this post was submitted on 30 Oct 2024
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United States | News & Politics
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This is what I'm always saying. The more dollars you have, the less each one matters. Going from 40k to 50k is a big jump. Going from 400k to 500k is a bigger jump in absolute numbers, but will make far less of an difference.
I knew a guy who told me that "his family struggled, too" when both parents were bringing home mid six figures. I'm sorry but like what. Learn to budget.
That's a common feeling among the children of well off parents when the parents are budgeting properly. What happens is that the parents do the smart thing and invest the extra and set aside an emergency fund. Having to dip into either one is psychologically a failure. They have a budget, and they only "struggle" because they want to stay within that budget.
That might mean having store brand mac and cheese for lunch and driving a ten year old Toyota Corolla. To their children, they don't seem well off. In fact, they're the only people who can be properly considered middle class. That is, instead of being one step away from being homeless, they're two steps.
When money still means money to someone, it's definitely possible to have a lot coming in and yet still be budgeted bad enough that they could be living a paycheck to paycheck scenario. Or worse, living well past their means because of credit extensions, far in debt. For the very wealthy money becomes less of a thing to worry about and more one of many ways to leverage power and influence. These are the ones where a heavier tax doesn't hurt, because they simply have more than they can lose, even if they don't have most of it as tangible cash. That wealth line is far above the millionaire mark, and there's not a lot of them, but they hold most of the wealth of the world, and also the power they desire. They could change things without a loss, and they don't.