The Rich Get Richer, AGAIN

**cschin4** · 06-29-2006, 05:22 AM

Re: The Rich Get Richer, AGAIN

The rich are always going to get richer. Obviously, they know how to make their money work for them and will continue to do so. And, all of us would do the same as well.
But, so what? We all can only work with what we have and try to make it grow and work for us too.

**Harrison** · 06-29-2006, 06:51 AM

Re: The Rich Get Richer, AGAIN

I totally agree the fact that rich get richer. They simply have more money to invest, more money to start business and a proven money management system in their personal finance. If not I bet they won't be rich :-)

**jmjj215** · 06-29-2006, 08:04 AM

Re: The Rich Get Richer, AGAIN

I believe a big factor in the rich getting richer is that they can afford risk. So in the long run, their returns are much, much greater.

**sweeps** · 06-29-2006, 09:05 AM

Re: The Rich Get Richer, AGAIN

Excellent point, Jesse.

**slimcustomer** · 06-29-2006, 09:54 AM

Re: The Rich Get Richer, AGAIN

It would be interesting to see if baby boomers being in their prime earning years has any affect on the results for this chart.

**b4freedom** · 06-29-2006, 10:30 AM

Re: The Rich Get Richer, AGAIN

I think the larger problem is that the poor are become poorer and the middle class is slowly disappearing. This leads to other long term problems such as an increase in crime.

**sweeps** · 06-29-2006, 10:43 AM

Re: The Rich Get Richer, AGAIN

This is somewhat off-topic, but I read an interesting suggestion in the latest issue of Business 2.0 (in the letters to the editor). Allow companies to deduct employee pay only up to 20 times the average worker at the company. So if the average worker gets $30,000, any compensation an executive gets over $600,000 that year is not tax-deductible by the company.

**Dixiechick** · 06-29-2006, 11:06 AM

Re: The Rich Get Richer, AGAIN

Here's a good article to see what other people's definition of "rich" is...

http://articles.moneycentral.msn.com/RetirementandWills/EscapeTheRatRace/JustHowRichIsRichReally.aspx

Also, here's a link to see how "rich" you are compared to others in this world...

http://www.globalrichlist.com/

According to this site, I'm in the top 0.72% of the world's population in "richness". I'm the 43,497,897 richest person in the world!

But I don't feel that way most times... I'm just a single working mother of 2 (one in college).

Dixiechick

**VJW** · 06-30-2006, 08:55 AM

Re: The Rich Get Richer, AGAIN

Originally posted by b4freedom

I think the larger problem is that the poor are become poorer and the middle class is slowly disappearing. This leads to other long term problems such as an increase in crime.

Exactly.

It’s not just that the rich are getting richer, but that that the income of our nation gets concentrated at the top, which thereby means everyone else gets poorer. We’ve seen this happen in other countries, where it develops oligarchies living behind high walls and tinted windows and everybody else on the other side.

#

**PRICEPLUS** · 07-05-2006, 06:43 AM

Re: The Rich Get Richer, AGAIN

I only worry about my wealth and not that of others. The definition of wealth is also very subjective. I am sure some Bangladeshi farmer would see my living standard as fairly opulent!

**SuzeOFan** · 07-05-2006, 07:06 AM

Re: The Rich Get Richer, AGAIN

It�s not just that the rich are getting richer, but that that the income of our nation gets concentrated at the top, which thereby means everyone else gets poorer. We�ve seen this happen in other countries, where it develops oligarchies living behind high walls and tinted windows and everybody else on the other side.

Well, there are some big differences when comparing the U.S. (assuming that's where your from) and other countries. Education, opportunity and a free democracy.

In the U.S. you have every opportunity to become wealthy. And poor countries well know it. Why else would you have so many trying to get into the U.S.? What makes America so desirable is that ANYONE can succeed here if they're willing to work hard enough at it.

**DivaJen** · 07-05-2006, 07:51 AM

Re: The Rich Get Richer, AGAIN

Originally posted by jmjj215

I believe a big factor in the rich getting richer is that they can afford risk. So in the long run, their returns are much, much greater.

So true. It's easy to take risks when you have millions to your name. It's also easier to invest in properties and businesses when you have capital and collateral at your disposal.

**jmjj215** · 07-05-2006, 08:02 AM

Re: The Rich Get Richer, AGAIN

Originally posted by DivaJen

So true. It's easy to take risks when you have millions to your name. It's also easier to invest in properties and businesses when you have capital and collateral at your disposal.

The great thing about America though is that you really don't need "millions to your name"! As long as you commit yourself to living beneath your means, you will open up the doors to being able to afford the risk necessary to generate wealth. True, you maybe can't jump on the board of being a principal in the development of a new shopping center, but you maybe could partner with someone and purchase a duplex, or fourplex and start from there.

**jmjj215** · 07-05-2006, 08:03 AM

Re: The Rich Get Richer, AGAIN

Originally posted by Sweepsplayer

This is somewhat off-topic, but I read an interesting suggestion in the latest issue of Business 2.0 (in the letters to the editor). Allow companies to deduct employee pay only up to 20 times the average worker at the company. So if the average worker gets $30,000, any compensation an executive gets over $600,000 that year is not tax-deductible by the company.

Sweeps, right now I believe the cap for deductible salaries is $1 million - though that's arbitrarily set. The idea you mentioned above is pretty interesting.

The Rich Get Richer, AGAIN