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A) most millionaires wealthy people were born wealthy.
B) poor neighborhoods are not filled with luxury cars
C) solidly middle-class Black people often live in poor neighborhoods
D) sure, Buffett and Gates may have humble cars, but they also have yatchs and private jets. The billionaire snendthrift is largely a myth.
I see the thread author has read "The Millionaire Next Door," which describes fiscally responsible professionals who eventually accumulated over a million in savings & assets. These people paid a fortune in taxes, and will probably lose it all to health care costs in the last year of their lives. The problem in our society is not these "millionaires," but the Robber Baron CEOs & professional (but legal) scam artists in the Financials Sector, who bank hundreds of millions through robbing the taxpayer and/or playing the system without doing anything constructive or beneficial to the economy, and without paying the high taxes that actual workers do. As for high spenders in poor areas, they probably avoid taxes by making money illegally, or play sports & haven't got the sense to save a penny of the tens of millions they get each year before age/injury end the gravy train.
I became a right-winger as soon as learned Economics 101. The way to grow wealth is to PRODUCE more than you CONSUME. Then you LOAN your SAVINGS to people who CHOOSE to go into DEBT and their money flows up to you. As soon as you realize this, you understand why income inequality exists.
For example, 61% of millionaires drives Honda, Toyotas and Fords. Jazz Bezos drives a Honda Accord and Bill Gates drives a Ford Focus. But as soon as you drive into a poor area you see Cadillacs and Lexuses.
Except that the rich aren't getting richer.
70% of the rich lose their wealth by the third generation, 90% by the fourth.
80% of millionaires are the first generation rich.
A) most millionaires wealthy people were born wealthy.
Not true.
The ratio of rich people who inherited wealth versus those who made their own wealth hovers historically around 1:4. In every 5 rich people, 1 got that way from inheritance and the other 4 got that way through work. Too many articles from too many different sources out there to list them all, but start at "The Millionaire Next Door" and educate yourself.
I see the thread author has read "The Millionaire Next Door," which describes fiscally responsible professionals who eventually accumulated over a million in savings & assets. These people paid a fortune in taxes, and will probably lose it all to health care costs in the last year of their lives. The problem in our society is not these "millionaires," but the Robber Baron CEOs & professional (but legal) scam artists in the Financials Sector, who bank hundreds of millions through robbing the taxpayer and/or playing the system without doing anything constructive or beneficial to the economy, and without paying the high taxes that actual workers do. As for high spenders in poor areas, they probably avoid taxes by making money illegally, or play sports & haven't got the sense to save a penny of the tens of millions they get each year before age/injury end the gravy train.
Exactly why we need get the government out of business.
Without the government, nobody can rob others with impunity.
A) most millionaires wealthy people were born wealthy.
B) poor neighborhoods are not filled with luxury cars
C) solidly middle-class Black people often live in poor neighborhoods
D) sure, Buffett and Gates may have humble cars, but they also have yatchs and private jets. The billionaire snendthrift is largely a myth.
A) Not true at all. 80% of millionaires are first generation and self-made.
B) Poor neighborhoods don't have nice cars because once people get rich, they move away.
I never understand the jealousy of people who are rich. Make your own money, and worry about yourself. Maybe they lucked into it, but mostly I believe they are two things: more motivated and more imaginative.
They're getting richer by screwing everyone non-wealthy (the middle class and the poor).
The foxes are in the henhouse, and it's a financial bloodbath. Death is all around, with grinning foxes. Nice job @ssholes...
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