When we start talking about money, a whole bunch of double standards start popping up. How people in authority positions treat you. What you're allowed to get away with both socially and legally. And how, suddenly, some of the things that were trashy when you're poor become classy when you're rich.
Well, it's not only us who've noticed the trashy/classy divide and the massive shifts in our perception that happen when we become aware that someone's rich. Entrepreneur Morgan, aka Cajunventures, posted a video on TikTok asking people to share the things that are considered trashy when you're poor but classy when you're rich.
She kicked things off by pointing out that the most expensive thing that you own being a really old car perfectly fits this category. Her video quickly went viral and others started sharing their own examples. Check some of the best ones out below, upvote the ones that you agree with, and let us know in the comments if you have any examples of your own.
Bored Panda had a chat with Morgan, who goes by her nickname Cajunventures online, about the importance of money, the American Dream, as well as financial independence. You'll find our full interview with the self-made millionaire below.
Morgan pointed out that money plays a pivotal part in our lives: from giving people power and security to providing access to the experiences that we want, as well as being our way of valuing things.
"I think some people have nothing better to do with their time, and when people see someone living a different lifestyle than their own or doing better than them, they judge out of anger or jealousy. We should try empathy and understanding over criticizing and judging," the entrepreneur and financial independence advocate said about the trashy/classy divide.
The entrepreneur opened up to Bored Panda that she "grew up broke in a trailer park." However, this didn't stop her from starting her own company from scratch and becoming a millionaire by the time she was 30. "I am proof the American Dream is still alive and well," she said.
"The internet has an insane amount of opportunity, and I have been able to help thousands of people make money online for free. I started a million-dollar company with only $1 at Goodwill flipping books. It's possible if you are willing to put in the work," Morgan shared that hard work and perseverance really do pay off. And creativity and flexibility never hurt.
Like many other entrepreneurs, Morgan was hard-hit by the Covid-19 pandemic. "During the pandemic, my small business was struggling so we had to really adapt to survive. I learned a lot and decided to start sharing how I was able to quit my corporate job I hated to work for myself online for free."
She continued: "As an Amazon seller and a real estate investor, I have been able to share various side hustles and help thousands of people make money online. It won't be easy, you won't get rich quick, but if you put in the work you can definitely become financially independent." she said that slow and steady wins the race and that nobody should expect to rush into wealth at the drop of a hat.
Morgan, who's behind the Cajunventures channel, is a full-time seller on Amazon, a real estate investor, and helps “women sell weird stuff online.” Having been self-employed for 4 years, her main goal in life is helping people learn all the different ways that they can make money working from home. The entrepreneur also claims to have made 7 figures selling things, so naturally, she's a bit of an expert when it comes to finance-related topics. Even lighthearted ones.
Economic inequality is a sensitive subject in the United States. The Pew Research Center points out that in 2018, the highest-earning fifth of families made more than half of all US income. “Over the past 50 years, the highest-earning 20% of U.S. households have steadily brought in a larger share of the country's total income,” the Center highlighted the trend.
What's more, data from the OECD shows that income inequality in the US is the highest of all the G7 nations. Not only that, but the black-white income gap in America has remained more or less steady since 1970.
“The difference in median household incomes between white and black Americans has grown from about $23,800 in 1970 to roughly $33,000 in 2018 (as measured in 2018 dollars). Median black household income was 61% of median white household income in 2018, up modestly from 56% in 1970—but down slightly from 63% in 2007, before the Great Recession,” the Pew Research Center explains that the situation hasn't improved much.
It's not just a minority of Americans who think that there's something wrong with the massive financial divide in the country. A whopping 61 percent of Americans believe there's too much economic inequality. However, Democrats (78 percent) are more likely than Republicans (41 percent) to hold this belief, meaning that there's a party divide there.
Or, to put it bluntly, Democrats are nearly twice as likely to believe there's too much economic inequality than Republicans. What most likely won't surprise you either is that upper- and middle-class Americans with greater incomes are more likely to believe that there isn't much of an issue.
According to the analysis done by the Pew Research Center, the wealth gap between the US' richest and poorest families more than doubled from 1989 to 2016. Not only have the 5 percent richest families grown their wealth from 114 times the median in 1989 to 248 times in 2016, but they were also the only ones to increase their wealth after the recession that started in 2007.
There's a shrinking middle class as well. The number of middle-income households decreased from 61 percent in 1971 to just 51 percent in 2019, highlighting the growth of the divide between the rich and the poor.
Over the same period of time, the number of people in the upper-income tier grew from 14 percent to 20 percent. While the share of adults in the lower-income tier grew from 25 percent to 29 percent. In other words, if something doesn't change soon, we'll be seeing even more trashy/classy videos on social media as economic inequality continues to thrive.