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Yes it is true. The myth is that a poor person can't be rich. I used to be dirt poor for 95% of life and went through hell to break through. Now I have money to make money from "poor" people through real estate by renting out properties that I own.
Most millionaires were once poor.
Most millionaires and billionaires are NOT born from rich families.
Yes it is true. The myth is that a poor person can't be rich. I used to be dirt poor for 95% of life and went through hell to break through. Now I have money to make money from "poor" people through real estate by renting out properties that I own.
Most millionaires were once poor.
Most millionaires and billionaires are NOT born from rich families.
The poor have the biggest gains to make.
Did you have a chance to watch the youtube video? If no, please take a look. I suspect you will find it interesting.
It was an interesting video. For those that aren't going to click, it followed generational progress of families and also followed graduating classes of workers. It brought reality to the debate.
Larry Bird became the first player to make $5M in a season for the NBA in the 1991-1992 season, putting him squarely at the top .1% first. Much better than the $1.1M in pulled in 1985.
Of course, Larry Bird doesn't shoot hoops anymore. He's likely not poor, but his income is probably lower.
Even if he was shooting hoops today, the average NBA player is just under $6.4M. And what about Dr. J? The man that popularized the dunk.
The point of the video is while what qualifies to be rich may be going up, the people in that group change out all the time. In a way, it actually makes sense. As the number of people grow, there's more customers. Whoever controls the winning product will win even more...for a time....but then they have even more potential competitors too.
The rich just keep getting rich, whether at "the expense" of the poor, is up to debate.
The biggest reason for that is the simple fact wage income is a terrible way to make money. It’s the base level of existence, trading your time for money, and the way to become rich is to do that for as little time as you can while stockpiling assets on the side and investing for the future.
If you have $10 million, even 5-6% returns are $500-600K per year and with most investments wealthy people are making they’re paying capital gains taxes and lower taxes on income from any real estate investments because of depreciation, so they’re going to make more money on $500K of investment income than, say, a doctor will make on $500K of W2 income.
If you can’t amass investable money, you’re going to spend your life poor bottom line.
this is so true ... it took me 50 years of life to hit a million but only 10 years to multiply it many times .. we could never do that working for just wages. not only do the deals get bigger but the deals and talent you get privy to can be become better.
as i say , a penny saved may be a penny earned but it will always stay a penny , without good solid compounding of it
The Video blows away what the current crop of Progressive Socialist Democrats running for Presidents will tell us over the next 18 months that the Poor are the ones getting screwed and left behind.
Speaking of the poor, this year there will be over 1.1 Million mostly illiterate very poor people cross our southern borders this year from all over the world illegally. The number of Citizens that we support, educate and lift out of poverty is replaced by 2-3 more people who are extremely poor.
There is an endless supply of poor who want into our system. When we are told the poor make no progress, that is a lie. Yes they do. As the video states there are just new poor taking their place.
The poor and middle class do benefit from our market, our capitalism, our economy no matter what our Politicians want us to believe.
I don’t even pick up a penny anymore. It’s dirty money.
i don't pick up anything worth less then my co-pay would be , if i get hurt picking it up
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