Rich Lifestyle

[superdtf 68]

I figured that might strike a nerve. And for that, I apologize. I'm not trying to put your country down, or say that the government is doing a better job here in Canada. Many of us are getting fed up with how expensive it is to live here. We are taxed to death and everything costs at least 20% more money even before the damn tax! The housing market is out of control. Nobody starting out today can afford even the most modest house within a two hour drive of the city. I envy the value you Americans get for your dollar, but what is the real cost? You mentioned the 1950's mentality getting left behind. It started getting left behind when the corporations started making every bloody thing over seas. Less and less "good paying" jobs for the working class. I see more and more adults working jobs that used to be filled by kids and teenagers. There's no such thing as a paper boy anymore. It's adults driving around in cars delivering newspapers, or working at home depot. All this for higher profits. Is there any justification for a 29.5 million dollar salary for one man? Because he's a CEO?

Dark, what you're describing was explained and predicted in 1967: The New Industrial State - by John Kenneth Galbraith. One of the most respected economists. The problem with his book is that it's really hard to read unless you're either A- super smart, or B- had substantial college-level econ. So typically people don't read it, instead they read a summary interpreted by their favorite pundit. If you're into political economics, this work would come after Smith's Wealth of Nations and Marx's Wage Labour & Capital, but before Grundrisse. Whether you agree with Galbraith or not, having read this work is a hallmark of people who are informed and smart.

[PayCheck 20]

 

Awesome! My daughter is saving her babysitting money for an i-touch as well, she's about 1/4 of the way there. Im ready to call the farmers with orchards and see if they need any kids with strong backs and weak minds LOL

 

tell her to shovel snow! made about $700 a few winters ago. bought me an ipod touch with that money!

[WakeDoc 471]

 

I couldn't agree more!! As someone who has busted his hump for a long time to get where I am, you can bet you last gallon of fuel in the boat that I am bringing up my kids to work for everything they get. My 11 yr old son wanted an iTouch for his birthday & was upset when we told him that it was too expensive. Instead we told him that he could let the family know that he was saving for one and that instead of getting him a present they could help him reach his goal. Well after his birthday and a few chores later, I was more than happy to take him to the store to pick one out. Not only did he learn a little about the value of a dollar, but he has taken better care of that than any of his other toys.

 

That is the way we were with our son, there are things you want and things you need, we pay for things that he needs, he pays/earns things he wants. We tried to do all the right things but, as hard as we tried the problem was not so much us but, the other parents, I want a iPad here you go, I want a cell phone, what kind, I want a car, which one. While we are trying to teach our son values and making him understand that everything in life has to be earned. Other parents hand their kids whatever they want whenever they want it, destroying not only their kids values but, the values of the other kids around them. Yet they will stand around and talk about how the younger generation has no work ethnic…DUH!!!

[Audionly101 39]

Is there any justification for a 29.5 million dollar salary for one man? Because he's a CEO?

Ding, ding, ding! We have a winner! I am not a bandwagon 99 / 1%er or even close but CEO's and those others salaries BLOW MY MIND! As with everyone here I know I have worked my butt off to get to where I am( plain old middle class). I paid my own way through school and have purchased everything with my own money since I was 16 years old. My parents were not “hard off” but not “rich” or “well to do” either. They instilled in me work ethics early and I thank them everyday for it. The thought of those CEO’s making 20 million dollar salaries and insane bonuses for “running” failing or close to crashing businesses drives me crazy. I understand they have worked very hard to get to those positions, but I’m sure they stepped on so many fingers, toes and lives of others getting there crushing people along the way only to better themselves not their business.

Why should a person working 50 - 60 hours a week crunching numbers and running someone else’s business make 500 times more than your neighborhood hardware store owner making every right decision or the nurse working 60 hours to keep you healthy or the technician working on your car, truck or boat. They all may have the same level of education, years of schooling and training, and made every choice financially correct for themselves but still find it hard to make ends meet just because they went into the field they thought would make them most happy.

I will finish my rambling rant with “what makes someone 500 times more valuable then me or you to deserve that form of compensation?”

I’m sorry, rant over…

[harlobra 24]

"Why should a person working 50 - 60 hours a week crunching numbers and running someone else’s business make 500 times more than your neighborhood hardware store owner making every right decision or the nurse working 60 hours to keep you healthy or the technician working on your car, truck or boat. They all may have the same level of education, years of schooling and training, and made every choice financially correct for themselves but still find it hard to make ends meet just because they went into the field they thought would make them most happy."

 

Why does the doctor make more than the nurse? Because it's harder to become a doctor. The CEO makes more because there are less positions and it's harder to become one. More power to them!

Edited June 14, 2012 by harlobra

[cjohnson 33]

"Why should a person working 50 - 60 hours a week crunching numbers and running someone else’s business make 500 times more than your neighborhood hardware store owner making every right decision or the nurse working 60 hours to keep you healthy or the technician working on your car, truck or boat. They all may have the same level of education, years of schooling and training, and made every choice financially correct for themselves but still find it hard to make ends meet just because they went into the field they thought would make them most happy."

 

Why does the doctor make more than the nurse? Because it's harder to become a doctor. The CEO makes more because there are less positions and it's harder to become one. More power to them!

"Why should a person working 50 - 60 hours a week crunching numbers and running someone else’s business make 500 times more than your neighborhood hardware store owner making every right decision or the nurse working 60 hours to keep you healthy or the technician working on your car, truck or boat. They all may have the same level of education, years of schooling and training, and made every choice financially correct for themselves but still find it hard to make ends meet just because they went into the field they thought would make them most happy."

 

Why does the doctor make more than the nurse? Because it's harder to become a doctor. The CEO makes more because there are less positions and it's harder to become one. More power to them!

I think harlobra is a CEO making $30MM a year and is a little offended.....Just kidding.

A huge disparity in wealth happens in a capitalist economy. Some make millions and others don't. Most CEO's are very smart and work very hard but in many cases good luck has a lot to do with it too. In any case, people who resent them for their success sound a lot like Bongo's son's friends. lol

Edited June 14, 2012 by cjohnson

[Audionly101 39]

Does that CEO really deserve 500 times more than the 60k of that nurse or whoever? I understand correct compensation for experience and education but really, average CEO salary is 12.94 Million... Seems a bit stacked to me.

Many here on the CCC do very well for themselves, I hope everyone does. I know boats were not handed to anyone here we earn them. Some things just seem surreal to me and an average of 12.94 million is one of those things. Am I jealous of 13 million dollars, hell yeah. Do I resent people who may be way overpaid, yes.

Back on track, Bongo I hope you continue to take your Son and his friends out. Show them your love for the water and outdoors. Those are some of my fondest memories with my father was sitting on his old glastron eating cheese puffs watching the day go buy. We did everything in our power to share that experience with all of my childhood friends and they still to this day thank my family for it.

 

Cheers to your next day on the lake!

[harlobra 24]

 

I think harlobra is a CEO making $30MM a year and is a little offended.....Just kidding.

A huge disparity in wealth happens in a capitalist economy. Some make millions and others don't. Most CEO's are very smart and work very hard but in many cases good luck has a lot to do with it too. In any case, people who resent them for their success sound a lot like Bongo's son's friends. lol

 

Haha nope I'm a sub $100k guy but I don't understand the jealousy. If I want to take more risk or work harder then I could make more but I choose not to and enjoy the life I have.

[Carter13 69]

You guys that own a pleasure boat definately are living the rich lifestyle.

[duramat 462]

You guys that own a pleasure boat definately are living the rich lifestyle.

 

LMAOROTF!! Carter, thank you bro...you just made my day with that! I chuckled good

 

(Carter just sold his boat)

 

On the flip, hit up First Timer or Griz for a pull

[DarksideR 1,679]

Dark, what you're describing was explained and predicted in 1967: The New Industrial State - by John Kenneth Galbraith. One of the most respected economists. The problem with his book is that it's really hard to read unless you're either A- super smart, or B- had substantial college-level econ. So typically people don't read it, instead they read a summary interpreted by their favorite pundit. If you're into political economics, this work would come after Smith's Wealth of Nations and Marx's Wage Labour & Capital, but before Grundrisse. Whether you agree with Galbraith or not, having read this work is a hallmark of people who are informed and smart.

 

... Totally.

 

[CTMILKMAN 0]

 

That is the way we were with our son, there are things you want and things you need, we pay for things that he needs, he pays/earns things he wants. We tried to do all the right things but, as hard as we tried the problem was not so much us but, the other parents, I want a iPad here you go, I want a cell phone, what kind, I want a car, which one. While we are trying to teach our son values and making him understand that everything in life has to be earned. Other parents hand their kids whatever they want whenever they want it, destroying not only their kids values but, the values of the other kids around them. Yet they will stand around and talk about how the younger generation has no work ethnic…DUH!!!

 

Its crazy Doc, you are 100% correct. I just shake my head every time I see little kids wearin the newest Nike's or geared out in designer baby clothes. The kids don't care what they are wearing, at least until their parents "educate" them.and by then its too late.

 

I feel rich because my family is healthy, we have a good group of friends of different income levels and it has never mattered who had what or how much something cost, as long as we had a good time; you know, the way it is supposed to be!! If some one wants to point fingers at that, I say go ahead cuz deep down, I know that that is exactly what they are looking for because are their "friends" are probably just as status conscious as they are

[tprice 118]

I take it that most of the people on this thread have not traveled much out of the US.

Let me tell you, "life is Good" here in the US whether you are upper, middle or even lower class. And yes, it has all to do with Capitalism.

I've been to the countries where a Dr. Makes the same income as the teacher or hardware store owner.

Unfortunately our president has divided this country more than ever and has encouraged this class warfare it is so evident. Just look at this thread.

This is the country where ANYONE can make of it what they want, make as much money as they want, live as frugal as they desire, be compensated for your hard work, etc. It's America.

The majority of wealth in this country has been earned, this is a fact. It has not been passed down from generation to generation.

If you don't like capitalism, are you saying you like Socialism?? Thank god for capitalism and the individuals who took the risk to start businesses. This is what employs most people.

God Bless America

 

[harlobra 24]

If your ability to feel successful depends on how you measure up to your neighbors based on income, then your screwed. You should evaluate your own place in life, realize how good it is and not worry about how much money the guy on the lake with the new boat and the system has. Just be thankful you're on the lake in the first place. If you want more then you'll have to sacrifice more. It's that simple the American way.

Edited June 15, 2012 by harlobra

[superdtf 68]

Capitalism is certainly the most powerful economic engine yet discovered. However, if we want to keep it, then we better figure out how to solve executive compensation packages that simply don't pass the "straight face" test, and we have to solve for very real equity issues as illustrated by the frustration of one of my colleague's friends:

[im.thatoneguy 0]

I grew up in a solidly middle class family--but not to the extent that we could ever afford a boat, live near a lake or anything like that. Are you living a "rich lifestyle?" Yes. So am I now. And growing up I had a number of friends who had stay at home moms, the boat and all the trappings of upper middle class living. I would mildly tease them about it--just like I get mildly teased now when I post pictures of my new Centurion and get comments like "What's next a butler?" But I don't ever feel like it's in mean spirits nor was my mild teasing in mean spirits of my friends. I mean, I was living the rich lifestyle too since I was on their boat every day!

 

I like the statement about how hard you work not being the only factor. I work hard. I practiced through highschool, I practiced through college and I am naturally talented at what I do--but I have friends who work just as hard and at far worse jobs for longer hours and only barely get by. The fact that my interests and talents happened to align with a career that pays well enough to afford a top level wake-board boat is nothing more than blind luck for which I'm grateful. To say that everyone who is poor is just lazy, untalented and expecting a handout is oblivious to the challenges that many people face. I also see how easy it is for those who grew up in affluent households to achieve success regardless of their academic achievements in school and work ethic--and I definitely see what opportunities were provided to me thanks to my middle-class up-bringing.

 

You also have to look at it from the kids' perspective: you don't choose your parents and kids don't earn a penny of that wealth. So as far as other kids are concerned your kids just won the lottery. Every kid is just looking for handouts--they're kids! The only time I ever more than playfully teased my rich friend's parents was when they would start whining about their success kind of like what I'm hearing from some people here. "Ohhh woe is me, I have this wonderful giant house, a nice ski boat but it's so *harrrrrrddddd* being so successful." That's crap. If your biggest problem is that people tease you for being successful then you need to put things in perspective. How about not knowing how you're going to afford health insurance? How about not knowing if you can send your kids to college. How about not knowing even whether you can afford your next meal. Those are real problems.

Edited June 17, 2012 by im.thatoneguy

[First timer 19]

To sum it all up f*ck it. Do what you have to do to be happy and don't give a crap about others lifestyles. As a parent of three, my obligations changed and everything I do is to benefit my family and their success.

[DarksideR 1,679]

The idea of capitalism is great, and it worked well for a really long time. But it's completely flawed now. I don't think the idea was to have 3 or 4 companies control damn near everything. The Walmarts and home depot type stores just obliterated all the mom and pop stores that we used to have. Is that a bad thing? Those stores do provide a lot of jobs, of coarse they make crap wages. They provide good service and great prices on a wide selection of products. What's so wrong about that? To me, it's an uneven playing field. Mom and pop are in the same line of business as the big box store but their buying power is nothing compared to the big box guys so right off the bat, they can't compete.

And nobody has said boo about the huge bailouts to the banks and auto companies. Is that part of capitalism?

I get it though... if there wasn't a bailout, the USA could be in a much worse place than it is now. Right?

[RhuntIII 555]

To sum it all up f*ck it. Do what you have to do to be happy and don't give a crap about others lifestyles. As a parent of three, my obligations changed and everything I do is to benefit my family and their success.

Amen to that brother!

[LakeSurfer 10]

The idea of capitalism is great, and it worked well for a really long time. But it's completely flawed now. I don't think the idea was to have 3 or 4 companies control damn near everything. The Walmarts and home depot type stores just obliterated all the mom and pop stores that we used to have. Is that a bad thing? Those stores do provide a lot of jobs, of coarse they make crap wages. They provide good service and great prices on a wide selection of products. What's so wrong about that? To me, it's an uneven playing field. Mom and pop are in the same line of business as the big box store but their buying power is nothing compared to the big box guys so right off the bat, they can't compete.

And nobody has said boo about the huge bailouts to the banks and auto companies. Is that part of capitalism?

I get it though... if there wasn't a bailout, the USA could be in a much worse place than it is now. Right?

 

This is crazy talk. This is the way my kids Tball league works. Since some cant compete with others, lets not keep score and let all the kids get trophies. This way everybody will feel better about themselves. By the way, companies like Walmart and Starbucks started as 1 mom and pop store. Maybe we should tell the next Sam Walton (or Bill Gates/Steve Jobs/Warren Buffett/etc) to not be so successful.

 

If U.S. companies want to compete on a global basis, they will have to grow and achieve economies of scale. If U.S. companies dont do this, foreign companies will and then U.S. companies will be out of business. The world has become a "One World Economy" and if you can't compete in this environment you will go out of business. In general, consumers are not will to pay a premium for a product and that is what you would be asking them to do in order have a world with only mom and pop businesses.

 

As for bailouts:

 

You think people have not said boo about the bail outs. You must not see any U.S. News. The funny thing is that everybody wants to blame Wall Street for the financial crisis. But reality is that there were plenty of people who had a hand in what caused all of the problems. John Doe who bought a house he could not afford, the mortgage broker who sold a loan with the knowledge that the persona could not afford it and finally Wall Street who bought the loans, packaged them, and then sold them to unsuspecting investors. All of these groups had a very large hand in what caused the crisis. The interesting thing the the general public does not want to talk about is the fact that the U.S. Federal Government (ie the taxpayer) will make money on the funds given to Wall Street but will nearly loose $130B given to Fannie and Freddie (ie entities that provide most home loans) and will loose nearly $85B on GM and Chrysler.

 

The U.S. Federal Government had no choice but to bail out Wall Street (trust me, I wish they had other options). If they had not, every major bank in the WORLD would have been out of business. If every bank in the World goes out of business, how do you think your mom and pop business would have done?

 

What should make people nervous is the fact that the U.S. government has done little to keep this from happening again. The Top 6 or 7 banks are still all "To Big To Fail".

Edited June 19, 2012 by LakeSurfer