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No, the poor would spend it on useless stuff. The middle class would spend it on education and something with a slow, but stable return. And the rich would spend it building the useless stuff that they could sell to the poor for a profit.
I've seen many middle class people who yes spend it on education but as soon as they make better money they buy more liabilities and a lot of what they buy is on credit. Some will invest so yes but many just get themselves trapped in the rat race.
There is a chance for the middle class but they have to decide not to get caught in the trap, learn about finance and buy assets instead of liabilities.
Thats should tell you something. So keep doing the same thing and expect different results.
The thing though Petch, is that if your going to make it to the top, you don't do it from an income or job alone, as one Investment Manager put it. The facts show that 99.5% just aren't going to make it there.
You can be a rocket scientist or brain surgeon and you still will not make it there. It is not the smartest that make it there, but the ones that know how to work the system to their advantage no matter the damage done to others.
Those on Wall Street are playing with other people's money to enrich themselves at the countries expense, and it seems that our Government is right there colluding with them in keeping it that way.
The higher we go up into the top 0.5% the more likely it is that their wealth is in some way tied to the investment industry and borrowed money than from personally selling goods or services or labor as do most in the bottom 99.5%. They are much more likely to have built their net worth from stock options and capital gains in stocks and real estate and private business sales, not from income which is taxed at a much higher rate. These opportunities are largely unavailable to the bottom 99.5%.
The picture is clear; entry into the top 0.5% and, particularly, the top 0.1% is usually the result of some association with the financial industry and its creations. I find it questionable as to whether the majority in this group actually adds value or simply diverts value from the US economy and business into its pockets and the pockets of the uber-wealthy who hire them. They are, of course, doing nothing illegal.
And these same people have politicians on speed dial to tailor to their every whim.
We used to be a country that prided ourselves on Freedom, Democracy (I know I know Democratic Republic) and a Government for the People and By the People,
The reality is the government only serves the top .5% which would be those in their little inner circles.
I've seen many middle class people who yes spend it on education but as soon as they make better money they buy more liabilities and a lot of what they buy is on credit. Some will invest so yes but many just get themselves trapped in the rat race.
There is a chance for the middle class but they have to decide not to get caught in the trap, learn about finance and buy assets instead of liabilities.
You dont think the wealthy are in a rat race? If so, you must not spend time with many wealthy people. I do. You think they can just stop working and enjoy the fruits of their labor? Financially they can, but psychologically they have a very hard time doing that.
If being out of the rat race is how you define happiness and success, then happiness and success can be found at all socioeconomic levels...or not.
You dont think the wealthy are in a rat race? If so, you must not spend time with many wealthy people. I do. You think they can just stop working and enjoy the fruits of their labor? Financially they can, but psychologically they have a very hard time doing that.
If being out of the rat race is how you define happiness and success, then happiness and success can be found at all socioeconomic levels...or not.
I never said the wealthy are not in the rat race. In fact they never stop working and that is what the poor and middle class don't want to believe or want to ignore, and politicians are currently using those false beliefs for their class warfare purposes.
The middle class is in a different type of rat race and that is where living below their means comes into play.
And ps, I don't begrudge the wealthy by no means but the political class disgust me in how Obama used the poor and the middle class lack of financial understanding to pad their own pockets at the expense of the middle class. If I am wealthy and someone is wealthier so what and good for them. I will keep learning and doing what I can to gain more wealth.
The thing though Petch, is that if your going to make it to the top, you don't do it from an income or job alone, as one Investment Manager put it. The facts show that 99.5% just aren't going to make it there.
You can be a rocket scientist or brain surgeon and you still will not make it there. It is not the smartest that make it there, but the ones that know how to work the system to their advantage no matter the damage done to others.
Those on Wall Street are playing with other people's money to enrich themselves at the countries expense, and it seems that our Government is right there colluding with them in keeping it that way.
I agree. The middle class thinks that they go to school to get a high paying job but not only are they learning to work for someone else, if you do make a high income it is taxed using a progressive tax code. The more you make the higher percentage the government takes the harder it is to build wealth.
I never said the wealthy are not in the rat race. In fact they never seem to stop working and that is what the poor and middle class seem to ignore, and politicians are currently using those false beliefs for their class warfare purposes.
The middle class is in a different type of rat race.
I dont know that they are all ignoring it. Not everyone wants the same things out of life. Many people are very happy in their lives and would rather spend more time with family and less time working. They would rather have the memories of a nice family vacation than adding that money to their portfolio. They would rather not work weekends and overtime, instead, choosing to coach their kid's soccer team. You know, life is not long, and when your day comes, the amount of money you made will matter very little compared to the amount of memories you made. One day, Warren Buffet will be no better off than some homeless guy who died without a penny.
The Federal Reserve isn't just inflating markets but is shifting a massive amount of wealth from the middle class and poor to the rich. the Fed's policy of quantitative easing was inflating stocks and other assets held by wealthy investors like himself. But the price of making the rich richer.
Who owns assets—the rich, the billionaires. You think Warren Buffett hates this stuff?
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