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Old 02-18-2014, 08:10 PM
 
11,142 posts, read 10,698,065 times
Reputation: 35720

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Quote:
Originally Posted by Huckleberry3911948 View Post
People into money would never never post longer opinion posts about how they plan to get rich during work hours on a work day
They would be working
These are the people that argue with you when you say how you did it
Most envy what I have
None what I had to do to get it
I acknowledge that many people who are rich earned their money.

Nevertheless, what I wonder about you--having seen your posts--is do you think its beyond anyone's right to question how someone became wealthy?

You seem to feel it is wrong to even ask. I do not agree with that.

There are situations where it is done illegally and immorally. Are you capable of conceding that?
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Old 02-18-2014, 08:12 PM
 
Location: SC
8,795 posts, read 6,537,057 times
Reputation: 12905
Quote:
Originally Posted by Mack Knife View Post
That leaves 40%. What is your point? Here is mine. How many of those 60% (you claim) that inherited or otherwise gain wealth through privilege manage to increase that wealth? This might come as a shock but you can't let wealth sit around because it will erode to the point of worthlessness.

If someone gains say 500 million dollars through inheritance (first, they'd lose most of it through taxes so they never really get it themselves) or other means and then go onto manage that wealth to a point it becomes twice it's value, I guess you think that means they did nothing to obtain the increase in value?

You can give anyone a million dollars and at the end of a year find that quite a few people who get that money are broke while others prospered. Why is that?

Can you explain wealth? It means a lot of different things. While you're at it, why is it that those who complain about the wealth of others seem not to want to do anything to share that wealth other than take it from others?

Is there a difference between the person who inherits wealth and the person who wants to redistribute that wealth? If you say the person who inherited or obtain wealth through privilege didn't earn it, then what does that make the recipient of the person who obtain a measure from the redistribution of that wealth? Surely they did nothing but sit around waiting for it.

I am sure you have the statistics or a source for them: how many people sit around waiting for distributed wealth instead of working to acquire their own? Any idea?
My point is "this is how they made their money." what more do I need?
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Old 02-18-2014, 08:31 PM
 
1,196 posts, read 1,653,047 times
Reputation: 779
Quote:
Originally Posted by Huckleberry3911948 View Post
People into money would never never post longer opinion posts about how they plan to get rich during work hours on a work day
They would be working
These are the people that argue with you when you say how you did it
Most envy what I have
None what I had to do to get it
This is where you miss the point. It's about working smart, not "hard." When you're wealthy, you usually build a great team and delegate the management of your investments to that team.
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Old 02-19-2014, 06:06 AM
 
1,824 posts, read 1,523,822 times
Reputation: 1376
Mitt Romney became rich in part because there is a stock market for pre-public purchases, only open to millionaires & billionaires. So they get it cheap & sell if bad after IPO, or hold on if stock going up. Either way, they win. Romney made $7,000 an hour for many years this way.

Romney is also majority stockholder (I think) of Clear Channel Communications, that has those conservative talk shows promoting the Republican Party.

There are 6% of households in US where combined income is $1 million or more. An executive of a multi-billion dollar "non-profit" like a huge hospital chain can have a great income, but not as big as the secret multi-billionaire owners. Non-profit means they can own parts of the money as income, just can't keep it as a group. Non-profit means since the money is split up, no business tax, plus it gives the right for billionaires to beg the public for money.

After the cigarette companies got sued for about all they had, billions & billions were given out to new non-profit groups. The leaders could assign themselves high salaries, even if their best skill was no better than repeating "don't smoke" 10,000 times (might require a kindergarten education).

Look at American Cancer Society. Wealthy people at top, who alter advice if truth threatens their business profits. They said on website that people with cancer shouldn't smoke marijuana because of the risk of cancer. Anyone who researches knows cannabis doesn't cause cancer (see the 92 studies on that on Granny Storm Crow's list). They also claimed some young people got so numb from marijuana that they had to have limbs cut off!

So, ever since they existed cancer rates just keep going up. They pretend there are no cancer cures, only cut, burn & poison. These billionaires get 2 million to collect billions for phony or misleading research & they are volunteers for billionaires!

What about wars? Fake enemies created to mass murder our troops. American soldiers killed by weapons made in USA. If other side can't afford war, I've read they get free weapons.

Drug war, how phony is that? CIA biggest dealer, but people with a few plants cops pretend they are terrorists, as police act like terrorists. Big Pharmas pills? Kills people 4 different ways! Ask your doctor if you should die to enhance corporate profits! Causes cancer & more, like they're the new cigarettes, but they must be safe because they don't give off smoke. And Doctors & Big Pharma only help people? Oncologists that get hundreds of thousands for each cancer corpse (97% die). Pretend there are no other treatments, maybe they really don't know?

Bush was part owner of a team who got a nice stadium with taxpayer money, so when he sold his share it was worth millions more.

Bush got a big bonus from Eli Lilly as president, since family has stock.

Obama, how much money given to him by medical industry for Obamacare? They're talking about forced "rehab" & "education" cor cannabis users, maybe even caffeine users (3x as addicting as pot).

Unlimited scams take away freedom & take away lives. Just vote Repunlican or Democrat if you want more of the same. Libertarians like Gary Johnson & Greens like Dr. Jill Stein can't be bribed. Peace!

Quote:
Originally Posted by Pinkmani View Post


The inspiration for this thread started because I was curious on how Mitt Romney became so wealthy, so I looked it up and ran across this video on how private equities work (Bain Capital). From what I understand, a lot of his income is "investment income" and it came from capital gains. Since he had a lot of investment income, he could use the corporate tax write-offs, which is why he paid 14%. Compared to people like my parents who made $115k, and paid 22%.

So, if I'm understanding this correctly, is this how the 1% became so rich?
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Old 02-19-2014, 06:24 AM
 
2,502 posts, read 1,893,372 times
Reputation: 3437
Quote:
Originally Posted by Huckleberry3911948 View Post
People into money would never never post longer opinion posts about how they plan to get rich during work hours on a work day
They would be working
These are the people that argue with you when you say how you did it
Most envy what I have
None what I had to do to get it
Exactly, The amount of work to succeed at work or building a business from the ground up can be daunting. I would wager 3/4 of the people would quit and cry "not fair". Mostly I hear, "things were different then". Like when do things ever stay the same?
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Old 02-19-2014, 08:25 AM
 
4,586 posts, read 4,963,236 times
Reputation: 4364
Quote:
Originally Posted by Pinkmani View Post


The inspiration for this thread started because I was curious on how Mitt Romney became so wealthy, so I looked it up and ran across this video on how private equities work (Bain Capital). From what I understand, a lot of his income is "investment income" and it came from capital gains. Since he had a lot of investment income, he could use the corporate tax write-offs, which is why he paid 14%. Compared to people like my parents who made $115k, and paid 22%.

So, if I'm understanding this correctly, is this how the 1% became so rich?
Because the stopped paying their employees! Those who actually do THE WORK.
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Old 02-19-2014, 10:17 AM
 
2,502 posts, read 1,893,372 times
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Quote:
Originally Posted by PhotoProIP View Post
Because the stopped paying their employees! Those who actually do THE WORK.
During my working life I always passed on jobs that didn't pay. If no one takes that job guess what, surprise, the pay goes up.
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Old 02-19-2014, 11:36 AM
 
2,779 posts, read 4,963,675 times
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An excellent article on the 1% that ran yesterday in the wsj.

James Piereson: The Truth About the 'One Percent' - WSJ.com
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Old 02-19-2014, 12:24 PM
 
Location: NYC
18,913 posts, read 12,098,810 times
Reputation: 23020
Quote:
Originally Posted by GoCUBS1 View Post
Interesting questions. First off, I don't think I (or my spouse) feel stress the same way as most people. We are not stressed when we have no money (as I grew up very poor) or when we have a lot of money or when we have to make very hard decisions (risking our life savings, firing people, etc.) or when we are in high-risk situations (e.g. extreme sports). We are more stressed from boredom and having little control over our life path/financial path, which is why we don't always work well for others. But really, we are very low stress level people and I don't really know why - maybe some low levels of serotonin - who knows.

Yes, I do think my life, my children's life, and community will be better if I had $500M! I am very generous with money and try to make the world a better place. I do spend a lot of time in nature, but I do not have a need nor desire to operate at a slower pace and just stare at the clouds contemplating the meaning of life. I am an adrenaline junkie and that's how I enjoy life - racing down a ski hill, for example. Maybe I do get a "high" on seeing the balance though. I never really thought about it that way. I'm not really even that materialistic - I drive an old car. I think I just want to build something big - very big.

The reason I posted on this forum is to share my experience in wealth-building. It will not work everyone, and certainly will not be approved by everyone - but I don't usually care about other's approval - unless of course it increases sales.
The problem with a lot of folks in the 1-10% is they love making money like you do even they believe they are generous they are not really helping the economy as much as they think they are.

It's the money game setup with the rules made by the 1-10% to ensure they stay rich and others stay poor and no amounts of generosity can fix the imbalance in this economy.

If they imbalance gets exponentially greater, we will see crime rates soar and then the government will have to step in and demand higher taxes and that just hurts everybody. I do not want to see taxes gets pushed on the rich because I know inevitably it trickles down faster to the middle class than it hurts the rich.

The government is too dependent on middle class income to fund their ways and they gave the rich all the tools they need to provide jobs to this economy and income growth but so far it hasn't improved enough while the rich just exploit every program legally to make them richer. It is a game they enjoy playing just remember the middle class do not have financial mobility and they are forced to pay for things they have no control of.
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Old 02-19-2014, 12:48 PM
 
Location: Washington, DC
3,921 posts, read 4,309,875 times
Reputation: 6850
Quote:
Originally Posted by Rambler123 View Post
Most of it is luck, some of it is personality. Some of the very rich are excellent leaders and hard workers, while others are complete sociopaths who's only real skill is manipulating others.

Don't get me wrong - there are some folks who are very rich out there who put in plenty of honest work to get there, but for every one of them, there's a host of glorified robber barons and social parasites who have happily funneled the wealth out of this nation and into their own hands.

There are many ways the rich are created. Some examples include:

1) Being born into it: The Walton family is one example, and there are countless others. They "earned" their money by being born into the right family. While it's impossible to hate somebody for that, what they they do with that legacy is often worthy of ire.

2) Money makes money: The more you have, the easier it is to get more. Nothing good or evil about this - it is a simple fact.

3) Exploiting the law - technically it's legal: The rich have far more options to get huge amounts of money while paying low taxes than the rest of us. It's a dirty system, but since it's built by the rich, what can you expect?

4) Climbing the corporate ladder using knives stuck in the backs of coworkers: Sociopaths excel in corporate environments - it's a proven fact. Those that can easily use and discard other human beings have a much easier time reaching top level positions because they are not burdened by: ethics, morality, responsibility, or guilt. They will do whatever it takes to achieve their goals. These types always exist in societies - in lesser nations, they end up tyrants or warlords - but the problem here in America is that people often mistake these forked-tongued devils for "true leaders" because they are unable to separate the result - he's a VP, so he must be a good leader - from the action that got them there - he's a VP because he threw his team under the bus, took credit for their work, and then brown-nosed the CEO to gain his position.

5) Working hard and investing wisely: Hey, sometimes it actually can lead a person to wealth, though that's less common these days with all the effort being made to extra wealth from the workers and funnel it to the elite.

6) No consequences - they are above them: This is the one that infuriates me. Millions of Americans are out of work today, and the vast majority are in that situation through no fault of their own. It wasn't their job performance, skills, or work ethic that was lacking - the economy has simply collapsed and they are "surplus population" now. Meanwhile, everywhere you turn, executive big-wigs are being paid each year more money than one could spend in a lifetime *regardless* of their success or failure. There's simply no excuse for this. Some C-level clown will run a company into the ground and still walk away with millions of dollars in bonuses. Meanwhile, a huge chunk of the company's employees will be tossed out the door with little more than a box for their office possessions.

Then, to top off the insanity, the same failed executive will have no problems finding well-paying employment elsewhere, perhaps by running another company into the ground, or perhaps writing a book or becoming a "consultant," while the people he laid off will languish in unemployment hell for months or years while society labels them all as "lazy bums."
Best answer by far is here!
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