The One Thing Rich People Want More Than Anything Else Is More Rich People

I said in my subtitle there’s no competition for money. There’s business competition between companies for market share.

Not the same thing.

The Misconception of Money

There must be a misconception in the world today that before you can make a dollar you have to take that dollar from someone else leaving them one dollar poorer.

That would be true if there was a finite amount of money in the United States but there isn’t.

Additional dollars are created out of thin air by entrepreneurs every day.

Depending on deposits on hand banks can lend out up to 10 times the amounts they have on hand.

The actual currency in circulation that we can touch is controlled but not the ones and zeroes embedded in computer programs.

As of December 31, 2020, there was $2,040.7 billion actual dollars in circulation, totaling 50.3 billion notes in volume.

When you zap your credit or debit card no actual cash changes hands.

Ones and zeroes are either added or subtracted from your account depending on which side of the transaction you’re on.

Let’s Talk About the Rich and Who’s Paying Their Fair Share

The one percent vs the 99 percent.

The CEO of Walmart ($22 million a year salary) started as a summer worker on their loading docks while getting his college degree. It’s the ultimate success story.

The top 1% of earners in the United States make just $480,930.00 per year. Yes, they’re a little short of being millionaires and billionaires.

The minimum salary for a professional baseball player was $570,500 in 2021.

As recently as two weeks ago, MLB proposed a $630,000 minimum salary in 2022 while the MLBPA was seeking $775,000.

Baseball falls far short of other sports minimum wage.

• NBA: $925,258

• NHL: $750,000

• NFL: $660,000

• MLB: $570,500

Any demonstrators outside Labron James house demanding he pay his fair share?

The top 1% of earners in America pay 27.1% in taxes while the average taxpayers pay only 14.34%.

The top 50% of wage earners in the United States pay 97% of all individual taxes while the bottom 50% pay just 3%.

Corporations are always bashed for not paying taxes. I am not aware of any US corporation that doesn’t pay payroll and property taxes.

Just to be clear corporations don’t pay taxes — they collect taxes.

Trivia: As of this writing a single share of Warren Buffett’s Berkshire-Hathaway Stock will only set you back $465,011.00 — ONE SHARE.

Why Do the Rich NEED More Rich People?

Because the purchasing power of the poor is limited. Because of limited resources the poor are forced to purchase lesser priced products with smaller profit margins.

I’ve been homeless and flat broke in my life with no prospects and it’s a very tough life.

Having money became more important than not having it so I changed my life.

Corporations and the rich were more than happy to welcome me back to the middle and upper middle class.

Now I find myself working on my second million — the first one didn’t work out so I’m setting my sights higher.

The Unintended Consequences of The Rich and Capitalism

In 2000, United Nations member states pledged to cut extreme poverty worldwide — specifically to halve the proportion of people living in extreme poverty, from 1990 levels, by 2015.

Bottom line: The U.N. goal was met. By 2015, the share of the world’s population living in extreme poverty fell to 12 percent from 36 percent in 1990, a steep decline in just two and a half decades. During a single generation, more than a billion people around the world climbed out of extreme poverty, surpassing the goal.

And what’s the key to climbing out of extreme poverty? CASH.

The official poverty rate in the United States fell to an all-time record low of 10.5 percent in 2019. Over 4 million people were lifted out of poverty between 2018 and 2019 for a 1.3 percentage point decrease. This was the largest reduction in poverty in over 50 years.

Some Final Thoughts

Even with all this prosperity there are still 39 million Americans living in poverty.

America is not perfect but in my opinion it’s so much better than anywhere else.

As stated earlier I’ve been poor and homeless, and I’ve also been well off.

Because of those experiences I know this — Unless you are mentally or physically unable to work, being poor in the richest nation on earth with all the opportunities and help available is a choice.

I could have stayed poor and homeless I decided not to.

Many people are not going to agree with my statement. I understand.

Life is unfair to some but the stories of people overcoming massive advertises are well documented.

One of my favorite quotes that has directed my life is, “In every adversity there’s the seed of an equal or greater benefit.”

The rich aren’t the bad guys. If I were you, I’d make the effort to join them. Walmart may be looking for loading dock workers.

I hope you enjoyed this and will follow me for more interesting topics.