The Good and Bad Side of Financial Transparency
One thing I have come to learn about life is that there is an advantage and a disadvantage to everything…
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The Hive Learners prompt of the week is another topic that has both advantages and disadvantages, and I will talk about the advantages first…
If we ever find ourselves in a system where everyone’s salary and earnings are published online for the public to see, one major advantage of that kind of setting is that crime will reduce drastically…
First, it will affect our politicians and leaders. All the money they collect from us through taxes will no longer be easy to hide or spend recklessly because people will be watching. They won’t be able to move public funds into personal accounts freely because they will have to explain why government money is sitting inside a private account instead of being used for the welfare of the country and its citizens…
Our politicians and leaders are heavily overpaid. Some people know this already, but many people don’t know the exact salaries and benefits they receive from public funds. If everyone gets to know this information, it may force them to adjust and become more careful with how they waste public money…
Another advantage is that youths involved in fraud will find it difficult to hide illegal wealth. Imagine a secondary school student without a job, driving expensive cars, and living in luxury; people will naturally ask questions about where the money came from. Ritualists and criminals with sudden wealth will also struggle to explain themselves if financial records are publicly visible…
Another important thing is the issue of pretenders. It is funny how someone with 100 million in their account can sit beside you complaining about hardship and claiming they haven’t eaten all day, while you, with just 100k in your account, still feel pity and give them money… and they will gladly collect it!
It is similar to how the Hive platform works. Our wallets and earnings are visible to everyone, so nobody can easily lie about being broke when Hive, HBD, or Hive Power is clearly sitting in their wallet…
Now that we know the advantages of such a system, let us talk about the disadvantages…
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One major disadvantage of this kind of system is envy. When everyone knows what you are earning, it can become dangerous because you could easily become a target for armed robbers…
It also makes the work of evil people easier. They already know the financial worth of their victims and can decide to strike at any time they want…
Another issue is something I don’t even know whether to call an advantage or a disadvantage. If everyone can see what others earn, it could create serious problems in some workplaces…
Some people are very hardworking and good at their jobs, yet there is another person in the same position doing far less work while earning more money. There are also people without certificates earning more than people with master’s degrees. If salaries become public and people start seeing these differences, it could lead to frustration and chaos…
People will start asking questions like: “Why am I earning less than Mr. A when I am more qualified, more experienced, and even work harder than him?”
At the end of the day, transparency can help reduce corruption and expose fake lifestyles, but it can also create jealousy, insecurity, and unnecessary tension among people…
Another problem is that you can’t even hide how much you earn from your family, and that is one thing many men prefer to keep private…
Because if you are earning 50k and you already give your extended and nuclear family 30k, they will still expect you to share from the remaining 20k…
And please, don’t start defending your family here, it is just the reality of life, not because anyone’s family is bad…
Once people know exactly how much you earn, expectations automatically increase. Some people will believe that since the money enters your account, you must always provide help, even when you are also struggling to survive and plan your future…
So if I am to choose, I think salaries and earnings shouldn't be fully publicized because of the insecurity, pressure, envy, and unnecessary problems that can arise when everybody knows what everyone is making…
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Totally agree with you and you have said the exact words what I do think.
I think the public money should be transparent and the private money like salaries and other things should be keep private because if we know how the tax payers money are being used then we may know a lot of things and I am sure this will also prevent corruption.
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Huhm, I very well agree with you both on the advantages and the disadvantages, a lot of people out there won't mind milking you dry when even when they have huge amounts sitting down and doing nothing in their own accounts. Also, about those with entitled mentality, even after you've given them what you could let go of, they still feel they deserve more because they know how much you collect and are expecting something huge as well.
We can go on and on, on this. But you've said it all.
Thanks for sharing.
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If my salary is known to all, I don't help anybody just because of it. I can refuse anyone when it comes to financial help, it doesn't matter how close they are to me. In fact, I do it.
But still I choose not to reveal because I love to keep things secret.
That’s the reality, Burl. Even I agree with you about family billing you and even expect you to give them all after settling them. A lot of problem will be caused by such implementation.