Hey, I'm Jed, a Cakephp developer basically. BTW I just shipped Tweet Caddy the most advanced tweet scheduler. Please check it out!
Opportunity, I think is the best word to describe it. While most people consider getting a job in a fortune 500 company as a rare opportunity. Rich people who were born with rich parents don’t event need to apply for a job their entire lives.
Let me first say this, I am not born rich nor wealthy. I consider myself in the middle class in Pampanga. I worked as an employee almost my entire life. Working for somebody else is certainly not glorious but it pays the rent and it supports my family. There must be a little glory in there somewhere.
The topic is why do the rich gets even more richer? and why do the rest of us need to struggle our entire lives in order to survive? I want to discuss about this topic so we can somehow emulate the rich in small ways that we can afford. What kinds of opportunities do the rich have so they can accumulate more wealth than ever before? Is it possible to emulate them so we can become one someday? Just a warning though, below are just my observations so please take it with a pinch of salt.
Time - Being an employee is basically bartering your time and energy in exchange for money. As you gain more experience and skill your rates will eventually go higher. But as you sell more of your time you eventually close the opportunities that rich people have. The wealthy do work hard either but they focus their time on finding and accumulating passive income. Eventually, investments such as stocks, real estate, and other passive income can be passed on to the next generations. Like employees, they too gain more experience and skill so they will eventually accumulate more wealth.
Risk Tolerance - The rich can afford to lose money. If the wealthy lost money from an investment he will still have enough to recover. That is where the Filipino OFWs (immigrant workers) get a huge disadvantage here. A Father comes home from the Middle East he and his wife opens a small business — let’s say an internet cafe — but disappointingly they had to close it down because it’s not making money. The reason might be financially. e.g they ran out of cash or because of mismanagement due to them being inexperienced at running the business. So the father needs to find another job abroad again for the next 5 years. Rinse and repeat afterwards.
Family Culture - People who were born wealthy were brought up in a rich state of mind. They knew from the beginning that they are rich and they knew how their parents became rich. If you’re from the middle class you don’t have this knowledge and so you go to the local bookstore and buy a book like Rich Dad, Poor Dad. Eventually those book will make you delusional and you think you’ll make it in the next 2 years. Then real world will hit you like a brick.
But rich people educate their children through real life experiences in business i.e. They let the business ran by their children and they let their children find investment opportunities and so on. Most of us, on the other hand tell our children to get good grades so they can work for that rich man who was lucky enough to have rich parents.
What do you think, in your opinion,why rich people get even more rich?
