Income Inequality is a Personal Problem

Have you ever noticed that when it comes to something like income inequality, it’s always people who have enough income that seem to be demanding that other people close the supposed income inequality gap?

Do people realize that income inequality isn’t even a real thing? So, if we are taxed at a rate that provides more people more income, what do you think they will do with that money? If a person cannot sustain themselves on their current income, what makes you think that once they get more income, that it will somehow suffice? Have you ever noticed how no matter how much money a person has, if they are not diligent with it, no amount will ever suffice?

So, if people don’t know how to make their money work for them, no amount of money will ever seem equal.

A smart person learns how to not only keep more of their own money, but they also learn how to make their money grow.

A person who doesn’t know how to spend money, will waste it, quickly.

Take NFL players for example and let’s compare them the MLB players. There are more financially broke NFL players than there are MLB players. Why is that you ask? Because, the overwhelming majority of NFL players receive massive amounts of money at a very young age and they generally do not make it to the NFL through the “minor league” pipeline. Thereby, they usually have never had the life experience of actually learning about how to live below their commensurate income. When most NFL players get a contract, their money becomes a liquid rather than an asset.

When it comes to the MLB, most players only get there after years of playing at the minor league level. In the minors, the players are paid very little and due to their training and game schedule, they often do not have the time to have a job on the side. So, once a player makes it to the MLB, they have learned the hard way of how to not just budget, but to also make their money work for them.

In closing, income inequality isn’t a thing. Since regardless of level of income, if a person doesn’t know how to survive on what they have, then they simply lack the skills and knowledge needed to plan, budget and set and stick to financial goals.

The only way to learn and understand is through physical and literal experience.

More money only equates to more spending, not a better life.

Money is not the problem, the mindset is.

If you cannot be strategic with the money you already have, what makes you think that more money will solve your problems?

If you assume that money is something that needs to be constantly spent, then thats all you will ever do with money.

The longer you wait for someone else to fix your problems, the longer you will continue to wait.

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31 thoughts on “Income Inequality is a Personal Problem

  1. Nice post. Interesting fact about football vs. baseball players.

    The factors that determine the average person’s income are so varied that it is hard to measure things like “Men make more money than women”. In my opinion.

    1. bottomlesscoffee007

      Possibly BS, but the amount is insignificant if an individual isn’t smart with what they earn. We all make sacrifices, but if a person refuses to prioritize accordingly to their lifestyle, then regardless, the quagmire continues.

          1. Ditto!!!!! I always love your thought provoking questions. We need more people who are willing to throw these provocative questions out there and to actually be willing to discuss things. People today only want to hear what they want to hear.

  2. Awesome post BC, you make very valid points here. Two completely different yet equally successful sport institutions with different ways of recruiting. The hard knocks of the MLB teaches the not so very obvious lesson of fiscal knowledge. Knowledge that some in the regular world still have to learn.
    How about a post on student loans? Which seems to be around the same lines of either being aware of or taking them out and for what purpose or being frivolous with them. Food for thought.

      1. Oohhh sweet, I can’t wait! And only because I know first hand about how the pitfalls of not knowing everything one needs to know about student loans. I didn’t get truly versed until AFTER I finished both my degrees. 🤔🙄

              1. Good question, although I’m speaking purely of those that are irresponsible with student loans. Like those players in the NFL that are equally irresponsible with the high salaries and no financial education of how to take care of money that will eventually dry up.

  3. You’re right about people learning to manage their money.
    Buuuttt, some of us really are living below the poverty line and it’s not through mismanagement. If I didnt share expenses with my older daughter I’d be seriously screwed.

    1. bottomlesscoffee007

      So, you are using your resources and depending on your family. Thats the old proven method that is still respected in Asia.

  4. Marleen

    It didn’t matter how much Donald Trump (Senior’s) dad (Fred) gave him or how many times he bailed him out, he kept blowing it. A reason why he never learned how to not have a “daddy.” So true, that some people don’t understand money in an upstanding way.

    (It doesn’t follow, though, that there is no such thing as income inequality. Not commenting on whether or not there should be equality. Not saying what could be done.)

    1. bottomlesscoffee007

      And somehow, he still has more than me. Do Trump’s finances effect my finances? No, not in the least. Make due with what you have, since everything else is borrowed. You are only responsible for what you and only you do or do not do. Take responsibility for yourself.

      1. Marleen

        Does he, though? He apparently has access; doesn’t mean he owns anything or much. Who’s his “daddy” (or who are his daddies)? Explains his love for despots (as a grown man, you don’t get altruistic help from your actual father when he’s passed away).

    2. bottomlesscoffee007

      If all you do is compare yourself or your situation to other people, then when will you have the time to focus on and improve yourself?

    3. bottomlesscoffee007

      I do see your point, if a person doesn’t manage their money properly, then no amount of money will ever be enough to satisfy their gluttony.

  5. Anonymous

    Can you explain what you mean when you say there is no such thing as inequality? Also, if an issue affects 90% of a population, is it a series of personal problems or is it systemic? I believe the system is set up to favor a small percentage and work against another small percentage of the population. The rest of us can break even or get ahead as our abilities allow.

    1. bottomlesscoffee007

      Possibly, but if a person continually looks outward and compares themselves to others, when will that person look inward and compete with themselves? We can argue both sides of the inequality scheme, however, just like happiness, inequality is subjective.

      90% of the population? I think that number requires a thorough explanation and who was asked what exactly. Arbitrary statistics without truly understanding the people questioned and how the questions were asked and what questions were asked and what questions were not included in the study. Also, who exactly conducted the study and who funded the study and how was the study presented and what data wasn’t included in the final presentation of the results.

      What “system” do you reference?

      Usually, from what I can tell, whenever a person stops complaining about everything out of their control and focuses on what they can actually control, from that point forward, it seems as if that person can accomplish almost anything…as long as they maintain their focus and continue to work towards their goal.

      Life isn’t fair, nor is it just. But this is not a phenomenon of present day, rather, this is how life has been, since the dawn of time.

  6. Anonymous

    I agree with the stressing of personal accountability. I don’t think that should be the only answer to all of society’s problems. I also agree with you when you say life is not fair, and I would never assert that it could be. As far as inequality as a concept, it’s pretty hard to find subjective as it is mathematically provable. Inequality in practice is still provable in a court of law but is a good bit more subjective. I would honestly like to hear why you think inequality does not exist. As to my 90% statistic, that was just an arbitrary number, and I agree that statistics leave many questions unanswered and can be often disproven. The system i referenced would be an amalgamation of various systems and cultural norms here in America. From the banking system to various government services to how we are raised to view things like work and money. For instance; the system we live in encourages young kids to be reality show stars and rappers instead of scientists or construction workers because the two prior careers make the most money. That’s just an example off the top of my head, not a hard opinion of my version of a particular truth.

    1. bottomlesscoffee007

      Yeah, you could be right when it comes to inequality, but I would argue that inequality permeates society as a whole, regardless of culture, nation, sex, religion, etc.

      To focus on one aspect of inequality, is promoting one inequality over the other inequality. Thereby, inequality remains.

      Inequality will never cease. Which inequality is paramount above all other inequalities?

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