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Archives for December 2014

How Income Inequality Created The Vilest Empathy Gap

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Mansion The New Rich Middle Class War
Photo: jorge lascar/flickr

Trickle-down economics worked — for the wealthy

Over the last few decades, incomes have become disproportionately unequal. Large amounts of wealth are hoarded by the 1%, with trickle-down economics failing to provide shared gains we were promised. The average employee makes a small fraction of their executive counterparts.

We know America has terrible income and oligarchic-level wealth inequities. We know that Citizen’s United and other lobbying efforts make the wealthier voices louder.

As the rich get richer and poor get poorer (or stay poor), a rigidity formed. Lower income populations largely stay in lower income towns, jobs, and levels of education. Meanwhile, higher-income populations largely stay in gated neighborhoods, choose what education options are available via economic and geographic means, and enter higher-income vocational networks (i.e., “Hey, your dad helped me get this job!”).

But honestly, we already knew this information. What we fail to grasp is how income inequality shapes us psychologically — the wealthy and impoverished, alike. This level of economic stratification is decades in the making, but we are just beginning to see how this affects well-being and treatment of others. With huge differences in wealth and declining social-class mobility, an income-empathy gap has developed.

Income and wealthy inequality led to an empathy gap

Empathy is defined as the “ability to understand and share the feelings of another.” This feeling can occur with pets, family members, and even fictional characters from favorite novels. Empathy is built, maintained, and formed by our experiences in life. These feelings motivate us to volunteer at soup kitchens, donate to charities, and serve each other. The least empathic among us are traditionally called violent and/or antisocial, as they do not exhibit or understand the pain they cause to another (i.e., terrorists).

As incomes diverged and wealth generation stagnated for lower-income populations, this income-empathy gap widened. People in higher incomes now struggle to empathize and provide for lower-income groups. Propagated on every medium, statements by the fortunate few and privileged sound like this:

Poor people are poor because:

  • “…they buy iPhones and eat out too much.”
  • “…have too many children.”
  • “…make terrible life choices.”
  • “…they are lazy.”

Trust me, the list goes on, but it’s the same mythical vitriol — over and over again. I needn’t perpetuate and propagate these economic mad libs any further. While some may be lazy, frequent iPhone buyers, these messages typecast and discriminate — they’re only used to harm. The voices are judgmental and painful to those in lower-income populations. They’re pejorative and denigrating, and exemplify a true lack of empathy for someone suffering economically.

Poverty shaming doesn’t solve the problem

We know that negative voices can harm others, and yet we keep doing it. For instance, individuals with obesity and weight concerns frequently hear similar messages, which are fail to provide empathy:

  • “Lose the weight fatty!”
  • “Have you thought about putting down the Cokes?!”
  • “You’re so fat!”
  • “Thought about going on a diet any time soon?!”

The research suggests that when you fat shame, individuals don’t suddenly lose weight. In fact, they may gain more. Potentially, income and wealth shaming may do the same thing; thus, making it more difficult for an economically disenfranchised individual from making better choices.

Okay, so shaming doesn’t work, and yet privileged people are using these same tactics with lower-income populations. Why then must a well-off person denigrate, disable, hurt, harm, and verbally accost another? What motivates someone to yell flagrant economic “advice” to someone already struggling to make ends meet? How could they actually help another in need?

Unfortunately, these answers all trace back to the income-empathy gap. After decades of growing social-class stratification, income inequality, and wealth gaps, we are a country in need. But ironically we don’t need more wealth. Instead, America needs more empathy.

To steal and modify a line from Uncle Ben of Spiderman, “With great wealth comes great responsibility.” The economically well-off and privileged have a tremendous opportunity to help those disenfranchised — even beyond charitable giving. It starts with being able to reach out your hand to support another.

How to truly help impoverished and disenfranchised

If you’re wealthy, you may be upset that there are homeless people sitting outside your favorite restaurant. Just know that yelling at that individual to “get a job” won’t ever help as much as providing tax revenue for mental health services, job training and placement offices, and drug and alcohol treatment centers. Just know that typecasting a “ghetto” or “lower-income neighborhood” as a bunch of hoodlums will never help as much as serving that community’s churches, food banks, and schools.

Potentially (and hopefully), if our income-empathy gap closes, so to will the income and wealth gaps. We have a terrific opportunity to change the status quo and shed these antiquated ideals for something better.

We live in a great, prosperous nation that was created for us all — the present person and future immigrant. By closing these gaps, we will all benefit.

Filed Under: Social Justice Tagged With: Elite, empathy, gap, Income Inequality, Occupy Wall Street, poor, poverty, rich, unequal, wealth inequality, Wealthy

5 Financial Lessons I Learned In College

By Frugaling 5 Comments

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Fort Collins, Colorado State University Oval

This past weekend I traveled to my alma mater, Colorado State University. My old stomping grounds changed, as new buildings and flashy designs populated the sprawling campus. But despite the changing landscape, it felt familiar.

There are countless memories — exceptional and horrific — that span my 5 years of life in Fort Collins, Colorado. One of the most poignant and relevant were the many financial mistakes made during my tenure. It was here that I started a crazy financial roller coaster that led me to nearly $40,000 in student loans and debt. It was here that I first noticed a panicky daydream where I would be sucked into the ground and have no way out of this horrific financial hell.

After reflecting on my visit and time in Fort Collins, I realized that I’ve changed — like the campus landscape. I’ve learned a lot about myself and some financial lessons along the way. Today, I wanted to focus on 5 key aspects that college helped me understand about personal finance. What I would’ve given back then to know this information now!

1. Friends influence frugality
Unsurprisingly, the people you surround yourself with greatly influence how you spend your money. If you’re trying to be a more frugal person, it’ll be vital to find friends that support and approve your way of life. It can be radically different from the party, work-hard-play-hard mentality at some campuses. Additionally, if you attend a private college/university, you may be around people with larger bank accounts. It’s important to reflect on who you are and what your inner compass is telling you about finances.

2. College is expensive, put extra funds in a savings account
While I was fortunate to have parents that paid for college, I didn’t budget well — if at all. My parents gave me a little spending money and I did exactly that, spent it! It wasn’t “saving money.” I burned through the money. From expensive dinners to luxury road bikes, I was a faux-millionaire with an unquenchable need to spend. Much of this could’ve been solved or stifled with a good budget. And it’s never too early to make a budget! College is the ideal time to figure out these important “adult” issues, as you should have money coming in and out. If you ever have extra funds — whether you’re the campus pot dealer or have generous parents — stock your funds away for rainy days.

3. Question your student loan “award” unmercilessly
Student loans are often called “awards” after you apply for and fill out the FAFSA. Unfortunately, these are not anything of the sort. Student loans are powerful debt instruments that are issued by the federal government, with changing terms and interest obligations. These are complex, dangerous, and can spiral out of control rapidly. With any decision to take out student loans you need to be unmercilessly skeptical and defensive.

4. Avoid car-friendly/needed campuses
I sold my car over the summer. It’s been a difficult adjustment, as the current university — Iowa — isn’t particularly bike-friendly. Wherever you intend to go to school, consider public transportation and (wide) bike lanes. You should be able to receive free transportation on buses with a student ID. Look out for bike racks, too! Ideally, you’d be able to sell or avoid buying a car altogether.

5. Find “easy” jobs and double-up on work
College campuses have tons of jobs for students. If you’re an exceptionally busy, motivated student — and I hope you are with what college costs — it’s important to find a job that allows you to double-up on work. For instance, you could get a job as a server that pays very well, but that could make it difficult to take full semester course loads. Thus, you sacrifice one part of your life for another. An alternate option — especially if under a time crunch to graduate — is to find a desk job at a residence hall or an office assistant position. Oftentimes, these jobs have downtime and allow you to sneak in some study time. Now, you can be efficient and make some money in the process. What could be better?!

Filed Under: Save Money Tagged With: Awards, college, Colorado, Colorado State University, debt, Friends, Frugal, frugality, jobs, Personal Finance, Student Loans, university

Frugal Articles of the Week

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Reading Nook Photo

Today I wanted to feature a few frugal articles that caught my eye this week. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

Do You Give Money to Panhandlers? by J. Money
This is an important, age-old question that J. addresses. Should you give money to panhandlers and homeless people? What happens when you do and how will others think about the decision?

Human civilisation ‘will collapse’ unless greed culture is stopped, report warns by Andrew Hough
Unfortunately, our reckless abandon and consumption of natural resources is hurting us all. This recent Telegraph article highlights how our consumption and luxury cultures/needs push us careening down an unstoppable path of climate change. We need to reduce what we use for more reasons than our budget — it’s about everyone’s well-being.

What 2,000 Calories Looks Like by Josh Barro, Troy Griggs, David Leonhardt, & Claire Miller
It might surprise you to see this New York Times story about calories in food in a list of frugal articles. Incredibly, when you eat out you’re not just spending more money — you’re getting tons more calories. When you make food at home, it’s often healthier and contains fewer calories.

7 Financial Lessons Learned from My Parents’ Debt by Erin M.
I was shocked by this intimate and detailed article focusing on the lessons that one personal finance writer took away from her parents. The most powerful takeaways center on reducing possessions and that “Keeping up with the Joneses” feeling. Well worth a read!

Filed Under: Save Money Tagged With: articles, Calories, climate change, Collapse, Financial, Frugal, homeless, Panhandlers, Parents, weekly

Reclaiming the Heart of Christmas

By Frugaling 7 Comments

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Frontier Airlines Flight in Winter Cold

“Welcome to the Eastern Iowa Airport,” a big-brother-like loudspeaker exclaimed. Then that generic male voice droned on about watching your bags and reporting suspicious activity. Despite the boring interjection that repeated unnervingly in my ear for about 6 hours (I was a wee bit early), I knew I was flying home for the holidays — that’s all that mattered.

The quaint, small-town airport was filled with Christmas trees and holiday garb. Personally, I loved the colors and lights. People tended to be cheerier and friendlier — saying “happy holidays” and “merry christmas” in the place of “what the heck are you doing blocking my way to ‘Zone 2’ of this aircraft?”

Airports are the perfect place to people-watch — holidays amplify the eccentricity! A woman wearing a pink jumpsuit walked by with bells on her feet — each step providing jingles to everyone around her (whether they wanted it or not). A big-bellied man yelled and paced around the hallways, which made me wonder if this person needed a psychological intervention. His frustrations and screams were broadcast across the terminal. Then, I got a glimpse of his microscopic earpiece. My mind settled on him being “sane, but needing a cease and desist order.”

In between auditory assaults, I sought respite in a book about “vandwelling” and paying for graduate school on a shoestring budget. My phone grabbed at me to answer various travel plans and requests. When I put down the visual stimuli, reading material, and the fellow travelers quieted, my mind raced and face flushed for embarrassment: I hadn’t purchased a single present for my family.

I filled with dread, and puzzled how I’d fix this apparent problem. I realized I had no idea what people wanted, anyways. I’m away from family at large stretches of time, and there’s nothing that can supplement regularly seeing people in person. Frankly, I felt out of the loop.

The last couple years, I’ve been a sorry contributor to colors under the tree. While my family understands my small bank account (net worth: ~$500), and I recognize that I hate the consumer/consumption focus of the holidays, I’m still affected by the expectations of gift-giving. I want to provide happiness and laughter to those around me — to be liked and care for others. I want to see glistening eyes — appreciative because I got something that speaks to their passion, interest, and love.

When I finally arrived at my parents house, I asked my mom what I should get everyone. I confessed that I hadn’t purchased anything, and she nearly interrupted me before I could finish the sentence. “Oh, we are in the same boat, it’s going to be a small Christmas. I have no idea what to get anybody either,” she said.

I smiled at the irony of the holiday. If you looked in the newspaper, watched television, and/or surfed the web (sans ad blocker) — without knowing the true meaning of the holidays — you’d think it was merely another sale season where capitalistic pressures stress consumption for self and others. We know Macy’s, Nordstrom, and Dillard’s all have sales. We know Claus-laden Christmas cards of red and green will occupy the aisles of grocery stores.

As humans affected by these messages, my mother and I were both feeling the strain of not knowing what to get everyone, but also feeling compelled to do so. Frankly, it felt stupid that we were bucking the internal messages (buy less) for the external scripts (buy endlessly), which are nearly built-in now.

My favorite Christmas memory was not the year that I unwrapped a remote-control car. My favorite Christmas memory was not the packs of baseball cards I’d requested. My favorite Christmas memory was not the cast-iron skillet, which I have yet to understand how to use (sorry, mom!). No, at the heart of Christmas and my current state of happiness is that I’m home and around family. I’m too happy about what I currently have to care about meeting the demands of our conspicuous economy.

Now, watch this ridiculous video and have a wonderful holiday!

Filed Under: Save Money Tagged With: Caring, Christmas, Consumer, Consumption, Gifts, Giving, Happy, holidays, Merry, Sales, Stress, Travel

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