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SmackDaniels 
New Orleans Saints Fan
Navarre Beach
Member since Mar 2007
10300 posts
| 90% of Americans first generation rich (Posted on 5/16/12 at 6:50 am)
This is extremely powerful. I'm quoting Dave Ramsey. LINK
It reminds me of Robert Johnson (Owner of BET). Arguably one of Obama's most powerful and influential supporters.
LINK
quote:
You know, I grew up in a family of 10 kids, first one to go to college, and I've earned my success. I've earned my right to fly private if I choose to do so.
The thought process these days seem to think that every rich person is the Vanderbilts. They were born rich and they pass the wealth from generation to generation. Not even close to being true.
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Scrowe
New Orleans Saints Fan
Louisiana
Member since Mar 2010
700 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 7:39 am to SmackDaniels)
quote:
The thought process these days seem to think that every rich person is the Vanderbilts. They were born rich and they pass the wealth from generation to generation. Not even close to being true.
Even if this is true, who cares?
Someone took risks at some point in time to earn the money then had the insight to invest properly to keep it going for generations.
Why should we care if someone is born into money or makes it themselves?
All we should care about is whether or not the opportunity is there for those who are not born into money to do the same thing.
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Bestbank Tiger 
Tulane Fan
Landmass Gulf Coast
Member since Jan 2005
16035 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 7:48 am to Scrowe)
The OT says most of them are poor.
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Sheep 
USA Fan
Straight Outta Acy
Member since Jun 2007
13215 posts
 Online
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 7:52 am to SmackDaniels)
quote:
90% of Americans first generation rich
Link?
I did CTRL+F and "90%" and didn't find it in either link (except for the comments).
Care to expound on your title?
ETA: Never mind..... It was "ninety." 
This post was edited on 5/16 at 7:57 am
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mule74 
LSU Fan
Houston, TX
Member since Nov 2004
6186 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 7:57 am to Sheep)
quote:
Ninety percent of America’s millionaires are first-generation rich.
From the first link.
The number of people who want to move us toward the European style state is astounding when you consider how immobile countries like France, Spain and even the UK are compared to United States.
This post was edited on 5/16 at 7:59 am
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TigerTattle
LSU Fan
Out of Town
Member since Sep 2007
4005 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 8:03 am to SmackDaniels)
quote:
The thought process these days seem to think that every rich person is the Vanderbilts
To add to that, the thought is that $200 to 250K is rich, too.
As for the linked articles, TL DID read. Ramsey and Johnson have their heads on straight; it's not a "moral imperative" that they give more of what belongs to them to the government to buy votes. What it is, is that a government wanting to strongarm its' citizens is a morally reprehensible government. Every citizen in this country has the same financial opportunities, and it's wrong to penalize those who make the most of them in order to pacify/benefit those who don't.
Thanks for the links. FWIW, I'm nowhere near rich and I'm retired except for taking a part-time job here and there occasionally, so I doubt raising taxes on "the rich" would affect me much.
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EthanL
LSU Fan
Harvey LA
Member since Oct 2011
2332 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:11 am to TigerTattle)
200k to 250k IS rich. If you are netting that amount and cannot live comfortably you have problems
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gatorrocks 
Florida Fan
Lake Mary, FL
Member since Oct 2007
6683 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:13 am to EthanL)
quote:
200k to 250k IS rich. If you are netting that amount and cannot live comfortably you have problems
Get there first before thinking that.
I agree with the assessment in the article. I make 200k a year by busting my arse and you want to tax me even more? frick you.
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GoCrazyAuburn 
Auburn Fan
Member since Feb 2010
9234 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:19 am to gatorrocks)
Net $200k after taxes is definitely rich. It's not millionaires and billionaires, but it's rich.
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coloradoBengal
LSU Fan
Member since Sep 2007
32608 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:21 am to GoCrazyAuburn)
quote:
Net $200k after taxes is definitely rich. It's not millionaires and billionaires, but it's rich.
Entirely depends on where you live.
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Rex
LSU Fan
Here, there, and nowhere
Member since Sep 2004
48192 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:21 am to SmackDaniels)
quote:
The thought process these days seem to think that every rich person is the Vanderbilts.
Link?
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coloradoBengal
LSU Fan
Member since Sep 2007
32608 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:22 am to EthanL)
quote:
200k to 250k IS rich. If you are netting that amount and cannot live comfortably
Subjective terms that are not synonymous.
This post was edited on 5/16 at 9:22 am
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Rex
LSU Fan
Here, there, and nowhere
Member since Sep 2004
48192 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:23 am to gatorrocks)
quote:
I make 200k a year by busting my arse and you want to tax me even more?
I do, yes.
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TigerTattle
LSU Fan
Out of Town
Member since Sep 2007
4005 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:28 am to EthanL)
quote:
200k to 250k IS rich. If you are netting that amount and cannot live comfortably you have problems
I could live "comfortably" on less than half that. Doesn't make me rich. Depends on lifestyle. "Rich" is in the eye of the individual beholder. In the end, it doesn't matter what the threshold for "rich" might be; it's still wrong to arbitrarily decide who is rich and how much wealth they should be allowed to have or accumulate. Also wrong to take fairly earned wealth away from them based on that decision.
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BlackHelicopterPilot
LSU Fan
Top secret lab
Member since Feb 2004
27073 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:31 am to Rex)
quote:
I do, yes.
Not me. I want to give a tax BREAK above a certain threshold.
"YOU have done something terrific...here. Take this break as a reward and 'thank you' for being so exemplary of what we want"
not kidding
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lsu6294
LSU Fan
A house
Member since Jan 2009
4548 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:41 am to EthanL)
quote:
200k to 250k IS rich. If you are netting that amount and cannot live comfortably you have problems
A family of 5 living in a decently sized city making 250k pre-tax is firmly middle class.
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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
16864 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:50 am to coloradoBengal)
quote:
Subjective terms that are not synonymous.
When a family of four making $250k is classified in the same category as Bill Gates (ie "rich") the term has no meaning. (ht ShortyRob)
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udtiger
LSU Fan
Louisiana
Member since Nov 2006
18379 posts
Online
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:55 am to GoCrazyAuburn)
quote:
Net $200k after taxes is definitely rich. It's not millionaires and billionaires, but it's rich.
Even accepting that premise (as noted, $200k is vastly different in, say, Jackson, Mississippi as opposed to NYC), what gives anyone else the right to: a) bitch about the other person's success (99%ers); and, b) confiscate more of that $ through taxation?
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4492 posts
Online
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 9:57 am to SmackDaniels)
quote:
The thought process these days seem to think that every rich person is the Vanderbilts. They were born rich and they pass the wealth from generation to generation. Not even close to being true.
I have no problem with "family" money. As a parent, one of my most import goals is for my two daughters have it better then me. I am pumping money into my retirement as hard as i can. My goal is to live off the interest alone, and when me and my wife die, that they split the principal of my retirement.
As long as i hit no Major medical issues they should be set.
My retirement plan should be well in excess of $1m hopefully around $2 in current dollars between my retirement accounts. I am putting in the equiv. of 22% of my pre-taxed income (company matches 6%) why should my daughter not get what i have saved for me, and ultimatly them, if the guy in the office across from me only puts in 6% to my %16?
We make the same amount of money
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lsu6294
LSU Fan
A house
Member since Jan 2009
4548 posts
| re: 90% of Americans first generation rich (Posted on 5/16/12 at 10:10 am to tigeraddict)
I wonder if obama's daughters will be brow beat in their future careers because their fathers political success.
That's one thing I'd love to ask Obama to his face. If one of your daughters decides to run for president, should it be a mark against her that you are her father?
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