Please stop blaming “old people”. It’s a divide and conquer tactic. I have grown children that are struggling with housing costs, and I absolutely understand why. Because greedy wealthy people/corporations are buying up all the property. If “old people” are pulling the avocado toast argument—they’re probably wealthy. Young wealthy people use the same argument. Something to think about regarding TVs. They were expensive back in the day, but they lasted 30+ years. ✌️ ☮️
I’m not “blaming” anyone. I’m pointing out the mechanism that causes a portion of old people to be out of touch on these things. They rely on their own experiences to draw inferences that don’t actually apply to others.
“Blame” means to attribute for some negative result. There’s no assigning fault here, just an observation, and an explanation behind that observation.
If I said “Bob is a fucking idiot,” that’s not blaming Bob for anything.
So yeah, I stand by my explanation behind the observation in OP’s screenshot: that people tend to draw on past experiences even when those experiences are no longer as relevant, or are even actively misleading. And that the phenomenon I describe (that not all prices inflate at the same rate or preserve the same ratios to each other) exacerbates the problem.
The topic of the original posted screenshot is about inter-generational financial advice. I’m pointing out the need for intellectual humility when talking to a younger generation, by identifying a specific cognitive bias that tends to trip people up. And because this particular bias forms through experience, it tends to apply more to people with longer experience (that is, people who are older).
I thought my original comment wasn’t judgmental, and didn’t even purport to claim that all (or most) old people actually fall victim to the bias, to where they’re acting upon that bias. I’m just pointing out that it’s something to look out for, and to keep in mind, if you’re ever in the position to be giving younger generations financial advice.
Coming in here and trying to defend old people against an imagined attack is, frankly, off topic and not particularly helpful.
It is absolutely OK to assign accurate blame and this basic misunderstanding absolutely afflicts people who aren’t rich. The kind of person who bought their house when it’s cheap and thinks the $2000 they pay in property taxes per year are murderous whilst ignoring the fact that folks around them are paying $2000 a month in rent.
I don’t know where you live, but property taxes are sky rocketing as well. And, thanks to global warming, house insurance is also sky rocketing. A lot of people who own their home are facing difficulties. There are communities in British Columbia where insurance companies refuse to offer fire coverage. There are communities in British Columbia where insurance companies refuse to offer flood insurance. These same insurance companies used to. You know why they won’t now?? Because the Oligarchs own the insurance companies, and they know what’s coming.
Please stop blaming “old people”. It’s a divide and conquer tactic. I have grown children that are struggling with housing costs, and I absolutely understand why. Because greedy wealthy people/corporations are buying up all the property. If “old people” are pulling the avocado toast argument—they’re probably wealthy. Young wealthy people use the same argument. Something to think about regarding TVs. They were expensive back in the day, but they lasted 30+ years. ✌️ ☮️
I’m not “blaming” anyone. I’m pointing out the mechanism that causes a portion of old people to be out of touch on these things. They rely on their own experiences to draw inferences that don’t actually apply to others.
"That’s the real problem with old people’s sense of money”. That is blaming old people.
“Blame” means to attribute for some negative result. There’s no assigning fault here, just an observation, and an explanation behind that observation.
If I said “Bob is a fucking idiot,” that’s not blaming Bob for anything.
So yeah, I stand by my explanation behind the observation in OP’s screenshot: that people tend to draw on past experiences even when those experiences are no longer as relevant, or are even actively misleading. And that the phenomenon I describe (that not all prices inflate at the same rate or preserve the same ratios to each other) exacerbates the problem.
OK. I’m seeing “the real problem with old people”. So, de facto, there’s a problem with old people.
The topic of the original posted screenshot is about inter-generational financial advice. I’m pointing out the need for intellectual humility when talking to a younger generation, by identifying a specific cognitive bias that tends to trip people up. And because this particular bias forms through experience, it tends to apply more to people with longer experience (that is, people who are older).
I thought my original comment wasn’t judgmental, and didn’t even purport to claim that all (or most) old people actually fall victim to the bias, to where they’re acting upon that bias. I’m just pointing out that it’s something to look out for, and to keep in mind, if you’re ever in the position to be giving younger generations financial advice.
Coming in here and trying to defend old people against an imagined attack is, frankly, off topic and not particularly helpful.
It is absolutely OK to assign accurate blame and this basic misunderstanding absolutely afflicts people who aren’t rich. The kind of person who bought their house when it’s cheap and thinks the $2000 they pay in property taxes per year are murderous whilst ignoring the fact that folks around them are paying $2000 a month in rent.
I don’t know where you live, but property taxes are sky rocketing as well. And, thanks to global warming, house insurance is also sky rocketing. A lot of people who own their home are facing difficulties. There are communities in British Columbia where insurance companies refuse to offer fire coverage. There are communities in British Columbia where insurance companies refuse to offer flood insurance. These same insurance companies used to. You know why they won’t now?? Because the Oligarchs own the insurance companies, and they know what’s coming.