a "for the record" thread to clarify my views on wealth/labor/rich etc.
1. working very hard is not in itself enough to get rich
2. multiplying your wealth is way more effective if you started out with some wealth
3. people *way* overestimate and misunderstand the role of luck
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4. people get paid according to the value they create, not the amount of work they perform
5. i think ppl underestimate social class as a barrier to wealth creation
6. my criteria for viewing something as 'exploitation' is way narrower than most ppls
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Luck is underestimated. Just consider in what part of the world you were born.
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I disagree with 3. Location, time, your own health etc. are important. I was lucky to get a particular job just before the financial crisis, for millennials slightly younger than me the job market became much tougher. Conversely the older gen x types had had some great years.
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Luck plays a huge role, but it is notable how one can bias it in one's favor with some skill and persistence. A random walk moves you ∝sqrt(t), a biased walk ∝t.
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I think #4 needs context: it's subjective to the society, e.g. child care / teaching/ and eldercare are all lower paid jobs (some exceptions in teaching). They're essential in our society but we don't treat them as such & thus are paid lower than many other valuable professions
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How is luck "way" overestimated, but social class as a barrier is underestimated, when social class is probably the best example of luck one could consider?
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Willing to elaborate on #3? I have a hard time viewing entrepreneurship as anything other than a luck-based system. No one could reasonably have known in advance what ventures would succeed and what would fail.
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