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What would Earth be like if everyone were millionaires? (NOT VIA INFLATION)

Discussion in 'General Entrepreneur Discussion' started by ChrisV, Sep 3, 2018.

  1. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Edit again: Guys please read the post. We’re not talking about simply printing more money. I mean if the entire world did the things necessary to create wealth (ie creating value.)

    This is always something I’ve wondered. There used to be a time that I wouldn’t help others gain an advantage financially because I thought if they were rich it would just dilute thee value of money that it would be as worthless as paper. Now, I don’t believe that at all. So what do I think the world would be like? Better. I think everyone would simply be adding more value. Cars would be better. Books would be better. Art would be better. And those people who created it would be rich, allowing them to purchase Homes/clothes/cuisine of the same improved quality.

    Problems would be few becasue people would be coming up with ideas. Don’t know the best place to get chinese? There’s an app for that? Don’t know where to get a limo in another state? ;) There’s an app for that. Maybe a website.

    Obviously all the solutions wouldn’t be apps lol but i wanted to use the line.

    So what do you guys think? How would the world change if everyone were millionaires?

    Edit: Okay, apparently there a little confusion.. i don’t mean ‘if the government printed a bunch of money and just handed it out’... the answer to that would be obvious: money would become worthless. What I mean is if everyone created enough value to become millionaires the legit way.
     
    Last edited: Sep 4, 2018
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  2. msufan
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    msufan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Consider the difference in our standard of living today vs. even just 100-200 years ago. We carry around in our pocket a smartphone that holds more knowledge than the richest person on earth could access back then. We eat foods from all over the world, we can communicate instantaneously with anyone around the globe, we can drive and even fly (fly!!) at speeds unthinkable back then.

    In another 100-200 years, imagine another similar shift upward in people's standard of living. It won't be like being a millionaire today, because all-new innovations and technologies that we can't even conceive of yet will be available to the masses then. And people wouldn't stop innovating -- instead, the hedonic treadmill will cause people to view the improvements as normal, and most people will work hard to push for even more.
     
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  3. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Way off topic but:

    Holy sh*t bro.. i just saw your sig and that sh*t is sick!!!!!!!!!

    Dude I’m a total data nerd.. I was even training to become a data scientist before I got distracted by more entrepreneurial ventures

    I love Data. Love it. And I’ve always lived the same way. Believe it can accurately answer any question in life.

    This is the description from my Twitter/Facebook pages:

    [​IMG]

    yAximJQ.png

    Anyway.. i’m going to leave this post while I go read literally everything on your site.. starting with the Top 8 Must Read list
     
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  4. msufan
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    msufan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hahaha -- thanks, man!! I didn't think anyone read the signatures. Appreciate the love! I've made 250K playing silly stuff like Bejeweled and beating the lottery, and I had to try to share it with the world! :rofl:
     
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  5. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Nah I used to have a blog called Evidence Based Living.. my focus is more on the social sciences and data what they can teach us about human behavior but holy sh*t.. we’re gonna be best friends lol
    Screen Shot 2018-09-03 at 8.12.58 PM.png
    Screen Shot 2018-09-03 at 8.14.57 PM.png
     
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  6. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Anyway sorry lol.. back on topic. Anyone else?
     
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  7. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Yeah, I would say we're looking at it already. We're millionaires compared to people living in the 1920s and 30s. People flying around, checking their personal telegraph machines in their pockets? OMG. This is outer space compared to your grandparents' generation.
     
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  8. msufan
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    msufan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    This is unbelievable. I guess we're both of the same type of mindset.
     
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  9. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I think it would act as an innovation accelerant though. All that technology? It was invented by the 1%. Maybe the 5% if we’re being nice. Now imagine if every single person was innovating on the level of the 1%. It would be like pouring gas on a candle.

    Screen Shot 2018-09-03 at 8.53.21 PM.png
     
  10. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Ok, ok. But you did ask if "everyone" was a millionaire. Even the ones lying in the street in Bangkok, and the apparently homeless musicians lining the narrow alleys of Cambridge.

    Within a short time (months?) everything would adjust, unless everyone was producing at the millionaire level. All this money is just a signal for value exchange. Ultimately, what do you want from the didgeridoo player sleeping it off behind a church in Cambridge, asking for money whenever he wakes up? Or the guy selling tiny palm-frond boxes on the elevated crosswalk over Thanon Ratchawithi? The signal adjusts to the relative value on either side of the transaction.
     
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  11. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why would they all start innovating if they were suddenly millionaires?
     
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  12. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yea, I inboxed you because this could easily turn into a data-driven nerdfest.

    Left a comment on your article too.
     
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  13. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I think a lot of people would just drink themselves to death. Call me a cynic.
     
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  14. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    They would have to innovate to BECOME millionaires. I’m sorry, the point of my post wasn’t if people all were just handed money. If that were to happen money would just lose almost all value and a pair of shoes would just cost 360,000K
     
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  15. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Ah, Ok. We're on the same page. Sorry for going all post-apocalyptic there. I thought you meant like "make them all kings."

    Um, I think we would be off the planet in 10 years. If FTL travel is possible, we'd be developing it. You're talking about 7+ billion people. One person's brain plugged into today's mental context can already create technology that almost anyone would assume is impossible. If you somehow convinced all the brains and hands to innovate at that level -- while simultaneously amping up the mental context by 7 billion millionaire-innovators? Uh, chaos-rainbow-cat-meteor-storm of new technology beyond imagining.

    Relative value in trade would still hold though... some people would be more-millionaire or billionaire, trillionaire, etc, compared to today's standard. Currency would adjust so that we don't have to count all the stupid zeros.
     
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  16. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yea lmfao. Those are my thoughts lol.

    But I sometimes think about this stuff when I see legitimate wealth building books like the ones that this forum is founded on.

    Like there are tons of people who read the books, came on the forums, and came up with multimillion dollar ideas.

    So what would happen if these books got REALLY popular? Like they became household names.

    Crazy to think about.
     
  17. Zest
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    Right I think it's the same as asking "what would the world be like if everyone was much more of a producer rather than a consumer // offering value rather than taking value?"

    I think the world would be amazing because you wouldn't necessarily see cookie cutter Starbucks and McDonald's on every corner, but truly unique, high quality, competitive businesses, restaurants, products... everything.
     
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  18. Danny Sullivan
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    Danny Sullivan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    It's a guess, but: if everyone's a millionaire or rich, then no one is. I think prices would adjust upwards. Why let them pay 60$ for a full gas tank if everyone can pay 1000$ for it?

    And so people with a money system in place might be going for a long time, the average mickey millionaire will be poor again in no time. So maybe everything will stay the same with higher prices, costs, wages, etc.
     
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  19. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    But the quality of everything would be thousands and thousands of times better.

    After thinking about this for a while I know the exact answer. It’s actually really obvious.

    It would be the difference between Ethiopia and Sweden or the UK. Or even further like the difference between Ethiopia and Dubai, UAE.

    Ethiopia income per capita? $783/yr.

    {91b4d3c5-8865-43f5-af14-4b28dc0ce495}.3203624400_cb1321ef77_o.jpg

    Sweden - $56,935/yr

    Stockholm-sweden.jpg

    United Arab Emirates? $68,250/yr

    beautiful-dubai-marina.jpg

    It would be like Dubai, where half of the people drive Ferraris and Lambos. Even the police cars are Lambos.

    Dubai-Police.jpg

    I would say that "if everyone's a millionaire or rich, then everyone is.” Also, we see no evidence that the price of commodes goes up when everyone can afford better.

    The price of 1 liter (1/4 gallon) of gas in Dubai is $0.60 (Dirham 2.19) This average is based on 25 price points.​

    Nation City Price in USD Regular/Gallon
    South Africa Johannesburg $2.62
    Nicaragua Managua $2.61
    I guess if you’re comparing yourself to the person next to you, sure. “I only have a Ferrari 488 and he has an Enzo," But the quality of life would definitely go up.
     
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  20. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Oops, see above post.
     
  21. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I know you meant commodities, but I just wanted to mention that I'm getting ads for Toto brand "undercarriage washing" commodes on this forum. Toto is definitely my fav brand of commode, so maybe I'm just being targeted, but I wonder if miscellaneous typos end up setting the priorities of the advertising engine :rofl:

    Ok, back on topic, that photo makes me want to go to Ethiopia though.
     
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  22. Bhanu
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    Bhanu Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    In above case every one will be poor and there will be chaos . This is the precise reason why federal reserve does not print money at will and make everyone a millionaire . If everyone is millionaire then there will be hyperinflation . One example is Venezuela where everyone is a millionaire . In Zimbabwe where people have a trillion dollar note (in Zimbabwe currency). Basically their money is worthless .
     

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  23. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Okay, apparently i’m not making what i mean clear.. I edited the first post and added

    "Okay, apparently there a little confusion.. i don’t mean ‘if the government printed a bunch of money and just handed it out’... the answer to that would be obvious: money would become worthless. What I mean is if everyone created enough value to become millionaires the legit way."​
     
  24. Bhanu
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    In that case our earth will be a paradise . With no financial worries everyone will be aiming for and achieving what he really wants . Everyone will be working to serve other . I think there will be no wars,no poverty .
     
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  25. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    E42E9115-2856-426D-9CFA-A1659F1699A7.jpeg ED18DD01-6DB1-44D7-A112-69BC94C71569.jpeg
    It would look like German hyperinflation in the 1920s. They burned it for heat.
     
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