UnThreaded | Threaded | Whole Thread (60) | Ignore Thread Prev | Next
Author: namkato Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 455502  
Subject: Re: how the rich make their money Date: 1/2/2013 6:59 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
You're talking about what I have called the "merely rich" or the "working wealthy" - also known as "The Millionaire Next Door."

The "Chauffeur Class" - the truly rich, world-class wealthy, mega-wealthy CEOs, incestuous public company board members, bond titans, Wall Streeters, Hedge Fund types and idle heirs/heiresses will always find ways to insulate themselves from the pain to be borne by the rest.

The late social scientist Robert Michels - correctly, IMHO, pointed out that most systems tend toward oligarchy:

======================================================

There was an article a few years back that analyzed the Forbes 400. It is surprising how the majority of them did not inherit their wealth. In fact, at least 3/4ths could be described as your "working wealthy." They had become rich in their lifetimes due to their efforts (and their employees of course, many of who also became very wealthy with stock options). We are talking about the Bill Gates, Steve Jobs, Warren Buffetts, Sam Waltons, and hundreds of lesser names on the list. There are very few Rockefellers, DuPonts, Fords, or other inherited wealthy. Most of the Forbes 400 were wealth creators for society. Also, let's not forget that the Carnegie Foundation, Ford Foundation, Rockefeller Foundation, and other foundations are giving back much more to society than their namesake's ever amassed in their own lifetimes, and Warren Buffett has donated more to society than the other top ten largest foundations put together.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (60) | Ignore Thread Prev | Next

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement