Michael Story ⚓ Profile picture
Jun 21, 2021 12 tweets 2 min read Read on X
More convinced that "social classes are sticky / fuzzy cultural adaptations to economic positions" is basically right, having seen people switch economic positions and develop new cultural norms similar to other groups in their economic position, even if the groups don't interact
Not surface-level culture like tastes in food or music or clothes etc, those things change all the time and don't mean much, but norms and attitudes which may not be explicitly acknowledged- like attitudes to work, interests, money, status, relationships etc
Taiwan has pretty generous visa and tax arrangements for people who are relatively high NW and willing to move, so in Taipei you meet international people who made enough cash in bigcorps to not *need* to work anymore, and who are adjusting to that new economic position
Basically they've reached the FIRE point. A lot of people in FIRE culture see work as something intrinsically awful which you do only out of financial necessity, and their goal is to earn enough to eliminate it from their lives. But then what do you do? Just sit around?
Families whose kids will be in a position where just sitting around would be financially feasible seem to go to massive efforts and spend lots of cash trying to prevent their offspring from doing this- hence boarding school prospectuses emphasising "character building" etc
Family fortunes can maybe survive one generation of layaboutism but not two, so intrinsic rather extrinsic motivation is really emphasised because those kids will be able to stave off most extrinsic factors for years by spending down the money if they choose to
Post-FIRE people and generational money eventually seem to settle on the same set of helpful norms for this position in life: develop your interests, don't spend for status, do work you are intrinsically motivated by, work on long-shot high upside projects etc
If you aren't dependent on your job for survival or status, you can invest time in fitting things around your interests or take some risk on ideas that might not pay off because the downside is cushioned, rather than avoid working altogether
But it takes a long time to psychologically move from "work is something I must tolerate only until I have enough money not to" to "work is just how I direct my effort and there's a whole world of possibilities open to me"
That might partly also explain why some people find retirement so massively difficult and others don't- if you always worked for necessity and then suddenly you don't have to because your pension kicked in, it's a massive psychological adjustment
If you've always just directed your time and effort at things you found rewarding, then retirement can be a more gradual process as perhaps your tastes get a little less adventurous and you add more downtime to your diary
Seems like a big advantage to be mentally prepared for this situation from childhood vs always having been forced by necessity to work and then suddenly finding you don't need to anymore- one more way the class system replicates

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More from @MWStory

Jan 5, 2023
A reminder that America is such a young country that this is a legit debate to be had
imo a lot of discourse about the US in particular related to work, money, etc is confusing is because classes are forming and people are moving between them, but there's no standard vocab or common cultural way to describe this
a social class is at base a set of heuristics which 'work' for a particular economic and social position, often in ways you are totally unaware of. Moving classes means updating rules of thumb you never even thought about before! It's hard in the same way moving countries is
Read 7 tweets
Sep 9, 2022
I think the FIRE failure mode is basically the opposite of the “follow your dreams” failure mode
if you always just follow your dreams with no attempts to gain self-insight, no compromise and no strategy you’ll probably end up poor and struggling to do whatever now-devalued job was high status when you were fifteen.
But if you always pick the opposite path and just aim for the highest paying gig while treating your own goals and desires as secondary, of course you will end up richer yet alienated from yourself and miserable, hating the very idea of work
Read 5 tweets
Aug 26, 2022
Just landed in Seoul! Going to the DMZ and various palaces then taking the high speed train to say hello to @Makeuya 🇰🇷👍 ImageImage
We saw Gyeongbokgung Palace in Seoul today. One of the loveliest things about the visit was seeing all the people wearing Korean traditional dress, which is so strongly encouraged that the palace only charges an entry fee to those in non-traditional attire! ImageImageImageImage
Palace? Approved 🇰🇷👍 Image
Read 4 tweets
Jul 27, 2022
A lot of US confusion about monkeypox is because the federal gov & CDC have gone with an “anyone can get it” anti-stigma campaign while the NY city authorities are targeting vax doses at the people who are currently hundreds, possibly thousands of times more likely to catch it
Each org is at one extreme end of the current public health debate- focus attention on cases and risk stigma, or reduce stigma but divert attention away from those most at risk
This is revealing (I don't think causing) an interesting cognitive failure mode where people somehow get stuck theorising about how a disease *could* spread and somehow just don't look at the data on how it actually *is* being transmitted
Read 6 tweets
Jul 5, 2022
Another example of where doing the simple and obvious thing ('be nice to your kids') is right, and imagined just-world second order effects ('what if they don't learn to deal with bad people') are just not as important
The one (small) cost is that just like the smart kids at selective schools who lose track of the average persons intellectual ability level, people raised by high functioning adults often find low functioning adults completely inexplicable and can't model them
If you ask those without exposure to low functioning adults to picture a ‘bad person’, they’ll normally imagine the high functioning version: someone very selfish and cruel, who schemes and plots to benefit themselves or their goals at the expense of others
Read 6 tweets
Jun 7, 2022
By spending a lot of time in Taiwan I got to observe how people handle a massive ramp up in wealth over one or two generations, which has happened at a scale unimaginable in the Anglo West’s living memory ImageImage
Some people handle it very well and compound their gains, others not so much, and observing the sudden wealth failure modes made me realise how many UMC/UC social customs are highly functional adaptations for coping with and preserving prosperity, even if they don’t seem to be
Quite wild to think that some people are walking around carrying thousands of tiny heuristics which make it easier for them to hold on to, grow and extract more utility from cash, and when the wealth rise tide comes in you can see the effects plain as day
Read 7 tweets

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