General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhat if Donald Trump was born poor. .
Do you think he would be rich today? He wouldn't be any richer than the average working stiff. He never created, invented anything his entire life.
stone space
(6,498 posts)...grown up to be a decent, thoughtful, and caring human being.
It's hard to build real character when you're handed everything.
yeoman6987
(14,449 posts)Many today are rich after being born dirt poor.
B Calm
(28,762 posts)without ever pounding a nail. The old saying it takes money to make money wouldn't apply to Trump if he had been born poor.
melm00se
(4,994 posts)http://www.forbes.com/sites/afontevecchia/2014/10/03/there-are-more-self-made-billionaires-in-the-forbes-400-than-ever-before/#2715e4857a0b6b3a07c5e0a5
B Calm
(28,762 posts)melm00se
(4,994 posts)answer to your question is in the second article with more information included in a link embedded in the article
to help you out ever more:
Step #1: look at the Forbes 1-10 scale and determine which rank(s) meet(s) your definition of "poor" (10 certainly does but what about 9? or 8?)
Step #2: determine the distribution of the scale across the Fortune 400.
Step #3: do some math
there you go: you have one possible answer.
B Calm
(28,762 posts)KentuckyWoman
(6,692 posts)If people like me and you were unwilling to live below our means so there was a little money floating in the financial system then there would not be anything to lend to "self made" millionaires.
Not to mention the fact we are all willing to work for them. We are willing to live and create an ordered society that is stable enough to grow a business in. We are willing help pay for the schools that educated that millionaire. We are willing to help pay for the roads and electrical grid and the security force that helps get them where they need to go to conduct business, gets customers to them, and moves their product around.
Any business owner who claims to be "self made" is an ungrateful wretch.
MillennialDem
(2,367 posts)Earning $1 million in assets is $250,000 home and $750,000 in retirement accounts/pensions. That's doable by a lot of middle class folks by the time they hit retirement. Not all, but a lot can do it.
That's very different than having even $2 million in assets though and unobtainable for most. And there are more people with $1,000,000 - $1,999,999 in assets than they are people with $2 million (OR MORE) in assets. And there are more people with $2,000,000 - $2,999,999 than there are people with $3 million (OR MORE) ETC
EDIT: So saying the majority of millionaires are self made is not really a useful statement. If most folks with $1,000,000 - $1,999,999 are self made, you might as well make the same declaration (most millionaires are self made) and it will be true.
daleanime
(17,796 posts)with the most common being inherited wealth.
melm00se
(4,994 posts)daleanime
(17,796 posts)No chance that could affect the findings at all.
melm00se
(4,994 posts)"self made millionaire statistics"?
How about "The Millionaire Next Door"?
Dr.'s Stanley and Danko's survey showed that ~80% are 1st generation affluent.
the numbers are not outliers they are pretty consistent regardless of the source.
daleanime
(17,796 posts)that were produced by a millionaire?
MillennialDem
(2,367 posts)very attainable "self made".
Making $100,000,000 self made is another story.
Millionaire doesn't have the same meaning as did it on reruns of Gilligan's Island I watched in the 1980s as a kid. The equivalent of Thurston Howle today is someone who EARNS (whether by wages as a CEO or capital gains) $1,000,000 PER YEAR. Not someone who has $1,000,000 in assets.
And of course what counts as "self made"? What if a man has $100,000 in home equity and a $600,000 401 (k) (or pension,what have you) and his mother dies. Her house is worth $250,000 and she had another $100,000 in assets herself. The man sells/rolls over the assets to his own. Is he now a self made millionaire? He has over $1,000,000 in assets and inherited under half of it...
Kingofalldems
(38,475 posts)'Many' would mean 10's of thousands.
madokie
(51,076 posts)would have already died from alcoholism. Personalities like his don't make it long in the real world.
hobbit709
(41,694 posts)TIME TO PANIC
(1,894 posts)fleur-de-lisa
(14,628 posts)begging for cheesy poofs and snacky cakes, then whining about the bag of dicks and glitter he received.
2naSalit
(86,775 posts)yellowcanine
(35,701 posts)So by that standard he is pretty much a failure. He hasn't so much as "created wealth" as conned a whole lot of people including himself into making bad investment decisions into his sundry enterprises.
onecaliberal
(32,894 posts)lpbk2713
(42,766 posts)If he were to grow up as the snotty little dipshit that we see
today there would be numerous attitude adjustment sessions.
patricia92243
(12,601 posts)Daddy, it is doubtful he would be as rich as he is today.
maveric
(16,445 posts)Because he went to the best schools. That remains to be seen.
Mendocino
(7,505 posts)downplays the "small loan" of a million dollars that his father gave him. That loan from 1968 would be worth almost $7,000,000 today, hardly small, actually sort of "yooge". How many people in life could get an amount of that size from a parent with what I imagine were very easy terms? The only thing self made about him is repellent personality and massive bigotry.
annabanana
(52,791 posts)Mendocino
(7,505 posts)(paraphrase) " We had to sell off some of our trust funds to survive". Life is so tough!
11 Bravo
(23,926 posts)Orsino
(37,428 posts)You can't create a Donald Trump without massive infusions of money into a carefully climate-controlled and soundproofed laboratory flask. If exposed to normal atmospheric pressure, they wilt.
KentuckyWoman
(6,692 posts)Granted most people who are good at self promotion use it for selfish reasons and have no conscious about doing so at other's expense. He's not alone in that.
But the man takes it to a whole other level. He is proud of the fact he destroys communities and families in his efforts to make a quick buck. He'll gladly screw his own bankers in a heartbeat and relish ever second of it.
The man is gross beyond words.
Takket
(21,625 posts)B Calm
(28,762 posts)TIME TO PANIC
(1,894 posts)No offense to used car salesmen.
bklyncowgirl
(7,960 posts)He's a good salesman and self-promoter. I could see him being a slightly shady business type--not trusted by the elites--but smart and ruthless. I doubt he'd be anywhere as big as he is now.
TIME TO PANIC
(1,894 posts)Maybe a strip club owner.
bklyncowgirl
(7,960 posts)They'll screw you this way to Sunday but always manage to stay on the right side of the law.
MillennialDem
(2,367 posts)TIME TO PANIC
(1,894 posts)but we should have a sense of urgency.
Squinch
(51,004 posts)No offense to guys who repair tires.
redstatebluegirl
(12,265 posts)bulloney
(4,113 posts)You can be worth over $1 million because you own farmland and machinery, as is the case with a lot of people around where I live. I've seen farms go for $4-8000/acre. At $8000/acre, that's only 125 acres, which is not much to own these days. Even 250 acres at $4000/acre is not a big farm. Add to the value of your buildings, machinery, equipment, livestock (if any) and it's not difficult to be worth over $1 million - on paper.
Even modest homes go for $300-400,000, plus the value of the lot it sets on.
Make no mistake - the real wealth is with the old blueblood families. They're worth billions.
MillennialDem
(2,367 posts)Mr. Burns or Carter Pewterschmidt)
is someone who earns at least $1 millionaire a year (IOW, likely has over $10 million in assets)
In which case, even those are the bush leaguers of millionaires. Romney is a triple Aer who could get called up to the majors, and people like the Kochs are the pros.
Someone with $1 million doesn't even get on a college team.
2naSalit
(86,775 posts)be dead or in prison by now. He's a psychopath/sociopath... he'd likely have ended up being a hit man for the mob and be caught, thus prison or dead.
DisgustipatedinCA
(12,530 posts)Assuming the same mouth and attitude he holds as a rich person, that's my guess.
Sam_Fields
(305 posts)B Calm
(28,762 posts)his entire life, let alone a ten speed.
ohnoyoudidnt
(1,858 posts)but it would be on an episode of Cops and probably for domestic abuse and he would be wearing a tank top instead of a $5k suit.
annabanana
(52,791 posts)He MIGHT have worked for someone who could fire him...
tabasco
(22,974 posts)The kind that gives all government employees a bad name.
Calista241
(5,586 posts)But the man is VERY disciplined. Every minute of every day is planned, productive, and accounted for. He even schedules time in his calendar to screw his mistresses.
I have no doubt that he's still be a rich bastard if he was born poor.
louis-t
(23,297 posts)Someone did some calculations a while back and discovered that he would have been much richer had he simply invested in the stock market and took the last 40 years off.
Warpy
(111,339 posts)because he's really not a smart man.
jmowreader
(50,562 posts)Donald Trump has one YOOGE advantage over the common schmo: his father taught him the family business and the Trump family business is very lucrative. Donald Trump is known for his self-discipline; he might have started out washing people's cars in his back yard, then bought a truck, then a corner lot to put a wash on. One wash would have led to more, and eventually he'd have a net worth of several million dollars.
The most time-honored way of getting rich is to do something before anyone else thinks of it. That's how Mark Cuban (pioneer in subscription-based webcasting), Marc Zuckerberg (who converted personal vanity webpages into an advertising medium), Elon Musk (created PayPal), Tai Lopez (the dating site king), the guy who turned his used car lot into Rent-a-Wreck after one of his customers told him it was cheaper to buy a used car than to rent a new one, and many others did it. So I figure Trump would have found a niche he could have gotten into cheap and worked it for all he was worth.