How did the 1% get so rich? (price, Walmart, buying, tax)
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Top 1% people become rich by making other 99% population poor. Once they privatize everything and control the Government, the system works in favor of top 1% and against bottom 99%.
Ruling out illegal activities and corruption (both exist), the 1% generally become the 1% by providing a good or service at a profitable price to the mass market; that enriches the lives of the masses. The rich that started a business with an inovative idea that changes how things are done are wildly compensated, but the wealth generated in society at large far outweighs their compensation.
Off the top of my head:
Sam Walmart - people think he grew a store, but he deloped a delivery/logistics system
Henry Ford - people think he made cars, but he invent the modern assembly line
Bill Gates/Steve Jobs - people think they did computers, but the created (in real terms) the information age/information economy
Now, Global Crossing execs, Bernie Madoff, etc. fall into the illegal activities and corruption. They deserve contempt, scorn, and whatever punishments are prescribed for their illegal/corrupt activities. However, the true inovators and honest business developers do a lot of good economically for large portions of the population.
Go to college, then to med school. Even in a single income household you're most likely in the 1% in most places.
With law school, you might need 2 incomes to get there, but both wouldn't need to be lawyers.
If you marry, have two college educated workers, you'll easily get into the top 10% in your 30s and top 5% in your 40's or 50's, assuming you both didn't major in sociology or something like that.
So the formula is pretty simple, even if it's not easy to do. 2 workers in the household that both have degrees that have value, give it enough time, and you'll get close to the 1%. If one's a doctor, lawyer, pharmacist, or successful in business you'll get to the 1% as far as I can tell.
Go to college, then to med school. Even in a single income household you're most likely in the 1% in most places.
With law school, you might need 2 incomes to get there, but both wouldn't need to be lawyers.
If you marry, have two college educated workers, you'll easily get into the top 10% in your 30s and top 5% in your 40's or 50's, assuming you both didn't major in sociology or something like that.
So the formula is pretty simple, even if it's not easy to do. 2 workers in the household that both have degrees that have value, give it enough time, and you'll get close to the 1%. If one's a doctor, lawyer, pharmacist, or successful in business you'll get to the 1% as far as I can tell.
That sounds like hard work, planning, and delayed gratification. How can I get rich by stepping on other people, making bad products, or being greedy?
Just like Oprah --- they get rich from investments. Oprah is exceedingly rich.
Bingo. From one of my favorite websites...
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Originally Posted by http://www.dailyfx.com/forex/education/trading_tips/post_of_the_day/2013/05/10/Billionaire_Currency_Trader_The_Man_Who_Broke_the_ BOE.html
Remember Black Wednesday? On September 2nd,1992, George Soros became known to history as the “Man who broke the Bank of England.†On that day, George Soros sold short more than $10 billion in Pounds Sterling netting a profit of around 1 Billion Euro.
I am not saying I could make as much profit as this man, but anyone with a Forex account over 25K should be making good money with the low spread provided by the broker.
They got rich because they were willing to roll up their sleeves, start a business (I did it with less than $40) and shuck off working a 9-5 for the rest of their lives. I could never go back to that dreadful life! I'm not financially rich yet...but I'm rich in doing what I love and working to please me! Find something that is in demand..and fill the niche for those who want what products and services you offer. That's what any savvy business person would tell you!
Old money. Some people just grow up with money based on their grandparents and relatives before them. Obviously their children and grandchildren would need yo continue to be successful but most times that is a gimme even if you don't go into the same business as your parents. It would be foolish to forget about that.
Innovation. Any of the personal computer makers took a major risk because before that computers took up entire rooms. Even Facebook was one as it came around after MySpace, Bebo and Friendster who were similar social networking websites.
Go to college, then to med school. Even in a single income household you're most likely in the 1% in most places.
With law school, you might need 2 incomes to get there, but both wouldn't need to be lawyers.
If you marry, have two college educated workers, you'll easily get into the top 10% in your 30s and top 5% in your 40's or 50's, assuming you both didn't major in sociology or something like that.
So the formula is pretty simple, even if it's not easy to do. 2 workers in the household that both have degrees that have value, give it enough time, and you'll get close to the 1%. If one's a doctor, lawyer, pharmacist, or successful in business you'll get to the 1% as far as I can tell.
It doesn't seem like most people on this forum are that interested in higher education though.
Especially the kind of education that produces $$$$ results.
Sure, I criticize those who prop marxism up on a pedestal, due to the results of attempts at implementing it rather than the ideal theory of it. The reason I do that is that I find the idealized renditions to be hopelessly lacking in predicting likely human behavior. That behavior is what always seems to sink it when they try to implement it.
OK prosopis, but Marx was not some mad fool. He was very intelligent who , as we all are, was no match for the vicissitudes of fortune. He provided many worthy insights. Marx's fatal flaw was not understanding that capitalism is a tactical superiority that will always try to convert it into a strategic resource. And he also did not foresee that finance would use real estate to secure loans.
J. C. Penney Company, Inc. (NYSE: JCP) (the "Company") announced today that its wholly owned subsidiary, J. C. Penney Corporation, Inc. ("JCP"), has entered into a new five-year $2.25 billion senior secured term loan credit facility. The size of the facility was increased from the $1.75 billion anticipated in the commitment letter the Company announced on April 29, 2013.
Proceeds of the term loan credit facility will be used to finance the cash tender offer for the Notes (as defined and described in more detail below) and to fund ongoing working capital requirements and other general corporate purposes. The term loan credit facility is guaranteed by the Company and certain subsidiaries of JCP, and is secured by mortgages on certain real estate of JCP and the guarantors, in addition to substantially all other assets of JCP and the guarantors.
JCPenny is a failed retailer. Yet where is the Schumpeterian creative destruction? All JP is doing is whipping up credit for real estate. This expands the money supply , and why supply side component do we get on the so called goods and services? A debtor that is a confirmed failure. Of course inflation is nigh. Most of the value of the real estate was created from everyone else who is not a failure. Yet they don't get any money. This isn't 100 credits for a 100 credit supply of widgets where 100 /100 = 1 = 200/200 = $1 per widget despite the new credit in circulation. This is 100/100 + (JCP can't make widgets)/100 = $2 per widget.
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No, I got that. I just think that both are impractical because they ignore human nature and thus fail to predict outcomes that seem obvious enough to the rest of us.
Keep in mind What happens to trust fund kiddies from successful capitalists. Both welfare state leftists and phony FIRE sector capitalists use and exploit the government to charge a rent for income. Its all from the same source. The basic premise is simple.
If two people are on a island and one "owns it", one can charge rent while the other works. Mind you that even this may not be so bad since a single land owner might actually well manage the island with more workers. Its vulnerable to tyranny but on a small scale it often can be sustained. However enter finance into the equation where the land lord is a debt saturated salve himself then its a vassal state.
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I'll concede that you put it forward much more sensibly than the other guy. I find him to be fringe (frayed even) due to his choice of words -- "wealth soaking into the land and crystalizing" for example. Maybe that was you? I can't remember now, different thread a couple weeks ago, waste of time to go look. Load of nonsense, regardless.
I am with you there. Unfortunately classical economic theory has a lot of social benefits that often attract young idealists. This is yet another reason why I consider it, as a populist movement, lost. My only hope is for some in the elite to purge some of the worst rentiers and have them shame them publicly. I like wealthy venture capitalists who build capital and employ labor. And since I am also for state power, state government needs to know that only property taxes keep their sovereignty intact. Otherwise Wall Street and DC will suck out their tax base with debt peonage and then they will offer "federal money" back to them. They need to understand the situation.
It's not the "1%." It's the 0.1% or even the 0.01% you need to worry about. Do you really think 3,000,000+ people in this country are holding the reigns of power? Suggesting that they do plays into the hands of the latter fractions.
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I'm not financially rich yet...but I'm rich in doing what I love and working to please me! 
Find something that is in demand..and fill the niche for those who want what products and services you offer. That's what any savvy business person would tell you!
