It's no mystery that President Obama is looking toward closing the (mythical!) income inequality in America. Phase 1: Obamacare. Those of us who are not wealthy---the majority in America---have a view of "the rich" that is just plain false. I used to believe some of these myths about the wealthy: most of them inherited their wealth; they attended private school; most don't really work--they just reap the benefits of the company; and most wear their wealth on their sleeve. Although I have recently discovered information that has changed my view about the wealthy and has reinforced my belief that the wealthy are not bad people and that the government should think twice about continuing to confiscate their wealth in the name of "social justice." Here what the research says about America's millionaires:
1. 80% are first generation wealthy
2. Only 17% attended private school
3. Most save around 20% of their earned income
4. About 67% work about 45-55 hrs per week
5. Half have lived in the same house (average value of $320,000) for the last twenty years
6. And most importantly: almost all of them live well below their means.
Next time I hear my working class family members and friends berate "the rich" I will be able to repudiate their dubious, class envy mentality.
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1 comments:
Reminds me of the old book, The Millionaire Next Door. With the Bakken Rocking in ND, you never know when you will be walking, sitting or talking to another millionaire.
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