea has teams of people working to steal bitcoin and other cryptos. Owning it is not without risk.
My parents worked hard to give my sister and I some "privilege". My wife and I did the same for our kids. Also, rich is a relative term.
Your comment on the extracurricular activities is right on point. I remember working over my summer break in hs and submitting my college application, competing against my peers who were in sports, cheerleading, Girl Scout or volunteer with their churches. Working at McDonald’s doesn’t sound that impressive compare to their experience.
I remember one of my son's high school teachers lamenting that some kids were not only missing out on extra-curriculars, but struggling to keep their marks up because they were also working to help their families out.
I am sorry the American application process is just capricious and awful
Yep….and this connected to the last point as I got the job I could, owned it hard, and improved over and over. Still earning less than male and female peers who originated in wealthier, more “well-rounded” families - many of whom have significantly less industry work experience because they *could* hold out for the job they wanted.
And it doesn't go away when you get to college either. Its pretty much the norm now that if you want to get a job when you graduate, you need to have multiple internships in college. But oftentimes, these are unpaid, and unless you already live in an area ripe with opportunities, and have the ability to work a "real job" to support yourself, then you just look bad.
I'm getting told over and over that my resume is lacking summer internships while I was in school, and its all because I had to go home and work every summer instead of staying in the city for an unpaid internship.
I grasp your hand.
I have always believed that "being rich means never having to say you're sorry."
I have never been that rich, sadly.
Why would you want to be in that situation, become that kind of person? Saying sorry when you're wrong is the right way to live.
Remember a friend got a condo out of college. We made similar money but he rented out two rooms and wasn’t paying rent himself so he probably tripled my income.
Also a wealthy advantage: just having that financial knowledge that comes with having parents of wealth... setting up the right investment funds FOR you, etc.
In this age though, all this information is out there for anyone to learn.
@@chs75 it’s out there but it’s definitely hard to navigate successfully. A lot of jargon that’s hard to understand if you’re not financially literate. I don’t understand why schools don’t teach this kind of stuff
I don't know if their any better with money, I got better because I'm poor and I had enough experience of being late on a bill because I spent my whole check on something dumb .. so I wisened up on what I buy and making sure Bill's are paid 1st .. I'm 26 and moved out on 20 so can't expect to be to smart in the beginning when it comes to budgeting. I'm also one of those people who works with rich people and the money they spend just to impress other people seems like a terrible investment not unless its apart of there business but it's just families and judgy neighbors. Once worked at a lake house they only attended once every few years , we went through 4 motorised products on their windows.. because they didn't want to manually pull up their blinds. They spent thousands on each product . A lake house that's hardly used
This is very true. My parents didn't teach me about those things and I taught myself. In doing so, I set up a trust fund for my nieces since I don't have kids.
I know people who had credit scores above 750 before even actually using their first lines of credit. Meanwhile I had to work at it for years, and my income's still pretty low so I still struggle to get good interest rates.
My parents were nowhere near rich and I had a bunch of extracurriculars. It depends on where you live. I was brought up in Russia and our extracurriculars were mostly subsidized as part if the educational system so I had this opportunity just as a lot of other kids there had. It was only when I moved to a different country that I realized it wasn't something that everyone had, but to me was normal and a given even though we were never rich or even average income. Things work differently in different countries.
We can't have that here because then the rich kids would lose some advantage getting accepted to college.
@@monkachick Oh no! What a shame that would be!!!
That used to be true in America but defunding made all extra extracurriculars more expensive. Also all the free ride programs to smart but poor kids to universities are fewer now because they can't get accepted now.
@@robertsteinbach7325 There is alot of gifted but poor kids who have the misfortune of going to crappy public schools and they just slip though the cracks. These schools only worry about their drop out rates and failing test scores, if you pass with a 70% or a 100% they don't care, you're not their problem. Its a shame.
I love getting this type of information. It helps me be a better supervisor, a more savvy employee, and helps me educate my employer as they say they want to create a positive work environment but sometimes fall short in regards to putting their actual money where their mouth is
After graduating high school I went to Milan to model there. It was a wild time because my roommates and I were dirt poor, literally had to borrow spending money from the agency - but you get invited to super fancy events amongst the rich and they give you everything for free… food, drinks, gift bags, VIP access, transportation. It was so strange to experience how the rich act and also how much they actually do get for free. It’s wild.
Okay real talk! The bit about the girl with living in the industrial loft and wearing designer clothes. This is the entire art world. New York times did a great article on it in 2012.
And publishing...and museums...and a large portion of politics...and a surprising number of non-profits.
Yes! So many people I know from college have regular associate level careers in marketing, PR, etc. yet live in luxury Chicago skyrises. Just blatantly obvious that you aren't paying your own rent
Do you by any chance remember the title of this article? I'd love to check it out!
@@saraennis1402 I was trying to make it work in LA on a curator's salary and I thought I was just really bad at budgeting 🤡
That also applies here in LA
Yeah, most of my friends keep denying they are rich while they have traveled multiple times to Europe and studied abroad to the best universities in the world, while I have never left the country...
Traveling to Mexico might not be to expensive restaurants and stores are cheaper there than in the states just avoid cities with high crime such as Juarez.
I’ve never left the country either. I don’t even have a passport.
point #4: y'ever notice your rarely see wealthy people using mobility scooters? Having to never work physically taxing jobs, and having the means to afford healthcare or early intervention for problems that do arise means they rarely develop the kinds of physical handicaps that result in the need for one.
(please note: I'm not saying there's anything wrong with using a mobility device/wheelchair! of course not.)
When I was laid off a job, I was close to being homeless, but I had brothers and sisters who lent me $3,000 until I could get on unemployment and find public housing. A lot of people aren't that lucky. Others will never face circumstances like that.
The last statements really hit me. I'm the first in my family to get through college and have a management job. I'm also treated the worst cause I identify with my hourly workers more and am often criticized for being "unprofessional " for listening to my employees concerns. Apparently I should just worry about the work and if they are doing it.
That is what they hired you for. Explain it as happy cows generate more milk, or grow faster before slaughter, and they might accept your attitude towards the hourlies. Bring up Henry Ford raising his line workers’ pay so that they could buy his cars.
@@Egilhelmson well as of last week my boss got fired and I'm still there.... so hopefully the new boss sees it a bit better. The boss before this one had more heart, but he was also promoted in the ranks so he also knew the people. He also treated the person not just the "worker"
you will be a great business owner one day and exceed your competitors
“No one should be forced to live in poverty while others live in luxury.” -Martin Luther King Jr.
Ah, this was around the time that MLK started speaking about the economic issues of the country. Early in the civil rights movement his primary focus was on the discrimination existing against blacks in the country, but leading up to the time of his assassination, he started to speak out against the economic disparity affecting working people (not limited to race), and in particular about how the US involvement in the war at the time was doing nothing but continuing the cycle of economic disparity on a global level. Most people don't correlate him with economic inequality, and only see him in relation to civil rights.
Ahh yes, one of the many MLK quotes people love to ignore. I'm pretty sure he would be rolling in his grave if he knew how his ideas have been appropriated against the very groups he wanted to help.
@@scottfree6479 *cough* wealth is made from the hard work of the poor, so technically it's just returning what was owed to them *cough*
@@scottfree6479 this show's me how little people knows........lmao.........And the main reason are nobody cares !!! .....Before any comments......Think really carefully the meaning of the word Care.....before using it🤷♂️👍👌👋🙈🙉🙊🤣
So all people live in luxury or all people live in poverty? At least the rich gave poor people homes in the Feudal Age and the 1600s to 1800s.
As a teenager I used to take horse riding lessons. My family was middle class, I dreamed about riding since I was a little kid, and I worked small jobs to pay for them. I'll always remember how unaware of money value most of those rich kids were... One mom even suggested once we should all buy a "uniform" to ride at that stable, it was cheap anyway in her eyes (just the shirt was 100€) 🙄🤦🏻♀️