Why Some People Accrue Abundance and Others Don’t: The True Cause Of Wealth Inequality
Some people have everything and others have nothing. As a whole, the world is becoming more prosperous. The global GDP has nearly doubled in the last 50 years, from $200 billion in 1966 to over $600 billion today. But that doesn’t mean everyone has had equal access to this growth. Instead, we see growing wealth inequality that shows little sign of abating. In fact, some believe it may be getting worse as new wealth is created at an accelerating rate and old wealth is passed on from generation to generation at a much slower pace. Why does this happen? Let’s take a quick look at the factors that drive individual prosperity and why some people accumulate wealth while others don’t:
What Drives Economic Prosperity?
Wealth is the natural result of a well-managed economy. In order for an economy to grow and for people to become prosperous, there must be a rise in the production of goods and services. The faster this occurs the more people will be able to purchase goods and services with their earnings. The rise in production and consumption is driven by the productive capacity of the people who work in an economy. The productive capacity of an economy is the number of goods and services that can be produced given the available resources and labor.
Wealth Is Accumulated By Individuals Who Have The Following Characteristics
There are certain characteristics that drive prosperity in an individual and in an economy. Individuals who have these characteristics tend to be prosperous. – – Persistence: People who are persistent are healthy, wealthy, and wise. They don’t give up easily, and when the going gets tough, they persevere. – – Self-Discipline: Those who are disciplined are healthy, wealthy, and wise. They control their emotions and their impulses, and they make their desires come true through hard work and planning. – – Optimism: Those who are optimistic are healthy, wealthy, and wise.
They see the brighter side of life, and they have faith that things will work out for the best. – – Entrepreneurship: Those who are entrepreneurial are healthy, wealthy, and wise. They have the foresight to recognize opportunities, and they have the courage to take action. – – Social awareness: Those who are socially aware are healthy, wealthy, and wise. They have empathy for others and the courage to stand up for what’s right. – – Curiosity: Those who are curious are healthy, wealthy, and wise. They are open to new ideas, and they don’t think that they know it all.
People Who Accumulate Wealth Are Focused On Financial Literacy
Financial literacy is the ability to make sound decisions about the money. In order to be financially literate, an individual must be aware of their current financial situation, understand the role of money in their life, and be able to manage their money effectively. Financial literacy is not just knowing how to read a balance sheet or invest in stocks and bonds—it is learning how to pay for groceries, keep a roof over one’s head, and even pay one’s bills on time. The average person has little understanding of the financial products they use on a daily basis.
Credit cards, auto loans, mortgages, and other forms of debt may seem like they are helping an individual become more prosperous, but in reality, they are keeping that person in poverty. Some people may also use their credit cards, but they don’t pay their credit cards off each month. The only way to become prosperous is to focus on financial literacy.
Excessive Debt Is A Main Cause Of Wealth Inequality
If you look at the richest people in the world, you’ll see that many of them have amassed their wealth through businesses and industries that cater to the wealthy or that are capitalistic in nature. These include financial services, real estate, technology, and other areas where you can accumulate a great deal of wealth through capitalistic practices. These businesses and industries often take advantage of their customers with predatory lending practices and other unethical business practices.
Oftentimes, these practices are legal and may even be promoted by the government. The problem is that many people without these advantages and resources find themselves in debt. They may take out a mortgage on a house that is far beyond their means and end up in a situation where they have to sell their house at a loss just to pay off the debt.
Conclusion
Wealth inequality is a problem that affects almost all societies. One of the main reasons for it is that some people have the ability to listen to advice and take action, while others don’t. If you have this ability, use it to become the most prosperous person you can be. We all have the ability to be prosperous, but it is up to us to make it happen.
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