WHO ARE BILLIONAIRES AND SOCIAL CLASS?

The term “billionaire” is used to refer to a person who, for example, owns more than half of the votes in an election or, as in modern American terminology, is a member of Forbes magazine’s richest people list.

Billionaires are the wealthiest of nations. A large group has a high proportion of their wealth held by members of the same family or friends. Those with less power economically, typically have a lower income but higher standards. This can be a positive aspect where they use their power to improve society and make it better for everyone. However, billionaires also tend to abuse this power to gain more money. Some billionaire families are very wealthy but do not have enough money by themselves to provide basic living expenses. For some others, the value exceeds what their children could receive if they were born to them. They tend to leave a substantial portion of their wealth. For the most part, there is no exact definition of how much a billionaire should own. It depends on the size of wealth, location of power, and type of business. If you are interested in being one of those billionaires, here is the information you need:

Some Characteristics.

There are four characteristics that all wealthy people share. These include:

The first two characteristics are hereditary; meaning each person must exist by virtue of having his or her parents as relatives. Wealth is often passed down, either directly to descendants and/or through inheritance. When people work hard and are successful, they will pass the success on to their heirs.

The third characteristic is power; they can control other people economically or politically. As mentioned before, many Americans believe that owning a lot of things makes someone rich. In actuality, owning too many items can cause other problems because they are not evenly distributed among the family members.

The next characteristic is social status. Each billionaire owns many, if not most, properties and uses them to give back to society. They also help out and contribute to charity.

The last characteristic is prestige. Most wealthy people are well-known nationally because of the great amount of money they own. It is important to note that some celebrities are also wealthy, but they don’t have the status that comes with that.

Income.

Many billionaires earn far less than anyone else in the United States, which is due to their tax situation. Many are able to live within their means. Also, rich people are able to pay taxes easily.

Income inequality is the unequal distribution of resources and opportunities among the population. This includes education, health care, jobs, housing, etc. Income inequality hurts both society as a whole and individual communities throughout the country. One way it does so is through job loss, and it creates stress that would otherwise be avoided. Another way it affects individuals is if they are unable to save for retirement. You can see why wealth affects the income inequality problem by looking at the image below:

The bottom of the picture represents the top 1%, and the middle shows how much money a billionaire earns. Those earning around $8.5 million have the least wealth in America. We can see the inequality between the upper and lower middle classes by looking at the graph above. Although people like millionaires are very rare in the state of New York, we know what they are not and what they can do. This is an area that needs to take a seriously look at.

Social Class.

Social class is another factor that determines your lifestyle. Rich people tend to live lavish lifestyles and spend their money frivolously. On average, millionaires enjoy everything while only spending about 50% of what a normal person would spend in a year. Other traits than income inequality include:

Habits: Poor people do not have any hobbies and many of them would rather stay home and watch TV or hang out with their kids. They rarely go outside, and rarely go to places that might require them to interact with others. This can be seen in reality as many people in poor areas do not have a place to live or pay rent or buy property but just live paycheck to paycheck. People from poor households are less likely to marry. And in many instances, when people are married in the U.S., the families are very large. So we see many marriages are formed at such poverty levels and later have larger numbers of children.

Poor people do not have any hobbies and many of them would rather stay home and watch TV or hang out with their kids. They rarely go outside, and rarely go to places that might require them to interact with others. This can be seen in as many people as possible in poor areas who do not have a place to live or pay rent or buy property but just live paycheck to paycheck.

Parents: Poor people lack support from their parents, especially regarding childcare. Due to economic circumstances, most young people do not get to have family time that will allow them to attend college. They also feel like there is little financial support for child care.

Poor people lack support from their parents, especially regarding childcare. Due to economic circumstances, many young people do not get to have family time that will allow them to attend college. They also feel like there is little financial support for child care. Community: Communities in poorer areas are less desirable. There are not as many restaurants available to eat at; people find ways to get meals from local soup kitchens. The few restaurants open for lunch usually aren’t good enough. With low rates of employment people are forced to rely on government assistance to survive. And they often struggle with finding employment.

Education.

Education is a big deal nowadays because it is so easy to get. Anyone can join up for free via online learning programs or just go to school for free. Everyone is aware of it and wants, even needs, it. People of wealthier backgrounds have access to a broader variety of teaching methods. According to Pew Research Center, 57% of people in the highest quintile of income report taking at least one form of paid schooling, compared to 28% of the lowest quintiles.

You can read more about this topic and where it came from here. I am always trying to think, teach, and learn at the same time. While my studies are fairly easy to grasp, I know it is a bit harder for many students and teachers. Since I am studying business, I thought it was important that I get as much knowledge and as many resources as possible. Even though I am still making progress, I will never forget what I have learned and I know it helps me become a better entrepreneur. As for myself, I hope that I am becoming a better and stronger person. At least now, at least to my current point in life. My plan is to increase my number of hours in school to 20/hours per day, then start doing full-time internships.