Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me and I welcome their hatred.-FDR

Sunday, August 15, 2010

Stop Picking on Millionaires!

Whenever you see these "X-number myths" lists relating to the wealthy, become skeptical. All 7 of these are total or partial bullshit.

1. Millionaires Don't Pay Their Taxes. Fact: It is estimated that millionaires, those in the top 1% of earners, pay about 40 percent of all taxes. Current tax regulation shifts may change these numbers to make this even larger than that -- so think twice before accusing the millionaires in America of not paying taxes.

Straw man, nobody is accusing them of not paying taxes, just not paying enough taxes. The rich get most the income, so of course they will pay the most taxes. But they used to have a 90% tax rate, now it's under 40%, so if anything they need to pay more.

2. Millionaires Just Inherited Their Money. According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first-generation millionaires who earned their cash on their own. Many millionaires simply worked, saved, and lived within their means to generate their wealth -- think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died -- they worked for the money.

Again, another straw man. Nobody is accusing all of them of just inheriting their money, but still 20% is too high if you think about it. The idea that 1 out of every 5 millionaire you see just got their money from mom and dad would piss off anybody. And those other 4 out of every 5 were probably mostly well-to-do before getting into the business world so they could get into the good schools or the good job that made them a millionaire.

3. Millionaires Feel Rich. From the outside looking in, you would think that millionaires feel rich and secure, but that's not so. Most millionaires worry about retirement, their kids' college fund and the mortgage just like the rest of us. Those worries are greatest among new millionaires, the people who just recently acquired their wealth.

Okay, now this is total bullshit. If you are a millionaire and don't "feel" rich, you are either retarded or paralyzed. And even if you are worrying about stuff, you still "feel" rich, period.

4. Millionaires Have High-Paying Jobs. It certainly doesn't hurt to be gainfully employed, but half of all millionaires are self-employed or own a business. It does help to have a college degree, as about 80 percent are college graduates, though only 18% have master's degrees.

This is even more bullshittier than 3, IF YOU ARE A MILLIONAIRE, YOU HAVE A HIGH-PAYING JOB!!!!! I guess if you had a low or medium paying job, you can earn a million dollars in your life...if you retired at a 100.

5. Millionaires All Drive Fancy Cars. You can get that idea of the rich guy in a fancy German car out of your head when you think of a millionaire: They actually drive a Ford, with the carmaker topping the millionaire preferred car list at 9.4 percent. Cadillacs run second on the millionaires' favorite car list, and Lincolns third according to

Car payments are an investment with little return, which is why someone looking to grow wealth avoids high-priced vehicles in favor of a more economical set of wheels.

Depends on your definition of "fancy." But I'm guessing if you are a millionaire, you drive a more fancier car than me.

6. Millionaires Hang Around the Golf Course All Day. Those millionaires are all retired, with nothing else to do but hang around the golf course, right? Wrong. Only 20 percent of millionaires are retirees, with a full 80 percent still going to work. It's not as glamorous or fun, but millionaires go to work just like you do; it's how the money gets in the bank.

Again, another straw man. If they hung around the golf courses all day, they would get sun burnt. Millionaires hang around the golf course more than the average person, that's what the issue is.

7. Millionaires Are Elitists. We've already established that most millionaires earned their money and not inherited it, still go to work, drive a Ford, and worry about their kids' college expenses. Sounds a lot like the rest of America, right? Millionaires come in all shapes and sizes -- some may be elitists, but most are just regular Joes who successfully managed their money.

Shit, IF YOU ARE A MILLIONAIRE, YOU ARE ELITIST!!!!! You might not act like a dick, but you are still better-off than the rest of us.

The Bottom Line. Maybe you see a pattern here: Today's millionaires are people who live within their means, budget and spend wisely, and focus on financial independence first. These are habits that take discipline, but ones we can all adopt to begin growing wealth. If these facts prove anything, it's that every one of us can strive to become a millionaire -- you can start by driving your old car with pride.

After reading these bullshit points, I've realized that there will always be this mentality. People will always try to make the rich seem "less rich", but that can't take away the fact that they are better off than the rest of us. While I don't hate all rich people, I think that their wealth is the result of intellectual laziness and social hostility.

I don't know Claire Bradley, but I assume she is not a millionaire. That last point is the biggest piece of shit. Not everyone can strive to be rich, we need to all acknowledge that if we are going to strive for more wealth equality.

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