I have NO debt. I consider myself middle class. I've done well in the stock market and have acquired the skill of using other peoples money to make money. This is a major talent the rich use to acquire wealth.Originally posted by toptech
The "rich" have more choices in life due to the fact they have made better decisions.Originally posted by kim
There is something to this. The "rich" of this world have priveledges that that can pass on to their children. Us regular people have less chances. That is the way it has always been and will always be.
In my mind, the more choices you have, the more rewarding your life will be. The quality of choices one has is directly related to the decisions he or she makes on a daily basis.
It comes down simply to this. The rich are willing to do what the middle class and poor wont.
For example, the "rich" never buy liabilities; they only buy income producing assets. These assets in turn will buy
them the things they want in life.
The middle class simply spends tomorrows money today. We acquire liabilities to feel rich. Eventually our liabilities exceed our income and we begin to amass a large amount of credit debt to artificially prop up our illusion of living the "rich life". Then like little soldiers, work the rest of our lives paying for that illusion until the day we die.
The only one who got "rich" was the creditors, lenders, retailers, etc.
I believe each one of us, regardless of our circumstances, can live a truly "rich" life. You just have to understand what it means to be "rich".