On a personal level, sure, that's responsible (for whoever can actually afford to do that), but if everyone is living frugally and don't spend that much money at all, doesn't that have pretty horrible effects on the numerous businesses that actually need consumers?
Most poor people are just earning enough to live day by day. Getting financial literacy would help little.
Which makes sense, otherwise any childless person in the West with a decent job could save 1k a month and retire with 10M, or a Google SWE5 living with a SWE4 lifestyle could save 10k a month and retire with 100M.
The issue is when something goes wrong, and you have to choose between the gas bill and mom's meds. And then you need to choose between saving that $10/mo for retirement, or for emergencies; or taking what's been saved out of the retirement fund (if that's even possible) because, well, an emergency.
Had a colleague have to sell some (most?) of their BTC at $100 to make some student loan payments. As an example.
The notion that poverty is a character flaw and that poor people just need to be better with their money, is just propaganda so that it's more palable to cut welfare programs.
To see how ridiculous it is, you just have to think about the other ned of the spectrum, the most financially irresponsible people one can observe are typically some rich kids, does it have any influence on their financial/economic future?
Education can only help so much when you are poor.
Oh right.
Which is to say that neo-liberal patches like “you’re poor because you’re financially illiterate!” need to go, a real structural reform must be put in place in most of the Western world.
By investing. Even with inflation adjustment historical market return is 6%.
Do they teach in school how to invest when you can barely afford food and have no disposable income? Must be easy to talk shit when sitting on your cushy white collar job.
Stop simping for billionaires, it’s pathetic.
Also, in response to these…
> “Guhuh just fununcially aducate urself”
> Must be easy to talk shit when sitting on your cushy white collar job.
> Stop simping for billionaires, it’s pathetic.
…I suggest reading the site guidelines:
So middle 60% must slave away their whole life and save for retirement while 10% live their life to the fullest? $1000 isn’t even a spec on billionaire’s radar while for someone it represents a whole year of work to spend a day of rest from this dystopia.