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Discussion: Why do the rich hoard money?
Member Since: 1/4/2014
Posts: 22,877
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Why do the rich hoard money?
Something I've always wondered about incredibly rich people - basically all of our faves, and of course all the billionaire type people etc. Why do they hoard their money in giant stockpiles in a bank, when there is desperate international need for medicines, supplies and education?
I can't help thinking about Tidal members and just how better they could direct that money, power & influence.
Why do people need to have a billion dollars in the bank? (or in whatever way it takes) Like Madonna is supposedly a billionaire, and she's done some great charity work, but seriously - put that money to work. Is your life gonna change if you go from $1b to $50m when you've got everything you need and you're set?
I can't fathom it. 
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Member Since: 4/6/2014
Posts: 12,514
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That's how they're rich. 
They're saving their money in stocks and investments in order to secure a financial legacy for their offspring and family members. No one is under any obligation to donate their money if that's what you're saying. There are richer business people and royalty that don't spend a cent while celebrities go out of their way to donate money. But you don't see people complaining about random business people, just celebrities.
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Member Since: 1/7/2014
Posts: 1,281
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Cause you have no idea how capitalism works
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Member Since: 1/4/2014
Posts: 22,877
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Quote:
Originally posted by jonasha
That's how they're rich.
They're saving their money in stocks and investments in order to secure a financial legacy for their offspring and family members. No one is under any obligation to donate their money if that's what you're saying. There are richer business people and royalty that don't spend a cent while celebrities go out of their way to donate money. But you don't see people complaining about random business people, just celebrities.
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I am complaining about them, I just don't know their names. It's terrible. The idea of giving your kids the idea they never have to work hard or truly have anything to worry about is terrifying. What literally do you live for, other than yourself?
I don't know what my drive would be if I had it all given to me on a plate.
Quote:
Originally posted by Björk
Cause you have no idea how capitalism works
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Try again child.
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ATRL Contributor
Member Since: 8/19/2013
Posts: 15,224
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It's fear.
The fear of not having money scares lots of people.
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Member Since: 5/14/2007
Posts: 25,912
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Because we're worthless and they're greedy
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Member Since: 4/6/2014
Posts: 12,514
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Quote:
Originally posted by Reinvention
I am complaining about them, I just don't know their names. It's terrible. The idea of giving your kids the idea they never have to work hard or truly have anything to worry about is terrifying. What literally do you live for, other than yourself?
Try again child.
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These people live for their own ventures. Whether it is investing money in other businesses or making their own, "new money" tend to be people who work hard for what they have, are lucky or are extremely intelligent.
Just because you're rich doesn't mean you're giving all your money to your children and pampering them 24/7. Who are you to discriminate and assume that rich people make bad parents? Maybe they cut their children off to limited funds and allow them to learn the power and effort of working.
We're not living in a communist landscape now. What incentive are there for people to work hard and strive to change our society when they are looked down upon if they don't give it to others? Let people do what they want with their own money and worry about your impact. Why don't you volunteer? Donate money? Do something that will benefit the individuals you want to save and care so much? If you do that, then you'll spend less time focusing on "celebrities" or "rich people".
Finally, people usually don't go around and proclaim how much money they donate. You don't know the actual numbers, you're just using blanket statements with nothing to back it up. You just assume rich people are evil and there's no other way around that. There are plenty of "rich" individuals on this planet, you don't know the full story on all of them.
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Member Since: 8/7/2015
Posts: 23,857
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I mean if I was rich I would donate to charity and invest in advances but I'm not going to spend half of my earnings to fulfill a certain quota 
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Member Since: 8/7/2015
Posts: 2,588
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Why don't you give them 95% of your money?
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Member Since: 1/1/2014
Posts: 10,195
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Quote:
Originally posted by Kim Kardashian
It's fear.
The fear of not having money scares lots of people. |
This.
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Member Since: 3/15/2013
Posts: 8,969
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I'm no expert, but I think it's about perspective. Once you become very wealthy, you lose that perspective of being poor or moderately well-off. You always think big, in terms of money, and your taste becomes expensive.
To them, having 4 million and losing 2 million is a huge loss, half their wealth, but to you and me, 2 million is still a hell of a lot of money.
Greed warps your perspective.
Edit: Obviously this doesn't apply to everyone, some (like JK Rowling) remain humble.
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Member Since: 1/1/2014
Posts: 59,596
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I mean, the government and the presidencies of the 80s and 90s outwardly helped and encouraged the rich to thrive so it is natural that the old guard wants to keep their **** to themselves since the government has told them that was the right thing to do for decades. Can't say that that is right or good but it is the way things currently are. That's why you see a lot of rich people claiming how they miss Reagan. He did a lot for rich white people.
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Member Since: 6/2/2012
Posts: 37,284
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I don't get it either. I guess people want to earn more and set goals to become happier. If you keep earning the same, you'll stop caring at some point.
By the way there are people that are much much richer than those Pop stars you're mentioning.
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Member Since: 1/4/2014
Posts: 22,877
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Quote:
Originally posted by jonasha
These people live for their own ventures. Whether it is investing money in other businesses or making their own, "new money" tend to be people who work hard for what they have, are lucky or are extremely intelligent.
Just because you're rich doesn't mean you're giving all your money to your children and pampering them 24/7. Who are you to discriminate and assume that rich people make bad parents? Maybe they cut their children off to limited funds and allow them to learn the power and effort of working.
We're not living in a communist landscape now. What incentive are there for people to work hard and strive to change our society when they are looked down upon if they don't give it to others? Let people do what they want with their own money and worry about your impact. Why don't you volunteer? Donate money? Do something that will benefit the individuals you want to save and care so much? If you do that, then you'll spend less time focusing on "celebrities" or "rich people".
Finally, people usually don't go around and proclaim how much money they donate. You don't know the actual numbers, you're just using blanket statements with nothing to back it up. You just assume rich people are evil and there's no other way around that. There are plenty of "rich" individuals on this planet, you don't know the full story on all of them.
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Why are you attacking me for criticising the rich? I'm 23, new to the job market, still working on getting experience and skills & I find the 1% gross. And actually disturbing just how desperate you are to defend the people that would stomp you under to keep their money, unless you're rich yourself in which case I see you're doing it to me. By the way I am a member of a climate change action group, and have donated many a weekend day volunteering to help, so let's just not.
Quote:
Originally posted by Qudron
Why don't you give them 95% of your money?
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Really? If you can't figure out the difference between having $1 billion and giving 95% away and living on just-adequate wages and giving 95% away, then... 
Quote:
Originally posted by SebaMonster
I don't get it either. I guess people want to earn more and set goals to become happier. If you keep earning the same, you'll stop caring at some point.
By the way there are people that are much much richer than those Pop stars you're mentioning.
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Pop stars are purely noted for ATRL-topical reasons.
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Member Since: 5/7/2012
Posts: 41,067
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For people that are old money, they don't know what it's like to be without and don't realize how desperately other people need money. For people that are new money, they're worried about losing it and becoming "poor" again. I think a study was done that showed that poor people actually tend to donate/give the most, even though they could use the help themselves. They understand and have empathy for others in their same situation while rich people oftentimes do not.
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Member Since: 4/6/2014
Posts: 12,514
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Quote:
Originally posted by Reinvention
Why are you attacking me for criticising the rich? I'm 23, new to the job market, still working on getting experience and skills & I find the 1% gross. And actually disturbing just how desperate you are to defend the people that would stomp you under to keep their money, unless you're rich yourself in which case I see you're doing it to me. By the way I am a member of a climate change action group, and have donated many a weekend day volunteering to help, so let's just not.
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Okay, if you're 23 then you should realize that the biggest success of capitalism and why we're advancing in society is that idea that we can make money and make a better name for ourselves compared to where we come from. Many of the products you're using today (cell phones, computer, media, music...etc) come from people who came from nothing and followed that dream of being successful.
I'm not defending these individuals, I wish more wealthy people could donate money to great causes to prevent mass suffering, but you can't force them to. You shouldn't be able to force people to spend money if they don't want to.
I just don't want people to be in an echo chamber here just talking about how all rich people should just push their money to the poor. That's a very ignorant and off base assessment and it's clear you don't know how economics work. That's the starting point for communism and looked how well that turned out. I just want to prevent that line of thinking because there's no one telling you flat out that it's ridiculous and your logic is tied to your emotions which doesn't make for any good argument.
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Member Since: 1/4/2014
Posts: 22,877
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Quote:
Originally posted by Guernica
For people that are old money, they don't know what it's like to be without and don't realize how desperately other people need money. For people that are new money, they're worried about losing it and becoming "poor" again. I think a study was done that showed that poor people actually tend to donate/give the most, even though they could use the help themselves. They understand and have empathy for others in their same situation while rich people oftentimes do not.
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I understand the bit about not wanting to be poor again. I guess it really is about losing touch with wealth. Like to most people, a few million is RICH. Suppose as your wealth grows, so does your desire.
Like believe me I get why people want to be rich and want that life-long security, but it's shocking that that want for security is greater than the want to help fellow humankind. Greed is truly wicked.
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Member Since: 8/7/2015
Posts: 2,588
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Quote:
Originally posted by Reinvention
Really? If you can't figure out the difference between having $1 billion and giving 95% away and living on just-adequate wages and giving 95% away, then... |
Rich people have different lifestyles. How are they going to buy that yacht so they can impress their friends this summer in Monaco if they only have $50 million left? You want them to change their lifestyle and not enjoy the reward they have worked for their whole life?
I wish we all could live in some socialist utopia where no one is poor & everyone is happy but that is just not possible. Seeking pleasure(money) and avoiding pain(property) is a biological part of human nature. At some point in your family history someone has moved up from property into middle class. Most likely by hard work. How can we move all these billions of people up if stuff like corruption, immigration and high birthrates keeps hurting the progress?
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Member Since: 1/4/2014
Posts: 22,877
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Quote:
Originally posted by Qudron
Rich people have different lifestyles. How are they going to buy that yacht so they can impress their friends this summer in Monaco if they only have $50 million left? You want them to change their lifestyle and not enjoy the reward they have worked for their whole life?
I wish we all could live in some socialist utopia where no one is poor & everyone is happy but that is just not possible. Seeking pleasure(money) and avoiding pain(property) is a biological part of human nature. At some point in your family history someone has moved up from property into middle class. Most likely by hard work. How can we move all these billions of people up if stuff like corruption, immigration and high birthrates keeps hurting the progress?
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I think $50m is more than enough to reward yourself with every day for the rest of your life to be honest.
I'm not suggest people literally handover cash to the poor, but fund education, medicine and social strategies to help those in poverty. There's so many great initiatives out there, it's just funding that hold them back from developing.
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Member Since: 1/3/2014
Posts: 4,012
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Well the 300 richest people on earth have as much wealth as 3 Billion of the poorest people on earth. It's extreme injustice.
The global wealth disparities is actually become a serious issue that will put us into a one world government, but that's a topic people tend to blow way out of proportion. People are extremely privledged in the US. Middle class America can feed the world too you know but they simply don't. They expext the rich to do it but guess what? How do you think the UN plans on ending world poverty by 2030??? The mass distribution of wealth is here, and if will hit hardest on the privledged/first world middle class. We ALL have to give up A LOT of our luxuries to end poverty but I don't see that happening without an all out war occurring. People love things more than people love people is the problem.
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