Money makes people evil according to one person I interacted with this week. Rich people become evil because the money makes them evil.
I countered with money doesn't change people, it just gives them more ability to be who they already are.
I'll allow that rich people in western capitalist society probably have a higher percentage of sociopaths than the average population because those who want power over others will be more strongly motivated to go make money than folks who are happy with their lives as is. Sociopaths in a communist state would tend to gravitate to the communist party because that's where the power is.
They aren't buying it. Money makes you evil. Just so you know.
So I told this story:
"I hired a fellow I knew had some money issues to remove some carpet for me from a house we had just purchased. We were going to renovate and rent it out. I offered to pay him $17 an hour to remove that carpeting. His wife ran a cleaning firm (just her working in it) and we also hired her to clean the place up at the price her business specified. (I forget, but I didn't bargain or try to reduce the price.)
They were supposed to start on Monday morning, a federal holiday. He (and I) both had regular day jobs so weekends, nights and holidays were when he would have to do the work. I woke up at 7am on Monday to get dressed and drive over there. There was an email from his wife that he wanted to sleep in on his day off. Okey-dokey, if that's how he feels. I'm not in a terrible rush but it would have been nice to know the day before.
So, I get there and let her in. She's brought their passel of kids - 4 to 6 - to hang out with her while they work. That's ok as it's not a dangerous job site. It's just a house in need of some cleaning and fixing up. She's stopped at McDonalds and bought that many breakfasts on the way over. Remember, I'm in no hurry and she's set the starting time, not me.
I leave to go buy some new locks for the doors and buy some other materials for work I'll be doing after he finishes getting rid of the carpet. It takes me about 2 hours. When I get back the fellow is on the phone -- his brand new Iphone -- trying to convince some friend of his to come over and do half the work I've hired him to do. They have money problems and I'm paying him $17 an hour, but he's trying to hire someone else to do have the work. I say nothing. By the way, I only have a $19.95 flip phone.
I change the locks and head home.
The wife calls me that evening and asks if I could pay them for that day's wages even though the job isn't finished yet because -- and I quote -- they owed rent the next day and they didn't have enough money to pay it.
I'm paying the guy $17 an hour -- he doesn't have enough to pay rent to keep his family and too many kids housed -- and he's not only showing up to work hours late he's trying to subcontract out half the work -- and his family is eating out!
What he didn't understand was I wasn't paying him $17 an hour to do that work. I was paying him $17 an hour to interview him for a business partnership. He failed his interview spectacularly. Talk about clueless personal finance skills.
The next guy I hired to work with me on renovating houses was a real go-getter. He did about 4 weekends work on one house before I had a surprise offer to purchase it. He made $10,000 on that deal right up front. (I made about $9k over the next 8 months.) I then paid him $2000 a month to help me renovate two houses, which took us about 8 months. I let him work part time elsewhere as well and let him choose his hours. As each house was rented out, he got all the rent (less taxes, insurance and the property management fee) for the next 12 months. So, all told, he received about $28,000 in direct cash payments from us for about 6 months work. At the end of those two houses, I bought a duplex and funded the costs for he and his wife to renovate it. Then I sold it to him for cost on a 30 year mortgage, no money down, and he didn't have to make a payment for 2 years after he bought it, with no interest accrued that entire time. That would enable him to build up a nice reserve fund for any repairs that were needed. That interest savings adds up to over another $9000 for those two years, plus, of course, he's collecting rent on the property, so I've increased his income as well.
That first couple? This could have been their deal instead.
Oh, yeah, I also did necessary repairs on the one half that was rented out when I bought it, let the guy live there at the same rent and with the understanding that when we finished renovating one side, he could move to the nicer side (at the same rent) until everything was finished. We had a delay before we could start on renovating the vacant side so I let a young couple stay in it rent free for a couple of months.
'Cause we're some of those evil rich folks, who incidentally let medical people working with covid patients -- who didn't want to infect their family -- occupy 25% of our rental properties rent free for a year during the pandemic. We even paid their utilities for the first six months.
Cause all that wealth we earned and saved and invested turned us evil through and through.
Now, I told that story for a number of reasons.
1) Sometimes people are their own worst enemies and just squander opportunities that are handed to them on top of the ones they are too unmotivated to look for. That family could have earned enough to pay 1/2 their rent removing all the carpet over the weekend if he had started on Saturday instead of Monday and done it himself. I don't know whether his wife was free two days earlier or not.
That Iphone was over a month's rent. That's a lot of squandered income.
2) I made money on all 3 houses of mine. (Not on his duplex, that was at cost.). I didn't need to be greedy to do it. The person who worked for me got a hell of a good deal and now they have a long term source of incomes on top of that.
4) The renovation efforts for all our rentals provided income for hardware and appliance stores, attorneys, electricians, plumbers, roofers, hvac installers, well maintenance folks, cleaners, carpet installers, gutter installers, property managers and others I'm sure I've forgotten to mention. Most of the tradespeople are either independent tradespeople or small businesses employees, just regular folks.
5) All three of those houses (plus others we renovated ourselves before that) were eyesores and run down when we bought them. Now they are well maintained and an asset to their neighborhood. We provide a quality place to live at a reasonable price. Our tenants send us thank you notes.
6) In conclusion, it's possible to provide a service, take care of people who work for you, and make money. There's nothing in the capitalist system that requires people to treat workers and others like shit.
Could I have squeezed even more money out of those deals by mistreating people working for me and my tenants. Sure. But there's no need to do that. This country is chock full of opportunities to make money. There's no shortage of money to be made. The difference between us and some capitalists is that we're self-regulating. Other folks need to be forced not to be rapacious greedy bastards and I fully support forcing them not to be."
According to this guy, this story just proves how evil and judgmental I am.