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I'm aware of that. It bothers me when people act like everyone is 100% in control of their own destiny, that it's all entirely up to you and that you should feel bad if you're not as rich as some other guy, particularly when that other guy had massive advantages over you simply by virtue of his birth.
Everybody is in charge of their own destiny, but that doesn't guarantee financial success.
Lower income people are generally less responsible. They don't pay attention in school, they don't have the inclination to work hard, they don't understand the first thing about finances, so of course many of them fail in life. Is that because they were born on first base instead of third, or is it because they decided to have their second child at the age of 18 and go on some social programs?
Instead of concentrating on being rich, it's better to concentrate on just being better and making decisions to better yourself.
Years ago I used to have a part-time job teaching music. From time to time, some student would walk into the studio all bummed out. They were completely upset because they went to some bar or someplace and seen a great guitarist. I told them that it's just a fact of life. No matter how hard you try, there is always going to be somebody with more money, a bigger D, and can play better guitar than you. I would tell them the only guitarist they have to be better than is the guitarist that was here last week at this very time.
It never failed. They eventually get a new attitude about being a musician and continued to just be better than they were the week before. That's what needs to be done with people who didn't start out in life with a lot of money.
Well that's fine. That's reasonable. What I'm saying is, sometimes the guy who's worse off than you isn't just a lazy slob or an idiot. Sometimes they started out with a lot less than you did, or just had shitty luck. The people act like those of modest means are just losers are the ones I am talking about.
And some people who are poor and need government assistance have just hit a rough patch and don't want to make a career out of it. In fact, I'd say the overwhelming majority are that way.
I would totally disagree with that.
Being financially sound is something anybody can achieve. Graduate from school, get a job, stay out of trouble with the law, don't have children you can't afford to support, and don't buy things you can't afford.
These simple things can be achieved by anybody; poor, middle-class, upper middle-class and the wealthy.
The problem with our poor is they've been convinced by Democrats that their poverty is not their fault. Of course it's their fault.
I'm from a middle-class suburban family. When I got out of school, I worked several minimum wage jobs. Unhappy with my income, I kept trying to increase my earnings. I finally ended up choosing a career where labor is in high demand under any economy. Now can you tell me why a poor person can't do what I did?
Instead of burdening myself with expenses like overpriced cars, homes, children, I decided not to marry or have children. It was several years after cable television came to our area before I ordered it. Why can't a poor person do what I did?
Poverty is not necessarily proportional to failure. Talk to some foreign business owners sometime. They will tell you what poverty is really like. Yet they came to this country with a hundred dollars in their pocket, did what I wrote above, used their money for investments instead, and are living the American dream that our native born so-called poverty people never had.
Because some people legitimately grow up in ghettos with drugs all around them, gang violence, little to no food for days, filthy living conditions, and extremely poor schools.
The difference between a childhood like that and even lower middle class is like night and day.
You were one of the lucky ones. Whether you believe it or not.
It's difficult to escape that kind of poverty, and most people don't have what it takes. Put your average middle class kid in that shit environment and he'd most likely crumble as well.
Middle class is still easy mode in the grand scheme of things.
Wah wah fucking wah.
Some of those people get their shit together and get out of that world, and some don't. Why is that? Here's a hint: the ones who get out aren't doing it because of your bleeding heart, patting them on the head and sobbing over how insurmountable their challenges are.
Nor does anyone get ahead by your casual dismissal of success as "just luck". There's no luck involved in Ray's careful assessment of his situation and informed choices based on that situation and his available assets. That's called "wisdom".
Can you really not see how destructive your pity, masquerading as "compassion", is? Would you advise your children, should you have any, that it's okay to simply focus on the negatives in life and give up the entire enterprise as a bad job? Do you really imagine that people with handicaps - REAL handicaps, not your "poor me, life didn't start me out halfway to the finish line, so I can't run the race at all" attitude - are anything but annoyed by those telling them how they "don't have what it takes"?
And by the way, it is amazingly elitist, condescending, and offensive of you to dismiss the vast majority of humans as "not having what it takes" and relegating them to helpless animal status. It is ironic that, in your rush to tout yourself as far more "caring" and "understanding" and "nice" than others, you have revealed yourself to hold far less respect for the poor than those others have.
Hey, why are you guys extrapolating so much out of the very simple idea that we live in an unequal society of unequal opportunity, and some people play the game of life on a much higher difficulty than others? I didn't say the government should hold your hand. You guys are just making that shit up.
If you can make it up from a horrible starting point, that's great, but the odds aren't in your favor. That's all I'm saying.
We don't live in an unequal society of unequal opportunity. We live in an unequal UNIVERSE of variety and diversity, and our society is becoming LESS equal primarily because people like you think it can and should "correct" the universe.
There's very little extrapolation needed to see that you assume that people less fortunate than you are helpless, incapable, and pathetic, and thus need the government to give them what you assume they're too primitive and hopeless to achieve on their own.
Hey, why are you guys extrapolating so much out of the very simple idea that we live in an unequal society of unequal opportunity, and some people play the game of life on a much higher difficulty than others? I didn't say the government should hold your hand. You guys are just making that shit up.
If you can make it up from a horrible starting point, that's great, but the odds aren't in your favor. That's all I'm saying.
Depends what you consider the goal is? Are you talking about wealthy, such as millionaire or multimillionaire? Are you talking billionaire? Are you talking about owning your own business? What?
The odds aren't in your favor of moving up at all. In the examples you give of poor people moving into the middle class, I'm sure they had at least some positive influence in their corner. Someone to look up to, to inspire to become, whether that be an parent or some other caretaker/authority figure. If your parents are deadbeats and everyone around you is scum, how the hell are you going to make it out? How would you know the way? You need to luck out at some point and receive some positive guidance. There are a lot of factors that effect where we end up in life that are outside our control, unfortunately, whether we like it or not.
As for government interference, I am pretty anti-welfare state, so you don't need to lecture me about that.
Our US Constitution guarantees us the right to pursue happiness, it does not guarantee us happiness. Happiness is something you need to achieve for yourself.
I agree with you that positive influence has an impact on ones life, but you can't have that impact when we have a society of people that come from single-family homes. That's the starting point.
Until that time, it should be the responsibility of our schools to teach children that their fate is not hopeless. After all, we spend more on education than any other industrialized country in the world, isn't that the least they can do????
Ask any kid in or just out of high school what they know about investments. Ask if they know what a PE ratio is in stocks Ask them if they even know what stocks actually are. Ask them what they know about opening up their own business. Ask them if they know what it costs to raise a child in the USA today. Ask them what they know about real estate or the commodities market. Ask them what a CD is, and no, not the kind that has music on it.
If your experience is similar to mine, you'll be met with a lot of blank faces because our schools don't even go near those subjects. So lower income people learn from their friends and family which is unless you can make a good rap song or be extremely good in sports, the only way to find success is participate in illegal actives.
My father could tell you stories about when he grew up that would make you cry. Talk to some foreign business owner at your convenient store or sub shop about being poor. They can tell you what real poverty is. So how did these people do so well without positive influence? It's called desire. For crying out loud, one of the main reasons my father joined the Marines and fought in Korea was so he could experience what it was like having three square meals a day. As poor as they were, my father nor any of his six siblings ever seen a day in prison yet alone jail, and they all grew up to be middle-class people who raised families and several had their own business at one time or another.
So why are our poor not like that now? Because there is no desire to do better. We make them too comfortable being poor.
Hey, why are you guys extrapolating so much out of the very simple idea that we live in an unequal society of unequal opportunity, and some people play the game of life on a much higher difficulty than others? I didn't say the government should hold your hand. You guys are just making that shit up.
If you can make it up from a horrible starting point, that's great, but the odds aren't in your favor. That's all I'm saying.
Depends what you consider the goal is? Are you talking about wealthy, such as millionaire or multimillionaire? Are you talking billionaire? Are you talking about owning your own business? What?
The odds aren't in your favor of moving up at all. In the examples you give of poor people moving into the middle class, I'm sure they had at least some positive influence in their corner. Someone to look up to, to inspire to become, whether that be an parent or some other caretaker/authority figure. If your parents are deadbeats and everyone around you is scum, how the hell are you going to make it out? How would you know the way? You need to luck out at some point and receive some positive guidance. There are a lot of factors that effect where we end up in life that are outside our control, unfortunately, whether we like it or not.
As for government interference, I am pretty anti-welfare state, so you don't need to lecture me about that.
Our US Constitution guarantees us the right to pursue happiness, it does not guarantee us happiness. Happiness is something you need to achieve for yourself.
I agree with you that positive influence has an impact on ones life, but you can't have that impact when we have a society of people that come from single-family homes. That's the starting point.
Until that time, it should be the responsibility of our schools to teach children that their fate is not hopeless. After all, we spend more on education than any other industrialized country in the world, isn't that the least they can do????
Ask any kid in or just out of high school what they know about investments. Ask if they know what a PE ratio is in stocks Ask them if they even know what stocks actually are. Ask them what they know about opening up their own business. Ask them if they know what it costs to raise a child in the USA today. Ask them what they know about real estate or the commodities market. Ask them what a CD is, and no, not the kind that has music on it.
If your experience is similar to mine, you'll be met with a lot of blank faces because our schools don't even go near those subjects. So lower income people learn from their friends and family which is unless you can make a good rap song or be extremely good in sports, the only way to find success is participate in illegal actives.
My father could tell you stories about when he grew up that would make you cry. Talk to some foreign business owner at your convenient store or sub shop about being poor. They can tell you what real poverty is. So how did these people do so well without positive influence? It's called desire. For crying out loud, one of the main reasons my father joined the Marines and fought in Korea was so he could experience what it was like having three square meals a day. As poor as they were, my father nor any of his six siblings ever seen a day in prison yet alone jail, and they all grew up to be middle-class people who raised families and several had their own business at one time or another.
So why are our poor not like that now? Because there is no desire to do better. We make them too comfortable being poor.
I actually agree pretty much 100% with this. My point was never to argue against this, but to say simply that there are other factors at play than just "hard work", and some people start out with advantages that others lack. That was it. Why y'all made it into something so different is beyond me.
Our schools are quite arbitrary in their instruction and completely fail to prepare students for the outside world, and for an independent life. I imagine it's 10x worse in poor parts of the country as well, though I've no first-hand experience there.
Hey, why are you guys extrapolating so much out of the very simple idea that we live in an unequal society of unequal opportunity, and some people play the game of life on a much higher difficulty than others? I didn't say the government should hold your hand. You guys are just making that shit up.
If you can make it up from a horrible starting point, that's great, but the odds aren't in your favor. That's all I'm saying.
Depends what you consider the goal is? Are you talking about wealthy, such as millionaire or multimillionaire? Are you talking billionaire? Are you talking about owning your own business? What?
The odds aren't in your favor of moving up at all. In the examples you give of poor people moving into the middle class, I'm sure they had at least some positive influence in their corner. Someone to look up to, to inspire to become, whether that be an parent or some other caretaker/authority figure. If your parents are deadbeats and everyone around you is scum, how the hell are you going to make it out? How would you know the way? You need to luck out at some point and receive some positive guidance. There are a lot of factors that effect where we end up in life that are outside our control, unfortunately, whether we like it or not.
As for government interference, I am pretty anti-welfare state, so you don't need to lecture me about that.
Our US Constitution guarantees us the right to pursue happiness, it does not guarantee us happiness. Happiness is something you need to achieve for yourself.
I agree with you that positive influence has an impact on ones life, but you can't have that impact when we have a society of people that come from single-family homes. That's the starting point.
Until that time, it should be the responsibility of our schools to teach children that their fate is not hopeless. After all, we spend more on education than any other industrialized country in the world, isn't that the least they can do????
Ask any kid in or just out of high school what they know about investments. Ask if they know what a PE ratio is in stocks Ask them if they even know what stocks actually are. Ask them what they know about opening up their own business. Ask them if they know what it costs to raise a child in the USA today. Ask them what they know about real estate or the commodities market. Ask them what a CD is, and no, not the kind that has music on it.
If your experience is similar to mine, you'll be met with a lot of blank faces because our schools don't even go near those subjects. So lower income people learn from their friends and family which is unless you can make a good rap song or be extremely good in sports, the only way to find success is participate in illegal actives.
My father could tell you stories about when he grew up that would make you cry. Talk to some foreign business owner at your convenient store or sub shop about being poor. They can tell you what real poverty is. So how did these people do so well without positive influence? It's called desire. For crying out loud, one of the main reasons my father joined the Marines and fought in Korea was so he could experience what it was like having three square meals a day. As poor as they were, my father nor any of his six siblings ever seen a day in prison yet alone jail, and they all grew up to be middle-class people who raised families and several had their own business at one time or another.
So why are our poor not like that now? Because there is no desire to do better. We make them too comfortable being poor.
I actually agree pretty much 100% with this. My point was never to argue against this, but to say simply that there are other factors at play than just "hard work", and some people start out with advantages that others lack. That was it. Why y'all made it into something so different is beyond me.
Our schools are quite arbitrary in their instruction and completely fail to prepare students for the outside world, and for an independent life. I imagine it's 10x worse in poor parts of the country as well, though I've no first-hand experience there.
As the old saying goes, nobody ever got rich working for somebody else. We all can't be rich, but we all have the ability to be rich.
Years ago Hillary got slammed because it was learned she made $100,000 in cattle futures investing only $1,000. I found it suspicious as everybody else until I got into the commodities market myself. Then I realized what Hillary did happened all the time in commodities.
While I'm sure she had some expert help in the investment, I don't believe it was any inside trading or anything nefarious like that. I think what she did was perfectly legal as many others have done the same without being in the political arena.
Anybody who saves enough money and has some assets can open a commodities account. It's a huge risk, but not impossible to get rich on. I played that market for a few years mostly winning until the end. It was the best time I ever had. And what the hell.......took a chance to get rich myself.
Point is that even if you're born on first base, you can still realize the American dream especially with the internet today which is a gizmo of infinite education. It's all about taking risks, giving up things like marriage and family, doing without that new car or I-phone X, and focusing on wealth if that's what you really want.
When I get some extra money, I'm going back into commodities and taking my unfortunate learning experiences with me. And if I do get rich, I don't want to hear people say it's because of my skin color, where I was born, or because my family had money which they don't. If I become wealthy, I would do it with hard work, giving up things, and taking huge risks.
Equal pay for equal work.It's an election year and we will be hearing a lot if bull shit. No bigger pile of crap than "income equality" or lack thereof.
While we should have equality of opportunity (and we do), no one has a right to equality of outcome. The outcome of your opportunity is entirely up to you.
This whole issue is nothing but "spreading the wealth around" rehashed. Obama and the democrats didn't do anything about income equality in the first 5 years, in fact the gap has gotten worse, so they think that if they call it something else they can repackage it and sell it to the sheeple again and they will buy it. They have no real plan to do anything about it but campaign on it.
Equality of opportunity - free capitalist society
Equality of outcome - oppressive socialist society
You forgot the work.
Republicans don't work. They want high paying jobs that require no skills.
That's the entire reason they elected Trump.
Don't you remember?
You do realize that the GOP does not represent real conservatives? LOLOh come on. You can't get any more collective than the GOP. 90% white and hatred of gays, black, Muslims, Hispanics and others kinds of tells you where they are coming from. It's their unabashed worship of the rich that's the biggest problem. Their hate is second.It seems the opposite is true, most people do not consider themselves part of a party except for progressives their party is the collectiveEqual pay for equal work.It's an election year and we will be hearing a lot if bull shit. No bigger pile of crap than "income equality" or lack thereof.
While we should have equality of opportunity (and we do), no one has a right to equality of outcome. The outcome of your opportunity is entirely up to you.
This whole issue is nothing but "spreading the wealth around" rehashed. Obama and the democrats didn't do anything about income equality in the first 5 years, in fact the gap has gotten worse, so they think that if they call it something else they can repackage it and sell it to the sheeple again and they will buy it. They have no real plan to do anything about it but campaign on it.
Equality of opportunity - free capitalist society
Equality of outcome - oppressive socialist society
You forgot the work.
Republicans don't work. They want high paying jobs that require no skills.
That's the entire reason they elected Trump.
Don't you remember?
Urban and rural separate this country more so than race by a longshot
We have a Commerce Clause. Why would you believe that?I agree somewhat, I do think all career politicians no matter the party they pick are socialists/progressives, and do not act in the best interest of their constituents.thanks for admitting the right are just a bunch of socialists on a national basis, and don't know it.You seemed disoriented, you do realize there is no such thing as any sort of freedom and individuality in a socialist society?that is socialism, not capitalism; we simply need the finest government money can buy; why not tax the rich.Why tax the successful more, it makes no sense.A few anecdotes?
Why do the rich need more tax breaks.
Do you wake up every morning with envy on your mind? You seem the spineless fool. Lol
Socialism is the very purpose of the drug war
some on the left are trying to be poets, and know it.
But at the same time the only thing worse than nationalism is globalism
Such a good adage... Goes right in line with what I say..."The one thing I can't tolerate is intolerance"!Another bull shit argument where many do not understand there is a
difference in the two words..."Equal" and "Fair."
The adage goes and it is very true...
"The Most Unfair thing in the World is Equal treatment for Unequals."
Everybody is in charge of their own destiny, but that doesn't guarantee financial success.
Lower income people are generally less responsible. They don't pay attention in school, they don't have the inclination to work hard, they don't understand the first thing about finances, so of course many of them fail in life. Is that because they were born on first base instead of third, or is it because they decided to have their second child at the age of 18 and go on some social programs?
Instead of concentrating on being rich, it's better to concentrate on just being better and making decisions to better yourself.
Years ago I used to have a part-time job teaching music. From time to time, some student would walk into the studio all bummed out. They were completely upset because they went to some bar or someplace and seen a great guitarist. I told them that it's just a fact of life. No matter how hard you try, there is always going to be somebody with more money, a bigger D, and can play better guitar than you. I would tell them the only guitarist they have to be better than is the guitarist that was here last week at this very time.
It never failed. They eventually get a new attitude about being a musician and continued to just be better than they were the week before. That's what needs to be done with people who didn't start out in life with a lot of money.
Well that's fine. That's reasonable. What I'm saying is, sometimes the guy who's worse off than you isn't just a lazy slob or an idiot. Sometimes they started out with a lot less than you did, or just had shitty luck. The people act like those of modest means are just losers are the ones I am talking about.
And some people who are poor and need government assistance have just hit a rough patch and don't want to make a career out of it. In fact, I'd say the overwhelming majority are that way.
I would totally disagree with that.
Being financially sound is something anybody can achieve. Graduate from school, get a job, stay out of trouble with the law, don't have children you can't afford to support, and don't buy things you can't afford.
These simple things can be achieved by anybody; poor, middle-class, upper middle-class and the wealthy.
The problem with our poor is they've been convinced by Democrats that their poverty is not their fault. Of course it's their fault.
I'm from a middle-class suburban family. When I got out of school, I worked several minimum wage jobs. Unhappy with my income, I kept trying to increase my earnings. I finally ended up choosing a career where labor is in high demand under any economy. Now can you tell me why a poor person can't do what I did?
Instead of burdening myself with expenses like overpriced cars, homes, children, I decided not to marry or have children. It was several years after cable television came to our area before I ordered it. Why can't a poor person do what I did?
Poverty is not necessarily proportional to failure. Talk to some foreign business owners sometime. They will tell you what poverty is really like. Yet they came to this country with a hundred dollars in their pocket, did what I wrote above, used their money for investments instead, and are living the American dream that our native born so-called poverty people never had.
Because some people legitimately grow up in ghettos with drugs all around them, gang violence, little to no food for days, filthy living conditions, and extremely poor schools.
The difference between a childhood like that and even lower middle class is like night and day.
You were one of the lucky ones. Whether you believe it or not.
It's difficult to escape that kind of poverty, and most people don't have what it takes. Put your average middle class kid in that shit environment and he'd most likely crumble as well.
Middle class is still easy mode in the grand scheme of things.
Wah wah fucking wah.
Some of those people get their shit together and get out of that world, and some don't. Why is that? Here's a hint: the ones who get out aren't doing it because of your bleeding heart, patting them on the head and sobbing over how insurmountable their challenges are.
Nor does anyone get ahead by your casual dismissal of success as "just luck". There's no luck involved in Ray's careful assessment of his situation and informed choices based on that situation and his available assets. That's called "wisdom".
Can you really not see how destructive your pity, masquerading as "compassion", is? Would you advise your children, should you have any, that it's okay to simply focus on the negatives in life and give up the entire enterprise as a bad job? Do you really imagine that people with handicaps - REAL handicaps, not your "poor me, life didn't start me out halfway to the finish line, so I can't run the race at all" attitude - are anything but annoyed by those telling them how they "don't have what it takes"?
And by the way, it is amazingly elitist, condescending, and offensive of you to dismiss the vast majority of humans as "not having what it takes" and relegating them to helpless animal status. It is ironic that, in your rush to tout yourself as far more "caring" and "understanding" and "nice" than others, you have revealed yourself to hold far less respect for the poor than those others have.
Absolutely. People who are poor usually make excuses instead of changes. But if you go to a library, I dare you to find me one book written by a successful excuse maker. There is no such thing. All excuse makers are failures. The sooner the black community understands this, the sooner they can start changing their fate.
Hey, why are you guys extrapolating so much out of the very simple idea that we live in an unequal society of unequal opportunity, and some people play the game of life on a much higher difficulty than others? I didn't say the government should hold your hand. You guys are just making that shit up.
If you can make it up from a horrible starting point, that's great, but the odds aren't in your favor. That's all I'm saying.
We don't live in an unequal society of unequal opportunity. We live in an unequal UNIVERSE of variety and diversity, and our society is becoming LESS equal primarily because people like you think it can and should "correct" the universe.
There's very little extrapolation needed to see that you assume that people less fortunate than you are helpless, incapable, and pathetic, and thus need the government to give them what you assume they're too primitive and hopeless to achieve on their own.
See, that's actually completely incorrect and doesn't represent my views on the matter in ANY WAY, shape or form.
This is why I can't take you guys seriously. You just make these grand, sweeping assumptions based on very little information. You've written entire paragraphs in response to things I never even said. It's quite a joke, really.
Here's an idea, try income equality in Hollywood. There is no more closed society than Tinseltown so try paying the actors as much (as little) as the sound technicians or the camera people or vice versa. If it works out we can try it on other segments of society.
I know a guy who does lighting in movies. He is working poor. NOt poverty, but not good.
Funny how no one ever talks about that industry.
The Bureau of Labor Statistics in May 2011 estimated film and video industry electricians and lighting workers earned an annual mean wage of $71,380.
The Pay Scale of a Film Crew
But just in case, the site GOBankingRates recently figured out "How Much Money You Need to Live Comfortably in the 50 Biggest Cities."
In Los Angeles, that figure is $74,371 for household income.
You'll Need to Make a Lot More Money to Live "Comfortably" in L.A.
But you are right! These same self-righteous movie stars like say.. Meryl Streep... salary per day..$19,178.. PER DAY!
Salary, Pay, Income: Jennifer lawrence, Emma Stone, Scarlett Johansson, Emma Watson, Angelina Jolie and others
And she feels so sorry for the little people!
Healthcare reform and a fifteen dollar an hour minimum wage!Here's an idea, try income equality in Hollywood. There is no more closed society than Tinseltown so try paying the actors as much (as little) as the sound technicians or the camera people or vice versa. If it works out we can try it on other segments of society.
I know a guy who does lighting in movies. He is working poor. NOt poverty, but not good.
Funny how no one ever talks about that industry.
The Bureau of Labor Statistics in May 2011 estimated film and video industry electricians and lighting workers earned an annual mean wage of $71,380.
The Pay Scale of a Film Crew
But just in case, the site GOBankingRates recently figured out "How Much Money You Need to Live Comfortably in the 50 Biggest Cities."
In Los Angeles, that figure is $74,371 for household income.
You'll Need to Make a Lot More Money to Live "Comfortably" in L.A.
But you are right! These same self-righteous movie stars like say.. Meryl Streep... salary per day..$19,178.. PER DAY!
Salary, Pay, Income: Jennifer lawrence, Emma Stone, Scarlett Johansson, Emma Watson, Angelina Jolie and others
And she feels so sorry for the little people!
hypocrisy lives in Hollywood.
Poor people have a good capital excuse to make, capital excuses.
Why do the already rich, need to make money faster?
they already have capital. that is always the capital difference.Poor people have a good capital excuse to make, capital excuses.
Why do the already rich, need to make money faster?
You are falling for the easy and honestly ignorant way of thinking. Jealous, envy... won't get you anywhere.
Find out what unique skills you have like the below 80% have done!
According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches.
The other 80% are what you'd call nouveau riche:
first generation millionaires who earned their cash on their own.
Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers:
regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
7 Millionaire Myths
Then you should ask rather what DO the rich do with their money?
5 things rich people do with money — that you should be doing
1. Delay gratification. More than eight in 10 high-net worth investors say that investing in long-term goals is more
important than funding current wants and needs.
2. Use credit strategically. Roughly two in three high net worth investors say they consider credit a decent way to build wealth,
and four in five say they know when and how to use it to their financial advantage, the U.S. Trust study also found.
3. Use a long-term, buy-and-hold strategy. Fully 85% of high-net worth investors say they made their biggest investment
gains through long-term buy and hold strategies (in which you buy investments and hold onto them for many years), and
they did this using mostly traditional stocks and bonds (89% prefer this approach).
It’s tried and true advice that Warren Buffett himself has espoused. This year, when he was asked by CNBC’s “On The Money”
hosts what investors worried about severe market fluctuations should do, he said “I would tell them don’t watch the market closely …
the money is made in investments by investing … and by owning good companies for long periods of time. If they buy good companies,
buy them over time, they’re going to do fine 10, 20, 30 years from now.”
4. Make tax-conscious investment decisions. More than half of high-net worth investors agree that investment decisions that factor
in tax implications are better than pursuing higher returns regardless of the tax implications, the U.S. Trust study concluded.
That’s because, as McBride puts it, “what really counts is net pay — how much you are truly netting after taxes.”
What’s more, “bad tax management on your investments can lead to having to give up as much as 40% of your gains every year,” says Duran.
5. Invest in tangible assets. Roughly half of high-net worth investors say they have some tangible assets like investment in
real estate or farmland that can produce income and grow over time in value. “There are merits to real estate as a diversifier
and income source; it’s valuable to a well-rounded portfolio,” says McBride.
5 things rich people do with money — that you should be doing
