Posted on 12/09/2013 11:08:41 PM PST by 2ndDivisionVet
Fully 20 percent of U.S. adults become rich for parts of their lives, wielding extensive influence over America's economy and politics, according to new survey data.
These "new rich," made up largely of older professionals, working married couples and more educated singles, are becoming politically influential, and economists say their capacity to spend is key to the U.S. economic recovery. But their rise is also a sign of the nation's continuing economic polarization.
They extend well beyond the wealthiest 1 percent, a traditional group of super-rich millionaires and billionaires with long-held family assets. The new rich have household income of $250,000 or more at some point during their working lives...
(Excerpt) Read more at bigstory.ap.org ...
First, mean incomes of ALL five quintiles have fallen since 1999, by about 10 percent. So, if you’ve been feeling like you’re losing ground, you’re correct. But, it’s not because some other class of people have been getting ahead. It’s because we have suffered a “lost decade.” First one since the 1970s. We need a President like Reagan to turn this thing around. We did it before, and we can do it again. I’m not saying we will, I’m saying we can do it again. So, let’s hang on, get through the next several years, and support the candidates we need to support.
Second, yes, there is formula for success: get a good education or a trade skill; get and stay married; spend within your means and save regularly (could be through your employer-sponsored pension plan), invest in a diversified portfolio of stocks, pay off the mortgage on your house. You should retire with a million dollars in net worth. Obviously, none of us can go back in time and change the bad decisions we made or the bad luck that we suffered, and so many of us have to accept that this isn’t going to be in the cards for us.
Third, not all the very wealthy are in the 1% because of family wealth. A lot of them, maybe the majority, made their fortune. This includes each of the following: Bill Gates, Warren Buffet, Larry Ellison and the Koch Brothers (the five wealthiest people in the country). As I count them, 41 of the 50 wealthiest Americans according to Forbes are self-made.
The US gov’t has taxed all of us out of prosperity. The wrecking ball is coming to the District of Corruption. Bet on it.
‘there is formula for success: get a good education or a trade skill; get and stay married; spend within your means and save regularly (could be through your employer-sponsored pension plan), invest in a diversified portfolio of stocks, pay off the mortgage on your house. You should retire with a million dollars in net worth.
WELL TOLD RM4 THE ONLY THING I’D ADD TO YOUR GREAT POST HERE IS PRACTICE DEFERRED GRATIFICATION THE FIRST PART OF YOUR LIFE ALSO I RECOMMEND THAT WHEN YOU DOLLAR COST AVERAGE INTO THAT PORTFOLIO...DO SO ELECTRONICALLY, AUTOMATICALLY...THAT MAKES THING EASY YOU DONT SEE THE MONEY YOU DON’T TOUCH IT ....YOU JUST ‘WALK AWAY FROM IT’ AND IT GROWS LIKE TOPSY..(YOU DO OF COURSE HAVE TO MEET WITH YOUR BROKER TO REALLOCATE THE PORTFOLIO FROM TIME TO TIME) I’VE DONE THIS ALL MY LIFE AND THAT END YOU PREDICT CAME TRUE....
FINALLY I SUSPECT YOU HAVE READ THE BOOK BELOW. EVERY ONE SHOULD...IT’S A MUST....ALSO GIVE COPIES TO YOUR KIDS....IF THEY FOLLOW IT’S TENANTS THEY’LL END UP LIKE YOU AND ME...
ANOTHER PLUS IS THIS...IF THE KIDS FAIL TO AMASS ENOUGH MONEY TO MAKE THEM HAPPY LATER ON IN THEIR LIVES THEY WONT BE ABLE TO WHINE AND BLAME YOU I.E. ‘YOU NEVER TOLD US ANYTHING ABOUT HOW TO MAKE HANDLE AND MANAGE MONEY’ YOU SHORT CIRCUIT GUILT THAT WAY....HAHAHA THE LITTLE WEEZERS’LL HAVE NO ONE TO BLAME BUT THEMSELVES FOR NOT USING WHAT THAT GENIUS MR DWIGHT R. LEE TEACHES IN HIS BOOK BELOW ...
SO...GET TO WORK EVERYONE..HUNT DOWN THIS BOOK AND LIVE BY IT BEFORE IT’S TOO LATE FOR YOU..
“Getting Rich in America: 8 Simple Rules for Building a Fortune and a Satisfying Life” (Harper Business 1999), co-written with University of Georgia economist Dwight R. Lee.
What happened? A few windfall years in business followed by a bust?
Divorce, or other gadgetry?.
Obsolescence. I was selling payphones like they were pancakes at a lumberjack convention but they gave way to cell phones. Averaging four figures a day.
>>As I count them, 41 of the 50 wealthiest Americans according to Forbes are self-made.
It is axiomatic across multiple cultures that wealth does not last past 3 generations, so this should not be surprising. We don’t hear much out of the Vanderbilts or Rockefellers.
Yep, Like my Momma said-—The 1st generation makes it, The 2nd generation spends it and the 3rd generation loses it. Have seen it happen.
AP lies... find me one non propaganda laced article that contains the truth, the whole truth and nothing but the truth. Go ahead... I’ll wait.
and most of those 20% are either working for a government entity, or retiring from a government entity.
I just love how the NYT last week and now the AP talk about married couples being successful as some kind if conspiracy. “Married” and “educated” have become leftist dog whistles for white and heterosexual, the things they hate with a passion.
They just can’t accept that the traits that make one educated and married, like fidelity, maturity, planning, goal-setting, teamwork and work ethic also tend to make one financially successful. On the other hand, promiscuity, licentiousness, impulsivity, - the things that they embrace, tend to make one poor. To them it’s just not fair that they can’t party and diddle whoever or whatever they want and not get paid for it.
Wasn’t there an article bemoaning this fact of 20% reaching affluence
because it was an impediment to “social justice”?
NYT is on the war path about white/educated/married. There’s a NYT article today about income inequality in retirement. And yes, you guessed it, those who have the most retirement savings are white/educated/married.
No matter how the left wishes 2 + 2 did NOT equal 4, they just can’t manage to make it so.
I’ve been a puppet, a pauper, a pirate, a poet, a pawn and a king
I’ve been up and down and over and out and I know one thing
Each time I find myself flat on my face
I pick myself up and get back in the race
“Second, yes, there is formula for success: get a good education or a trade skill; get and stay married; spend within your means and save regularly (could be through your employer-sponsored pension plan), invest in a diversified portfolio of stocks, pay off the mortgage on your house. You should retire with a million dollars in net worth. Obviously, none of us can go back in time and change the bad decisions we made or the bad luck that we suffered, and so many of us have to accept that this isn’t going to be in the cards for us.”
This is the reason people succeed, not pure dumb idle luck. One thing I do know is that staying out of debt is the one thing that will give you a head start in life, no matter how poor you are or whether or not you have a university degree. Being out of debt is the main key to success and affluence. Not being a druggie and if you abstain from sex, you’ll just up your chances of being affluent in life a lot quicker.
“We need a President like Reagan to turn this thing around.”
No, we need to stop waiting for someone to come along and make things better. Waiting for another Reagan is no different than a hippie waiting for the government to make things better.
The New York Times is a VERY well trained puppy dog. DATS A GOOD BOY! (scratches behind their ears) GOOD BOY!!! WHO'S A GOOD BOY! (gives the New York Times a Beggin' Strip dog treat)
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