This morning as I was reading news highlights in Yahoo homepage. I was drawn to the topic on "What the Rich Worry about". Out of shear curiosity I read the article. I don't think I was overly surprised at what they said the rich worried about...what shocked me is that they put it into print for the world to read...here are a few excerpts from what they had to say......
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rich do fear being cheated by an unscrupulous financial adviser, being a victim of some other financial fraud, having their identity stolen, being unjustly sued or violence against themselves or their families."They have all sorts of security issues ... because they have more at stake......." The other thing they say they worry about is
"Money" How ironic is that. But it is true. The wealthy worry about keeping their money, making more money and teaching their children how to appreciate money...
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About 30% of those in the US$1 million to US$5 million bracket worry about teaching their children how to manage money. That number doubles at the highest tier. Balancing family and business interests worried 23% of those in the lower range and 60% in the highest."
"They are concerned that [their children] be in control of the money, rather than let the money be in control of them,'' says Jon Gallo, co-author with his wife Eileen Gallo of Silver Spoon Kids and The Financially Responsible Parent: 8 Steps To Raising Successful, Generous, Responsible Children." The report goes on to say....."
94% say the same was true of "the lifestyles of the exceptionally wealthy." These exceed the 81% who say "not being able to meaningfully enhance" their current lifestyle is important, which is about the same level as "making sure your heirs are taken care of."
As Russ Prince(interesting name for an author of such a report don't you think) describes it, it's the mindset of "I have the $5 million jet. I want the $10 million jet." But he doesn't see it as greed. Rather, he says, it's simply a reflection of what everyone at every income level wants: something more.
" 'Greedy' is the wrong word,'' Prince says. "This is not a bad thing. This is the capitalist model. The desire to keep moving up, to enhance their lifestyle, is critical to having this entrepreneurial society.''
I found this whole article very disturbing. It made me curious as to what is the average household income both in Canada and the USA this is what I found. The average household income for a Canadian family in 1995(sorry most current stats available) was $58,899. In the USA they say the average White Non-Hispanic household income is $48,997 that is for year 2004. There are 39 million people in the USA living in poverty that is more than the whole population of Canada. What's even more disturbing is that 13 million of those people are children under the age of 18.
How dare Mr. Prince say that using the word "greedy" is wrong. You tell me...why should so few have so much, when the future of countries lies in the hands of their children and yet we let their children live in poverty.
I am not saying that the wealthy are not entitled to their wealth. Some have worked extremely hard to get where they are. I take exception to the likes of celebrities like Paris Hilton who do nothing with their lives other than spend the family wealth and the cry to the courts because they have been to harshly treated. Boo
hoo Paris. I digress.
I just find it so terribly frustrating when I read articles like the one I read this morning....it truly tells me that some journalists still have their heads up their.....and haven't got a clue as to what the average person thinks, needs or desires. In times when gas prices are skyrocketing, to be able to purchase a home is becoming a thing of the past, for some even putting a meal on the table is a chore and then to be told that the rich have worries as well....like how to make their children socially responsible and how they will buy their next jet...oh please give me a break. We should be teaching our children to be socially responsible regardless of their
socio/economic situation and as far as the jet goes...well if you have a dream go for it...but not on the backs of others.
In countries like Canada and the USA poverty should be a thing of the past. One shouldn't have to be working 2 or 3 jobs to put food on the table. And as for the rich....well I am happy for them...but I certainly don't give a rats....about how they will buy their next jet.....
Happy Monday all!