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Old 02-18-2014, 09:03 AM
 
16,586 posts, read 10,207,817 times
Reputation: 15185

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Quote:
Originally Posted by espn_lies View Post
A bunch of George W Bush's.
And Bill Clintons, and Barack Obamas, and the list goes on.
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Old 02-18-2014, 09:17 AM
 
Location: East Coast of the United States
20,912 posts, read 22,216,375 times
Reputation: 17259
John Kerry anyone? :-)
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Old 02-18-2014, 10:39 AM
 
4,750 posts, read 3,783,711 times
Reputation: 4949
Quote:
Originally Posted by BigCityDreamer View Post
John Kerry anyone? :-)
I supported his presidential election; however, I wasn't old enough to vote.
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Old 02-18-2014, 11:29 AM
 
Location: southern california
61,305 posts, read 79,614,052 times
Reputation: 55458
Quote:
Originally Posted by HLS14 View Post
I'm a poor guy on my way to being a rich guy and I think it's a little hard work and a lot of luck. I grew up in a terrible neighborhood but two things helped me out immensely. First, I was naturally gifted. I was reading at a 10th grade level in 2nd grade. I don't think that had anything to do with me working harder, some people just get things quicker. I never had to work hard for grades except for a few upper level science and math courses in college. Second, I had two parents in the house. This was extremely rare in my neighborhood. having a stable household was the best thing that could have happened to me. My parents had me placed into a gifted school and worked their butt off to expose me to things outside of my neighborhood. I'm about to graduate from one of the best law schools in the country and I had multiple 6 figure offers ranging from 100K to 230K (plus bonuses). So did most of my classmates. They are going to be future CEO's and partners at law firms. Many will be millionaires. Almost all of them came from rich homes and went to the best schools growing up. Did they have to work hard to get here?.... maybe. Will they have to work hard to make their millions?..... depends on your definition of hard work. Were they lucky to be born into the family they were?....... 99% of the time, most definitely.
I have heard many stories on American hardship esp minorities nothing like mine before I came to this country
Again white and lucky is the explanation
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Old 02-18-2014, 11:32 AM
 
Location: Myrtle Creek, Oregon
15,296 posts, read 14,739,802 times
Reputation: 25027
Quote:
Originally Posted by bmw335xi View Post
People who became wealthy worked hard and were smarter than the average person. However, a lot of the wealthy people today inherited their wealth and now continue to maintain their wealth through investments. Tax has very little to do with it in my opinion.
Taxes have a bunch to do with how our economy functions. Here's an example. I have a buddy with a successful auto repair shop and car rental business. He bought the old Chevy dealership when they moved to a big lot in the country, so he has the full service department, showroom and lot for his customers and rental cars. Last year his business made $1.2 million, but he didn't need the money. His home is paid for, he and his wife drive nice cars, etc., so he reinvested in his business. He spent a million on new computer diagnostics for the repair business and rolling stock for the car rental business. He has been doing this for years, and his net worth is probably pushing 8 figures pretty hard. Lots of people would consider him rich. I like him a lot, because he was that kid in the 1950s you saw hanging around the service station tinkering with cars. He made it a living, and did good.

Meanwhile, he hires the best mechanics he can find and pays them very well, plus pays for continual retraining so they know the new models inside and out. If you can meet his standards, he will hire you in a hot minute. He always has more business than he can handle.

He thinks one of the problems with our economy is the low tax rate. If rich people were getting taxed at a 90% rate on high income, they would do the same thing he is doing and reinvest it instead of taking the income. Businesses would grow, hire more people, and the economy would boom. Money in rich people's pockets doesn't do much good, but money reinvested in businesses makes the country run.

He also doesn't mind inheritance taxes. He knows that he has never paid a dime in taxes on what he invested in his business. Inheritance taxes are the means that we use to maintain a society that values equality. Massive accumulations of wealth are destructive to our society, as we found during the banking crisis.
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Old 02-18-2014, 11:44 AM
 
Location: Oakland, California
313 posts, read 445,014 times
Reputation: 628
Mitt Romney didn't "get" rich. He was born rich. If you watch the recent documentary called "MITT" he admits this fully. He was given 100% of what he has by his father. He says this blatantly in the documentary.
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Old 02-18-2014, 11:59 AM
 
770 posts, read 1,005,578 times
Reputation: 530
Quote:
Originally Posted by bmw335xi View Post
People who became wealthy worked hard and were smarter than the average person. However, a lot of the wealthy people today inherited their wealth and now continue to maintain their wealth through investments. Tax has very little to do with it in my opinion.

A key part to getting ahead is to delay gratification. Pay yourself first, invest what you can when you can, don't buy new, buy used, pay for essentials not wants. You will be amazed how much better off you will be in your 50s than if you had not. If you have a house, pay extra on the principal too. Pass down your wealth, even it is not over 1 Million to your kids, or give it to a charity that can use it.

Don't be a rampant consumer--be a self saver and investor.
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Old 02-18-2014, 12:07 PM
 
421 posts, read 585,575 times
Reputation: 243
They usually risk there own capital as general partners. However, this is usually a relatively small part of the total capital.
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Old 02-18-2014, 12:12 PM
 
421 posts, read 585,575 times
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May people overlook the insider advantage of management buyouts (MBOs). The management can often run the company better when they have "skin in the game", i.e. they invest their own money in the company, and they are focused on long-term strategy rather than short term profits used to meet Wall Street analyst expectations.

Also, the insiders usually have better knowledge of the company's true value. In an MBO, they take the company private when its value is artificially low, due to a bear market among things, and take it public again when there is a bull market, i.e. valuations are higher. Playboy is a good example of this.
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Old 02-18-2014, 12:17 PM
 
Location: East Coast of the United States
20,912 posts, read 22,216,375 times
Reputation: 17259
Quote:
Originally Posted by Pinkmani View Post
I supported his presidential election; however, I wasn't old enough to vote.
And he's about as filthy rich as a Presidential candidate can get.
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