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Originally Posted by ratbastid
I like where you're looking, Ustwo. I think you're dead on that our education system is designed to feed labor into the workforce, not to empower individuals to become financially independant (or even financially solvent).
I'd be interested to know the percentage of that top 1% that got there under their own steam versus inheritance. I suspect that it's a low percentage. A rich person who is rich because their great great grandfather build the railroads doesn't seem to me like somebody who should be educating others in finance. They don't necessarily know anything beyond how to sign the check to pay their accountant's bill. Maybe not even that.
I think it's flawed reasoning to think that the rich will have the best interests of the masses in mind. I also think it's flawed reasoning to think that the MASSES will have the best interests of the masses in mind. People pretty much look out for themselves. It's just that the wealthy have vastly more resources with which to do that.
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I remember reading in Fortune magazine a year or so ago about how "rich" people got their wealth. The number one listed reason was real estate (around 35%). Number two was inheritence (around 28%).
I don't think that the rich necessarily are any better at managing money than the poor, they are just better able to absorb bad events, and can more easily protect what wealth they have. Running a effective business != money managing expert. That's what accountants and financial advisors are for. If I invent something that sells, it doesn't mean I instantly understand economic principles any better because I'm rich than I did when I was poor. By your reasoning Ustwo, Mike Tyson would've been a good financial advisor, despite the fact he was hemmoraging money. The richer you are, the more likely you can be insulated and protected against your own foolishness.
And I do agree that there isn't much focus in schools on personal finance. Part of the problem is that there has been a big shift in the last 100 years from people thinking savings and thrift are the way to go, to people now being focused on consumption. So you have people spending more than they can really afford, and you get a situation where most people are one paycheck away from being in serious trouble.
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Originally Posted by filtherton
The people i don't trust as a rule are the greedy. The ken lays, the latrell sprewels, the people who prefer the accumulation of wealth to integrity or ethical behavior. I don't trust people who think that the economy's sole purpose is facilitate the accumulation of wealth.
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Unfortunately, our economy works best when it's used just to accumulate wealth. Greed is a positive in capitalism, it's the driving force.