US income inequality

[Monello]

Interesting observations by the author

In my thirty plus years of surveying and studying millionaires, I have consistently found that 80 to 86% are self made. That also applies to decamillionaires. In 1982 according to Forbes about 38% of America's wealthiest people were self made. In 2012, the percentage jumped to 70%.

Economic opportunities abound in this country. Yet most Americans are not wealthy. It is easy to blame the so-called inequities in our economy. But it is more about the fact that Americans spend all or most of their income on things that have little or no lasting value! They lack the discipline required to accumulate wealth. Most households are on a treadmill of working and consuming.

http://www.thomasjstanley.com/blog-articles/564/America_Where_Millionaires_are_Self_Made.html

 

[Larry Gude]

Very odd story; the opportunities abound BECAUSE most Americans are primarily consumers of things of little value. It's as though he's suggesting "Why, we could all be millionaires if only we'd spend more time accumulating things with value instead of just consuming". He seems to miss that if we all did that, the opportunities would be WAY fewer and WAY further between.

 

[SamSpade]

How does that work out against the large number of Americans who, after having spent all their money on food, clothing, utility bills, home, car, gas etc. find that there's just not enough LEFT to spend on things of value. For some of us, there's usually a debt left at the end of the month.

Hard to invest money you don't have.

 

[tommyjo]

What an idiotic article.

Self made millionaires are business owners. They didn't get rich in the stock market as the author implies.

Additionally, "millionaire" does not define wealthy any longer. The real income/wealth/power inequality in this country is at much, much higher levels. Those with hundreds of millions or billions.

Also, "upward mobility" is not synonymous with "income inequality" as the author also implies.

 

[vraiblonde]

I don't know how you argue with this:
"Economic opportunities abound in this country."

Or this:
"They lack the discipline required to accumulate wealth."

Most people are too lazy to make money. They don't want to put forth any effort; they don't want to suck it up and do what they're told; they don't want to seek out mentors; they have ####ty attitudes; they make excuses; they can't stop smoking pot long enough to find a job. The author is clearly pushing the stock market, but that's his bag - there are a zillion ways to make money in this country and people prove it every single day. Lady Gaga employs a vomit artist, for crying out loud - Millie Brown literally makes her living puking. She gets paid to barf on stage. Gary Dahl became a millionaire selling freaking rocks. One of my clients earns a tidy living picking up dog poop at peoples' homes.

So the simple answer is: if you want to make money, get off your dead ass.

 

[Merlin99]

What an idiotic article.

Self made millionaires are business owners. They didn't get rich in the stock market as the author implies.

Additionally, "millionaire" does not define wealthy any longer. The real income/wealth/power inequality in this country is at much, much higher levels. Those with hundreds of millions or billions.

Also, "upward mobility" is not synonymous with "income inequality" as the author also implies.

If you're so smart, why aren't you rich?

 

[vraiblonde]

Self made millionaires are business owners. They didn't get rich in the stock market as the author implies.

It would appear that you are the idiot around here because there are any number of people who've become millionaires by investing in stocks. Ask any circa 1990 Microsoft employee - an estimated 10,000 millionaires just off of one company's stock options.

 

[Larry Gude]

I don't know how you argue with this:
"Economic opportunities abound in this country."

Or this:
"They lack the discipline required to accumulate wealth."

Most people are too lazy to make money. They don't want to put forth any effort; they don't want to suck it up and do what they're told; they don't want to seek out mentors; they have ####ty attitudes; they make excuses; they can't stop smoking pot long enough to find a job. The author is clearly pushing the stock market, but that's his bag - there are a zillion ways to make money in this country and people prove it every single day. Lady Gaga employs a vomit artist, for crying out loud - Millie Brown literally makes her living puking. She gets paid to barf on stage. Gary Dahl became a millionaire selling freaking rocks. One of my clients earns a tidy living picking up dog poop at peoples' homes.

So the simple answer is: if you want to make money, get off your dead ass.

The point is that if everyone quit smoking pot and got off their ass, we'd run out of puke and dog #### jobs in no time. Then, where would we be???? A healthy market NEEDS people who can't be bothered to do their own puking or clean up after their pets. We need lazy dumb asses sitting around paying people to puke and pick up dog ####.

Therefore, problem, as I see it, is in simply balancing taking enough money from OCD people who can't sit still for very long and just chill and need to be out there puking and #### picking while also ensuring they have enough money left over to be happy at their toils and can look forward to a comfortable retirement where they can hire someone else to puke and clean up #### for them at reasonable enough rates to be able to afford not being so damn OCD.

This is all about mental health. Busy people are crazy people.

 

[Hijinx]

I don't know how you argue with this:
"Economic opportunities abound in this country."

Or this:
"They lack the discipline required to accumulate wealth."

Most people are too lazy to make money. They don't want to put forth any effort; they don't want to suck it up and do what they're told; they don't want to seek out mentors; they have ####ty attitudes; they make excuses; they can't stop smoking pot long enough to find a job. The author is clearly pushing the stock market, but that's his bag - there are a zillion ways to make money in this country and people prove it every single day. Lady Gaga employs a vomit artist, for crying out loud - Millie Brown literally makes her living puking. She gets paid to barf on stage. Gary Dahl became a millionaire selling freaking rocks. One of my clients earns a tidy living picking up dog poop at peoples' homes.

So the simple answer is: if you want to make money, get off your dead ass.

I believe that way too many people are lazy and want money ,but will not work for it,but your use of the word "most" is incorrect.

There are millions of Americans working hard every day to make money to feed their kids or make their house payments.

Some do not get brilliants ideas, or have the money or courage to start a successful business and get rich.
Some millionaires were placed in a position where they had to start a business in order to get work and that business led to their success, others just decided to stop working for others and took the plunge. Some lost their ass. Most Americans are working jobs that pay them, and allow them to make a living and are happy at that.

Yous last statement I have no problem with If you want to make money get off your dead ass. You might not get a Million, but you can earn a living.

 

[Larry Gude]

I believe that way too many people are lazy and want money ,but will not work for it,but your use of the word "most" is incorrect.

There are millions of Americans working hard every day to make money to feed their kids or make their house payments.

Some do not get brilliants ideas, or have the money or courage to start a successful business and get rich.
Some millionaires were placed in a position where they had to start a business in order to get work and that business led to their success, others just decided to stop working for others and took the plunge. Some lost their ass. Most Americans are working jobs that pay them, and allow them to make a living and are happy at that.

Yous last statement I have no problem with If you want to make money get off your dead ass. You might not get a Million, but you can earn a living.

Look. The economy is ####ED UP. BIG TIME. There are what, something like 90 million Americans NOT working, not even trying. Imagine what happens to wages if they all 'got off their dead asses' and took whatever they could get. $8 would go to, what, $5. $100,000 jobs would go to, what, $60,000?

The economy is ####ED up.

 

[PeoplesElbow]

What an idiotic article.

Self made millionaires are business owners. They didn't get rich in the stock market as the author implies.

Additionally, "millionaire" does not define wealthy any longer. The real income/wealth/power inequality in this country is at much, much higher levels. Those with hundreds of millions or billions.

Also, "upward mobility" is not synonymous with "income inequality" as the author also implies.

You undervalue people's retirement accounts. If someone has a million dollars in it they are considered a millionaire. After 15 years of contributing and not quite 40 yet, I am halfway there, so it is not a hard target to hit.

 

[PeoplesElbow]

Look. The economy is ####ED UP. BIG TIME. There are what, something like 90 million Americans NOT working, not even trying. Imagine what happens to wages if they all 'got off their dead asses' and took whatever they could get. $8 would go to, what, $5. $100,000 jobs would go to, what, $60,000?

The economy is ####ED up.

I doubt someone who isn't even trying to find a job could have any effect on a 100k job.

 

[LibertyBeacon]

It would appear that you are the idiot around here because there are any number of people who've become millionaires by investing in stocks. Ask any circa 1990 Microsoft employee - an estimated 10,000 millionaires just off of one company's stock options.

This is called stock options and are part of the compensation package. That's not "investing in stocks".

 

[acommondisaster]

The point is that if everyone quit smoking pot and got off their ass, we'd run out of puke and dog #### jobs in no time. Then, where would we be???? A healthy market NEEDS people who can't be bothered to do their own puking or clean up after their pets. We need lazy dumb asses sitting around paying people to puke and pick up dog ####.

Therefore, problem, as I see it, is in simply balancing taking enough money from OCD people who can't sit still for very long and just chill and need to be out there puking and #### picking while also ensuring they have enough money left over to be happy at their toils and can look forward to a comfortable retirement where they can hire someone else to puke and clean up #### for them at reasonable enough rates to be able to afford not being so damn OCD.

This is all about mental health. Busy people are crazy people.

I think you're looking at the statement from the wrong end. It's not about people paying for other people to do things they don't want to do themselves, it's that there are plenty of jobs to make money off of if people just get off their asses. If a person is motivated enough, they could be CEO of Vomit is Us or the DogPoo Tycoon - but most people rather sit around and complain how there's not a level playing field for people to get rich. Yeah there is, but you have to get off yerass.

 

[vraiblonde]

This is called stock options and are part of the compensation package. That's not "investing in stocks".

It is indeed investing in a company through its stock.

 

[LibertyBeacon]

It is indeed investing in a company through its stock.

No, not really.

 

[vraiblonde]

No, not really.

Well, yeah really. That's the whole idea behind stock option compensation, so that employees feel like owners - invested in the company and its growth.

What do you think it is?

 

[PeoplesElbow]

It is indeed investing in a company through its stock.

I think he means that they didn't invest, they were gifted those.

 

[PeoplesElbow]

An option isn't a stock, but a contract that gives you the right to either buy or sell a stock at a certain price.

Options are traded just like stock, the real difference is that options have expiration dates, past that date they are totally worthless.

I think most people don't understand what an option actually is.

 

[vraiblonde]

I think he means that they didn't invest, they were gifted those.

If someone gifts you stocks, you are still considered an investor and shareholder.