mod (Andy) note: "Blast from the past - Best of Eddie" - This one is originally from February 2011. If there's an old post from Eddie you'd like to see up again shoot me a message.
Could you survive on $1,000 a month? What if you had a kid to care for, too? What corners would you cut to keep food on the table? You can answer these questions and more when you play Spent, a free online poverty simulator from the Urban Ministries of Durham. I managed to make it to the end of the month with $441 to spare, but I had to tell my kid he couldn't play after-school sports, I had to leave the family pet to suffer with a painful condition, and I had to skip my car payment.
I also took an entrepreneurial risk and got screwed for it. I took the job as a warehouseman and, when offered to maintain my hourly wage or get paid on a performance basis, opting for the performance bonus cost me 25% of my monthly income. It's an interesting simulation, and an eye opener for anyone who hasn't had to make poverty-based decisions in life. Spent presents you with decisions you have to make each day of the month, and most of them aren't pretty.
A wise man once told me that broke is a condition, but poor is a state of mind. In other words, many self-made wealthy are broke from time to time. The difference is that they know it's a temporary situation, and that they'll marshal the resources at their disposal to turn things around. The people who are poor, by contrast, believe that it's their lot in life and they'll always be poor.
I think Spent highlights the difference in the decisions people of these divergent mindsets will make. I'm guessing people who view life from a perspective of scarcity will make the financially self-destructive decisions that will keep them in poverty, while people whose world view is one of relative abundance will make the decisions (and the hard choices) that leave a little money for investment at the end of the month.
As for me, I ended up with enough money at the end of the month (even after the 25% income hit) to make my late car payment so I could keep getting to work. Honestly, though, I wouldn't have made the payment even then. I would have hidden the vehicle and used the money to pay rent on time, and then made a double car payment later in the month. In the meantime, I'd have sold blood and plasma and sperm and any other resource I had access to. But then, I've actually been in the situation before.
I'm interested to hear how you guys do in the game. Be honest, nobody will think less of you on this site if it turns out you're lousy at being poor. It's not supposed to be easy.
Survived with $202, but my decisions were less about thinking strategically and making the best use of my money and more about just trying not to spend in as many cases as possible. I selected not to smoke or buy the lottery but can see how those decisions may change if I were actually living in poverty and dealing with stress. The easiest answers for me were the ethical ones. I was asked if I backed into someone else's car and see no one around, whether to pay the damage or run, if I broke some plates as a waitress but no one saw would I fess up (assuming it's possible to actually hide the broken plates in plain view, etc. Seriously, if I'm barely getting by, would I really care?
Wow, probably too big of an eye-opener for this early in the morning. Memories resurfaced of avoiding answering calls (before caller ID), putting 2 gallons of gas in my car at a time, and picking drinking establishments based on price of beer rather than quality of girls (actually I'm still guilty of that). It also reminded me of how something insignificant for one one person can profoundly impact another. I'm going to make an effort today to randomly do or say something nice...at a bar...while drinking a cheap beer!
It glitches up on me halfway through the month, but I feel like I might be making it through, but I would probably be in trouble the next month.
My gambling addiction paid out on turn 1, but I tried my luck again and lost it all. Had to sell my kid at turn 6 to get one more bet on the horses.
Cannot agree more with you about poor being a state of mind. I dated someone from the real poverty side of life, and they just had no aspirations or exposure to an alternative view of life. If all you know is stacking shelves/waitress, then its not surprising thats all you aim for. Separated now but still in touch, is finally getting on with progressing life. Will be interesting to watch.
Somehow I made it to the end of the month with $665 as a warehouse worker with no insurance. I really stuck it to my kids though. Oh well, it will toughen the little bastards up.
My kid got a card in the mail for $10 and I gave it to them. But they must have spent it right away because the piggy bank stayed the same size. That or they didn't see this as an opportunity for earnings management.when they coded the site.
The thing is, when I was in my last year of undergrad I literally was living on 1400 a month because I was on my own financially, and my department let me teach a section (a job for grad students usually, without research stipends). I didn't really feel poor, although I had to do without a lot of things. Perhaps it was how I was brought up, but I never took it for granted that I deserved fancy clothes, a car, going out to eat, or whatever other luxuries. I was poor as shit all throughout grad school too, but since I didn't take vacations, etc., it never felt that way.
I have a law friend who does pro bono work for very, very low income people in Atlanta. And it's odd: there is one lady with six kids, and for Xmas, two of the oldest wanted BlackBerries. As we all know, BBs are a two-part tariff: you pay for the hardware, but they really nail you on the plans, which are not cheap. Is it total ignorance of financial planning? Or do they just not give a shit? To what extent to the poor exacerbate their own problems by making decisions like this? Two BBs is easily a health plan premium, for instance. BBs > healthcare?????
The pay by piece rate was actually the better choice Eddie. I chose to stay with an hourly wage, and they cut my hours in half.
Survived with $514 with no insurance. Living off of toast and ramen with no insurance? That's called college. Shame about Fido though.
Dude, obviously BBs > Healthcare. How else will you answer emails at 2am? If you don't answer those emails, you get fired and have no healthcare. It's a no brainer homie.
It's fucking bullshit that I had to pay for Johnie to get 'study materials' for the advanced class then had to pay for a tutor because the little fucker was doing poorly in math.
549!
->... as long as I don't get caught for that hit and run
Ha I made it through with a tidy surplus by ignoring my debt collectors. What are the going to do? Foreclose on my hovel?
$752 after robbing my kid's piggy bank, not showing up to my best friend's wedding, feeding my family on ramen and drink mix...hmm....it's almost like...
That's tough, didn't mean anything against you by quoting, just wanted a segway to my own comment about to coding. I've skipped meals in undergrad and rocked ramen as a staple of my diet. As for the blackberries, they better have been slinging rock like mad to justify that.
Took the temp job and finished with $1358
I'm going to play the game later, but how can they realistically simulate this? There are so many choices rich and poor people make that you can't account for. For example, in that simulator, can you choose to stay late at work, attempting to get a promotion? Or buy a domain and start your own blog for a little extra cash?
I keep choosing the temp job of hopes of maybe finding a good job? Anyways, I can't get past day 22/24. I am about to try again for the third time. I am just too nice and pay everything for my kids. Maybe this is a sign that I should ignore their needs... :-(
I find this game ridiculous... it's clearly unrealistic and tries to promote a certain ideology. They keep forcing me to make choice, without the information necessary to make a good one. Then, on top of it, I don't even have options to do other stuff -- like how my hours just got cut, but I have no option of looking for a part-time job, getting entrepreneurial, etc. In my opinion, they're making somewhat of a mockery out of the choice set that individuals actually have, including those who have it tough.
Some of it is. Overall, though, it's realistic.
How are you going to get entrepreneurial if you're worried about first and foremost feeding your family? If you mean selling something on the street or doing some handy work, I agree with you that it's something you can do. In the game I played I actually did some random work for people in the neighborhood.
I think the notion that all poor people somehow deserve their situation is just plain wrong. Some do, most probably don't. If your health insurance drops you like a bad habit when you get sick with cancer or something like that, I am pretty sure you will be in a very touch situation. In fact, over 50% of personal bankruptcies in this country occur as a result of extremely high medical/healthcare bills. People in those situations don't necessarily "deserve" it.
Also, this notion that everyone that is rich and gets paid well got there 100% through their own effort and therefore deserve every penny of it is just plain silly. I consider myself a very successful person and I've made great money (top 10% of income earners) and will do so again after b school. I look back at my life and realize things could have easily gone differently on many occasions. I got lucky quite a bit. I also had the support of my family and was lucky enough to be in good situations. Sure, I worked hard, but I know plenty of other people that worked just as hard, are just as smart, and that are not as blessed financially and professionally.
People sometimes like to give more credit to themselves for their success than they should. Likewise, people often like to blame those that have not done as well for their own "failures" than they should. The reality is that we can't control a lot of things, although we think we do, especially when we do well.
You're putting words in my mouth. I never said that they "deserve" their situation. I'm arguing that this game gives one pretty much zero chances to make anything happen for their self. I'm arguing that's unrealistic.
But, I'm a little too tired at this exact moment to argue with you about it. Besides, it's more entertaining to just wait for ANT to come through and go off...
LOL -- I live right next to work (I chose to pay much higher rent, in fact, the highest possible) and yet, it still takes my 3 buses to get to work. This game is seriously unrealistic and sets it up so that you can't make very good choices (because they don't exist at all). Reminds me of that book "Scratch Beginnings" versus "Nickel and Dimed."
I chose that point too and also had to choose between taking the bus and car. When I chose bus, they said it could take 4x longer and I lost a couple hours of pay. A couple hours?! Unless that thing is drawn massively NOT TO SCALE, I could have walked there in 10min!
LOL -- exactly the same with me. I was like, I can walk to work in less than 5 mins??? Not to mention, I chose to live so close to work because it wasn't even quite $100/month more expensive than the 50 mile away option. I figured I could use the zero commute time to get another job, do odd-jobs, get entrepreneurial, etc., but obviously that wasn't an option. I had to work 20-30 hours a week and there was absolutely nothing I could do about it. Seems unrealistic to me...
I think a cooler game would be, bet people $X to see if they can really live of that money. In other words, that organization would pay me some money if I can cut it, otherwise, I'll have to donate to them. Of course, one reason they wouldn't do that, is because the original game is unrealistic and if you actually played out a scenario, a lot more people could cut it. In fact, I knew this guy in undergrad who was paid by one of these organizations. I kid you not, this guy was at the college bars almost every single night a week. Don't get me wrong, he dressed like a bum and barely had enough money to do anything other than buy cheap drinks and live in the cheap home the organization payed for. Nevertheless, to say this guy was having that hard of a time would be a huge overstatement. I don't doubt that some people are in a really tough situation. All I'm saying is, that game is unrealistic, provides zero opportunities to change your situation at all, and a lot of people supported by those programs are living no where near as bad as that game indicates.
I'm a student and I spend more than $1,000 a month! No way could I keep a family afloat.
This game would be a lot more realistic if it allowed you to rack up massive credit card debt.
Or if you could prostitute yourself on the side
Or if you could smoke crack and do the duggy....
Is it just me, or have people's comments on WSO lately been incredibly witty and hysterical?
This game is based on a false premise of poverty. Read this piece (will have to go to the site to see charts):
http://www.zerohedge.com/article/entitlement-america-head-household-mak…
In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year
Tonight's stunning financial piece de resistance comes from Wyatt Emerich of The Cleveland Current. In what is sure to inspire some serious ire among all those who once believed Ronald Reagan that it was the USSR that was the "Evil Empire", Emmerich analyzes disposable income and economic benefits among several key income classes and comes to the stunning (and verifiable) conclusion that "a one-parent family of three making $14,500 a year (minimum wage) has more disposable income than a family making $60,000 a year." And that excludes benefits from Supplemental Security Income disability checks. America is now a country which punishes those middle-class people who not only try to work hard, but avoid scamming the system. Not surprisingly, it is not only the richest and most audacious thieves that prosper - it is also the penny scammers at the very bottom of the economic ladder that rip off the middle class each and every day, courtesy of the world's most generous entitlement system. Perhaps if Reagan were alive today, he would wish to modify the object of his once legendary remark.
From Emmerich:
You can do as well working one week a month at minimum wage as you can working $60,000-a-year, full-time, high-stress job.
My chart tells the story. It is pretty much self-explanatory.
Stunning? Just do it yourself.
Almost all welfare programs have Web sites where you can call up "benefits calculators." Just plug in your income and family size and, presto, your benefits are automatically calculated.
The chart is quite revealing. A one-parent family of three making $14,500 a year (minimu wage) has more disposable income than a amily making $60,000 a year.
And if that wasn't enough, here is one that will blow your mind:
If the family provider works only one week a month at minimum wage, he or she makes 92 percent as much as a provider grossing $60,000 a year.
Ever wonder why Obama was so focused on health reform? It is so those who have no interest or ability in working, make as much as representatives of America's once exalted, and now merely endangered, middle class.
First of all, working one week a month, saves big-time on child care. But the real big-ticket item is Medicaid, which has minimal deductibles and copays. By working only one week a month at a minimum wage job, a provider is able to get total medical coverage for next to nothing.
Compare this to the family provider making $60,000 a year. A typical Mississippi family coverage would cost around $12,000, adding deductibles and copays adds an additional $4,500 or so to the bill. That's a huge hit.
There is a reason why a full time worker may not be too excited to learn there is little to show for doing the "right thing."
The full-time $60,000-a-year job is going to be much more demanding than woring one week a month at minimu wage. Presumably, the low-income parent will have more energy to attend to the various stresses of managing a household.
It gets even scarier if one assumes a little dishonesty is throwin in the equation.
If the one-week-a-month worker maintains an unreported cash-only job on the side, the deal gets better than a regular $60,000-a-year job. In this scenario, you maintain a reportable, payroll deductible, low-income job for federal tax purposes. This allows you to easily establish your qualification for all these welfare programs. Then your black-market job gives you additional cash without interfering with your benefits. Some economists estimate there is one trillion in unreported income each year in the United States.
This really got me thinking. Just how much money could I get if I set out to deliberately scam the system? I soon realized that getting a low-paying minimum wage job would set the stage for far more welfare benefits than you could earn in a real job, if you were weilling to cheat. Even if you dodn't cheat, you could do almost as well working one week a month at minimum wage than busting a gut at a $60,000-a-year job.
Now where it gets plainly out of control is if one throws in Supplemental Security Income.
SSI pays $8,088 per year for each "disabled" family member. A person can be deemed "disabled" if thy are totally lacking in the cultural and educational skills needed to be employable in the workforce.
If you add $24,262 a year for three disability checks, the lowest paid welfare family would now have far more take-home income than the $60,000-a-year family.
Best of all: being on welfare does not judge you if you are stupid enough not to take drugs all day, every day to make some sense out of this Mephistophelian tragicomedy known as living in the USA:
Most private workplaces require drug testing, but there is no drug testing to get welfare checks.
Alas, on America's way to to communist welfare, it has long since surpassed such bastions of capitalism as China:
The welfare system in communist China is far stringier. Those people have to work to eat.
We have been writing for over a year, how the very top of America's social order steals from the middle class each and every day. Now we finally know that the very bottom of the entitlement food chain also makes out like a bandit compared to that idiot American who actually works and pays their taxes. One can only also hope that in addition to seeing their disposable income be eaten away by a kleptocratic entitlement state, that the disappearing middle class is also selling off its weaponry. Because if it isn't, and if it finally decides it has had enough, the outcome will not be surprising at all: it will be the same old that has occurred in virtually every revolution in the history of the world to date.
That is some jacked up shit.
Most generous entitlement system in the world?
For some reason I doubt that
also had 575 with 212 owed to friends
A little over $200, but my kid will really hate me. Heh.
I find it odd that they're trying to say "poor people are going to be poor no matter what choices they make" but then they stick you in this position with - a kid, who apparently doesn't have a second parent - student loans- OK, apparently we went to college? What was our major/GPA?
Things like that really break my suspension of disbelief because I can't imagine how I would make the choices that would put me in a situation like that. Interesting find though- if it somehow did happen, I would have a very tough time.
Failed bad. I couldn't let Fido go -- my girlfriend would clearly leave me!
I too found it to be a bit unrealistic. Speeding ticket -- car accident? I've been driving for almost 10 years now and I've never received a ticket nor have I smashed into someone causing $550 of damage. If speeding tickets and crashes are "monthly" expenses for broke folks, they need to start taking the bus.
Finally, the game didn't give me an option to attempt to knockup the local convenience store. And where are my welfare checks!!!
My grandfather died, my mom needed an emergency medical operation, I had a heart attack scare, and an emergency root canal. What a crappy month.
My grandfather died, my mom needed an emergency medical operation, I had a heart attack scare, and an emergency root canal. What a crappy month.
And on top of that, the bank charged me a fee for having an account under $50!
That's a pretty rough month right there but I actually don't live on much more than that, which is possible because I don't have kids, a dog, a car or student loans. Incidentally the student loan thing may be what bothers me the most. Why did this person pay for college if those are the only jobs that ended up being available to him?
He went to Law School.
Haha! It's funny because it's true! So many people just use Law School as their next thing to do when they're confused (I'm not talking about the law students on this forum though, because you guys are way more driven and ambitious than that). The funny thing is, Eddie, you could of just as easily said various doctoral programs and it would be equally as true. The game would be more realistic if you could choose between a PhD in English or History, and then choose a job as a Starbuck's Barista.
I assume this is a joke.
The simulator is eye-opening, but it ignored a lot of federal and state programs which are geared toward helping lower income families with things like rent, food and healthcare. Still, it was difficult to deny my kid the nice shoes, even though I knew I couldn't afford them, and to drive away from a fender bender because I couldn't afford to pay for the damages. Easy enough to click a button here - who knows what I'd do in real life?
True. Its easy to kill my dog, ignore my root canal, tell my kid to bite it, and continually avoid payments on various things. I ended with $1206. I think it's impossible to do everything and be positive. I feel that this simulator is biased, but at the same time it does show a lot of problems going on. UMD, I live pretty close to them too.
survived with 1100 bucks, basically just living as sketchy as possible.
Made it to the end of the month with $242. I didn't think I'd even survive!
Actually donated $50 to them, just because of the clever marketing strategy.
haha he was on Tosh.0 as the web redemption, fucking hilarious
$842, what did you all spend so much money on?
Nm
If that sorry excuse for a game was supposed to teach me anything, it is that Durham should stick to helping people and not promoting their bullshit.
How about a second job. How about you get assistance or move in with family. How about you live in a small apartment, close to work. Where are they getting these shitty figures from? I live in Philly and could get an apt within walking distance to the city for 700 a month. Who puts these shitty numbers together.
Food prices are fake and can only lead you to unhealthy choices. Fucking Indian people eat cheap and healthy. Such bullshit.
Your back hurts? You are not poor, you're a fucking pussy.
Wow. Such fucking bullshit.
Kid wants new sneakers. Go to the thrift store. Fuck them. I get holes in my pants and I get them mended. Its called fully utilizing your shit.
This is why people are poor. They care about the superficial crap and not what matters.
Kid is failing math. You know what. Kid stays late in school.
ARRRRGGGGGGG
Long story short, I made it through the month just fine. I sucked it up, went to work and my kid missed shit. Life sucks.
I don't remember getting a contract that said I would live a cheery life and live to 80. You are born and you die. The rest is up to you to decide.
I am going to start wearing a condom all the time because Ill get an STD with all these pussies walking around.
Let me qualify myself.
1) I worked at a factory as a machinist 60 hours a week for three years straight. I rarely took off 2) The entire time I worked, I also went to school (9 credit hours a semester) 3) I then quit and went to manage a store. I worked full time and sometimes way more. I have pay stubs showing I worked 90+ hours a week, pretty regularly. 4) I went to school during this, taking 18 credit hours a semester. 5) I was in honor societies, investment clubs, student managed funds, drank my face off, etc 6) I've paid for every drop of my schooling and both of my cars
7) I got my masters degree and interned 30 hours a week while doing so 8) I am finishing my MBA, 9 credit hours a semester, while working 70+ hours a week
I used to work on the weekend also.
That is how you do shit in life. I will NEVER listen to pussies and sob stories. People need to suck it the fuck up.
You take an Indian kid, stuff him in the ghetto and give him a burlap sack. Come back in 15 years and he will be going to Harvard and own 3 gas stations.
Take an American kid and something far less drastic and they will bitch and moan and blame everyone.
This country needs to deport "Americans" and import people who deserve this country. Makes me fucking SICK!
I also chuckle when I hear kids bitch about banking hours. I once worked 24 hours. I used to work non stop double shifts at the factory also. You think 16 hours in an air conditioned chair is nice. Try doing it on your feet, 100 degree shop, always moving.
Only one excuse in life. No excuse.
This country was built on people working in mines. Chinese people dying while building railroads.
Pussy ass mother fuckers crying because they make 8-9-10 bucks an hour.
I really like Ant. Seems like a swell guy. NOT being sarcastic. Hurts though when he mentions those pays. I got 7.25 :(
I was half-joking but I work in ops and back in '08 we were literally hiring anybody who had at least a community college degree.
LOL...finished with $652. But I'm no dummy...
if there's no witnesses (or even if there are...like they give a damn?), DRIVE THE F*** AWAY.
Standard operating procedure in Miami.
Round 2: finished with $1018.
My kids want to do shit, let them mow some damn lawns for their field trip money.
By the way, I finished with $600.
I ended with $850 without hurting the kid's chances at future success. The game is pretty unrealistic though.
I paid a premium on my rent so I wouldn't need to worry about anything car related, but then I lose my job because my car gets repossessed. I'll walk to work.
My kid is doing bad at math? I would call the teacher and ask if they could offer additional help after school. That was standard at my schools growing up. If the teacher wouldn't meet, I would call the school district and explain that I'm too broke to afford a tutor. Maybe they'll pressure the teacher or find a different teacher to help. That doesn't work, try state or federal assistance. Use the same strategies when you can't afford the advanced placement materials.
Cell phone bill? I don't need a cell phone as a warehouse worker.
Etc., Etc. much better ways to approach these problems.
This doesn't happen and is illegal. The reason people don't get coverage for these things is because they don't buy insurance and then bitch about how they can't et coverage when they get sick...I'm not gonna start another argument about healthcare. I do think it's too expensive, but I also believe most people would rather buy 14k worth of disposable income than cover their 4 person family. Yes, the average cost of a 4 person family insurance is 14k.... People don;t like to plan for the future, if someone in your family is seriously ill or cannot work, Medicaid is fine.
Let me do it for you then...
Legal Scholar Richard Epstein:
Let me do it for you then...
Legal Scholar Richard Epstein:
]
When was this made? Looks like a long time ago. The practices I alluded to are a more recent phenomenon.
You're always giving is links to outdated stuff.
The new law made rescission illegal. It was legal before that and employed often. I personally know a few people that had their health insurance rescinded after they were diagnosed with a serious illness. I won't debate this with you bc you're either naive or blind to these practices.
Also, medicaid is only available to the poor.
It does happen when the insurance company keeps an application error on ice and whips it out when you have an expensive illness so they can toss you from the plan because of your supposed mendacity, which they just happened to catch right before they have to start paying out on your expensive treatments.
Haha, that came out a few years ago. And the links to the podcases I provide are always within the last few years (since EconTalk is not any older than that). Nice try though...
Nice try what? It was just an off-topic comment.
I was hoping you'd say something else, so I could reply "Yeah, I guess you're right, political philosophy changes every couple years." I'm in a bad mood and just messing around anyway, so don't take it personal. The links I usually provide do a great job of laying out the logical arguments for the things I believe. So, it's not really fair to say they're dated (although, I understand the some people don't find the logic/arguments compelling, which is completely okay/understandable).
When was the Epstein talk? The only reason I ask is because the law changes over time and companies come up with new inventions that are only challenged and make their way through the court system over the span of a few years. That's why I asked.
From a legal perspective, there is absolutely the existence of rescission, both to health insurance companies and other parties. It's part of the legal landscape and has been for a very long time. In fact, it is a common practice for companies that want to break contracts to try to use rescission as a way to get out of their contractual responsibilities, especially when they can't find another way to get out of it legitimately. In the sphere of health insurance, many companies used this tactic. The new health reform law makes it illegal for health insurance companies to do this. Anyone that says it didn't exist prior to the health reform law passed last year just plain doesn't know what they're talking about. I happen to have knowledge of these practices through professional experience.
I'm not 100% sure, but I'm pretty sure it's within the last 5 years (I suspect it's within the last 2-3 years).
I thought you might like/understand/see-where-he's coming from, as he's a law professor at Chicago...
Wouldn't surprise me if he were that guy...
I agree that some government regulations increase the cost of health care... I don't recall saying otherwise. I was specifically referring to rescission. Not sure how this youtube video is relevant to what I said.
LOL -- I don't know, you tell me HPM. Are you talking about prinmemo or Esptein?
haha, he deleted it. There are a ton of responses to it though. It was actually 450k a year.
Deleted article: http://truthonthemarket.com/2010/09/15/we-are-the-super-rich/ Response: http://scienceblogs.com/mikethemadbiologist/2010/09/pity_the_poor_coupl…
I'm confused, are we talking Epstein or prinmemo? I doubt Epstein would say that...
I know you're trying to be funny, but you're failing. :) He's talking about Henderson, not Epstein. Henderson talked about what a tough life it is to live off $400K per year.
Sorry, I actually wasn't trying to be funny. I seriously thought he was talking about Epstein, or potentially you. I was pretty buzzed last night, so feel free to ignore my posts, haha (except the Epstein video).
Its interesting, a ton of research done by micro-finance institutions and academics says due to having to make these kinds of choices frequently like these all day, many of those who live in poverty in the developed world (i.e. are functionally literate at least) actually have a better understanding of personal finance than the average American/Briton etc. (please don't compare yourself to them, nobody on this board is close to average). The problem is over time, that saps willpower, and they make 1-2 bad ones with no margin for error and screw themselves royally. Often, those bad decisions comes in the form of taking on more risk (education, entrepreneurship) - its a very bad idea to buy more volatile assets if you are close to getting margin called and don't have the liquidity to cover it even the expected return is phenomenal.
$1571. But I've got friends who hate me, a tooth infection and no insurance whatsoever.
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