Money follows money

Gbear

AndrewJRenko wrote: »

Where does he live?

Cork, thankfully. Don't know how anyone could manage it in Dublin these days.

McCrack

Forget stock markets

Cryptocurrencies offer massive gains if one invests and holds in the right coins.

KyussBeeshop

And as I said earlier, the average person is very stupid about investments...

AndrewJRenko

Gbear wrote: »

Cork, thankfully. Don't know how anyone could manage it in Dublin these days.

Sorry, I wasn't clear - I meant does he live with family or independently?

Gbear

AndrewJRenko wrote: »

Sorry, I wasn't clear - I meant does he live with family or independently?

With family.

It's not the glamourous sort of life you think you'd have several years after finishing your law degree and having become a trained barrister.

longshanks

Permabear wrote: »

This post had been deleted.

Any chance you could expand on this?

AndrewJRenko

Gbear wrote: »

With family.

That's what I thought, tbh - that's a huge support that many young people don't have access to, and again creates inequality.

greencap

Permabear wrote: »

This post had been deleted.

And a lot more average earners would become rich if they had access to the same credit as the already rich.

Brian cowen or westlifes stories, fascinating as they are, remain as individual events. There also once was an old lady who lived in a shoe, doesn't prove anything.

McCrack

McCrack wrote: »

Forget stock markets

Cryptocurrencies offer massive gains if one invests and holds in the right coins.

huge volatility. a bubble.

e.g. Etherum down 50% in the last 2 months.

https://www.coingecko.com/en/price_charts/ethereum/usd

pure luck for anyone who got in the huge upswing.

Avatar MIA

Solomon Pleasant wrote: »

2) Construction - I always quietly smile when I hear an arts student from Trinity making a deprecating comment towards someone wearing a high-vis jacket and work boots as they may possibly earn more in one day than the college graduate will make in 1 week. That being said, there is risk in the sector and it is cut throat.

And I always quietly smile at those that those that always quietly smile like the above. But, to be fair, a chip on the shoulder attitude can be a strong motivator.

I have seen it recently where a member of the "merchant prince class" got a better treatment than Joe Soap would. A strange phenomenon as I could not see any benefit to the person offering the preferential treatment, other than possible repeat business, which would as likely happen if it were Joe Soap.

Avatar MIA

SodaBottle wrote: »

Most people don't actually understand what wealth is. The average person in Ireland today is wealthier than Kings and Queens of 400 years ago.

Hmm, I think you're mixing up wealth and standard of living.

Does the average person living today have a better standard of living than Kings and queens of 400 years ago, arguably so. Are they wealthier, no.

cruizer101

cruizer101 wrote: »

“The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.
[...]

This was the Captain Samuel Vimes 'Boots' theory of socioeconomic unfairness.”


― Terry Pratchett, Men at Arms: The Play

Poorer people even pay more for essential items. If you take bread or milk for example, and two liters of milk is sold at say €2, but a special offer puts the price at €3 for four liters, the poorer person who can't spare an extra cent over the allotted €2 is paying 50% more for milk. Grocery savings are for those who can afford them.

Pratchett's clothing example is an excellent one.

Avatar MIA

Candie wrote: »

Grocery savings are for those who can afford them.

Not sure I agree with this one, studies have shown that people buy and consume more if on offer, like you mention, but not necessarily to the advantage of their health.

Milk fine, tubs of ice cream, not so good.

Drumpot

People having lots of money does not correlate with intelligence or shrewdness. There is more then one way to make money that isn't about your IQ.

Asides from inheritance (yeh you Trump whose greatest success is somehow convincing people he is successful), I think one of the most advantageous traits of a person desiring money is sociopathic/psychopathic tendencies. Being self absorbed and ego driven are obvious markers IMO.

Avatar MIA

Avatar MIA wrote: »

Not sure I agree with this one, studies have shown that people buy and consume more if on offer, like you mention, but not necessarily to the advantage of their health.

Milk fine, tubs of ice cream, not so good.

I'm talking about people who's budget for essentials is accounted for down to the last few cents though, not people like me who suddenly need two buckets of M&M's because it's a 2 for 1 deal!

Avatar MIA

Drumpot wrote: »

People having lots of money does not correlate with intelligence or shrewdness. There is more then one way to make money that isn't about your IQ.

Yes and no. It may not be about IQ alone, per say, but other measures like emotional intelligence. We all know people with high IQs that may have trouble tying their own shoe laces.

But, to say there is no correlation between intelligence and lots of money is ridiculous. With the one exception, and their may be an inverse relationship, and that's lottery winners.

steddyeddy

Avatar MIA wrote: »

Yes and no. It may not be about IQ alone, per say, but other measures like emotional intelligence. We all know people with high IQs that may have trouble tying their own shoe laces.

But, to say there is no correlation between intelligence and lots of money is ridiculous. With the one exception, and their may be an inverse relationship, and that's lottery winners.

If there's a correlation I'd love to see one.

Permabear

This post has been deleted.

Avatar MIA

steddyeddy wrote: »

If there's a correlation I'd love to see one.

I know intelligence and education are not the same thing, but I do think in western countries that if you have intelligence you've a very good chance of exploiting it and getting a third level education, whether in your teenage years or as a mature student and with this in mind...

https://www.economist.com/news/finance-and-economics/21605909-returns-investing-university-education-vary-enormously-wealth

Avatar MIA

Avatar MIA wrote: »

But, to say there is no correlation between intelligence and lots of money is ridiculous. With the one exception, and their may be an inverse relationship, and that's lottery winners.

I would imagine it's more to do with a lack of experience and education in financial matters rather than intelligence, when it comes to lotto winners getting through their funds quicksmart.

Drumpot

Avatar MIA wrote: »

Yes and no. It may not be about IQ alone, per say, but other measures like emotional intelligence. We all know people with high IQs that may have trouble tying their own shoe laces.

But, to say there is no correlation between intelligence and lots of money is ridiculous. With the one exception, and their may be an inverse relationship, and that's lottery winners.

Would you say the people with the highest IQs are the richest in the world or those who made their wealth manipulating the system? I don't think you need high IQ to be a good manipulator.

KyussBeeshop

The problem with any supposed correlation between intelligence and money, is that the more intelligent someone is, the more they're likely to realize that the entire system is extremely gameable/rigged at parts, and overall is not very meritocratic - and is more likely to see all of the ethical faults (and lack of useful contribution/production to society) inherent in many of the most lucrative ways of gaining large amounts of money - such that they may be more likely to be turned off the most lucrative areas of gaining extreme amounts of money in the first place.

Some people actually do give a toss about ethics, and would forego massive money making opportunities due to the ethical problems inherent in them...

Avatar MIA

steddyeddy wrote: »

If there's a correlation I'd love to see one.

Or, to look at it another way. Do you think people with below average intelligence, say 10 or 20 points are more or less likely to accumulate "lots of money"?

Avatar MIA

Drumpot wrote: »

Would you say the people with the highest IQs are the richest in the world or those who made their wealth manipulating the system? I don't think you need high IQ to be a good manipulator.

Not necessarily the highest IQ's, there may even be a disadvantage to very high IQ's (and IQ and Intelligence are not the same thing necessarily), but if you look at the very wealthy* in Western cultures in particular you'll find them to be intelligent. Find me a renowned wealthy business person you would say is not intelligent.


*just thought of another exclusion, high wealth Arabs from oil dynasties.

Permabear

This post has been deleted.

I don't think we could argue that the Bransons and Gates of the world aren't particularly smart.

I do think it's quite unfair to sucessful business types to imply that they probably owe that success to their psychopathic tendencies. Maybe some do, but I'd say the majority have a vision and a passion and that's what leads to their success.

Avatar MIA

Permabear wrote: »

This post had been deleted.

That would be a case of 'and others may also become wealthy', not a reason why wealth and intelligence are not correlated. Besides, intelligence is, I would argue, also inherited, and I'd wager further that most people that gain inheritances are related to the person that has died.

And if you have a high income I'm pretty sure that'd have a correlation to wealth generation. It's hard to have one without the other.

ytpe2r5bxkn0c1

Drumpot wrote: »

Would you say the people with the highest IQs are the richest in the world or those who made their wealth manipulating the system? .

Neither. Some of the highest IQs in the world are more interested in their research or studies than monetary wealth. Many who tried to 'manipulate the system' have lost everything in the attempt.

Of course, what do we define as the richest?

Drumpot

KyussBeeshop wrote: »

The problem with any supposed correlation between intelligence and money, is that the more intelligent someone is, the more they're likely to realize that the entire system is extremely gameable/rigged at parts, and overall is not very meritocratic - and is more likely to see all of the ethical faults (and lack of useful contribution/production to society) inherent in many of the most lucrative ways of gaining large amounts of money - such that they may be more likely to be turned off the most lucrative areas of gaining extreme amounts of money in the first place.

Some people actually do give a toss about ethics, and would forego massive money making opportunities due to the ethical problems inherent in them...

The scientists who cure cancer will not make as much out of the cure as those funding the research. Who has a higher IQ?

Who is the most intelligent person you know of? Off the top of my head I would say many people, like me, might say Stephen Hawkings. I'm guessing David beckham is worth more then him... I use this as a point. Society doesn't value intelligence , it values what it wants and demands.

People are more willing to spend money on football stars then exploring the galaxy. People even spend more on this then preserving our planet. We are a fundamentally retarded species that places a higher value on instant gratification over self preservation... The people who can exploit this trait , coupled with those willing to manipulate the flawed systems we use are those who make the most .

diomed

We are in a boom now and nobody mentions it.
Sell what you can and have the cash ready for the stock market bargains that will be on sale in a few years.

DJIA (Dow Jones Industrial Average)
9th March 2009 ........... 6,547
23rd July 2017 ........... 21,580
An increase of 230%
The index should go back to 10,000 or less.