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Is Being Rich Bad?

Updated on March 22, 2016
Is Money Bad?
Is Money Bad?

The Great Debate

Throughout history, there are many people who have said that being rich is a bad thing. In today's world, there are a lot of people in the younger generation who are resisting the old ways of doing business. Instead of just concentrating on making a profit and building wealth, a lot of these younger people want to impact the world. There are a lot of great charities that have been able to influence poorer parts of the world. There are several schools of thought today when it comes to being rich.

  1. Being Rich is Something to Strive For
  2. Being Rich is Morally Wrong
  3. Being Rich is a Responsibility

When examined through a historic context, it is important to define exactly what being rich is. Compared to people just 100 years ago, almost everyone in the United States is rich (except for those pesky student loans). No one had any access to the internet and travel was difficult. Today, "poor" college students can interact with people all over the world and travel anywhere they want to. Not to mention, education is more attainable than ever before.

Should Rich People Pay?

There is also a growing contingent of people who believe that rich people should pay a lot more in taxes in order to supplement their income. Over the long term, this is a belief that has held true. President Woodrow Wilson was the person responsible for the income tax in the United States. Although the rates were much lower for everyone, the income tax system did start out as a graduated income tax.

Is Being Rich Good?
Is Being Rich Good?

The Moral Responsibility of Being Rich

There are also a lot of people who believe that rich people have a responsibility to pay back society for helping them to get to the place they are today. After all, investing in the stock market for decades can't be the only way a person gets rich. One thing that the entire rich argument misses is the fact that people who become rich do so through adding value to society in the beginning.

Starting a Business

One of the most common ways to become rich is to start a business. In fact, the average millionaire has multiple streams of income and is self employed at some level. When running any sort of business, the only way to stay open is to add value to customers in some way. It should not matter that Zuckerberg is now one of the richest people in the entire world. He has added so much more value to the world through the creation of Facebook. Never before in history have so many people been able to gather together and socialize. There are a lot of families closer today because of this product and service.

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What About Taxes?

Taxes are a huge debate in the United States and around the world today. In the United States, there is a graduated taxation system where people have to pay higher tax rates as their income increases. Over the long term, there are a lot of people who say that this is a good thing. Rich people can afford to pay more in taxes, so there is no reason not to. Besides, many of these people are already financially independent.

The Myth of Taxing the Rich

One key point about taxes is that many people with a lot of wealth do not pay a lot of taxes. This is because income is taxed much higher than capital gains. There are many people who think this is a good thing, and I have to agree. Taxing capital gains at a higher tax rate will stunt economic growth and hurt older people who are living off of their investment income. Anytime the government has worked to tax the rich, a loophole is always created.

Starting a Business
Starting a Business

How Can I Get Rich?

Anyone in the United States today has the opportunity to become wealthy. In fact, compared to much of the rest of the world, anyone living in this country already has access to loads of wealth. There are few people today who do not have access to the internet, running water or electricity. These are now seen as basic human rights that people must have to survive. To get rich, you have to follow several steps.

  1. Take Risks
  2. Invest
  3. Increase Your Income
  4. Spend Money on Assets, Not Expenses

Starting Your Own Business

There are a lot of people who are interested in starting their own business. This is a great way to make a positive difference in your life. Investing in real estate is another great way to build a source of income. With an online business, it is now easier than ever before to build another stream of income. Always look for ways to develop new income areas in your life. Over time, this will help you to become rich.

Video on Getting Rich

Financial Theory
Financial Theory

Being Rich is Good

This is going to be controversial, and that is okay. That is one of the benefits of living in our society. Being rich is actually a good thing and nothing to be vilified. Having access to large amounts of wealth does several things in your life.

  • Stress Reduction
  • More Flexibility
  • Financial Freedom
  • Ability to Help Others

There are a lot of people who say that the American Dream is to buy a big house that you can show off to your friends and family. Instead of taking on a consumer mentality, it is important to start thinking like someone who wants to build wealth over time. There are a lot of people who have been able to help others through their wealth.

Leading the Way

Business owners often get vilified in the media for their enormous salaries and wealth. Looking at some companies and their performance over the years, there is some merit that some CEO's are overpaid. However, leading a successful business takes a lot of hard work over a period of many years. Unless a business is adding value to society in some way, they are not going to survive. In order to reach high levels of success in business, a company owner must add value to customers. This is lost in the rich argument far too often.

Instead of vilifying the rich, start emulating their wealth building habits. Over time, you will be able to make progress with your personal finances and impact the world around you.

Poll

Do You Agree That Being Rich Can Actually Be a Good Thing?

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    • Leonidas Victory profile image
      Author

      Leonidas Victory 16 months ago

      Thank you for leaving a comment! I could not agree with your assessment more. I hope more people start to see the power in money instead of fearing it.

    • Say Yes To Life profile image

      Yoleen Lucas 16 months ago from Big Island of Hawaii

      You're absolutely right - being rich is a good thing. In fact, everyone who lives in a wealthy country like the US has a moral obligation to manage their money well and be as rich as possible, so we can help those who do not have the opportunities we do. As Lang Hancock said once, “The best way to help the poor is not to become one of them.”