When average Americans struggle to put food on the table, many affluent people struggle to remain financially sound. Celebrities, politicians, lotto winners, and professional athletes receive millions of dollars in wages and payments, but somehow are unable retain their fortunes. According to the U.S. census bureau, the median family income in the United States is about 30,000 dollars annually; somehow some parents are able to feed their children and fund their children’s education. According to recent studies by CNN Money, the median cost of raising children to age eighteen was 241,080 dollars and that number does not even include the cost of a college education. The cost of a college education is continually on the rise and can go as high as 60,000 dollars a year for private universities. Many of the average family’s wages have remained stagnant while many costs such as: gas, healthcare, groceries, clothing and an education have risen at exponential rates. Unfortunately, many of society’s, wealthy believe they have limitless funds while many of them face charges of fraud and tax evasion. But what causes rich Americans to find the desire to self-indulge? Fame can place individuals with a heavy burden to become successful.
Extravagance is the lack of restraint when it comes to making wise financial choices. The act of being extravagant conveys a message to all witnesses nearby. Extravagance means being the passerby in the biblical story “The Good Samaritan.” It shows a form of narcissism and self-indulgence. Greed is the attribute that most represents quintessential rich folk. Over indulgence means possession of yachts, islands and private jets. Extravagance is not philanthropy. Bill Gates, a well-known philanthropist and the f...
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...an MC Hammer. It tells the reader information about his life, music and bankruptcy headlines.
Hicken, Melanie. "Average cost to raise a kid: $241,080."CNN Money. N.p., 14 Aug 2013. Web. 20 Nov 2013. . This is an article by CNN Money about the growing cost of having children. It did some calculations based on the standard of living and prices to figure out the total cost of raising children. It also points out that some kids are raised more extravagantly than others.
"MC Hammer." 2013. The Biography Channel website. Nov 20 2013, 02:47http://www.biography.com/people/mc-hammer-21212639.
This article is a biography of musician MC Hammer. It tell the reader about his beginnings and the downfall of his musical career.
"Wikipedia." Rob Ford. N.p., 20 November 2013. Web. 20 Nov 2013.
Sklar provides vivid illustrations of the astronomical wealth of America’s richest class. Sklar opens her article with the following fact from the CIA World Factbook, “‘Since 1975, practically all the gains in household income have gone to the top 20 percent of households’” (308). This is a disturbing fact especially for a country that prides itself on equality. A truly equal society would reflect nationwide prosperity throughout all levels. Next, Sklar writes about the Forbes 400, the wealthiest people in America. Sklar states that the minimum net worth to get on the list is $...
But not in all cases. Consider for example, a famous boxer Evander Holyfield. He was believed to make over 200 million dollars in his boxing career. This is more than enough money to get you through life. Where is he now, well he has been evicted from his mansion in Atlanta and is by all purposes bankrupt. Why, well because he had no education. If he would have gone to college he could have had a job and not be in the situation he is in today. Sadly to say, he is not the only one in this situation. Players like Allen Iverson and Antoine Walker are in the same boat. This could have been prevented if they had just went to
While she was working the minimum wage life she would talk about the rich as selfish people who struck luck and got all their money that way. She says, “ Since the rich have become more numerous, thanks largely to rising stock prices and executive salaries” (Ehrenreich 109). She explains that the rich are becoming more numerous as a result of stocks and executive salaries growing. The New York Times says, "Data Reveal a Rise in College Degrees Among Americans” (Rampell 1). The article says that more and more Americans are earning college degrees over the years. This is the reason why the successful are
Living in one of the wealthiest countries in the world, our culture has naturally valued prestige and luxuries. We admire fancy items and often judge other individuals by the clothes they wear, the car they drive, and the schools that they attend. The “American Dream” serves as a motivational factor for people; believing that hard work and dedication can bring “success” to ones’ life. Although this is partially true, it is difficult for individuals in the middle class and lower class.
The Millionaire Next Door written by William Danko and Thomas J. Stanley illustrates the misconception of high luxury spenders in wealthy neighborhoods are considered wealthy. This clarifies that American’s who drive expensive cars, and live in lavish homes are not millionaires and financially independent. The authors show the typical millionaire are one that is frugal, and disciplined. Their cars are used, and their suits were purchased at a discount. As we read the book from cover to cover are misconceptions start to fade. The typical millionaire is very frugal in all endeavors and finds the best discounts possible. A budget is implemented daily, monthly, and annually for a typical millionaire. They live by the budget and are goal oriented. Living well below their means is crucial for a millionaire, and discovering ways to allocate time and money more efficiently. The typical millionaire next door is different than the majority of America presumes. Let’s first off mention what it is not. The typical millionaire is surprisingly not the individual with the lavish house worth a million dollars, owning multiple expensive cars, a boat, expensive clothes, and ultimately living lavishly. The individual is frugal and often looks for discounts for consumable goods. The book illustrates the typical millionaire in one simple word: frugal. It is shocking to believe that this is true, but it does make sense. To achieve financial independence is inherently more satisfying and important than accumulating wealth. According to the book the majority of these millionaires portray characteristics of being sacrificial, disciplined, persistent and frugal. In the book it states, “Being frugal is the cornerstone of wealth-building. Yet far too often th...
In discussing who the better rapper is between Biggie, Jay-Z and Nas, Ronald digs deeper into the roots of hip hop and also educates his audience about the authenticity and historical importance of rap. His goals are to provide his audience with knowledge about the intersectionalities that each rapper confronts as well as understanding the perfect technique utilized in delivering their music. Ronald Crawford also wishes to challenge the misconceptions and misunderstandings of rap by using the actual lyrics of the chosen rappers and demonstrating their lyrical intelligence. Ultimately, the author wishes to help the youth read at a more advanced level because if they are highly skilled with reading that may possibly manifest in them making more constructive choices with their lives.
Rhodes, Henry A. “The Evolution of Rap Music in the United States.” Yale New Haven
These articles depict the controversies of the hip hop industry and how that makes it difficult for one to succeed. Many of these complications and disputes may be invisible to the population, but these articles take the time to reveal them.
Smith, Noah. “How to Fix America's Wealth Inequality: Teach Americans to Be Cheap.” The Atlantic. Atlantic Pub., 12 March 2013. Web. 06 April 2014. .
... Although it may not seem fair that there are rich people blowing money on impractical and meaningless things while living in poverty, it’s a reality that the United States has experienced for centuries. Works Cited Desilver, Drew. A. “U. S. Income Inequality, On The Rise.” Pew Research Center.
The report of Robert Reich: “Why the Rich are getting Richer and the Poor, Poorer,” is an eye opener and a warning for society regarding unemployment that it will be facing and is currently facing due to a lack of technology and education. It clearly articulates that the jobs of routine producers and in-person servers have vanished totally as modern techniques have replaced them. The author has stated that the only people whose jobs are on the rise are symbol analysts. As stated in the report, symbol analysts are the real problem solvers. Their skills are highly in demand worldwide because they are the ones who first analyze the problem and then solve it. The Hart Report, on the other hand, also states the same problem of unemployment and the global recession which has left employers focusing on employees not only with specialists’ skills but also a “broader range of skills and knowledge” (page 6-7). The Hart Report clearly reflects what the needs of contemporary employers are, but the question is whether it is the universities or the students themselves who fail to cope with the requirements of the contemporary world which is filled with technological advancement and critical thinking. The Texas Work Source has also played an important role in examining what is actually missing in today’s generation and the reasons behind such a great decline in employment. The central
The American dream is something everyone knows and strives for. However, not all can achieve this dream just by accidentally finding gold in a stream. Two different classes such as the wealthy and the poor can create many issues. Just as James Baldwin said in his 1985 essay called “The American Dream and the American Negro,” “Unless we can establish some type of dialogue between those people who enjoy the American dream and those who have not achieved it, we will be in terrible trouble,” there will be consequences if the wealthy still causes trouble for the poor. Unfortunately, even though it is the twenty-first century, we have not avoided this “terrible trouble” due to powerful and wealthy Americans and their privileges that still exist
How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison to what most Americans might perceive is the definition of wealth. As opposed to what most Americans in our society believe, a measure of an individual’s material possessions does not necessarily equate to being wealthy. According to the authors, wealth is what you accumulate and not what you spend. Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans.
Today many Americans believe that getting rich is the ticket to the American dream and being set for life. Many people buy lottery tickets or try gambling for a chance to be rich but it’s not likely for them to win there’s only a small chance for someone to win the lottery but we still try even if we lose. Most Americans think this is the easy road to success to the American dream I could see how they think it’s easy this way but for me it’s a waste of time because you could be focused on what you want to do in life and achieve your American dream. “Do millionaire game shows and promises
It is not difficult to create a child, but raising one is a different situation. Many people don't consider the true cost of child. A study was conducted in 2013, and it showed that they average cost to raise a child from birth to the age of eighteen was $245,340. The average American's income over 18 years is $934,902. This means that 26% of 18 years worth of income would be spent on just the expenses of the child. From the moment that you have your child, the expenses commence. Just within the few days of your child's life, you are already paying bills for your hospital stay, diapers, clothing, extra water, more electricity, and possibly formula.