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OP be honest...do you think every wealthy person has earned it?
I'd say (and so do most studies on the matter) that the vast majority do, but it is clearly not 100% universal. "The Millionaire Next Door" showed that roughly 80% of the nation's millionaires are 1st generation, self-made wealthy, and the vast majority of that 80% work more than 50 hours per week even as millionaires.
I'd say (and so do most studies on the matter) that the vast majority do, but it is clearly not 100% universal. "The Millionaire Next Door" showed that roughly 80% of the nation's millionaires are 1st generation, self-made wealthy, and the vast majority of that 80% work more than 50 hours per week even as millionaires.
Not my definition of rich, but it is the definition of "millionaire" and that was what I was talking about. But America's class envy is so skewed anymore that "rich" means top 5%, and that only takes a household income around $175k.
As most others have said, there's a combination of luck and work ethic.
I was lucky to have been born fairly intelligent into a family that valued learning and education, saving, and ambition. It took and still takes a lot of dedication to make use of that upbringing. It was hard work with only a little bit of luck that allowed me to go to my dream college on a full tuition scholarship so I wouldn't graduate with any debt.
But it was bad luck that I got cancer right out of college. It was bad luck that my savings disappeared in a matter of months. It was bad luck that it took me years to get out of debt. It is bad luck that my illness makes it impossible for me to leave my team of doctors in pursuit of better opportunities and a cheaper cost of living. It is really bad luck that the career I trained for will not have me until I am 5 years in remission.
I still ended up ahead average because of my work ethic - but had I not been so lucky to be of above average intelligence or had I made poor decisions (as many people do) in my teens and early 20s, I would be screwed.
One of my friends is the grandson of Sam Walton and another is the grandson of the Doritos founder. Was it hard work and education that opened the doors for them to become entrepreneurs? Absolutely not. They have seed money from their family and while their business ventures (both in facets of sustainability) are admirable, they would not have been attainable to the average person. That in no way discounts their accomplishments, but they both are acutely aware that their successes are entirely due to luck of birth.
People can work hard and smart all of their lives only to see bad luck take it away. My parents fall into this category with my dad developing mental and physical illness at the tail end of the recession that cut his highest earning years short by over 15 years and decimated their retirement. They have made bad decisions since which cemented their problems, but with my dad likely never able to work again due to serious illness and constant pain, they never would have bounced back. My mom took the gamble to be a stay at home mom with my dad's expected income always set to earn more than enough to support a family and save. She lost the gamble and regrets staying at home for so long to raise us because now, even with a master's degree, she is only able to work at a daycare. No one would call this a bad decision, but unforeseen things like illness happen.
Do you think that those who are successful in work and in life and in finances got to that point.......
........not because of hard work.
........not because of good decision-making.
........not because of they focused on both the process and the result.
........not because they paid attention to the right details.
........not because they put in what they wanted to get out.
........not because they played both their strengths and their weaknesses.
........not because they kept their instincts in check and resisted impulses.
........not because they knew they couldn't please everyone.
........not because they had an attitude of gratitude and loads of passion.
But because they had luck, and lots and lots of it?
When I read the comments on this thread and the linked Democratic Underground site, all I really see is a common theme that many believe that the key to success in America is not hard work, passion, good decisions, etc......it's merely LUCK!
There are (2) kinds of successful aka "rich" people.
#1- Those who went to school, studied long hours, and then worked their butts off to become rich.
I have a family member who went to school and became a doctor, and he also got a degree in business. He spent his early days as a doctor working unthinkably long hours, while at the same time making a very small amount of money. He then also spent much time becoming board certified. And let me honestly say this "his medical services keep our families safe and healthy."
Today he makes a huge salary as a doctor, and today his business ventures made him the owner of a $20 million dollar boat company, along with various other real estate assets.
He worked hard and honestly achieved all of his wealth, and I doubt any liberal would say he did not earn it, or say that he got lucky.
And before I get to #2 let me say this. Today's republicans give large corporations, their greedy CEO's, and dishonest billionaires huge amounts of respect. And its these greedy CEO's and certain dishonest billionaires that democrats attack. But liberals love billionaire CEO's like Warren Buffet and Bill Gates because they respect people.
Liberals only hate billionaires like the Koch brothers. They hate them because they pollute America, give people cancer with pollution, and they buy off politicians so they can get lower tax rates, and so their corporations can get corporate deregulation.
But at the same time republicans do (not) respect other Americans who have the same abilities as CEO's and billionaires.
I have another family member who was a businessman and inventor since he was a teenager. Through his life he had several businesses, but then he invented a device that most large businesses needed, and used. His business became successful, but then modern technology made his invention obsolete.
This business man/inventor lived his life in a middle class neighborhood, but I assure you he had everything it takes to become a billionaire (he just wasn't LUCKY enough to become a billionaire.) But still he deserves all the respect that a billionaire gets.
Its sad how so many Americans respect people for being successful/rich, when we should be respecting people for being honest, hard workers, and good people (not just respecting people because they are rich.)
I believe that for most, they got lucky. Lucky to be born to parents who had the money to give them lots of opportunity, lucky their parents were sane and raised them well, lucky their parents sent them to good schools, lucky their parents could afford to send them to college so they didn't come out of it broke and in debt, lucky they were groomed for business, lucky their parents taught them about finances, lucky they were taught or born to be leaders, lucky they don't have any psychological issues, lucky they didn't have learning disabilities, lucky they were given opportunities to take on responsibility, maybe lucky they inherited money, and lucky they have the brains to make lots of money and understand how to work the system.
Of course there are a few rich people who were born into poverty and managed to rise above it all, but those are exceptional people. Most Americans work hard every day and will never be rich. It's not all about hard work.
There are millions of people born into sane families with enough money to send their kids to college. And I bet most of these people become at least moderately "successful."
But I took this thread to be about those who attain exceptional status - and these people did something more.
i do believe that hard work is only loosely correlated with wealth.
i also believe that
A) who you know
B) how you were raised (parenting and education)
C) your inborn traits and abilities
D) your learned traits and abilities
are all just as important as work ethic, when it comes to finding financial success.
This...
Being born wealthy or handed wealth although an advantage is no guarantee. Look how many lottery winners end up broke. Many who inherited wealth end up broke.
Success isn't only measured by wealth. Who have you impacted in a positive way? Hell are you happy? I have a high relatively high paying job given my level of education. I rose quickly through the ranks, but I am utterly and completely bored with my job. I do derive great pleasure in training the next generation. I am successful.
I have saved and planned for my future and it is secure. I am successful.
Within the next few years I will top the Million dollar mark and all with only a high school education. I am successful.
Now the left would try to convince me that some how I owe my good fortune to the Fed. I would argue that much of my success has come in spite of the Fed. Yes I went to Public school, I served with honor in the military and my time in the Military helped me along the way.
Like you I don't believe in luck. Luck is a word losers use to describe why winners win. It saves them from looking in the mirror and facing the guilty party for their woes.
Self made millionaires worked not only hard but smart. They sacrifice to the point of obsession. They don't waste their hard earned money on stupid things. Successful people always have a plan and they are always working towards their goals. They are long term thinkers and don't rely on chance, fate or someone else to make it happen for them.
Now the left would try to convince me that some how I owe my good fortune to the Fed. I would argue that much of my success has come in spite of the Fed.
Look at how much people earn doing the same job in other countries. I certainly imagine you've got the goods needed for success and you should be proud, but you won't convince anyone that you'd have done the same without everything The US has. Whether it's the government or the people doesn't matter, you owe some of your success to America. You were smart enough to use the tools available, but the tools wouldn't have all been there somewhere else.
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