Thu 5 Apr 2007
Do You Suffer From Dragon Syndrome™?
Posted by RichSlick under Misc
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I’m trademarking a new phrase and calling it Dragon Syndrome™. This syndrome describes people, PF Bloggers, and such that frequently ridicule, chastise, and admonish others for spending money.
Everyone knows that Dragons are ferocious creatures that attack innocent civilians at the most opportune time. Everyone also knows that Dragons have a propensity for hoarding gold deep within their lairs and become enraged when anyone attempts to take, borrow or steal a single gold coin from their cache. As such, Dragon Syndrome™ describes individuals which feel that the sole purpose of money is to be hoarded in a bank vault (or computer journal entry) and kept there forever with no real purpose. Anyone that attempts to interject any type of sane economic principles or theory will quickly get flamed by the dragon.
It seems a week doesn’t go by in which someone doesn’t easily exhibit the symptoms of Dragon Syndrome™. Today I ran across this article over at Get Rich Slowly entitled, Lifestyles of the Rich & Stupid which describes some of the “stupid” things the rich have spent their money on recently.
The post seems to completely leave out the fact that Lebron James new 35,000 sq ft house, while possibly excessive, actually help create probably 1000 or more jobs. How many painters, carpet installers, movers, architects, electricians, plumbers, etc did it take to build that house? How much money did they earn? If the house cost him 50 million dollars then it was 50 million that WENT TO SOMEONE OR SOMEWHERE TO GENERATE MORE INCOME/WEALTH FOR OTHERS.
I thank god Lebron James doesn’t suffer from Dragon Syndrome™, otherwise that 50 million would be kept in a vault somewhere doing nothing for anyone except perhaps for a few bankers to lend out as loans at exorbitant interest rates to the peasants.
Of course, everyone knows the happy ending to the dragon story. The brave hero steps into the dragon’s lair armed with nothing more than a sword and scale shield (taken from the dragon’s scale itself) and with some quick wit, a little luck, and determination he slays the dragon to liberate the gold for himself and the community.
Long live the Dragon Slayer!
-Rich Slick
April 6th, 2007 at 7:42 pm
Its hard for people to grasp this because its easier for the average joe to relate to the average joe. They see the rich or people with large sums of capital as outsiders. I also want to point out that the media does this extensively, ever watch E! or VH1? Those channels do this all the time. “Billionaire Toys” “Millionaire Parties”, they make it out as though the rich are greedy and lazy.
People fail to realized that the money earned by the those who have wealth comes from hard work, and they deserve to reward themselves. Lebron has a $100 million dollar contract not because he can play basketball, its because he can play basketball extremely well. He has to work his ass off on the court not just sit on the bench. Not to mention he makes money for companies like Nike, which like you mention employs people.
Like wise those that have money work their ass off to get to where they are, so should they just do nothing with the money? Should they just give it away? No, I think it is unfair to not enjoy what you work for.
I mean if you want to be critical look at those who are in debt up to their necks and yet still buy a 40″ plasma TV on a 29% interest credit card. Now that’s stupid.
You reap what you sow.
April 19th, 2007 at 1:46 pm
What’s Lebron James net worth? Not enough to afford a $50 million dollar house.
April 19th, 2007 at 4:03 pm
What is his net worth? Are you his accountant? How much does he get from sponsorships? What about book or movie deals? Why would a bank lend him the money if he didn’t qualify for it based on his current income and earning potential?
Do you think banks are so stupid that they lend out 50 million to anyone?
April 23rd, 2007 at 8:56 am
Why would he need to borrow $50 million? My point is that a purchase of a $50 million home would indicate he should have a net worth of $210 million, given his age.
April 24th, 2007 at 7:37 am
For the same reasons the rich always borrow. It is better to do something with OTHER people’s money than your own. THEY assume the risk YOU receive the reward.
I frequently write about credit card arbitrage. I borrow 50k from a bank (they assume the risk), I put it in high yield savings (I get the reward). Lebron is doing it on a much higher scale.
If he can’t pay it back, who’s the real loser? The bank? or Lebron?