Nailed it. If you're Elon Musk, do some dumb mistake and lose 200 billion, your life barely changes. If you live on minimum wage, and loses half of it, starvation ensues for your family. The impact of losses is disproportional between rich and poor.
They are already pretty motivated and usually do work a lot more than middle class folks.
The poor people who burn out completely and stop working end up on the street and either die pretty fast or find some more motivation to keep going even in that state.
Also, sadly what many poor people lack is not work ethic but capital, in the sense that they can't just take on a ~20-30M loan to send their kids to school and wait for them to start working and then pay it back. So instead of doing this they are forced to do very near-zero ROI things.
Isn't that a given? The idle rich as a class has been a thing for a long time. Rich people do not generally work shitty dead end jobs, as a general rule.
Quite the opposite. While a $200M loss for Elon Musk might be nothing significant, a $200 loss for someone who is truly poor could be a huge setback. The poor have to play the game much more conservatively than the rich, which means they can’t make the big bets that have those huge upside outcomes.
