Today at Money Reasons, I’m introducing a feature called “Reader Thoughts“.
Within this new feature, I’m going to post emails and other forms of communication that I received or gather that explains a personal take or actual personal experience on a topic that I consider worth taking a look at, to gain insight into their thoughts and experiences.
Today, I’m going to post an email I received from “S”:
Money Reasons writer – your post on wealth and sacrifices really hit it home for me today. My response may offend some of your readers but those are my genuine feelings, you asked to hear stories. I am not sure what you consider wealthy – but I have been in the top tax bracket for the last few years.
I was nearing this bracket as an employed professional but I entered this bracket as an entrepreneur involved in several ventures, many that turned in losses which I talk about on my blog. Entrepreneurship involves lots of sacrifice in many aspects of ones life, social, relationships family/friends, personal interests and hobbies taking a back seat, etc.
I persevered through all over the years, starting profitable businesses that pay tax. so not only do I contribute the max amount from a tax perspective, most of my businesses do the same. I own a brick and mortar business in my community through which I have employed local citizens. the business is heavily involved in the community, often sponsoring soup kitchens, charity galas, and fund raising initiatives.
I also own several rental properties, all of which provide quality housing to residents in need, many of who would be considered sub prime by other lending institutions. to sum it up, the road to self created wealth involves way more than what one who hasn’t traveled the road may think. moreover, each journey is very different / unique. personally, only I know the amount of sacrifices I have made over the years. sure I am reaping huge dividends today, but I am also contributing to the larger society / community in parallel.
“S” provides a story that epitomizes the exact point I was trying to make with my post called: Sacrifices Made On the Road To Become A Millionaire.
“S” points out that he has made sacrifices on this path to becoming wealthy, the path to his success also includes taking risks and encountering some failures along the way.
“S” points out that he has made sacrifices on this path to becoming wealthy, the path to his success also includes taking risks and encountering some failures along the way.
The common perception of “S” is that he must be taking advantage of everybody, we learn from his email that the opposite is taking place, in that he provides housing for those that have poor credit, contributes to his community, does charity work, and most importantly hires employees, giving them a job and a way to earn a living!
Unlike the typical inaccurate representation of the rich where everybody thinks they are crooks or like Scrooge, people like “S” should be applauded and appreciated for the great ways they are benefiting the world!
Thanks “S”, for providing your personal story and hopefully bringing a better understanding of the sacrifices and hurdles that you’ve had to overcome on your road to success.
Big Kudos to “S” for writing such a great response,
MR
Another fine example of why stories are so powerful. Thanks for sharing. I still don’t view all entrepreneurs the same way, but I also don’t immediately dismiss them as being greedy as well. There are many great individuals who care about others and there are others that just care to get rich.
I’ve found that most entrepreneurs are very focused and generous. I think a lot of people mistake the level of focus entrepreneurs have as being arrogant. But that is their strength, the ability to cut the chit-chat and get the job done.
But overall, they are just people… No different in the way they think that us. If some are bitter, it’s because of the representation of them in the media.
It’s hard to be a good guy when the world is telling you differently.
This is one example of why stereotypes can be problematic.
Yep, and instead of basing it on our own experiences, we (the masses) believe what the media portrays (or tells us). Very much like we are being brainwashed…
Thanks for sharing. I think this new series is going to be a great addition to your site. Great story. I agree people like S should be applauded.
Thanks, I think outside stories like the one from S will be good for me too. I love reading stories like his!
The old F. Scott Fitzgerald line that the rich are different from you and me is still true. Even when you are rich, you think they are talking about someone else. I think the majority of us do not identify with it for various reasons. Either it is undesirable or just out of ignorance. You can be a mult-millionaire and think you need $15-20 million to be rich. Maybe it is because rich means something different to everybody. It is not definable like millionaire status.
I think it’s true that they hang out together more, but I think part of it is that other people just get to envious. Most of the rich folks learned long ago that other just get made when others hear the vacation and cool things that the rich are able to do.
Shoot, I get a little envious too, but I don’t (or at least try not to) let it show…
i’ve been watching “shark tank” on ABC recently. it’s about entrepreneurs selling their ideas to VC sharks. By watching the show you learn from the mistakes of these young entrepreneurs and also from the wisdom of VC sharks. Sometimes, its just mindblowing what these people desperately go through to sell their ideas.
I don’t watch much TV, but that sounds like one show that I would like to check out!
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S I applaud you. Thank you for being so open and honest and thank money reasons for sharing your post. I like “S” have faced huge critismn from my peers on the sacrafices I’ve taken to become wealthy. I used to get angry but then I realized that people hate/dislike/label what they can’t understand. /shrug. My mantra is “when you want to be successful as much as you want to breathe. Then you will become successful.” Most people love sleep, games, or insert any vice here, more than they want to be successful. They want all the spoils with none of the work
Great summary, I totally agree (and I’ve seen this with people), working folks (like me) often label and assume the worst about the rich without even knowing them. These media induced stereotypes are usually the furthest from the truth.
Congrats on your success, some people don’t even try and live world where they let society control them, then later regret not trying things on their own (I know people like this too, and it’s sad as they age).
Congrats S on having the drive to do what it takes to reach your objectives. There in lies the problem, not everyone is swilling to give up his time for such an endeavor. complaining about ones situation is a much easier and enjoyable pass time than working hard in some cases.
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I know that most people in the neighborhood I grew up in would consider me rich now…even my childhood me would. I’m no millionaire by any means, but being a dual income household we do pretty well financially.
I agree with the message here. I would never have the means or opportunity to do as much community outreach and giving as I do now if I wasn’t making good money. Vilifying the rich is the wrong way to go.
Yes, there are some bad apples that prey upon the poor and needy, but that’s true no matter what you’re socioeconomic status.
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I love this post and perspective. My dad and many of my relatives are multi-millionaire entrepreneurs. Every last one of them got that way through not going on vacations when everyone else was, cutting expenses drastically, going through a lot of lean years in order to plow everything back into their businesses. My father gives mid-5 figures to charity every year now that he has the ability – but still lives on probably under $1000/month himself.
Kudos for sharing these people’s perspective.