Thread: The 1% - Your Thoughts?

Long live the 1%. Become the 1%. Associate with the 1%. etc etc

Now, the .001% is where it's at.

The 1% can be broken down like this:

Inheritors. They got their wealth from their parents and didn't build anything to achieve it. Most inheritors go broke, but some end up becoming richer than their parents. That's, however, very rare.

Big company executives. They got their wealth by climbing up the corporate ladder. Their parents are certainly very well off but not necessarily in the Top 1%; just well-off enough to send them to private schools all their lives. They graduated from an Ivy League, got their MBAs from Ivy League, worked for the same company for twenty to thirty-odd years and landed their bonuses when they turned, oh, say 50 or so. They don't tend to be billionaires.

The famous. They got their wealth via their Slowlane work which exploded exponentially. It's Slowlane because they're not their own boss. Some might say they 'got lucky', but that's a debate for another time. They tend to be broke within years of hitting their wealth. Often times, their kids don't even get to live the life they did.

Fastlaners. They got their wealth by building a proven Fastlane system meant to serve people. Doesn't matter what it is: could be a tech business, real estate business, even a hedge fund. They are often the most respected of the rich because they are known to work hard and long for no pay, trying to fulfill their American dream. These guys are the billionaires.

If you're here, you're probably not category number one or three. If you can't get into Stern or Wharton's MBA program (or afford it, or move to a major city center, or get a job in the marketing department of a big company), you're probably not going to be category number two, either. Looks like you're only chance of hitting the 1% is through category four...

Also, I hate it when people complain it's unfair. It's unfair that teenagers with hopes and dreams have to die of cancer. Life is unfair. Deal with it in your own way. If you're gonna remain poor, don't spread your poorness around.

Originally Posted by The-J

Looks like you're only chance of hitting the 1% is through category four...

As for me, category four is the very accessible one since getting to the first 3 categories isn't easy to start with unless you have rich parents that leaves you inheritance or can provide you cutting edge education.

The biggest problem might not be with the top pulling way ahead, but with the middle forgetting the value of honest work. Seth Godin had a line about how for the last 50 years we could get above average pay for below average work, but now technology is forcing us to face the truth, i.e., if you can be outsourced, you didn't provide that much value to begin with.

I think income inequality stats should only be shown with leisure inequality stats. People come away from these "reports" saying they want equality, but only in dollars, not in time worked, dates missed, friends lost, etc.

What are the barriers to financial success? One web site I was looking (WealthAdvisor.com.au) said :

1. We don't know what to do or where to start
My answer to that? Read the Millionaire Fastlane. We get this comment all the time at this forum.

2. We don't know how to do it
My answer to that? None of us did. I am self taught. I made mistakes, got kicked to the ground, and got back up again. This is just an excuse we hear all the time at this forum. Stop posting here and start investing in yourself. Nobody is going to do this for you.

3. We don't have the resources.
On the forum last week there was someone complaining about his lot in life. He lives in Romania, where in his limited vision there is no way to monitize a business as his countrymen are poor. I (amongst several others) suggested what he could do --- in Romania --- to make money. Will he do it? Doubt it. It's not about resources --- it's about people looking for the easy road. That's why books and programs and infomercials work.

4. We don't want to do it.
Why do people invest in a Certificate of Deposit (CD) that pays 2% when they could invest in tax liens that can pay up to 24% annual interest? The tax lien investment is work. The bottom line is more people than not won't do what it takes to be financially successful. In America, over 50% of Americans receive some type of governmental welfare program or other financial assistance. We may have reached the tipping point with a majority of Americans now voting to increase their reliance on the government for their sustenance. In any case, none of us can help someone whose response to their own self reliance is "we don't want to do it."

In America, you can still make it to financial independence. I met a guy at Beer and Pancakes last week that started living only after his 30 year blue collar career. He could have retired, and checked out. But he started living a Fastlane business only after most people cash it in. He could have "retired", taken his pension and social security. Instead, he is in the process of changing his legacy. And... he's doing it by adding value to people's lives. Winning. Why don't you tell him all the reasons he can't do what he's doing? He doesn't have the skills. He doesn't have the money. He doesn't have the background, the head start, the rich daddy, or the knowledge. He doesn't have the time, the environment, or the teachers. He doesn't have the training, the pedigree, or someone to help him. There's no logical reason he's winning, if you listen to the world. But you know what? This guy has a passion in his gut to find a better way. He's a quiet giant. Nobody had any idea... that this guy... with everything stacked against him... was kicking so much ass. He's building a legacy that is way bigger than himself. He's beating the odds.

What's your legacy going to look like? Are you going to watch a video that talks about how the odds are stacked against you, and use that to justify why you are sitting on the couch watching reruns of Honey Booboo?

I agree @redsheep.. people who bust their ass, skip parties, skip fun stuff, lose friends, etc. don't scream about the inequality of all of that.

It's a big complicated topic, but one big issue is education. We are generally taught to conform, to not think for ourselves out of the box. Only a few manage to escape that mindset, whether it be self made entrepreneurs, or next generation kids with parents that broke out of it. Definitely a small minority.

Originally Posted by Vigilante

In America, you can still make it to financial independence. I met a guy at Beer and Pancakes last week that started living only after his 30 year blue collar career. He could have retired, and checked out. But he started living a Fastlane business only after most people cash it in. He could have "retired", taken his pension and social security. Instead, he is in the process of changing his legacy. And... he's doing it by adding value to people's lives. Winning. Why don't you tell him all the reasons he can't do what he's doing? He doesn't have the skills. He doesn't have the money. He doesn't have the background, the head start, the rich daddy, or the knowledge. He doesn't have the time, the environment, or the teachers. He doesn't have the training, the pedigree, or someone to help him. There's no logical reason he's winning, if you listen to the world. But you know what? This guy has a passion in his gut to find a better way. He's a quiet giant. Nobody had any idea... that this guy... with everything stacked against him... was kicking so much ass. He's building a legacy that is way bigger than himself. He's beating the odds.

What's your legacy going to look like? Are you going to watch a video that talks about how the odds are stacked against you, and use that to justify why you are sitting on the couch watching reruns of Honey Booboo?

Wake up, log into FLF, and find this golden nugget to start my day.

Superb post, Vigilante

Originally Posted by Vigilante

Why do people invest in a Certificate of Deposit (CD) that pays 2% when they could invest in tax liens that can pay up to 24% annual interest? The tax lien investment is work.

How has that been going, by the way?

the 99% complain that it's unfair then they take their slowlane paycheck and turn it over to the 1% on a daily basis.

As taught to me, I'd rather have 1% from 100 people than 100% from 1 person. There are always opportunities but you won't get wealthy easily by hoping one person is your ticket.

Thanks for the vid, I've seen a few similar stats. There's already been many good points related to us at the fastlane forum. As the OP said it's a complicated topic. But I'll add/emphasize one thing.

Social mobility. For us in the west it's generally available to us in ways most can't imagine + we've found resources like this forum, TMF etc which gives us even more.

Originally Posted by Vigilante

In America, you can still make it to financial independence.

For those of us in America or Europe and access to the internet and resources like this, well we are truly fortunate

Decided to watch that ridiculous video. Wealth isn't a static pie that sits there to be sliced, diced, and distributed. Wealth isn't the amount of dollars in our economy. Wealth is what provides our dollars any value. it is the goods and services these "wealth thieves" provide. The poor would be a whole lot poorer without them. Sure you could have more $'s but now there's nothing on the shelf to purchase.

Originally Posted by The-J

How has that been going, by the way?

There was a great presentation (by Anne) on this at B&P. I have researched a few, but haven't taken a deep dive into this yet (which I expect to be doing aggressively in 2013!). If you ever have the chance to catch Anne's presentation (which might some day be posted to the insider's threads? I am not sure) do it. It will open your eyes up to a whole new way of raising your expectations on investing and return on investment.

Originally Posted by Jake

Decided to watch that ridiculous video. Wealth isn't a static pie that sits there to be sliced, diced, and distributed. Wealth isn't the amount of dollars in our economy. Wealth is what provides our dollars any value. it is the goods and services these "wealth thieves" provide. The poor would be a whole lot poorer without them. Sure you could have more $'s but now there's nothing on the shelf to purchase.

This is what ticks me off about the lying elites in DC, they treat the economy as a static pie to be divided up equally/fairly etc....wealthy need to pay their fair share BS. When they are putting policy in place to shrink the size of the pie. We will only get progress when we go full steam ahead in growing the economy, not rearranging the deck chairs on the titanic giving people a place to sit.

What is ironic is the rich get richer relative to everyone else in recessions. Wealth is relative buying power.

Reminds me of this scene from wall street, the numbers may be off though since this was in the 80s

Skip to 1:40

99% is:
I would - I should - Maybe tomorrow - I could - I couldn't - But - I hope

1% is:
I do

Nothing else, believe me