Money Hoarders and Fat Cats?

[athena53]

I try not to get all crazy about clueless people on FaceBook, but sometimes I can't help it.
___
Original post by former HS classmate, a very smart and very unconventional guy: "'Wealth management' is a euphemism for...??"

Person 1: "Fat Cats hoarding?"

Me: "'Give us all your money and we'll decide the best thing for you to do with it (i.e., whatever optimizes the fees we can rake off)'. And, BTW, some of us are saving for retirement so we don't have to depend on Medicaid for long-term care, and have grandkids we'd like to help with college."

Person 2: "Making sure no one, especially the less fortunate, get any of your piles and piles and piles AND piles of green."

Me: "Oh, you mean like Bill Gates and Warren Buffet?"

Original Poster: "I first heard the term 'wealth management' some years ago in Edward Jones ads. I thought it was just marketing BS used in place of "financial planning" to, you know, sound like the equally mealy-mouthed "business solutions," and to help hide the fact that you could lose your pants. But I think some of you are right. As the rich get richer, it must be a royal pain to manage one's hoards of money."

Person 3: "Rich"

Me: "Private-sector employers have dropped defined-benefit plans and replaced them with 401(k)s, which dump the investment and longevity risks on the employee. If you want an insurance company to pay you just $1K per month for the rest of your life, starting at age 60, it will cost about $250K for an annuity. So, yes, in order to make up for the loss of pensions, you DO have to have a lot of money saved. If you want to call that hoarding, be my guest."
____
That was 15 hours ago so maybe the discussion has died a natural death (or no one can refute my argument that if you want to replace the DB pensions people used to have, it takes a lot of money.)

I've run into this attitude before on FB, i.e. that everybody with large amounts of money is greedy and doesn't care about anything or anybody- just how much money they can accumulate. When a college professor friend posted something similar, I asked whom they approached when they wanted a new building or they wanted to endow a chair in a particular subject.

Don't tell me to stay off FB! I do value it because I've been able to keep in touch with friends and family all over. Have any of you run into this attitude, on FB or elsewhere? Do you bother to argue with them?

 

[CCdaCE]

 

[MooreBonds]

I've run into this attitude before on FB, i.e. that everybody with large amounts of money is greedy and doesn't care about anything or anybody- just how much money they can accumulate. When a college professor friend posted something similar, I asked whom they approached when they wanted a new building or they wanted to endow a chair in a particular subject.

Don't tell me to stay off FB! I do value it because I've been able to keep in touch with friends and family all over. Have any of you run into this attitude, on FB or elsewhere? Do you bother to argue with them?

This is a problem before FB ever was created. Now, it's an epidemic.

People are not interested in FB for communicating. They want to be able to be the "star", by spouting off their opinions and having people listen to them. They aren't on there to engage in logical dialogue to learn things. Many people in the world aren't interested in learning, but in self-validation and self-affirmation.

But, perhaps one day, one of your comments will 'click' in someone's head and open their eyes to something. So keep up the good fight.

 

[ProspectiveBum]

Don't tell me to stay off FB! I do value it because I've been able to keep in touch with friends and family all over. Have any of you run into this attitude, on FB or elsewhere? Do you bother to argue with them?

I see a lot of religious/political content on FB that I disagree with. My policy is to just keep scrolling, because I have never seen ANYONE change their mind, or thank someone else for enlightening them in one of those threads. It seems to end up being divisive, rather than educational.

 

[Meadbh]

It takes all types. If your friends' posts are annoying you, just unfriend them.

 

[athena53]

It takes all types. If your friends' posts are annoying you, just unfriend them.

Thanks. The only person whose posts I've blocked was someone who posted nothing but ooey-gooey-cheesy recipes. If all you can do is re-post recipes that make cholesterol ooze out of my pores when I read them, I'm not interested. My FB friends are all over the map politically, religiously (or not), age ranges, and even country location since I've worked with a lot of people in Europe and India. I stay out of most of the hot-button discussions unless something strikes me as particularly stupid, and even then I keep it tactful.

My favorite was when I got tired of a vicious discussion among religious people and I posted "You brood of vipers" in the original koine Greek. (Well, OK, that might not have been tactful but it was biblical.) Someone accused me of replying in "jibberish". Yeah, he not only didn't recognize Greek, but he misspelled "gibberish".

 

[hakuna matata]

My approach on FB is to never make a comment on a friends wall if I am opposition of their viewpoint. It is their wall and they can post whatever they want, so I ignore the glurge, the politics, the religious stuff, etc. I do like and comment on the real stuff on their wall, their family, their activities, vacations, etc. If all they do is post stuff that pisses me off--then I either unfollow them or unfriend them.

However if "I" post something on my wall and you comment on it--well be prepared for an argument. That is all fair game because you engaged me and I do not play fair! I go for the jugular and will bury you with actual facts, etc. Needless to say, no one engages me on any topic I believe passionately in!

But then again I rarely post anything on FB that would cause that kind of issue as I use FB to keep in touch with my family and friends on what is going on in their day to day lives. I rarely use it a stage for my beliefs.

 

[robnplunder]

When you have ER forum, why bother with FB?

On money hoarders, based on their history of posts, you see them in ER.org, too. ER is good but not immune to the hoarders, and others with less than average personality.

 

[athena53]

But then again I rarely post anything on FB that would cause that kind of issue as I use FB to keep in touch with my family and friends on what is going on in their day to day lives. I rarely use it a stage for my beliefs.

I agree- as I noted, I have such a wide variety of friends on FB that no matter what I post, some will disagree with me- and that's OK.

 

[travelover]

It takes all types. If your friends' posts are annoying you, just unfriend them.

I believe the term is deFace.

 

[ERhoosier]

Unfortunately OP's post illustrates the utter ignorance of too many these days. Not just web posters but legislators too. The 55yo ER'ed hourly worker with a traditional pension/benefits is considered solid 'honorable' middle-class, but the 60+yo small businessman/woman with NO pension/benefits but the same functional net worth is 'evil' rich. So, so sad for the future of the economy.

Re-FB issue: Only options really are to ignore or un-friend.
Or join the ranks of those drifting away from FB-
Facebook loses millions of users as biggest markets peak | Technology | The Guardian

 

[razztazz]

The reality is ALL of the above are true. Yes, Thurston Howell III, Mr Potter, Mitt Romney et al engage in "Wealth Management" for exactly the purposes stated by the Back Biters and Nay-Sayers. It's a wash. Show me a cataclysmic AZZHOLE and I'll show you a really really Rich guy. And a poor guy. And a Small Business owner. As far as human behavior and One's financial status goes, in 57 years I have not been impressed. They are all out to get me.

 

[scrabbler1]

Thank goodness I have no interest in Facebook (or owning a cell phone or believing in god or ever working again or being in debt or having children.....)

 

[athena53]

The 55yo ER'ed hourly worker with a traditional pension/benefits is considered solid 'honorable' middle-class, but the 60+yo small businessman/woman with NO pension/benefits but the same functional net worth is 'evil' rich. So, so sad for the future of the economy.

Yeah, one of my "rich people are evil" friends (and she and I agree on many other things) is a retired academic with a DB pension. My guess is that that would put her functional worth at close to $1 million, but I'm sure she wouldn't think of it that way!

 

[M Paquette]

Well, it IS Facebook you're talking about. it has an interesting cross-section of the population. For innumerate and financially illiterate values of 'interesting.'

The responses are not at all surprising.

There are really rich jerks, and there are middle class and poor jerks. For some reason, the rich ones get more attention. "Lifestyles of the Impoverished and Unknown" just doesn't have the same appeal as the other show did. (Then again, someone somewhere must be watching "Welcome to Myrtle Manor"...)

 

[marko]

Yeah, one of my "rich people are evil" friends (and she and I agree on many other things) is a retired academic with a DB pension. My guess is that that would put her functional worth at close to $1 million, but I'm sure she wouldn't think of it that way!

But see, there's a difference...she'll view her gains as the result of helping mankind with knowledge.

If you made your fortune owning a machine shop, well, you made your money on the backs of your workers and at their expense.

I know far too many academics up-close-and-personal, and it's funny/sad how they are often the most blind. (or hypocritical) Get them all together at a cocktail party (Chablis, of course) and it's almost like they're trying to out-clueless each other.

 

[W2R]

Have any of you run into this attitude, on FB or elsewhere?

Not yet - - so probably any time now.

Do you bother to argue with them?

No, I wouldn't suggest doing that.

 

[marko]

Have any of you run into this attitude, on FB or elsewhere? Do you bother to argue with them?

I've noticed a tangible uptick in demonizing the rich over the past few years.

The general attitude is that it is a zero sum game where, if you made money you did so on the backs of the less fortunate.

People used to aspire to be rich, now we see them as pure evil, as if being poor is a much more noble pursuit.

 

[Walt34]

People used to aspire to be rich, now we see them as pure evil, as if being poor is a much more noble pursuit.

I guess it is a cultural thing. Come to think of it, I've never heard of an inspiring story about the heroic rich underdog.

 

[travelover]

.......... as if being poor is a much more noble pursuit.

It is certainly more easily attainable.

 

[Chuckanut]

I've noticed a tangible uptick in demonizing the rich over the past few years.



The general attitude is that it is a zero sum game where, if you made money you did so on the backs of the less fortunate.



People used to aspire to be rich, now we see them as pure evil, as if being poor is a much more noble pursuit.

What people are concerned about is those who are rich using their wealth to tilt the playing field in their favor. For example tax laws that let multimillionaires pay a smaller percentage of their total income as taxes. Or laws that gave cable companies an unregulated monopoly on cable service.

 

[marko]

What people are concerned about is those who are rich using their wealth to tilt the playing field in their favor. For example tax laws that let multimillionaires pay a smaller percentage of their total income as taxes. Or laws that gave cable companies an unregulated monopoly on cable service.

Kinda been that way for, what?, the past 5,000 years or so hasn't it?
(except the cable service part)

Maybe my view is in the minority. Story of my life.

 

[pb4uski]

I don't do FB and my wealth is stealthy (one would never know it to look at our lifestyle other than I'm retired at a relatively young age and we live on the lake but I drive a 9 year old Chevy truck and a 6 year old Subaru) so I don't see it as a problem.

 

[Chuckanut]

Kinda been that way for, what?, the past 5,000 years or so hasn't it?
(except the cable service part)

Maybe my view is in the minority. Story of my life.

It probably has, but then so have monarchies, people ruling via divine right and various other atrocities. No need to let that be an excuse of allowing a wrong to exist, IMHO.

My main concern our representative democracy depends on a prosperous middle class. Do away with that and civil unrest becomes more 'normal'. Not so good.

 

[splitwdw]

I try not to get all crazy about clueless people on FaceBook, but sometimes I can't help it.......
..........Don't tell me to stay off FB! I do value it because I've been able to keep in touch with friends and family all over. Have any of you run into this attitude, on FB or elsewhere? Do you bother to argue with them?

You said it in your original post "clueless people on FaceBook".
Don't understand "FaceBook" people. They post way too much information to people they think are their "friends".
People always say they are on FB to keep in touch with friends and family but haven't they ever heard of email? What you end up with are old classmates that you didn't bother with way back when..... I'd sooner see/meet up with my friends/family.