The Rich Get Richer
|November 24, 2010||Posted by Roshawn Watson under Uncategorized|
It was the late billionaire J. Paul Getty who said that if he were down to his last five dollars, you would not find him in some cheap restaurant trying to eat all he could. He would rather be in a nice hotel lobby drinking coffee with visionaries and leaders. His rationale was that the people he wanted to be a part of his future were at the hotel not the restaurant. See his wisdom. This is a profound statement (and not because you can no longer get a full meal for 5 dollars in most cases). He’s suggesting that:
WHERE you are matters MORE than WHAT you are!
In some respects, you don’t really decide your future. You decide your habits, and they decide your future.
- nearly half of Congressional members – 261 – are millionaires
- 55 have an average calculated wealth in 2009 of $10 million or more, with eight in the $100 million-plus range.
- Members of Congress saw wealth jump by 16% between 2008 and 2009
- In 2009, the median wealth of a U.S. House member stood at $765,010, up from $645,503 in 2008. The median wealth of a U.S. senator was nearly $2.38 million, up from $2.27 million in 2008.
For proof, please note that yet another Real Housewives castmate has filed for bankruptcy because she cannot meet her obligations on a mere $26,000 per month. Seriously, I personally feel for anyone going through financial hardships (regardless of fault). I bring this up not to deride her or pass judgment (I’ve made my mistakes too) as much as to show how $312,000 per year and some degree of celebrity cannot overcome jaw-dropping liabilities (debts equal to $19.8 million). Remember, it is infinitely more difficult to build sustainable wealth than it is to earn a high income. Still, it is easier to build wealth if your have a high income. The trick is making sure that you use at least a sizable portion of that high income to advance yourself and your family financially instead of just consuming it with lifestyle inflation.
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Copyright 2012, Roshawn Watson, Pharm.D., Ph.D. All Rights Reserved.