WHY DO SO MANY PEOPLE HATE AND BLAME THE ONE PERCENT?

If I had known I could blame the one percent, I would have tried that when I failed my college chemistry course!  Although I am 100% certain my parents response would have been worse if I had been that stupid!  

Here are some common problems I read about today.  Put a check mark next to the ones that evil, wealthy people, those nasty one percenters, caused.

Borrowed $178,000 for a degree that took you six years and now you deliver meals for Grub Hub.

Purchased a 2020 luxury car you cannot afford and signed a seven-year loan, with payments over $800. Was Warren Buffett whispering in your ear – buy it, just buy it!

No Emergency Savings 

Eat out every meal, seven days a week – Explains $0 Emergency Savings and More!

Maxed out all your credit cards and your solution is to apply for more cards.  Good luck with that plan!

Afraid to run into your “friends: because you owe ALL of them money – you do not have!

Any of the above sound familiar?   I hope NOT!

WHAT A DIFFERENCE A PRESIDENT MAKES

In 1960, President John Kennedy said during his inauguration: “Ask not what your country can do for you, ask what you can do for your country.”  Today we have candidates for President who have vilified the successful and completely reversed President Kennedy’s words.  They are promising things they cannot deliver including: Free college; Paying off $1.6 Trillion in student loans”; Free Medicare For All; Free College Education; Open Borders; and any bullshit they can shovel to buy your vote.   Afterall, it is NOT your fault, but the fault of those evil wealthy folks!

ACCOUTABILITY

What does Bill Gates or any other wealthy person have to do with YOUR decisions, or my failing grade (actually it was a D, but my Mom and Dad did not take that into consideration)?  

I am accountable for every stupid decision I made and the ones yet to be made. My stupid decisions were not the fault of the successful and wealthy or the fact I am black.  I look in the mirror when I want to place blame.  {Although I do sometimes try to push it on my wife’s shoulders.  Does NOT work, in fact it hurts!}  

Rather than blame the successful,  I have learned from those people who through their hard work and “true grit” built something.   

As President Obama said (1,000+ times)- “Let me be clear” – You made those stupid decisions and even worse keep making stupid decisions!  TAKE ACCOUTABILITY AND STOP.  How you ask?  Gain more knowledge about what you are attempting to achieve.  Increase your financial literacy. Call a friend.  Not kidding – Call a friend you admire that makes good decisions and is doing well.  Ask her to coach you, NOT lend you another dollar!  

WE NEED ENTREPRENEURS

We do not need fewer billionaires, we desperately need MORE!  Imagine if Steve Jobs, Bill Gates, Warren Buffett and Sam Walton and so many more had failed at creating their companies.  Majority of entrepreneurs fail.  Look at below table to see how many jobs would NEVER have been created.  

Successful entrepreneurs accomplish things most of us cannot imagine!   They take dangerous levels of risk, creating and running billion-dollar companies.  These companies put out great, innovative products and services that are competitive and we, the buyers, are their source of income.  No one made my buy my Apple X phone.  I love it by the way.  

ENTREPRENEURS AND THEIR IMPACT ON SOCIETY

CompanyFounderNumber Employees – 2018
AppleSteve
Jobs
123,000 Employees Worldwide
MicrosoftBill
Gates
144,000 Employees Worldwide
Berkshire
Hathaway
Warren Buffett389,373 Employees Worldwide
WalmartSam
Walton
2.2 million Employees Worldwide

All the above employees pay taxes and contribute to society. Some may be your neighbors and friends.  Many of the early employees are in fact in that evil one percent, because they took the risk of working for a startup that most thought would fail.  They were rewarded for having the courage to work for a struggling start-up. That is capitalism.

GET OUT OF THE “WOE IS ME “ CHOIRS

WOE IS ME – I owe $158,000 in college loans. 

WOE IS ME – I live paycheck to paycheck.  We all need to maintain at least six months of emergency funds.   I know that sucks – GET OVER IT AND SAVE THE MONEY!

WOE IS ME – MY SEVEN YEAR, MONTHY CAR PAYMENT IS $873.12. {Over $73,000 in payments, not counting your down payment!}

DO NOT WASTE TIME HATING THE SUCCESSFUL – LEARN FROM THEM!

Unless your wealth is from stealing or cheating, financial success and the goods and services that come with it should be admired. Entrepreneurs like Elon Musk, who invented a sexy, fast electric car, {I really want a Tesla} or Steve Jobs who looked at the Sony Walkman (google it if you need to) laughed and said I can do MUCH better than that.  Job’s much better is the Apple iPhone, which  in addition to being a phone, includes: Access to the internet; Stores and plays thousands of songs; Gives you access to tens of thousands of your pictures; Camera with three lens; GPS; Plus a million + apps that can do almost anything you can think of.  Yep – Steve Jobs did far better than a Walkman and his family is wealthy.  Apple employs thousands of people around the world!  The Apple iwatch is credited with saving numerous lives, warning people of a heart disorder, or detecting a fall.  Do we wish to be without that technology?

Self-made wealthy people take GIANT risk or see an opportunity that nobody else sees.  I admire their intelligence, GRIT, success and I read everything I can about them to learn.

If this anti-business and anti-wealth mentality is successful it will take away incentives to strive for financial success and become an entrepreneurial.  We will destroy the next Amazon, Apple, Tesla and so many other future great contributing companies.  We will destroy the creation of millions of jobs. Is that what YOU want?

CONCLUSION

I am not saying happiness is found by having lots of money.    There are miserable people with loads of money (a couple of my ex bosses – now they are EVIL!).  Wealth will not bring you a happier marriage or relationship.  {Although it may help you attract younger and more attractive dates!} 

Wealth provides security, reduces financial stress levels and gives you the ability to HELP people and the causes you care about.  Which is what many of today’s wealthy have pledged to do with their fortunes. 

Who do you believe is better to decide how to spend Bill Gates’ and Warren Buffett’s immense fortunes, the U. S. Federal Government or the Gates Foundation?  Judge for yourself – See the 2018 Gates Foundation Year In Review.

https://www.gatesfoundation.org/yearinreview/2018/index.htmloundation.

Too often in life we blame others for our unhappiness or misery.  We all have choices, including the ability to not just accept others hard work and financial success, but encourage it.  

We have 100% control of only one individual – ourselves.  Believe me, I am a Dad, I Know! Take control and stop singing off key that blasted “Woe Is Me” song.  Get out there and make yourself proud!

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ABOUT ME

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger, with a NC State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.  

I left a corporate career because I had a desire for making a difference as a speaker and writer, to help others. I was blessed to be coached, and mentored by strong men and women in both my family and professional life.  It is time to serve and give back.

DISCLAIMER

I started my first business at ~13 years of age. I am a successful investor in equities and real estate and happy to share my personal finance and investment lessons learned with you. However, I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog, as recommendations for your personal situation.  For individual finance advice please seek your own licensed CPA or fiduciary financial advisors.  

Powers Investments Management, LLC

This blog will provide, information and simple strategies, that will assist you to achieve YOUR financial objectives and long term targets. For over 30 years, I solved multi-million dollar problems, for Fortune 10-250, companies. My formal education includes: Business, Finance and Chemical Engineering {Problem Solving} at: Harvard, Rutgers and North Carolina State. And an additional 30+ years, managing my family’s investment decisions. I currently manage/advise people with net-worths ranging from the tens of thousands to several million dollars.

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