[url=http://boards.straightdope.com/sdmb/showthread.php?t=295949]I started this GD thread bashing the wealthy** and found some of the replies quite surprising. Of course that’s the fun here; I love having my premises challenged, even if my core opinion remains resolute.
So I wondered what other Dopers think about money. Some questions that came to mind:
What’s your definition of “The Wealthy”?
Do employers have any sort of obligation to their employees (i.e. providing a living wage)?
At what point (if any) are wealthy people guilty of greed?
No. The price of labor is exactly that – a price. As such, an hourly wage should be solely determined by supply and demand, just as the price of a loaf of bread is determined by supply and demand. There should be no minimum or maximum wage laws.
Wealth in and of itself is not an indicator of greed. Poor people can be greedy, too. Besides, personal wealth is a good thing, and should be encouraged.
What’s your definition of “The Wealthy”?
Well wealthy is having enougth to live on comfortably. But for somones wealth to be commentable it would have to be greater than $1M these days.
Do employers have any sort of obligation to their employees (i.e. providing a living wage)?
They have an obligation to the minimum wage, and to fairness. Also as it is commonly considered that an employer can ask employees to take a wage cut in bad times it should also be common to reward employees in good times.
At what point (if any) are wealthy people guilty of greed?
Wealth and Greed don’t correlate very much. In fact wealth is often gained by risking your own money and future, something that a greedy person would never do. That said ‘old money’ is often linked to frugal habits that keep the ‘old money’ from running out.
Do you think you’ll achieve “Wealth”?
I have, but not yet to a state that I can guarantee my ability to continue to live comfortably for the entire period of my expected life time.
A million dollars hardly seems like enough. I would define ‘wealthy’ as working because you feel want to (to accumlate status, power, further wealth) and not because you have to in order to put the kids through college.
In a straightforward sense I can see the argument for ‘not’ because one’s services are worth what the market dictates. OTOH, as an employer, providing good wages leads to happier, generally more productive employees and lessens turnover (and therefore inefficiency) in staff.
I don’t think anyone going about their daily concerns can be ‘guilty’ of greed. It’s possible to put your wealth (or anything) accumulation above the needs of society and others. That’s probably too much of a good thing.
I think I’ve got a good start and a better than average shot at it.
Living in an affluent part of Connecticut I see “the wealthy” all the time. However, I’m not impressed with multi-million dollar yachts, mini-mansions with 2 hummers, a maseratti and a razor scooter…
My definition of “the wealthy” are those who have a good grasp of the things around them. Including but not limited to: Their finances, social function, and of course a nicely manecured lawn
You are kidding right?
I think your definition of wealthy people has been complicated and compromised by MTV or popular media. I have some evry wealthy friends who drive Honda Civic’s to and from work - you want to see greed, go watch the American Stock Exchange and you’ll see greed.
I believe I already have. I have a wife who loves me, we make more than we need, and we find richness in the things we surround ourselves with. Note the lawn…one should have a tree house in their life as well…somewhere.
I don’t have an exact number I’d put on it. I know what it’s not. It’s definitely not $1M–that’s too low. My parents have over $1M in assets (mostly in retirement accounts) and they have standard middle-class money problems.
I define it more by lifestyle. For example, if a person can afford to buy multi-million dollar homes on a whim, that’s wealth.
If I had to put a number on it, over $5M in net worth.
I think so, for moral and practical reasons. I believe all members of society benefit (even the employer paying a living wage) if poverty is eliminated.
At some point, I believe any person (rich or poor) can be called greedy. I guess that’s when they are so blinded by the desire to accumulate wealth that they lose sight of other things that should be important to them (family relationships, responsibilities).
Also, I do believe a rich person is greedy if they have the means to give to charity but refuse to do so in a meaningful way.
Having enough money to travel and persue other leisure activities without being dependent on a job.
Under the current system, no. But I think the current system is flawed.
When the persue the acquisition of material goods to the unreasonable detriment of others. “Greed” is a completely subjective thing, and I think anyone, regardless of wealth, can be greedy.
Yes, but I won’t have many years to enjoy it before I die.
Well, I’ve always considered “wealthy” to mean those folks who have more money than they could ever spend in their lifetimes, despite not working and buying whatever they want (yachts, jet planes, you name it).
As an owner of a small business, I certainly think an employer has certain obligations to employees. If you strictly mean in terms of wages, I think those should be set by the market. For example, for the 6 year history of our company the salaries to our employees have averaged $90,000.00. I don’t do that because I feel obligated. I do it because the market demands it.
I think greed is something that is pretty independent of financial status.
Not wealth as I define it. I do have hopes of being in a position to retire early with enough money to live a nice upper middle-class lifestyle for the rest of my life. That’s looking semi-possible at this juncture, but things can change, so for now call me cautiously optimistic. Not bad considering the situation I grew up in.
