Is My Friend The Asshole?
So my friend has been working at a boutique investment shop and his/her goal has always been to join his/her family's business, which is basically just investing and managing the family's portfolio. Well he/she got laid off from the boutique firm due to covid and filed for unemployment and ultimately decided that he/she will most likely just join the family business rather than find a new job, but he/she will continue being on unemployment until he/she is no longer eligible...but the government keeps extending unemployment, so he/she just keeps collecting (~$1,200/week after taxes)...he/she is still in contact with his/her former employer and still applies to other roles because that's what unemployment requires him/her to do to be eligible. On the one hand he/she is usually against the government printing so much money and socialistic policies (inflation, socialism, blah blah blah), but on the other hand...free money...obviously my friend is a complete hypocrite, but free money is hard to pass up. If you were in my friend's shoes, would you do the same or would you stop applying for unemployment benefits based on principle? Is he/she an asshole for taking advantage of the situation?
Let me put it this way: if this person were refusing free money then I would not want them managing my money
If I were your “friend” (good one), I would start my new career and make much more than the $1,200 a week. It’s short term vs long term, sure that is fine money now, but just slows down your progression and your development in your new career. Maybe not important if a family business and therefore comp and promotions, etc are just a formality. But I wouldn’t slow down my career for that much money.
OP didn't mention it, but I'm sure he is implying his friend is double dipping. Collecting UI and will eventually get paid from the family business at a later date.
He wouldn't be the only one doing this. So many independent contractors were known to be doing this once Covid started. I'm sure many are still getting away with it.
Yeah if that’s what he/she is saying then even worse.
I agree people are doing it, I wouldn’t do it. It is also a bit funny for those saying they wouldn’t want this person managing their money if he/she wasn’t doing this, considering that this behavior is exactly what would have you as an investor totally F’d. It is a “me first” and dishonest on top of that, so you want that person managing your money? Those are the people that make themselves rich, not you. Good luck.
No, your friend is smart. And the fact you wouldn't do the same in his situation makes you someone I'd never want managing my money. This is why in my opinion there shouldn't be any (or as little as possible) handouts from the government in the first place. Because it is literally human nature for people to try and make the best of a situation, and our government is so grossly incompetent there are literally tens of thousands of situations EXACTLY like this that are happening at any given time. Hell, they were sending checks to friends of mine who aren't even citizens WHO LIVE IN EUROPE. If they didn't have the idiotic lockdowns in the first place the stimulus wouldn't be nearly this big an issue.
No your friend is absolutely smart for doing that. Fucking sick and tired of people complaining about confusing equity for equality. Victimhood mentality is such BS, can't stand it.
Lmao, I can't believe there are people agreeing with this...WSO stay flip-flopping
is your "friend" hot ?
Do you care about gender or no?
I only care if it's a girl
Good on your friend.
Can't believe people are saying they would refuse it out of principle. If you say you would refuse $1200 out of principle, it either wouldn't make enough impact on your life so no wonder you're against social welfare programs, or you're kidding yourself.
Them not taking that money is not going to stop the government's incompetence. Imo, it doesn't make you an asshole for being against these govt policies and thinking there are better ways for the govt to spend its money while still taking advantage of it while they qualify. The program is in place, and your friend saying no to free money isn't going to change anything.
Yes, your friend is an asshole and has no ethics. would never want someone like that managing my money, especially when they voiced their opinions against these programs they are taking advantage of.
Is he taking advantage of the program or is a government that taxes top earners 40% taking advantage of him? All in the eye of the beholder.
I hope to god you don't manage other people's money. This is principally wrong, let alone the massive ethical concerns. Being taxed isn't stealing, nor is it ethically wrong for the government that provides for you to tax you. On top of that, you are entitled every 2 years to voice your opinion on your taxes through your vote.
I'm actually astonished at the responses here. Granted, it's a bunch of teenagers mostly on here who aren't mature enough to understand the implications of unethical behavior on your career. And frankly I would never trust someone that goes so wildly against their own principals to manage anything that is mine. This is why our industry get a bad rep.
This is exactly my point. I PROVIDE for myself....the government does not provide for me. They have no right to the fruits of my labor while requiring nothing of the slothful.
Second, democracy is often 2 wolves and a sheep voting on what's for dinner. Explain to me what's noble and ethical about that? What the sheep gets a vote so it's fair?
EDIT: I respect people's money and realize that THEY EARNED IT and worked hard for it. Perhaps, it is you who should not be managing investors' hard earned funds since you believe their money should be just thrown in bundles out to the masses.
You use roads don’t you? You use bridges, tunnels? You ever use an airport? Cell towers? GPS? You ever take any medicine? Oh yeah you have the free will to do what you want when you wake up in the morning? Thank the military for that one. You have a federally insured bank account? Ever use the legal system? Ever needed to call the police or fire department? I could go on but I digress.
You’re a fucking idiot and ignorant to reality. How fucking naive of you to think the government doesn’t provide for you. The reason this country operates is because we pay taxes that operate the systems that run this country. Fuck you for being so wrong and spreading your stupidity across the internet.
Omg! I use roads so I must surrender 40% of my income. What about people who use roads and get all those services and pay nothing. What is their fair share to society?
Go worship the government all you want and celebrate the next time your tax dollars bomb kids in the Middle East.
Side note: My gun protects my house. I'll call the police to pick up the body. Great, I need the FDIC because of the boom bust cycles caused by the Fed. And thanks military for engaging in wars that make everyone in the world hate us and make all Americans less safe...jeez my tax dollars at work. Please tax me 60% of my income so you can have even more FaiR sHaRe!
Well usually the debate around taxes is "how high of taxes," not should we pay taxes at all. Sure we use roads, tunnels etc... but do we need a $700B budget for the military? Do we need stimulus checks? Now I'm not arguing for or against these items or the budgets for them, but clearly NoEquityResearch believes taxes may be too high, while you believe they are just right or too low? As for my friend, I agree he/she/they is acting unethically, but i'm not sure what this has to do with managing money? Unless you believe that because this individual is willing to take advantage of unemployment benefits that that somehow could be indicative of them embezzling money from investors or implementing a suspicious fee/promote structure (which you could read about in the agreement you signed), but this seems like quite a stretch. If you found out that Warren Buffet didn't tip waiters/waitresses, would you also draw the same conclusion that you wouldn't want him managing your investments?
Let me start off by saying...fuck you. Fuck you again. And again. At least one more time...fuck you.
Now that I have a bit off my chest.
Do you realize how much in taxes we legal citizens pay for the services you listed? Roads and bridges? TOLLS. Cops and fire fighters? PROPERTY TAXES. Cell towers and GPS? EXCISE TAXES (and how about private investment?). Military? Ask the VETS what they think about the military.
If I wake up in the morning and wanna smoke, drink, and gamble? I gotta pay "sin" taxes for each of those things. That's on top of local, state, and federal taxes.
I pay for social security that I can't even count on being there for me. I pay for my own healthcare, and costs are egregious because our healthcare system is so fucked up.
I gross $600K and I pay $400K in taxes across the board! That's fucking 60%, not including my private healthcare! Could easily be higher if I up my lifestyle.
We work grueling hours, work hard for what!? To take home less than half of our earned pay?
Close to 45% of Americans don't pay any taxes. The entire system is full of hand outs, with more and more coming each year. The system is getting more and more unstable thanks to polarizing politics.
your friend is a smart asshole, i would do the same
talk is cheap. if they disagree with unemployment benefits and are taking them when they don't need them, they're a hypocrite.
on the other hand, it is possible to disagree with many parts of government spending but be for the presence of unemployment benefits. libertarianism/fiscal conservatism does not equal 0 government spending
Your friend is dumb for bragging about it.
Lol at the replies. Yes he/she is the asshole ethically for getting money they don’t “need”. On the other hand, nobody (half-smart) would say no to free money out of Uncle Sam’s pockets. Ask yourself how much you care about $1200 checks and its impacts in the grand scheme of things.
*our pockets
I look at it this way. Let's say you saw a guy steal your bike. One day, you're in the neighborhood and you see him riding your bike. You follow him to his house where he leaves it outside in the yard. Are you justified in taking your bike back? I'd say 100% yes. Would hardly say that you're "stealing" your own bike.
If he’s not working and is eligible, why not? It doesn’t seem like he’s breaking any rules as long as he is not double dipping.
System maybe fucked up but if you refuse to take advantage of the system then you lose
You're morally obligated to fuck the system when it leaves exploits like this open. Otherwise they never have any incentive to fix anything. And they still don't anyway, which is why it shouldn't be happening in the first place.
Why would you write he/she 10 times damaging my brain god damn
I'm not sure if my friend identifies as he or she, but now that I think about it, he/she may identify as "they", so I should have also added "they" each time I used "he/she," great catch and I didn't mean to offend you if you identify as "they"
HAHAHA you did not offend anyone, it was just strange
Well you do understand that no one cares what he/she/they/ve/xe identify as, right?
You're supposedly asking for someone that isn't you, so just choose one and make everyone's life easier instead of an OP that is impossible to read
Do you unconsciously know that you are calling out God? Do you do this without thought? It seems you don't think much about religion.
Yes I am aware of that, but which God am I calling out? Maybe I am referring to a fake God or a roman God when I say "god damn" would that be wrong then?
T
No way your "friend" is getting $1,200 a week, especially AFTER taxes.
You're "friend" isn't breaking any laws. He legitimately lost his job. If he paid his taxes, he's entitled to that money. The government has literally squandered hundreds of billions of dollars in the past 12 months (not an exaggeration).
The government spent $780 BILLION on faulty COVID-19 rapid test kits. So many large corporations received PPP money. "Essential" businesses that not only survived, but thrived during the pandemic received PPP money as well (because its based on payroll). What' difference does your friend's paltry $1,200/wk make?
Usually no one agrees with how govt spends our money, so this is a partial rebate as far as I'm concerned.
Lol I love it when people on here know more about the situation than the OP. It's $1,200 because of the increased unemployment benefit from the stimulus packages (the additional $300). I've seen his/her/their direct deposit
Already factored that in champ.
Is your friend a hypocrite? Yes. Is your friend an asshole? Depends on whether or not they've changed their mind on welfare and socialism or whatever. Everyone here is focusing too much on whether or not they'd take the money - I won't judge that. However, I will judge the sheer hypocrisy your friend is displaying
One of those; is it wrong in process? Not really.
Is it morally wrong? That's debatable, depends on which side you're on.
My take: A lot of people forget that its actually unemployment "insurance" benefits. Meaning, its a type of insurance. You're paying into it to offload risk, not as a rainy day fund.
In what world is someone getting $1,200 after taxes weekly for unemployment? That's the government paying you a prorated $60,000+ salary. I've never seen a state offer more than a few hundred. I call MAJOR BS on that number. OP they're likely lying to you about the amount they're getting in order to justify his laziness to you.
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