What It Takes to Become a Millionaire

By Chris Hogan – Re-Blogged From Prager University

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The Prodigal Parent

By Keith Weiner – Re-Blogged From Gold Eagle

The Baby Boom generation may be the first generation to leave less to their children than they inherited. Or to leave nothing at all. We hear lots—often from Baby Boomers—about the propensities of their children’s generation. The millennials don’t have good jobs, don’t save, don’t buy houses in the same proportions as their parents, etc.

We have no doubt that attitudes have changed. That the millennials’ financial decision-making process is different. And that millennials don’t see things like their parents (if you’ve ever seen pictures of Woodstock, you may think that’s not a bad thing). However, we believe that the monetary system plays a role in savings and employment. And the elephant that is trumpeting in the monetary room is: the falling interest rate. Interest has been falling since 1981. That’s when the first millennial was born.

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Greatest Demographic Shift In History

By Marin Katusa – Re-Blogged From Silver Phoenix

The economy depended on the spending habits of baby boomers the last three decades.

The success and failure of many companies depended on the spending habits of those same baby boomers.

It was all about the baby boomers.

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Median Household Wealth Has Declined by 40 Percent Since 2007

By John Mauldin – Re-Blogged From http://www.newsmax.com

Nominal US household wealth is at an all-time high. But my friend Marc Faber (publisher of the Gloom Boom & Doom Report) says that’s mostly an illusion.

Below, Marc looks at the relationship between asset prices and US household wealth, and the effect of that relationship on the economy.

It seems the wealth of the top 0.1% has vastly improved in recent decades (and the top 10% haven’t done at all badly). But “the median household’s or asset owner’s wealth has declined by close to 40% in real terms (adjusted by the CPI) from its peak in 2007.”

Image: Marc Faber: Median Household Wealth Has Declined by 40 Percent Since 2007

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How The Filthy Rich Create Jobs Directly & Indirectly!!!

By Jonathon Dunne – Re-Blogged From Freedoms Disciple

Let me start this column by asking you some questions. How much do you HATE rich people? How many think they hold poor people down? How many feel they are disadvantaged and put out by them? How many feel they don’t pay their “fair share”?

Let me introduce you to person X. He has a net worth of over $450 million and earned a massive $88 million in the last calendar. His “day-job” pays him around $26 million a year. You hate him already, right? Damned millionaires and billionaires!!! Right?

Well it gets worse so trigger warning. He is just the third person in history to sign a life-time contract with an un-named company worth $14 million a year and has other contracts that pay handsomely over the course of the year. Lastly he has hotels in four different cities.

How sad is the world we live in, that a chunk of the population including our friends on the left would read the above paragraph’s and hate him and seek to tear him down. I bet some of you have already messaged some of your friends wanting to start a protest, right?

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The Cruelest Tax Of All

[This is a companion piece to the previous post.]

By Willis Eschenbach – Re-Blogged From http://www.WattsUpWithThat.com

A “progressive” tax is one where the wealthier you are the higher percentage of tax you pay. On the other hand, I’ve said before that a tax on energy, the so-called “carbon tax”, is one of the most regressive taxes available. It is the reverse of progressive, it hits the poor the hardest. This is because poor people spend a larger percentage of their income on energy than do rich people.

Someone challenged me on this claim about energy taxes the other day, and I realized I believed it without ever checking it … bad Willis, no cookies. So of course, having had that thought I had to take a look.

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