Where does the wealth transfer come from???

Taxes and money printing

The devaluation of the dollar is the biggest tax of them all

The value of the dollar(purchasing power) declines as they print more money


People/regions/countries are poor because they don’t produce enough

It’s always been like that,,,,always will be

You missed borrowing to hand out money.

"John Maynard Keynes argued that governments should stimulate the economy during recessions by increasing spending, even if it means running a budget deficit through borrowing."

Stop borrowing and spending and see what happens.

Everyone should pay attention to Tyler Durden.

"We work jobs we hate, to buy crap we don't need."
"We buy things we don't need, with money we don't have, to impress people we don't like."

I know many who make 6 figure incomes and are broke. I know some who make more and are broke. The common trait is their spending.

Work hard. Live well below your means, sacrifice, save and invest for the future. Take care of your family. That's how you become wealthy.

I did mention socialism,,,

Same could be said for some businesses.

x2

https://www.wsj.com/opinion/the-big...3R&reflink=desktopwebshare_permalink

Foresure,,,, the people in power(politicians) learned long ago

That if they give the people free stuff,,, they stay in power longer

The left has mastered this

Back to the debt

Debt isn’t a bad thing,,,, people/goverments/ businesses need to borrow money,,,,for a fee( interest)

Just like people need to be rewarded for depositing money in a bank and receive compensation(fee/interest)

It greases the whole system,,,,,

Of course debt must be repaid,,,,

Fractional reserve banking is when it becomes a problem,,,,

Again,,,,,The monetary system is broken

If people/regions/countries consume(spend) more than they produce(earn),,,, they will fail

Doesn’t matter how many “figures” you’re talking about

It’s a universal law of the galaxy

Crap hole or not Illinois is definitely in the Midwest and you definitely are not getting what you posted for 500,000. Maybe 20 to 30 acres and a house.

If you owe a million dollars does that make you a millionaire?

The example of " fungible" here is that my welfare neighbors could afford to be drunk all the time. At least they shared.

If you have 2 million in the bank,,,,,, than yes

But u already knew this I’m sure

Hopefully

I read this a long time ago. Not sure who to credit for this wisdom. “It is easier for a poor person to be rich, than it is for a rich person to be poor.”

I grew up very poor. Learned every skill possible to help myself and others and have marketable skills. “The more you know, the easier life is.” Worked hard to get an excellent education to help myself and others and have marketable skills. Worked hard to be prepared for opportunities, then looked for opportunities. Illnesses and injuries can break any person or family.

We have been and are blessed by God. We will be forever grateful.

Poor people pay interest
Rich people earn interest

As said before, everyone makes their own choices

Buying a car- poor people: how much is the payment?
Rich people: how much is the car?.....Dave Ramsey

My wife worked with a couple of people who each made $150,000+ and some months they were "strapped" and put their mortgage on a credit card.

Dave Ramsey is a fine “personal finance” advisor,,,for the financially illiterate,,,, which is unfortunately almost everyone,,,,by design

He’s a terrible economist

Many/most high net worth folks understand that “making payments” “leasing” automobiles, air craft, boats, ( not going to add spouses lol) etc just makes sense


There’s an old saying,,,,

“If it flys,floats or .

You’re better off renting it”

It’s extremely accurate

And you're a better economist? I would say this post is all the evidence I need to refute that.
For 99.9% of the people reading this, that's bad advice. This is coming from a person who has not made a car payment since 1985. I simply refuse to borrow money for anything that depreciates in value. This is a philosophy that has made a huge difference for me; I definitely can see how much better, and especially freer, my life has been because of it. There is no way I could have had the incredible life I have if I had done it any other way. There is a reason they call it debt FREE. I like to call it FREEDOM from debt, with the emphasis on FREE.

Of course they could. Those programs make them poorer and they don't even realize it.

Being debt free is not necessarily being free

True freedom comes when you’ve produced enough,,,,, that you’ll never consume it all in your lifetime



The amount varies with each individual/ lifestyle

If you’re banking on a government pension,,,, to carry you on to the end

You’re not free

You have obviously never experienced it or you wouldn't say that. I see people stuck in the trap your stuck in every single day. Sad.