Market Talk – July 26, 2024
ASIA: The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 202.10 points or -0.53% to 37,667.41 Shanghai increased 4.16 points or 0.14% to 2,890.90 Hang [...]
How the Rich Make Their Money
QUESTION:
Good Sir,
When you say the ‘rich get rich by investments, not wages’ you fail to identify the following wealthy class.
CEO’s of corporations, ‘Hollywood’ movie stars, Sports athletes, Recording artists, etc.
Regards and continued success,
An avid follower
LB
ANSWER: There are always exceptions, but those who receive big bonuses or high wages such as sports and movie stars are a tiny fraction of what they call the “rich.” The “rich” are defined as households with income in excess of $250,000. The “rich” who have built wealth from creating businesses and investment are really 99% of that class. The movie stars and sports figures are paid salaries based upon their draw. Many others in Hollywood get base salaries and a percentage of the box office take. The CEOs get bonuses based upon performance.
The government takes Social Security and places restrictions whereby it can only invest in government bonds. This deprives the average person from making appreciable capital gains.
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