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Old 11-13-2009, 02:36 PM
 
Location: Maine
3,314 posts, read 2,434,582 times
Reputation: 6215

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Quote:
Originally Posted by tablemtn View Post
Well, it's true that wealth begets wealth. I recall reading that less than 7% of undergraduates at Harvard were eligible for Pell Grants - which is to say more or less that 90% of Harvard undergrads came from households that were at or above the median American income.

Of course, you don't have to go to Harvard or some other elite college to be successful... but, like family wealth, it certainly helps!
You have a good point tablemtn, I should not have used the word "inherited" Your parents don't have to die to give you a big head start in life, paying for college, passing on a family company, nepotism.
My point to Traderx is that not every so called successful person started with nothing.



bill
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Old 11-14-2009, 09:49 AM
 
Location: Ocean Shores, WA
5,092 posts, read 14,202,115 times
Reputation: 10814
What's so surprising about the rulers of this, or any other, country being people of wealth and privilege?

That's who they have always been.

And always will be.

Temporary changes may take place immediately following "Grass Roots Revolutions", but the new leaders soon gain their own wealth and privilege and it's business as usual.
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Old 11-14-2009, 10:31 AM
 
975 posts, read 1,686,377 times
Reputation: 524
Quote:
Originally Posted by roadrat View Post
You have a good point tablemtn, I should not have used the word "inherited" Your parents don't have to die to give you a big head start in life, paying for college, passing on a family company, nepotism.
My point to Traderx is that not every so called successful person started with nothing.



bill
Actually your point was "Not every millionaire earned it the hard way, most got it the easy way", to which I still say you're full of ****.

Most got it by years and years of working their tails off, not because they were lucky enough to be born into it. When you say they didn't ALL start with nothing certainly that is true because the studies all show that about 10% did have a head start. However, the definition of "nothing" can mean a lot of different things to different people just like the definition of rich. For example, I wouldn't consider having college paid for as a great springboard to wealth. It's only recently that having big student loans has become the norm. In fact, most wealthy people I know never even went to college. College, unless maybe it's Ivy league, prepares you for a job and jobs rarely lead to wealth.

Simply put, most wealthy people got wealthy from owning a business and many, many businesses get started not because someone has a great idea or plan but because the owner needed a job themselves. It doesn't sound to me like you know many wealthy people except for those you see on t.v. which are the exception not the norm.
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Old 11-14-2009, 03:27 PM
 
Location: Seattle
1,369 posts, read 3,178,386 times
Reputation: 1499
Quote:
Originally Posted by Traderx View Post
Actually your point was "Not every millionaire earned it the hard way, most got it the easy way", to which I still say you're full of ****.

Most got it by years and years of working their tails off, not because they were lucky enough to be born into it. When you say they didn't ALL start with nothing certainly that is true because the studies all show that about 10% did have a head start. However, the definition of "nothing" can mean a lot of different things to different people just like the definition of rich. For example, I wouldn't consider having college paid for as a great springboard to wealth. It's only recently that having big student loans has become the norm. In fact, most wealthy people I know never even went to college. College, unless maybe it's Ivy league, prepares you for a job and jobs rarely lead to wealth.

Simply put, most wealthy people got wealthy from owning a business and many, many businesses get started not because someone has a great idea or plan but because the owner needed a job themselves. It doesn't sound to me like you know many wealthy people except for those you see on t.v. which are the exception not the norm.
Yep, this is true. Most wealthy people are small business owners. Most small businesses are not sexy, flashy and are quite boring in terms of what gets sold and how it gets sold. You see an opportunity and scale it out is pretty much how a business starts and grows. That opportunity is usually a spin off of a current job/career or a hobby/activity that scales into a business. I know every business venture I've had has fallen into one of the two categories.

The vast majority of small business owners don't sit at home on their couch and "think of business ideas," but rather, they develop business ideas out of things they are already doing or turning experiences they are having into business ideas. Pretty much no matter what you do for a living or do for fun there are businesses that can be developed. It's up to you to see and seize the opportunity and scale it up into something profitable.

I will say that if you grow up dirt poor and in the ghetto it's probably a pretty severe disadvantage because you don't learn proper socialization in our society, and having that experience/knowledge is a prerequisite for seeing and executing on a lot of opportunities. Every kid that grows up lower-middle class or middle class and goes to a normal public school has this experience. Sure, it takes a little bit of luck, but mostly it takes foresight and hard work and shrewd execution to be successful.
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Old 11-14-2009, 06:13 PM
 
Location: Maine
3,314 posts, read 2,434,582 times
Reputation: 6215
Quote:
Originally Posted by Traderx View Post
Actually your point was "Not every millionaire earned it the hard way, most got it the easy way", to which I still say you're full of ****.

Most got it by years and years of working their tails off, not because they were lucky enough to be born into it. When you say they didn't ALL start with nothing certainly that is true because the studies all show that about 10% did have a head start. However, the definition of "nothing" can mean a lot of different things to different people just like the definition of rich. For example, I wouldn't consider having college paid for as a great springboard to wealth. It's only recently that having big student loans has become the norm. In fact, most wealthy people I know never even went to college. College, unless maybe it's Ivy league, prepares you for a job and jobs rarely lead to wealth.

Simply put, most wealthy people got wealthy from owning a business and many, many businesses get started not because someone has a great idea or plan but because the owner needed a job themselves. It doesn't sound to me like you know many wealthy people except for those you see on t.v. which are the exception not the norm.
Like you said this all depends on your definition of success, or rich, or starting with nothing.




bill
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Old 11-15-2009, 05:47 AM
 
706 posts, read 1,247,946 times
Reputation: 438
Good, maybe they'll steal less from us.
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Old 11-15-2009, 05:52 AM
 
Location: Maine
3,314 posts, read 2,434,582 times
Reputation: 6215
Quote:
Originally Posted by jimmyP View Post
Good, maybe they'll steal less from us.
Don't bet on it!




bill
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Old 11-15-2009, 08:52 AM
 
4,709 posts, read 12,059,688 times
Reputation: 3805
Quote:
Originally Posted by jimmyP View Post
Good, maybe they'll steal less from us.

Not a chance....how do you think most of them became millionaires?
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Old 11-15-2009, 09:17 AM
 
Location: Heartland Florida
9,324 posts, read 25,682,277 times
Reputation: 5025
In order to be wealthy you need to figure out how to take more than the average person. You can get rich from those willing to send their capital to you or as is more common, take it by coercion. At the root of most great fortunes is corruption and deception. The fact is that most great innovators die poor, while the schemers and scoundrels get the loot. Hard work has little bearing on wealth accumulation. Being an insider is the key.
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Old 11-15-2009, 11:48 AM
 
975 posts, read 1,686,377 times
Reputation: 524
Wow!..Some of you are really messed up. What a shame.
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