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10 hard truths about the Wealth Gap the politicians and media ignore

During my  five years studying the rich and the poor I identified 10 hard truths about the wealth gap that no politician or member of the mainstream media would dare reveal. 

In those five years I asked 361 rich and poor people 144 questions each. rich poor

That’s 51,984 questions.

I wanted to find out what each group did from the minute they woke up to the minute they went to bed.

From the data I gathered, I was able to identify 344 differences between the way the rich and the poor conducted their lives.

Over one hundred million individuals have read something about my research, which has been cited, quoted, referenced, commended and criticized in 25 countries around the world.

As a result, I have a lot of friends and a lot of enemies.

And I think I’m about to make some more with this piece.

My research opened my eyes.

One of the many benefits of having done this research is that I became privy to the inner workings of the lives of the rich and the poor.

For five years I was that fly on the wall.

And this fly has identified 10 hard truths about the wealth gap that no politician or member of the mainstream media would dare reveal.

10 Hard Truths About the Wealth Gap

  1. Bad Parents – The poor have parents who simply do not do their job. Drugs, alcohol, gambling and a host of other parent character flaws pulls the rug out from underneath their kids. 
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  2. Broken Families – The poor are raised in broken families. Divorce, incarceration, abandonment are common denominators among the poor that fracture the family unit.
  3. No Work Ethic – The poor are bad employees who have a bad work ethic. As a result, they find themselves regularly unemployed.
  4. Financial Negligence – The poor spend their money as quickly as it comes. They don’t save. They don’t invest. They are financially illiterate.
  5. Poverty Ideology – The poor believe they will be poor their entire lives. They see poverty as a fact of life. They are without hope and thus, without motivation to escape their poverty.
  6. Bad Health – The poor do not exercise regularly. They eat and drink too much junk food. They frequent fast food restaurants. The take drugs and drink too much alcohol in order to numb their pain. They are overweight and out of shape.
  7. Uneducated – The poor do not embrace education. It’s not part of their culture. They do not self-educate themselves. They do not read. They do not engage in self-improvement.
  8. Bad Habits – The poor have many bad habits and few good habits.
  9. Entitlement Ideology – The poor believe they are entitled to things others have to work very hard for.
  10. Victim Ideology – The poor believe others hold them back in life. They see themselves as victims. They look to government to take the wealth of those who are producing and working hard in society and redistribute it to poor people.

I now know that rich people, particularly the self-made rich, are the good people.

They were raised by good parents, parents who cared and who mentored them to succeed.

Poor people, conversely, were raised by bad parents.

Some were raised in broken homes, some were raised with little to no work ethic, some were raised to be ignorant of finances, some were raised with a poverty mindset, some were raised to disregard their health, some were raised to shun education, some were raised with bad habits, some were raised to believe they should be given free stuff and some were raised to believe the world was aligned against them.

We don’t have a wealth gap in this country. money parent

We have a parent gap.

If, as a society we truly want to end poverty, we have to first acknowledge the cause of poverty.

Parents.

Parents cause poverty.

Parents are to blame.

As a great man once said, “the truth shall set you free.”



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About

Tom is a CPA, CFP and heads one of the top financial firms in New Jersey. For 5 years, Tom observed and documented the daily activities of wealthy people and people living in poverty and his research he identified over 200 daily activities that separated the “haves” from the “have nots” which culminated in his #1 bestselling book, Rich Habits – The Daily Success Habits of Wealthy Individuals. Visit the website: www.richhabits.net


'10 hard truths about the Wealth Gap the politicians and media ignore' have 2 comments

  1. Avatar for Property Update

    June 8, 2017 @ 4:28 am Jason Timu

    I don’t believe rich people are the good people. I believe there are good rich people and there are bad rich people, just like there are both good and bad poor people, what sort of an ignorant person would have such a narrow fielded belief? My mind boggles. I grew up poor, I have lived poor the majority of my life. I didn’t have bad parents who did drugs alcohol or gambling, we didn’t have a broken family with no work ethic and I class myself as the best employee my work has. My family don’t have bad health, we are gym junkies and nutrition freaks. My father is close to 80yrs old with another 20 good years left in him. I don’t have an entitlement or victim ideology and I’m very educated. What I do have is financial negligence and have currently been making changes to my poverty ideology. Where I have gone wrong is by not realising the importance of gaining a financial education. It would be nice to see an emphasis being put on improving financial education in the current education system but I’m not holding my breath and it is why I am breaking the cycle and am currently financially educating my son. What I know when I eventually get there is that being rich hasn’t made me good, but the right financial education has assisted me to become rich, and my goodness comes from a loving all be it poor family.

    Reply

    • Avatar for Property Update

      June 8, 2017 @ 6:37 am Michael Yardney

      Jason Of course you are correct. Clearly not all rich people are good. Great from it
      And obviously, not all poor people after bad.
      I think Tom is exaggerating here to make his point

      And congratulations for educating your son

      Reply


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