this post was submitted on 20 Jan 2024
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Anarchism

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As anarchists: Do you buy shares, get money from interest, invest or save for retirement? (slrpnk.net)
submitted 8 months ago by punkisundead@slrpnk.net to c/anarchism@lemmy.ml
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cross-posted from: https://slrpnk.net/post/5944604

Hey I am currently in the privileged position to think about what I do with the money I saved as an emergency fund. Do I put it in an account that gets interest so less gets lost to inflation?

But from my understanding the bank can only pay that interest because they loaned the money to someone that uses it to exploit people labor or extracts rent from them etc.

Where I live saving for retirement is currently not that big of a thing because its something the state manages, but what do folks do that dont have that?

Should anarchists buy stocks or what else should they do with money that exceeds their safety needs?

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[–] rockSlayer@lemmy.world 20 points 8 months ago

The premise is ridiculous imo. Yes, banks are exploitative, but the reality is that we must do what we need to so we can survive. The saying "there is no ethical consumption under capitalism" extends to every facet of life. An emergency fund placed in a bank account is a good idea to ensure you can maintain a minimum standard of living.

As for investing, here in the US it's damn near impossible to retire without a 401k investment portfolio. I would like to not work some day, so I need to invest. One of the most insidious parts of capitalism is how it compells unwilling people to participate through the state apparatus. Remember, Engels was a capitalist and bankrolled Marx to get the revolution running. Having money isn't a bad thing, until it's time to abandon the need for money.