Reply to Net Worth Disparity among whites and blacks/hispanics

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Actually, most of the 1%ers I know earned their money. Only a couple inherited or are set to inherit.[/quote]
All depends on how you define earned.  For most earned means being paid for you time.  You work 8 hours you get paid for 8 hours.  The only way you can become a 1%er is to be getting a whole bunch of money when your doing nothing.

Let's take a book for example.  You decide to write a book and you spend 8 hours a day for 3 months writing the book.  That's roughly 720 hours of work.  The publisher takes the book, markets it, and it sells 1 million copies.  You get a royalty check for 5 million dollars.  So you basically "earned" $5,000,000 / 720 = $6,944.44 an hour to write the book.  Now if you hired someone to work for you would you pay then $6,944.44 an hour?

Or another more drastic example, the lottery.  You take 15 minutes of your time and go by a lottery ticket with numbers you laboriously pick.  That night they draw the number and you win $250,000,000.  Did you "earn" that money?

Getting money is one thing, earning it is another.  There not the same thing.[/quote]

+1.  IMO, passive investing or"letting your money work for you" is not earning your money.  There is NOTHING wrong with building wealth that way (I did), but lets not act like we are pouring driveways or framing houses. [/quote]

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