Many Americans describe wealthy as having plenty of material possessions. One-way to determine whether a person is wealthy or not is by income but by their net worth. This book explains seven factors that contribute to wealth building. The seven characteristics of wealth include: living well below means; allocating time, energy, and money efficiently; believing that financial independence is more important than displaying high social status; parents do not provide economic outpatient care; adult are economically self-sufficient; proficient in targeting market opportunities; chose the right occupation. Living well below their means: They don’t have an expensive luxury car, nor do they live in an upscale neighborhood or have shopping sprees every month.
The privileged and well organized wealthy upper class of this country dominate the polls, the majority of the U.S. is not represented in election, further slowing the progress of political reform. Voting is the most obvious way for the average American citizen to exercise their rights, though only one-third of eligible voters take part in mid-term congressional elections and there was only a 57.6 percent voter turnout in this last presidential election. Public officials can only respond to the information they are given, which is more often than not from the most advantaged Americans. Those who have higher incomes and have received the highest levels of formal education are more likely to be politically active, making their needs and values taken into account by government officials first and foremost. The influence of the minority proves to in turn promote the government unresponsive to the needs of the vast majority of the population, prompting middle and lower class Americans to believe that their vote does not matter and cannot make a difference.
We all have money but only enough to pay our bills. I feel like we do what can to get by and then spend the rest on luxuries that in the long run wont be worth anything. 5. I think he feels like its not as worth it as everyone makes it seem. Nature and this Earth, and your education is the greatest wealth you can acquire.
The Millionaire Next Door The Millionaire Next Door (Thomas J. Stanley and William D. Danko) provides an outlook of households of the wealthy (at least one million dollars net worth ) and high income earners. (Based on 20 years of research the authors produce statistics and studies from these people to provide insight of typical millionaire households contrary to what is believed and seen on television. Only a small percentage of millionaires actually live a lavish lifestyle that we often see on television and are typically people who live in average neighborhoods; hence the title “The Millionaire Next Door.”) The Authors indicate 7 characteristics of the successful wealth builder: 1. They live well below their means. Generally, millionaires are frugal.
Since the low class poor people are not usually educated, they often easily “pushed” into the crimes by the high class people. Usually the upper class people are invisible and at the end the poor is the ones who get blamed. Certainly the rich benefit more than the poor. That has always and will always be the case in every society the world has known. Very often the rich push the poor by removing workers rights, by limiting corporate liability, by instigating war.
Substitute Products The threat of substitute products is very weak in the jewelry industry. Substitute performance features are extremely lackluster at this point, especially in the high-end markets. The switching costs to substitutes can also be very large, limiting their viability, along with the negative social stigma that comes with owning a “fake” item. In the diamond market, large diamond miners have bought up most of these artificial producers and then limited the availability of their products. Supplier Bargaining Power Supplier bargaining power is moderate for the online jewelers.
Most jewelry stores’ prices aren’t greatly different from others’ and buyers have very little influence on prices due to the high cost of raw materials to make the products. Substitutes: Substitutes are a relatively strong force, since there are other companies who are willing to create same or similar jewelry at cheaper prices to undercut their competitors. Government: The government plays a smaller role since the UN restricts the diamonds being sold are mined without conflict (aka
The credit card companies take this nearly free money from the government and loan it out to us as consumers at a 7 percent rate if you have a good credit standing. If you fall under the category of bad credit like most Americans they charge you 18 percent or more depending on your credit standing and how often you pay your bill. Credit card companies are entitled to a fair percentage but not the excessive earnings they receive from charging us the consumers. Lastly the spending habits of Americans are poor because almost all Americans live out of their means. With poor spending habits passed down from generation to generation, and family to family all we learn and know is how to borrow and dig a hole deeper in
His solution is to make simple declarations out loud. There are numerous declarations, but after each declaration he tells his readers to place their finger to their head and say “I have a millionaire mind.” By having his readers say this he is trying to reprogram their thought process into successful thoughts. The lesson he imparts with all of these declarations and affirmations is, "Your income can grow only to the extent that you do." Part two of his book answers the question of “How do rich people think and act?” Ekers answer to this comes from 17 different ways rich people act and think. Eker starts the book with the claim that a person’s income can grow only to the extent that the person grows.
The raise in GDP doesn’t come mainly from taxes, because even if they are legal immigrants (which are not the case usually) they have minimal income. The raise in GDP comes mainly from the production that those workers manufacture. Immigrants are the lower solid base of every industry. Another plus for the economy is that those people, who migrate, are highly motivated to succeed and this makes them better employees. They have no one behind their backs, so they know every single mistake could be hurtful for their job position.