Wealth Inequality Chart (1 Viewer)

[Devildog]

If only I had a set of boot straps. DAMMIT!

I must be lazy since I'm not a millionaire.

 

[DesertKajun]

Wrong.

well in a lot of other countries. Mexico recently changed. The dirt poor can now join the cartel.

 

[wizard1183]

The American dream is no longer for Americans. It's for immigrants. We as a country have become a vagina who succumbs to others. To get rich there's 2 things you must do. One is sacrifice everything in order to reach your goals and two is look out for yourself and no one else. You have to be selfish in regards if you're going to become a millionaire. But is it really worth it? How many millionaires are really truly happy? Sure the money's good great grand whatever but money doesn't fill the hole in your heart.

 

[DesertKajun]

well there you go. Everyone reading this thread should be a millionaire by this time next year. Spend your time thinking about it. Wish I had thunk it sooner.

Most millionaires I met that are self made had several failing ventures prior to making it big. Just find the right one that works for you and spend day and night on it.

Near as I can tell commercial landlord is a good way to make some great cash flow and I would love to get into it. Hard to buy the first property, after that its gets easier I hear. But out of 2 landlords I had and a 3rd I know from setting up his aquarium(he is worth north 80 Million with about 100 commercial spots and he is in his 50s still) they all were crazy rich. My one regret in opening my own place was not buying a building with some extra spaces to rent out. Since a lot of small businesses barely break even the landlord is the winner 100% of the time it seems. Next time I will know how to proceed a little better then the last, once the economy takes a turn I will get back at it and find a business model that works better then last. Starting with buying a building.

 

[wizard1183]

Most millionaires I met that are self made had several failing ventures prior to making it big. Just find the right one that works for you and spend day and night on it.

Near as I can tell commercial landlord is a good way to make some great cash flow and I would love to get into it. Hard to buy the first property, after that its gets easier I hear. But out of 2 landlords I had and a 3rd I know from setting up his aquarium(he is worth north 80 Million with about 100 commercial spots and he is in his 50s still) they all were crazy rich. My one regret in opening my own place was not buying a building with some extra spaces to rent out. Since a lot of small businesses barely break even the landlord is the winner 100% of the time it seems. Next time I will know how to proceed a little better then the last, once the economy takes a turn I will get back at it and find a business model that works better then last. Starting with buying a building.

That's the thing. Commercial property for the poor or middle class is almost non existent in reach. You have to be in the upper middle class and partnership to afford it. Not sure if your property is developed that you speak of but if not? You're talking at least a million and a half to borrow depending on the size of the lot. A strip mall is quadruple millions. No average person has that type of capital

 

[FullMonte]

The only problem with the landlording thing (and really almost any business) is that for every one guy who's made it, there are probably somewhere around 30-50 who tried is simply because it was a way to make money, and ended up bankrupt and broke.

 

[wizard1183]

You find something up and coming and start in it. If its not working out find something else. If you're starting in something highly competitive, you don't have a shot. It has to be something against the grain or simply go to college and become a pharmacist, lawyer, dr or accountant. And from their build connections, investments and capital.

 

[SAINTSFAN]

That's the thing. Commercial property for the poor or middle class is almost non existent in reach. You have to be in the upper middle class and partnership to afford it. Not sure if your property is developed that you speak of but if not? You're talking at least a million and a half to borrow depending on the size of the lot. A strip mall is quadruple millions. No average person has that type of capital

Everyone has to start somewhere. No one has to give everyone something. Case in point - Tom Benson. He was dirt poor and made his own path. Many can achieve the American dream. The problem is that too many have gotten lazy and do not want to work for it, but want someone to give them the path and the funds to do it. Not everyone will be successful, but I think it is false to say the opportunity is not there. In America, at least we have the ability to make our opportunities. Is it easy? No. However, many other people in other countries do not have that chance.

 

[DesertKajun]

That's the thing. Commercial property for the poor or middle class is almost non existent in reach. You have to be in the upper middle class and partnership to afford it. Not sure if your property is developed that you speak of but if not? You're talking at least a million and a half to borrow depending on the size of the lot. A strip mall is quadruple millions. No average person has that type of capital

I could have bout a 4 x 1200sqft retail spaces all in one building for 180k.Had I done it prior to buying the store I would have got a loan no problem. Issue was the debt I took on for the store was too much to get approved. I put the cart before the horse so to speak. Next time I buy a building, then open the business. In this case the mortgage on the spaces would have been less then rent I was paying on my shop, the income from the other 3 spaces(already occupied) would have covered mortgage with some extras to save for issues that might come up like Roof or AC replacement etc.....It was an older building but in a great area by the University. This was before the commercial real estate decline too. Large property holders are downsizing now due to vacancies and dropping stuff at a fair price. The major issue is taxes and local government rules, Tucson City government sucks so I am aiming at the county areas.

 

[UncleTrvlingJim]

I don't think some people understand the video, or at least I hope so. The point is that fewer and fewer people control more and more wealth in this country. It has little to do with how smart they are, or how hard they work. There is a fundamental inefficiency in the current way wealth is accumulated.

I think most people agree that some people are going to be more successful than others, and that's the way it should be. However, I also think that most people think there should be some sort of logical scaling of that wealth. Instead we have a crazy logarithmic scaling of income and wealth.

Even taking out ideas such as fairness, this isn't an efficient way for money to be spent. It essentially limits capital from flowing to the best ideas -- believe me, the best ideas are not concentrated in the top 1%.

 

[wizard1183]

Everyone has to start somewhere. No one has to give everyone something. Case in point - Tom Benson. He was dirt poor and made his own path. Many can achieve the American dream. The problem is that too many have gotten lazy and do not want to work for it, but want someone to give them the path and the funds to do it. Not everyone will be successful, but I think it is false to say the opportunity is not there. In America, at least we have the ability to make our opportunities. Is it easy? No. However, many other people in other countries do not have that chance.

While I agree with everything you've said, the opportunity Tom had was in an era that had more opportunity than today. You can't compare that time with now. The country was not in shambles and even during the Great Depression which was tough to get out the opportunity was much much more available. The ppl just didn't have the idea. Not saying its not the case here. Just that opportunity is not easily or readily available.

 

[efil4stnias]

I don't think some people understand the video, or at least I hope so. The point is that fewer and fewer people control more and more wealth in this country. It has little to do with how smart they are, or how hard they work. There is a fundamental inefficiency in the current way wealth is accumulated.

I think most people agree that some people are going to be more successful than others, and that's the way it should be. However, I also think that most people think there should be some sort of logical scaling of that wealth. Instead we have a crazy logarithmic scaling of income and wealth.

Even taking out ideas such as fairness, this isn't an efficient way for money to be spent. It essentially limits capital from flowing to the best ideas -- believe me, the best ideas are not concentrated in the top 1%.

and power/influence.

 

[bclemms]

I don't think some people understand the video, or at least I hope so. The point is that fewer and fewer people control more and more wealth in this country. It has little to do with how smart they are, or how hard they work. There is a fundamental inefficiency in the current way wealth is accumulated.

I think most people agree that some people are going to be more successful than others, and that's the way it should be. However, I also think that most people think there should be some sort of logical scaling of that wealth. Instead we have a crazy logarithmic scaling of income and wealth.

Even taking out ideas such as fairness, this isn't an efficient way for money to be spent. It essentially limits capital from flowing to the best ideas -- believe me, the best ideas are not concentrated in the top 1%.

I disagree that it has little to do with how smart or how hard they work to an extent. The biggest problem the a huge chunk of the 80% in the middle have little understanding of credit, debt, savings or just don't have the will power to make sound financial decisions.

The middle class carries so much credit card debt, mortgage and car loans and have little in the way of savings and investments. This is a correctable problem. Too many people aren't willing to make the sacrifices needed to get ahead by simply driving a lesser car, living in a smaller home, eating out less, buying cheap clothes, etc.

While this is a correctable problem, it is going to take a massive culture change to fix it without using tax.

The next problem is the public education system. Education is an investment much like buying stocks or bonds. The country as a whole needs to demand better public education and this can be achieved without an increase in spending. Our education system is one of the least efficient in the world among developed nations and steadily sliding down the charts in overall quality.

The current trend can not be continued without failing so something has to give.

 

[Ken-Bob]

I could have bout a 4 x 1200sqft retail spaces all in one building for 180k.Had I done it prior to buying the store I would have got a loan no problem. Issue was the debt I took on for the store was too much to get approved. I put the cart before the horse so to speak. Next time I buy a building, then open the business. In this case the mortgage on the spaces would have been less then rent I was paying on my shop, the income from the other 3 spaces(already occupied) would have covered mortgage with some extras to save for issues that might come up like Roof or AC replacement etc.....It was an older building but in a great area by the University. This was before the commercial real estate decline too. Large property holders are downsizing now due to vacancies and dropping stuff at a fair price. The major issue is taxes and local government rules, Tucson City government sucks so I am aiming at the county areas.

And everyone has ready access to that first 180k, right?

This is just another example of how some people truly don't understand what it means to be in the lower 80% of Americans today. Not only do the people who are in that strata not have that kind of money available, they spend 60-80 hours a week just trying to put food on the table for their families. The concept of "taking a business" risk for them is tantamount to saying "work another 40 hours a week and risk putting your family on the street - and if it doesn't work for you the first time, it should by the 10th or 12th time."

At some point in the plight of the poorest Americans, the only risk left is the risk of jail so you can steal enough from the local convenience store to feed your kids. It's amazing to me how few people truly get that.

 

[Cajun Mike]

And everyone has ready access to that first 180k, right?

This is just another example of how some people truly don't understand what it means to be in the lower 80% of Americans today. Not only do the people who are in that strata not have that kind of money available, they spend 60-80 hours a week just trying to put food on the table for their families. The concept of "taking a business" risk for them is tantamount to saying "work another 40 hours a week and risk putting your family on the street - and if it doesn't work for you the first time, it should by the 10th or 12th time."

At some point in the plight of the poorest Americans, the only risk left is the risk of jail so you can steal enough from the local convenience store to feed your kids. It's amazing to me how few people truly get that.

You really have a good grasp of the situation! Not sarcasm by any means.


Sent from my iPad using Tapatalk HD