Whatever one says that odds are against me getting wealthy, that's not gonna stop me from trying and giving it 200%.
Investment Manager Explains Why 99.5% Of Americans Can Never Win
- Thread starter Banjo
- Start date
The author needs to get his history right when he says "In my view, the American dream of striking it rich is merely a well-marketed fantasy that keeps the bottom 99.5% hoping for better and prevents social and political instability".
The American Dream has never been about belonging to the top 0.5% or simply "striking it rich". That's not only oversimplifying it, it's plain wrong. First, mathematically, 99.5% can never achieve being in the top 0.5%. When has the concept American Dream in the last 100 years ever been about amassing a $50m fortune and then living off of interest alone, while never touching your principal? That's a ridiculous interpretation not even selling with socialist simpletons.
The American Dream is about social and political freedom, the ability to move upwards in society according to one's skill and worth ethic. So is upward mobility still possible? Do the competent move up while the lazy and incompetent more down in social rank? Do those entrepreneurs with better ideas receive a higher degree of economic reward than those with inferior ideas? That's what the article ought to be about.
The American Dream has never been about belonging to the top 0.5% or simply "striking it rich". That's not only oversimplifying it, it's plain wrong. First, mathematically, 99.5% can never achieve being in the top 0.5%. When has the concept American Dream in the last 100 years ever been about amassing a $50m fortune and then living off of interest alone, while never touching your principal? That's a ridiculous interpretation not even selling with socialist simpletons.
The American Dream is about social and political freedom, the ability to move upwards in society according to one's skill and worth ethic. So is upward mobility still possible? Do the competent move up while the lazy and incompetent more down in social rank? Do those entrepreneurs with better ideas receive a higher degree of economic reward than those with inferior ideas? That's what the article ought to be about.
+1 for an insightful and contrary point of view. The "American Dream" certainly has shifted over the course of history. American has (compared to other nations and compared to the 250 years prior to this 250 years) achieved social mobility for its patriot and has defended to keep certain unalienable rights - well, unalienable.
Lest anyone think I disagree with the article completely, I don't. But depending on your definition of the dream, it's to be reached, has been reached, or will never be reached.
Millionaires say wealth only leads to unhappiness. Wealth disparity increased in the last 25 years in the USA. This wealth gap is crushing mostly the American youth (acc to some surveys).
true, but everyone is rich is something. even a poor handicap on pension is rich something in life. money alone does not make one rich.
one biggest reason of unhappiness of rich folks is.........80% of the people in their inner circle are after their money. too much expectation and thus stiff relationships.
money does help in more than few things, but after a limit it is all numbers game i.e. decreasing marginal returns in terms of happiness.
When I was a kid, I used to be kind of jealous of Michael Jackson. I am about the same age, and we lived only a few miles apart (I have never met him). It used to blow me away that he had so much money. I thought about that again when he died a few years ago. Even with his amazing talents and his riches, I have something he does not: I'm alive. I wouldn't trade.