this post was submitted on 20 Jul 2023
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Asklemmy
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Some great answers here so I'll do something different and I'll give myself as a real-world example.
As a young adult, through a twist of luck, I found a cheap place to rent, so was able save a good amount of my income. I used that saving to get a loan, buy property, and used that property to get a loan and buy a property, and then do it once again. A short while later I now have no debt, can sit on my arse browsing lemmy in Bali (exploiting geo-arbitrage), and live off the market-rate rents my tenants pay back home.
If my tenants didn't have to pay market-rate rents, they too might be able save some cash and become capitalists themselves. I could lower the rent, but then I would have to get a job and actually earn my living again. People born into wealth can even skip that step of having to earn their initial capital.
But whats the point of owning income producing assets (like property, or business) if you're not improving your situation with it? The ONLY benefit of the capitalist system is that it allows the capitalist to reap the benefits of other's work, thus reducing the burden of the capitalist to work themself.
It's a ridiculous situation, I should not be able to live as I do, simply because I got a lucky break at the start of my working life, an opportunity that is given to the very few. The system should change.
Delayed gratification is sorely missing these days in younger generation. You found a cheap place to rent whereas I know people who stayed with roommates, 4 in 2 bedroom apartments and bought shared properties and did what you're saying while paying off their student loans.
I know a lot of young people these days that have to live in crowded share houses because there's nothing else they can afford in the area where they work, and still 70%+ of their income goes towards rent and board.
Where I'm from, the cost of living has skyrocketed compared to when I was starting out, but the wages haven't changed. I've benefited greatly from that due to capital gains, but it makes it a lot harder for Gen Z to achieve the same thing, even if they do scrimp and save. I can understand people being demoralised and living for today instead, as it seems impossible to improve your position by much.
Population has also exploded. Maybe not so much in US but Asia for sure.