Back when I was a kid, there were three distinct economic classifications to separate us: Poor, Middle-Class and Rich. Nowadays we have several classifications: Poor, Working-Poor, Broke, Tax-Payers, Rich and Filthy Rich. Everyone says that the middle class is disappearing and they are right because it has been replaced with working-poor, the broke and the tax-payers. We all know that working-poor are people who work full time, but can’t afford the rising costs of housing and utilities and still be able to eat. Broke people have a job and make decent money, yet they always live paycheck to paycheck because they just can’t stop spending their money. Tax-payers are those who get a good job, have the big houses and fancy cars but are forever stuck on the low side of the higher tax bracket I.E. never really make it rich.
My classifications may seem silly but I think they represent some of the major challenges that are effecting North Americans within the last few decades. We all try our best to build wealth over our lifetimes yet the rich keep getting even more wealthy, increasing the gap between us that much more. So what the big secret that the rich use to make even more money? It’s using money to make more money.
“Oh wow, genius! Tell us something we don’t already know!”
Perhaps I should specify it’s the way rich people use their money. You see, the majority of the population spends their money on liabilities. The Broke people spend their money on booze, cigarettes, eating at restaurants, gambling, $300 jeans, $500 sunglasses, Ipads, the latest Iphone, Ishoes and I-nterest! The Tax-Payers have that big house with a monster mortgage, the motorboat, the Continue reading »