Is it Filthy to be Rich? How You’re Looking at Money in all the Wrong Ways
You might think those that are in the 1% are all ultra grumpy, supremely selfish billionaires. That they have a room filled with gold coins in which they swim and blow gold-coin bubbles until their heart’s content.
Media, society, everyday people have painted a picture of wealth with a negatively exaggerated paintbrush. We’re told that it’s somehow bad to be so wealthy. The characters we’re presented with -- real or fake -- are seemingly fit into the narrative that wealthy people are one-dimensional, greedy, and shallow Scrooge McDuck’s who are ruthless in their endeavors to build bigger, stronger, badder empires. We’ve been sold on the premise that money is “dirty” and because of this, you might have subconsciously decided you don’t need to be wealthy. We’re here to debunk all of that.
Today, the 1% starts at an income of around $450,000.
Surprising? This puts things into perspective when you realize that there are people who make six figures and are still considered part of the 99%.
For even more perspective, they’re not bringing home those amounts. Check out TRowPrice.com on the IRS tax brackets and you’ll quickly see how tax rates grow exponentially the more money you make. Political ideologies will argue whether it’s not enough or too much, but that’s another discussion.
If there is anyone who might be able to afford ultra extravagant tastes, it’s the top 1% of the 1%. Dizzying. Most of these people gained their wealth in the same way the regular top 1% did.
The only difference is they attained the heights of their wealth through passive income.
These people know how to build wealth. Whether they inherited their riches or -- what’s usually the case -- started from scratch, they still put into place the same wealth building habits and mindsets that anyone can practice.
So, are the “filthy” rich that we love to resent and admire at the same time really that bad? According to CNBC, those that fall under the category of an Ultra High Networth Individual (UHNI) donate about $25 million over the course of their life. That’s an amount most people dream of making in their entire lifetime. That money is funding schools, technological innovations, health initiatives, charities, new businesses, bigger businesses, you name it. They figured out a way to build their income, make it work for them, and give back. Think of all the amazing things you could do with your wealth.
Though there may be a very small amount of shady characters with a lot of money, they aren’t wealthy. You can still build wealth and be a good person. In fact, you might have to be a good person to build wealth in the first place.
It’s time to celebrate wealth. Otherwise, how are we going to make the world a better place?