Since I started this blog a few weeks ago, I’ve been asking friends and family to share their perspectives on wealth, personal finance, and money. When you were younger, what did you learn about money?
How do you feel about money?
Like most broke people, I hate money. From a historical standpoint, money was basically just made up.
What were you taught about wealth and money when you were younger?
Nothing: Go to school. Get a good job.
What do you wish you knew about money when you were younger?
I wish there was more emphasis on saving money. I don’t know if I would’ve ever listened. There are certain concepts I wish I knew earlier because a lot of things are time-based. I wish had learned better business sense too.
What do you want to know about money now?
The best way to use it so that I’m not constantly working to get more of it.
Should billionaires (or millionaires) exist?
I would say yes, because people should be able to make money off the work that they do. The honest answer is yes. The problem with that is that over time, it gives people the ability to be so far ahead of everyone else that it seems impossible for others to catch up.
Is it right (morally, ethically, etc.) to be a billionaire? Is it right to aspire to be rich?
It’s fine to be a billionaire. There’s nothing wrong with that. In our society, money equals how well you’re doing something. Really, that’s a global reality.
The amount of money you can amass equals how good you are as a person. It shows how hard you work. I don’t believe this by the way, and I definitely don’t believe this is how it should be, but this is how it seems.
Even still, there are good people and there are bad people. There are millionaires who try to do the wrong thing, and then there are those who try to do the right thing. It’s not wrong to want to be rich.
Is self-made real?
Sure, you can be self-made. I believe you can start from somewhere lower and make your way up higher. That’s possible. Having the ability to be a millionaire goes hand in hand with the ability to be self-made.
(For economic reasons) Should the sex industry exist?
If someone wants to sell themselves, is that not a service? I think society shames people who do it, but people choose to do certain things to make money (some choose to do other things that some people might find shameful for other reasons). People choose to wash dishes, to clean toilets, to drive for Uber. These are all choices that people make.
If you choose to be in the sex industry, fine.
If someone forces you into the industry, that’s a huge problem.
I think some people might think of it as really fast money, but I don’t know how many people in the industry then go on to buy real estate, invest, save for retirement, etc. I could be wrong though.
In industries that rely on physicality, most of the people who end up in those industries don’t put their money in places that would benefit them in the future– that’s not just the sex industry: that’s football, basketball, track & field, boxing, etc. Anything that’s more physical in nature.
To what extent should fame, popularity, or status determine our economic opportunities or financial success?
Not at all. Zero extent. Hahaha. I would say only work should determine our financial success. Did you work to become famous? How hard? I guess this can become complicated because some people do. Some people work harder to become famous than others do to have a more traditional career.
Too often though it seems like having fame isn’t based on anything that you, personally, might have done. Simple example: Michael Jackson’s children.
Should STEM graduates earn more than non-STEM graduates?
Yes, I think that’s where more money should go. Advancements in society are where our money should be going. There should be a priority on those things.
Do you feel the same way about money as you do about wealth? Why or why not?
Yes, I feel the same way about both. It’s just hard to accrue wealth when you’re behind. Some people didn’t make a choice to be behind. For example, if you’re born into a family with less wealth, you didn’t make that choice for yourself.
What will you teach your children about wealth and money?
How to make their own money, early on. How to at least save it or invest it.
Interesting read and well written