We all know that man comes in the world alone and goes from the world alone. He is only remembered by his acts. Some do good for others while some spend their lives running after money.
One cannot deny the fact that Money is power. Money is though erratic, when in low positions, respect acts an important support. By the same token, money can’t buy respect but respect can help earn money. Besides, you can have all the money you want, but that doesn’t necessarily translate into power or respect. Money can buy power at times, but respect is hard to demand.
It is an oft-repeated axiom that a person can learn a whole lot about a society by how it treats its poor; but just as much may be learned by looking at how that same society treats its rich.
Indeed, the economic future of the poor—and our nation—will be determined in the coming decades by how we treat the people in this country who create great wealth. It will be determined by our understanding of the so-called rich and by our need to foster and protect this minority of true wealth creators.
It is an unpopular thing to say…Rich people need help?
Rich people need to be protected?
Rich people a minority?
“Give me a break,” people say. “They just seem to keep getting richer!”
I am often asked what is it to be wealthy that most people don’t know much about.
Well here are some facts that may surprise you and that you may or may not have imagined along with some tips as to how to best deal with it.
1. Being wealthy is an incredibly isolating experience. What I mean by that is you can’t really complain about your problems except within your small circle of rich friends. Otherwise, you will sound like an asshole. Even if you do, non-rich people can’t really empathize with you.
There are a few other problems associated with being rich such as family/friends asking for money, unexpected jealous reaction from friends/family, pressure to deal with more complex tax, estate planning and investment planning, etc… The joy of “set for life” doesn’t seem to offset the anxiety from hoarding the huge sum of money. In addition, when you don’t work because you are rich but can’t hang out with your friends who have to work during the week, you feel like an outcast of society. Best way to deal with it? Stay focused, keep working at what you do best – Work is healthy – and enjoy what you have with people you carefully selected and feel comfortable with.
I get a lot of questions about how to get rich, and my answer is very simple.
Don’t spend too much. Mostly save. Always invest.
Yet so many people do the exact opposite—invest poorly, spend way too much, save almost nothing, and remain willfully ignorant about their finances.
Why? Because they don’t understand their relationship to money.
So how do you develop the good habit of turning you situation around, get out of your hole, get on the right track and stay on it?
The first step in changing money habits is taking a cold hard look at your financial input and output by adding up all your earnings and subtracting all your expenditures over three months. If your number is positive you’re one of the few people taking in more money than you spend. If your number is negative, and like the majority of men and women, you spend more than you make.
Much has been made of the worrisome rhetoric in the State of the City speech given on February 10th by New York City’s new mayor Bill deBlasio. Some in our audience, particularly anyone with a connection to New York City, have already expressed fears about what to expect next from the de Blasio administration.
Other commentators have been quick to deride de Blasio as a Marxist; indeed, de Blasio’s hapless Republican opponent used that label on him as early as September 2013. However, concerns should extend far beyond the City and the Financial Policy Council believes the de Blasio speech is a harbinger for the world.