VIDEO ON MSN MONEY
What profits a man to gain a fortune and lose his soul?
He who knows he has enough is truly rich.
in a former life, I was a teacher. my students (mostly minorities) all felt that people with money should share it with others. I waited a day and asked them if I gave them 10000, what would they do with it?they all said they would buy a grill, or an x-box or something.... and throw a party, hire a band, etc.
not a single one of them even thought about giving it to people they never bet, or even their family members.... it is amazing- when the shoe is on the other foot, the perspective changes completely.
this reinforces the blog I sent just a few minutes ago.
every one of us wants more.... nobody writing comments about this would turn down a raise.
We all would accept a better lifestyle, a little more cash, a winning lotto ticket, a rich uncle dying, etc.
Billionaires just do it at a much grander scale.
So while we decry billionaires for being greedy, we do exactly what they do, only on a smaller scale.
God sees our greed equally. Bill Gates can be smeared for accruing 100 billion dollars, but he could also be lauded for giving away about 60 billion.... how many of us are willing to give away 60% of our accumulated wealth?
I am not saying these billionaires should be applauded, I am just saying their sin is exactly the same as ours, only on a huge scale.
I actually know a billionaire very well. He's the father of my best friend.
This gentleman is not an old money billionaire or a robber baron--he built a business from the ground up (literally--it was a construction company) and today owns or controls a couple dozen companies through organic growth over four decades.
His net worth ticked over the one billion mark in 2012. That day his son went into his office and said "Well, you're officially a billionaire--now what are you going to do?" (his son also works daily in the company)
The gentleman looked up from his spreadsheet, glanced over his reading glasses at my friend and replied, "I'm going to get back to work when we're done with this conversation...".
He supports his local community (donating millions of dollars to build a new school, donating land for community parks, donating the time and labor of his construction company to build a local senior center, etc.)
Before you disparage--or simply assume that these admittedly successful people made their fortunes at someone else's expense--remember that generalities and stereotypes don't always fit just because you want them to.
Some get their money from screwing other people, true. There are quit a few of millionaires and billionaires who are self made. Many of them took great risks to achieve what they have. Take me for example. I work at Costco where my total compensation is well over 100K. I have a business degree and have thought often about opening my own business. Why have I not done it? Risk.
Another example - Think about the last time you went out to an expensive dinner when you could have stayed home and ate spaghetti. Or bought that case of beer? It's called opportunity costs. If you added up all of the money you spent on frivolous items, how much would that be? A lot of today's millionaires are unassuming because they have lived a minimalist lifestyle to accumulate wealth.
Let's not forget - The most powerful force on this earth is compound interest. It takes money to make money. Have I worn out the puns yet?
indeed, and when the stock bubble bursts they lose billions and billions. And so, they have billions of dollars on paper BFD.
our middle class lives far better than the millionares of the 1970s-80's. We have flat screen TV's, cell phones, and state of the art vehicles. we own so much crap today storage units are the #1 growing industry.
"Adjusting for inflation, real net worth per U.S. household hovered at $652,449 "
No way is the average that high....are they only counting white, over 50, homeowners where the house is paid off and including all the billionaires in that figure? That figure is probably manufactured by the "adjusting for inflation" disclaimer, counting from the 17th century.
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The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
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