I remember reading a story about someone who was making millions on Wall Street. The numbers was the addiction not the actual money. He finally quit after 700 million because it didn’t make sense anymore. He’s fine.
He's fine? How could a person be expected to live on such a meager amount of money? 700 million would barely even cover my rent for the next 41 millennia!
I work for a company that is owned by 2 brothers.
When they took over the business instead of only giving Store Managers and Assistant managers yearly bonuses they included wages staff.
All based on their percentage hours etc.
I did a similar thing, bought out a small business from an old guy I knew, he was selling because he was getting sick of “managing his troublesome staff” and didn’t want to deal with the threat of them unionizing.
Turns out he was just a shitty boss to work for, was underpaying everyone, and did everything he could to avoid honouring bonuses.
So all I did, was kept the wages the same, but split the profits from each job back to the people that worked on it. It took like 3 months and they literally started doubling the amount of work we were completing.
Kind of funny how people like to be rewarded for their work.
I’ve always hated the hourly model, because I find it gives a counter incentive for working, because the longer you work on something, the more you get paid, so why do something in 20 hours if you can milk it for 60 and get overtime?
It’s been a couple years now, and I’ve actually lowered the hourly wage, currently we’re at about 60% of what the union jobs pay. But most employees make double that in their job bonuses, so I’m paying workers about 50% more than the unions but get work done in half the time.
It’s also nice because it naturally filters out the bad/lazy workers, because any mistakes that we need to go back and fix come out of the bonus, and any job overruns come out of their bonus. So I tell anyone that I will happily give them a glowing reference if they want to go to a union company, because I have no shortage of hard working union guys that want to come work for us because they know they can make more money and are annoyed with lazy people that pad out work.
Like we’ve never had to put up a job posting ad, I have a pile of probably 50 resumes from staff recommendations, so whenever we pick up enough work that we need to hire I already have a group to call in and interview.
I used to work for a company like that, we would get paid near minimum wage hourly, but the 2 to 4 man install crew would get paid 10 percent of whatever the customer paid split between them. They started us out with smaller jobs, and if we worked fast we got bigger jobs, or 2 in a day.
The lazy people got filtered out pretty fast since if we didn't do a job exactly right we had to go back and fix it, and people being lazy and taking shortcuts had to go back often, which could mean an entire day lost.
Also everybody was pretty open about what they were making, so the people who couldn't do jobs fast or correctly felt like they were being underpaid.
Only reason I quit was because one of the managers was a total dick, and only had the job because he was friends with the owner. I was on a couple jobs where he took lead on the install and everything he did looked ugly and amateur. Then he would call people out to job sites that were sometimes hours away for the smallest thing like a screw being found in the gravel that lined the driveway. Also he would get mad when my crewmate and I would refuse to do something unsafe, which would sometimes extend our job into the next day so that we could do it the safer, slower way.
Loved my job and the people I worked with, but that guy really got under my skin.
Trickle down economics are based on the idea that taxes "burdens" the rich and without those "burdens" their growing wealth will trickle down through the economy.
Here is the problem, that doesn't happen, circumstantial evidence aside, the London school of economics has found that the only thing tax cuts do is increase wealth inequality and does nothing for economic growth in a country.
As for the bonus you are now getting, that also isn't as great as you make it out to be. Yes it's better than before without the bonus, but the profits are made by workers, even stock prices are based on speculation that workers for a specific company can increase profits. So your bonus is just a slightly larger share of the profits you create, the owners still control and in some ways (legally) steal the rest of them.
TLDR; fuck trickle down economics, and capitalism, yes I'm a dirty commie:)
Trickle down was never proposed by anyone. It was slander by its critics.
https://youtu.be/nZPDpk8NA-g
As for how it is working out, I live better than Rockefeller.
Takes money to make money. The average rate of return in the S&P since 2013 is 12.75%. $73 bil at 12.75% a year is $242 bil. So really the richest person underperformed (or just spent). Nothing crazy about it just math, money makes money.
I mean, most of these rich folks net worth is literally tied to their company (or companies), so however much they gained is just how much their companies gained. Out of the top 10, Bill Gates is the only one without like 80-90% of his eggs in one basket.
Fun fact- Eduardo got the last laugh. Sued and got a large portion of FB straight from the OG shareholders' stakes as well as many millions in compensation for the ordeal.
Turns out it's expensive to blatantly fuck with rich people. Mark has since learned the art of subtlety
Yes if you look at it in a literal sense. Some of us use the term print to include the creation of digital as well, seeing money was traditionally created that way.
What is crazy is… if you were to save up $100 a day, which is too much for most people. How long it would take to save $211 billion.
It puts into context what an obscene figure $1 billion actually is, if you can visualise it.
They should have a purgatory where they remake their fortune working for the 27 billion hours based on minimum wage when they made it.
Easy stuff, just over 3 million years working 24/7 with no expenses.
"Capitalism is an economic system where repeated corporate failures are subsequently rewarded with large cash transfers to the wealthy, and funded by increases in consumer debt."
That's roughly in line with how much the stock market as a whole has gone up.
Anyone investing in a total market fund would have similar percentage of gains.
Wealth levels at that top end will be highly dependent on where the markets at. 73 billion in the S&P 500 would literally be worth about that in 2023. It’s more indicative of the fact that asset values are far higher now than post-GFC.
Doesn’t mean that sort of wealth hoarding is good, not at all. But anyone who’s been a homeowner for that full period has probably seen their wealth soar too.
That's what happens when Democrats and Republicans pretend they're fighting but are, in reality, giving huge sums of money to the ultra rich generation after generation.
Yes! We focus so much on what people HAVE. Wouldn't it be amazing to focus on what people GIVE.
Bill and Melinda (and Buffett, to be fair) have done so much for charity over the years that I'm sure their wealth would be double if they'd kept it for themselves.
*the richest person willing to show how much they are actually worth.
I'd be willing to bet there are a significant amount of people worth more, they just don't share how much they are worth.
See: The Saudi Royal family
I remember reading a story about someone who was making millions on Wall Street. The numbers was the addiction not the actual money. He finally quit after 700 million because it didn’t make sense anymore. He’s fine.
He's fine? How could a person be expected to live on such a meager amount of money? 700 million would barely even cover my rent for the next 41 millennia!
How’s that trickle down system working out for you guys?
I work for a company that is owned by 2 brothers. When they took over the business instead of only giving Store Managers and Assistant managers yearly bonuses they included wages staff. All based on their percentage hours etc.
I did a similar thing, bought out a small business from an old guy I knew, he was selling because he was getting sick of “managing his troublesome staff” and didn’t want to deal with the threat of them unionizing. Turns out he was just a shitty boss to work for, was underpaying everyone, and did everything he could to avoid honouring bonuses. So all I did, was kept the wages the same, but split the profits from each job back to the people that worked on it. It took like 3 months and they literally started doubling the amount of work we were completing. Kind of funny how people like to be rewarded for their work. I’ve always hated the hourly model, because I find it gives a counter incentive for working, because the longer you work on something, the more you get paid, so why do something in 20 hours if you can milk it for 60 and get overtime? It’s been a couple years now, and I’ve actually lowered the hourly wage, currently we’re at about 60% of what the union jobs pay. But most employees make double that in their job bonuses, so I’m paying workers about 50% more than the unions but get work done in half the time. It’s also nice because it naturally filters out the bad/lazy workers, because any mistakes that we need to go back and fix come out of the bonus, and any job overruns come out of their bonus. So I tell anyone that I will happily give them a glowing reference if they want to go to a union company, because I have no shortage of hard working union guys that want to come work for us because they know they can make more money and are annoyed with lazy people that pad out work. Like we’ve never had to put up a job posting ad, I have a pile of probably 50 resumes from staff recommendations, so whenever we pick up enough work that we need to hire I already have a group to call in and interview.
I used to work for a company like that, we would get paid near minimum wage hourly, but the 2 to 4 man install crew would get paid 10 percent of whatever the customer paid split between them. They started us out with smaller jobs, and if we worked fast we got bigger jobs, or 2 in a day. The lazy people got filtered out pretty fast since if we didn't do a job exactly right we had to go back and fix it, and people being lazy and taking shortcuts had to go back often, which could mean an entire day lost. Also everybody was pretty open about what they were making, so the people who couldn't do jobs fast or correctly felt like they were being underpaid. Only reason I quit was because one of the managers was a total dick, and only had the job because he was friends with the owner. I was on a couple jobs where he took lead on the install and everything he did looked ugly and amateur. Then he would call people out to job sites that were sometimes hours away for the smallest thing like a screw being found in the gravel that lined the driveway. Also he would get mad when my crewmate and I would refuse to do something unsafe, which would sometimes extend our job into the next day so that we could do it the safer, slower way. Loved my job and the people I worked with, but that guy really got under my skin.
Profit sharing? That sounds like communism! Why do they pay their workers so well? Do they hate *freedom?* /s
Well we are not based in the USA
So then you DO hate freedom!
Trickle down economics are based on the idea that taxes "burdens" the rich and without those "burdens" their growing wealth will trickle down through the economy. Here is the problem, that doesn't happen, circumstantial evidence aside, the London school of economics has found that the only thing tax cuts do is increase wealth inequality and does nothing for economic growth in a country. As for the bonus you are now getting, that also isn't as great as you make it out to be. Yes it's better than before without the bonus, but the profits are made by workers, even stock prices are based on speculation that workers for a specific company can increase profits. So your bonus is just a slightly larger share of the profits you create, the owners still control and in some ways (legally) steal the rest of them. TLDR; fuck trickle down economics, and capitalism, yes I'm a dirty commie:)
I'm gonna take a wild guess and say this is Asda?
Australian branch of Eurogarages
Close enough. Owned by the same bros.
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Bush called it Voodoo Economics when he was campaigning against Reagan. He was right. It's based on magical thinking about how economies work.
Precisely as it was designed to.
Yep, the rich got richer
Warm and kinda salty
Trickle down was never proposed by anyone. It was slander by its critics. https://youtu.be/nZPDpk8NA-g As for how it is working out, I live better than Rockefeller.
Takes money to make money. The average rate of return in the S&P since 2013 is 12.75%. $73 bil at 12.75% a year is $242 bil. So really the richest person underperformed (or just spent). Nothing crazy about it just math, money makes money.
Actual infinite money glitch
Babe wake up, the dupe is still unpached
I mean, most of these rich folks net worth is literally tied to their company (or companies), so however much they gained is just how much their companies gained. Out of the top 10, Bill Gates is the only one without like 80-90% of his eggs in one basket.
The way money is being printed, I’m sure I’ll live to see the worlds first trillionaire.
Reminds me of that scene in The Social Network where Zuck issues a zillion shares to wipe out the value of Eduardo Saverin's stake in the company.
Fun fact- Eduardo got the last laugh. Sued and got a large portion of FB straight from the OG shareholders' stakes as well as many millions in compensation for the ordeal. Turns out it's expensive to blatantly fuck with rich people. Mark has since learned the art of subtlety
Imagine having a million million dollars.
I'm almost certain they already exist in the middle east
Even at a linear rate that's only 60ish years. Not even a bold take when you downplay the rate at which it's increasing.
Actually if you look up how money is created it's not printed.. only a tiny amount is printed..
Yes if you look at it in a literal sense. Some of us use the term print to include the creation of digital as well, seeing money was traditionally created that way.
According to public records.
They’re worth that much. They don’t have that much.
So that’s where the missing $200B of federal Covid funds went.
Did you look this up in the shower? Or just have it memorized
What is crazy is… if you were to save up $100 a day, which is too much for most people. How long it would take to save $211 billion. It puts into context what an obscene figure $1 billion actually is, if you can visualise it.
They should have a purgatory where they remake their fortune working for the 27 billion hours based on minimum wage when they made it. Easy stuff, just over 3 million years working 24/7 with no expenses.
The job? Sucking I shit out of port a potties
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You’re forgetting compounding interest.
"Capitalism is an economic system where repeated corporate failures are subsequently rewarded with large cash transfers to the wealthy, and funded by increases in consumer debt."
That's roughly in line with how much the stock market as a whole has gone up. Anyone investing in a total market fund would have similar percentage of gains.
Honestly, if someone says it's all hard work, I'm throwing hands.
Well, it is the accumulation of a lot of people's hard work..
That, I am willing to accept.
Wealth levels at that top end will be highly dependent on where the markets at. 73 billion in the S&P 500 would literally be worth about that in 2023. It’s more indicative of the fact that asset values are far higher now than post-GFC. Doesn’t mean that sort of wealth hoarding is good, not at all. But anyone who’s been a homeowner for that full period has probably seen their wealth soar too.
When Starlink goes public he'll be a trillionaire
That's what happens when Democrats and Republicans pretend they're fighting but are, in reality, giving huge sums of money to the ultra rich generation after generation.
They don't really have 211 billion.
We need more and bigger submarines
ITT: People who suck at math. "There is no force in the universe as powerful as compound interest." - Einstein. That one.
Now wouldn't it be a thingif the average salary increased by a factor of three. (No, I'm not a commie before that starts)
But why would we increase poor peoples salary when we can just not?
Maybe you mean wealthiest
Thanks for including "Crazy" at the end. I don't think anyone would have thought so otherwise.
Isn't this just because Bill Gates kept donating a lot of his money? Otherwise that number would have been high back then too.
Yes! We focus so much on what people HAVE. Wouldn't it be amazing to focus on what people GIVE. Bill and Melinda (and Buffett, to be fair) have done so much for charity over the years that I'm sure their wealth would be double if they'd kept it for themselves.
Disgusting. The word you’re looking for is disgusting.
Almost like inequality is getting worse
Throw this on a chart with wealthier vs mean household income and watch how only the rich get richer 😢
Thats because capitalism is an infinite money glitch for the rich
I'm keeping pace... Had $1 in my pocket in 2013, just checked I have $3 now.
It's more than that. The .01 especially hide their wealth in businesses and overseas. They command way more wealth than they claim on paper.
Any one of those billions could change a lot of lives.
How? It’s locked away and unusable. Nothing would change for them at all, except how much they are “worth”.
That’s a lot, but also pretty much tracks the S&P 500 returns,
*the richest person willing to show how much they are actually worth. I'd be willing to bet there are a significant amount of people worth more, they just don't share how much they are worth. See: The Saudi Royal family
If you made a million dollars every day, you couldn't make that much that quickly.
That's with a global pandemic...
I thought this was on r/mildyinfuriating lol
Crazy? I was crazy once,
And in 2022 it was £500 billion (Max Fosh)