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Essay On How To Create Wealth In America

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What is the number one rule on how to create wealth in America? Not sure? Why is knowing the answer to this question important? Awareness; most Americans do not understand their own economic system of free enterprise, simply because they were not educated on it. Free enterprise is the freedom of private business to organize and operate for profit in a competitive system without interference by the government beyond regulation necessary to protect public interest and keep the national economy in balance. Every American should strive to own their own business and work for themselves. So, what is the number one rule on how to create wealth in America? Let’s get into that right now. Ownership is the number one way to create wealth in America. As a matter of fact, it is the only way to create wealth in America; getting lucky and winning the lottery is not creating wealth. One example of ownership that almost everyone understands is the benefit of owning versus renting a home. There are certain tax advantages associated with owning a home plus the goal is to build equity. The next example could be a car. It can be very easy to pay …show more content…

While there are no guarantees in starting a business, it is a much more rewarding work. Starting a business can also create the opportunity for more jobs or partnerships, further stimulating and impacting the economy in a positive way. There are also many tax advantages, briefly explained before, that business owners can use to help offset the cost of running a company. Owning business should never be used as a tax shelter to not pay the government, but rather a way to work with the government to ease certain tax stresses. These advantages can range from business travel, to sponsorship programs, to certain meals, and even a round of golf or two. Free enterprise is Americas economic system and the only way to create

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In his speech “Every Man a king” senator Huey Long suggested to reconstruct the wealth in America. He describes the current economic crisis as devastating because 10 people own about 85% of America’s wealth when the rest of the population does not have anything. Some even starve to death. The purpose of his speech is to create the effect of urgency. He wanted to limit the wealth one’s can have.

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John Jacob Astor Amassing a fortune through ingenuity and the leveraging of taboo businesses By Juan Acevedo The realization of the “American Dream” is often believed to be the result of core values such as honesty and hard work, but that was not the case with the first self-made United States mulit-millionaire. Although John Jacob Astor was familiar with the principles of hard work and honest earnings, he rejected a traditional path and built his wealth by capitalizing on a series of new opportunities. He anticipated societal needs, growing markets, and achieved the American dream through sanctioned and questionable business dealings.

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Without money, they cannot afford shelter, food, or any other basic human needs. America’s capitalist society in which the basic goal is “to turn money into more money” is what brings on this money-centered lifestyle Americans must live (Johnson 42). The goal of creating more money means that goods must cost more than it takes to make them turn a profit. By extension, this means that the wages of the workers must be lower than what the product is being sold for. Thus, companies push to increase worker productivity and cheap labor to produce more products while spending less.

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Wealth is driven by commerce. Wealth in any form is the root of all needed things in the sense that currency is the simplification of ones own definition of wealth by being the common denominator that translates through the world. Translating wealth is most commonly left to the rich and philosophically inclined such as Adam Smith, Andrew Carnegie, and Andrew K. Gailbraith. Adam Smiths realism rhetoric stood that in order for a prosperous town to exist there first had to be an equally if not better country-side because Adam Smith believed that wealth was a measure of how much land one had and how much of it could be cultivated for the use of planting crops and manufacturing raw goods and how close it was to any town.

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Andrew Carnegie, the richest American of his era, wrote a document named Wealth in 1889. In this document, Andrew Carnegie addressed the well-educated and richest businessmen of society of that point in time. As the leading industrialist, Andrew Carnegie knew about industrial workers issues and hardship they faced for not being able to afford for their families. In this document he is suggesting that wealthy businessmen use their wealth to serve the common man.

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This statement still holds true in today's society. Many people see the ownership and distribution of property as a separation in class. The common translation between property and wealth is that one must have a certain amount of monetary value in order to purchase property, therefore, many view property and those who own property as wealthy. Another principle that is largely seen in today’s society is the system of checks and balances on government power.

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And highlighting the period of wealth of the American upper class along with the rise of American philanthropy, was Andrew Carnegie who referred to his article as the “Gospel of Wealth”. This is why “The Gospel of Wealth” is an important theme of the class. Many new corporations and businesses gave rise to ultra-rich individuals during this time. Carnegie proposed that the best way

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Kayti Davenport Hanna, Josh HIST 1493 7 May 2023 Andrew Carnegie's influences made America rich The richest man in America was not always wealthy beyond belief. Andrew Carnegie was the wealthiest Scottish American in the late 19th century storming through the American steel industry. Andrew Carnegie's philosophy was that wealthy individuals like himself have a social responsibility to give to the greater good. Carnegie’s three modes affirmed the economic explosion in America by arguing that wealth can be left to the families of the decedents, be bequeathed for public purposes; or, finally, be administered during their lives by its possessors to continue the wealth of the public.

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Du Bois take on the Color Line Question: Class and Race in the Globalization Age William Edward Burghardt Dubois born in 1868 and died in 1963 was a Black American academic, activist for peace and civil rights, and socialist who wrote about sociology, philosophy, race equality, history and education. The evaluation of W.E.B Du Bois’s studies brings out social and intellectual initiatives especially his color line concept and its role to the history of African Americans (Butler, 2000). The color line concept is the role of racism and race in society and history. However, an analysis that is multidimensional which finds and evaluates the intersection of race together with class as modes of resistance and domination on national and international

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Four hundred American billionaires own two trillion dollars, as much as the one hundred and fifty million Americans on the very bottom. The top one percent of the richest American own one fifth of the nation’s total income. Similar to the Gilded Age, people who do business and live in urban centers earn much more money than who do not. The unprecedented technological innovation cause the production easier and faster, which renders the employers benefits. Also, the economy gives huge advantage to those who control lots of money, causing the economic disparity even deeper and promoting the appearance of the “Robber Barons,” unscrupulous businessmen who achieve monopolies in their

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With the accumulation of wealth came dominance and these entrepreneurs became some of the most powerful men in America. “Yet, their ruthlessness in building wealth at the expense of their competitors, workers, and consumers, often earned them the contrary title of “Robber Barons”, suggesting that they may have used unquestionable or unethical business practices to become wealthy and powerful” (Gilded Age Document A); some of these methods included vertical integration, horizontal integration, predatory pricing and the establishment of “the trust”. These men held the world in the palms of their hands, “administering it (wealth) for the community far better than it would have done itself” (Gilded Age Document A). “This, then, is held to be the duty of the man of wealth: First, to set an example of modest, ostentatious living, shunning display or extravagance and, after doing so, to consider all surplus revenues which one to him simply as trust funds,”(Gilded Age document A), just as Rockefeller did.

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As outlined in chapter 10 of the course text, inequality in housing and wealth is a major problem. The United States is described to be the most unequal countries in the western hemisphere. But with the inequalities when it comes to wealth, the United States is one of the richest countries in the world. Wealth is the sum total of a person’s assets. These assets include, cash in the bank and value of all properties, not only land but houses, cars, stocks, and bonds, and retirements savings.

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598 Words | 3 Pages

There is a clear solution to wealth inequality in America, and it is increasing minimum wage so the lower classes can gain wealth .The uneven distribution of wealth and the low wages are the main problems in America and raising wages is the solution. Wealth inequality is the root of all problems in America. When wealth inequality is fixed, America will flourish and will be the most successful country that has ever

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From the cooperation among civilians by a division of labor, to the limitations of government in an effort to achieve a free and competitive market, to the prioritization of the individual profit motive and accumulation of personal wealth, Smith argues that society can succeed in such an environment. Even though Smith’s economic platform revolved around a pre-Industrial Revolution era, his solutions to economic prosperity via the free economy allowed for an adaptable and flexible system. Nowadays, the idea of pursuing one’s own self interest is viewed as narcissistic, and oftentimes overlooked due to the accumulation of personal wealth. Government regulations force wealthy individuals to give a higher portion of their wealth for the betterment of the society, which some may view as unproportionable to their benefits from living in society. Simpler, fairer ways of devising a tax regulation have been proven to promote economic growth, however the current economic platform is seen to be arbitrary and obscure.

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