Because in the past, it was Media tycoons, publishers, industrialists, bankers who got rich. It often took them their entire lives, their childrens lives. It was 'old money'. Now, it seems many on this list managed to go from zero to super rich in a matter of a few years. Look at Bill Gates. He hasn't always been rich, now he has more money than anybody. It seems the seperation between rich and poor is getting far wider. Most people scrape by, day by day, week at a time. The super rich have more money than
Look at Bill Gates. He hasn't always been rich, now he has more money than anybody.
Well, actually yes, he was always rich. His parents were lawyers. Do you think he just got an academic scholarship to Harvard and decided to flunk out? Now, he probably wasn't super-rich like he is now, but most of us would kill someone for $1 million. With the right investing you could live nicely on that for the rest of your life without working.
It never ceases to amaze me that people somehow assume that Bill Gates started life in squalor someplace and pulled himself up by his bootstraps. It is simply not true. His daddy gave him millions to start his little software company. Dell is the same way. Yes he started in a dorm room and his parents garage, but how many college students get enough of an allowance from daddy that they can buy chips from Intel directly, by the semi-load. Most people starting a small business do not get to do so with millions of dollars in gifts sitting in the checking account. I am not saying they did nothing, but it was not rocket science... these kind of gifts makes it a lot easier to get started.
I'll grant you Mr. Gates was born well off and really improved his lot with a sweet deal from IBM, but Mr. Dell has a business acumen that flat embarasses most of us. He didn't start by buying Intel Chips by the semiload, his dorm room business was to buy the RAM upgrades that IBM forced their distributers to take (and were unable to sell) for pennies on the dollar and reselling them to the people who wanted them for a discount compared to IBM's list prices. He'd been doing things like this for the better
No, both he and his wife are from very, very wealthy families. They just happen to live in Austin, which is the UT conection. It's no accident the Dell Jewish Center [utexas.edu] is in Austin.
Not only that, but Bill Gates was literally born a millionaire. His grandparents set up a trust fund that made all their grandkids such as they were born....
With the right investing you could live nicely on [$1 million] for the rest of your life without working.
I disagree. While one might be able to get by on $1 million, they certainly wouldn't be "living nicely." Let's do the math.
You invest that $1 million. You've quit your job, and the million is all you've got, so you're not going to invest it in anything risky. You tuck it into a nice little balanced mutual fund that consistenly yields about 7%. So every year, you get $70,000. Now, you want your n
If you can't live nicely on $2G/month you've got bigger problems.
Also, one final optimistic note: In 20 to 30 years, advanced technology will have completely changed the socio/political/economic climate - beyond recognition [kurzweilai.net].
I would NOT kill someone for $1 million. Back in the 90's, I had $1 million (in the market). It's not really all that much money. Certainly not enough to "retire" on.
Now, $10 million, one could live comfortably on the interest. By comfortably, I'm talking about around $50k-$100k/year.
I'm not even talking about the risk of getting caught. I'm talking about "going there" - being a murderer, the telltale heart, and all that. Not worth a measley million to me.
News for Nerds? (Score:4, Insightful)
Why is this news that the top dogs are getting even richer?
Re:News for Nerds? (Score:3, Insightful)
Re:News for Nerds? (Score:5, Insightful)
Well, actually yes, he was always rich. His parents were lawyers. Do you think he just got an academic scholarship to Harvard and decided to flunk out? Now, he probably wasn't super-rich like he is now, but most of us would kill someone for $1 million. With the right investing you could live nicely on that for the rest of your life without working.
Re:News for Nerds? (Score:2)
Re:News for Nerds? (Score:4, Insightful)
Re:News for Nerds? (Score:2, Insightful)
Re:News for Nerds? (Score:2)
Bill G's IBM Connection (Score:1)
I Believe it, but can someone substantiate this?
Re:Bill G's IBM Connection (Score:0)
Idiot.
Re:Bill G's IBM Connection (Score:0)
Re:News for Nerds? (Score:2)
And both companies now employ 100,000 people while turning the technology industry upside-down.
Boy them rich bastards really need a whippin!
Re:News for Nerds? (Score:0)
the post is explaining that gates wasn't some poor schmoe who made it big; as so many beleive. He was a rich schmoe who made it really big.
Re:News for Nerds? (Score:1)
I did and understood it clearly. My post was making a different point.
Re:News for Nerds? (Score:0)
Re:News for Nerds? (Score:2)
I disagree. While one might be able to get by on $1 million, they certainly wouldn't be "living nicely." Let's do the math.
You invest that $1 million. You've quit your job, and the million is all you've got, so you're not going to invest it in anything risky. You tuck it into a nice little balanced mutual fund that consistenly yields about 7%. So every year, you get $70,000. Now, you want your n
Re:News for Nerds? (Score:0)
I could live within the means of 25000 dollars a year.
Finicial independance is a lot easier if your life style doesnt take 60K a year to support
Re:News for Nerds? (Score:1)
Also, one final optimistic note: In 20 to 30 years, advanced technology will have completely changed the socio/political/economic climate - beyond recognition [kurzweilai.net].
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Re:News for Nerds? (Score:2)
Now, $10 million, one could live comfortably on the interest. By comfortably, I'm talking about around $50k-$100k/year.
I'm not even talking about the risk of getting caught. I'm talking about "going there" - being a murderer, the telltale heart, and all that. Not worth a measley million to me.
Re:News for Nerds? (Score:0)