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easyrider123
  • From:Norway

Date Posted:21-11-2018 04:13:40Copy HTML

One Way to Skip Wall Street and Invest in Your Community

Take it from someone who gave away his inheritance 35 years ago: The act of distributing your wealth will propel you forward.

If you’re not ready to give away the wealth, set up your life so that you can give it away later on. Learn how to earn a livelihood that isn’t dependent on being wealthy. (Photo: YES! illustration by Pablo Iglesias)

If you’re not ready to give away the wealth, set up your life so that you can give it away later on. Learn how to earn a livelihood that isn’t dependent on being wealthy. (Photo: YES! illustration by Pablo Iglesias)

I recently met a person who, with considerable angst, asked what to do about a substantial inheritance.

My heartfelt response: Give it away. I did it myself more than 35 years ago, and it was the best decision I ever made. In 1986, faced with my own intergenerational wealth moment, I passed the gift along to several foundations working for “change, not charity.”

My other advice: Find others who are in the same situation and invite them to think things through together. When I did it, four friends and I made a pact to give away substantial assets. We collaborated on a book, We Gave Away a Fortune, to chronicle the inspiring stories of people who gave away their wealth and lived to survive and thrive.

And if you’re not ready to give away the wealth, set up your life so that you can give it away later on. Learn how to earn a livelihood that isn’t dependent on being wealthy. Build a community of resilience and support. Along the way, try to understand the economic story of the times we are living in and how intergenerational advantage works.

It’s true that a $30 trillion intergenerational transfer is in the works, as the baby boomer generation exits the stage, passing on their accumulated treasure to their children.

But in a time of gargantuan inequality, most of this wealth transfer will take place in the upper canopy of the wealth forest—what we could safely call “dynastic wealth” transmissions among those with $10 million or more, the richest 10th of the 1 percent.

Trillions also will change hands among the top 10 percent, not as huge trust funds, but in amounts that still will make a huge economic difference to their recipients.

Households in this tier—9.9 percent of the population, excluding the top 0.1 percent—have maintained a steady share of the wealth pie over several decades of accelerating inequality. As a class, they have witnessed (and in some cases facilitated) the siphoning of wealth from the bottom 90 percent to the powerful top 0.1 percent, while taking their cut.

In the absence of taxpayer-funded investments in public institutions to alleviate poverty and expand opportunity for the non-rich, wealth transfers reinforce a new physics of inequality: compounding advantage for the have-a-lots and accelerating disadvantage for everyone else. This explains the persistence of the racial wealth divide where median White households have 35 times more wealth than Black households and 25 times more wealth than Latino households.

If you find this troubling—or, more viscerally, repulsive, grotesque, or maddening—you have an opportunity to join with movements that are trying to put a brake on the dynastic concentration of wealth.

And if you happen to be in the class that won the birth lottery or are a future beneficiary of this intergenerational wealth transfer, and you want to live in an equitable economy, you are not alone. I’ve met thousands of people wrestling with having way more than they need and seeking alternatives. They deeply understand the dangers of our economic and ecological crisis, and the polarization of race, class, and culture. And they want to play a constructive role.

My invitation to them has been to “come home” and put down a stake, not in an enclave of the wealthy but in a community with race and economic class diversity. Instead of “opting out” of the community and privatizing their needs, opt in with gusto by relying on public transportation, education, recreation, and other community resources, and fighting for them alongside everyone else.

I also advise them to bring their wealth home—out from the shadows of the hidden wealth system, the trusts and offshore shell corporations. Shift wealth from the casino of Wall Street to the real economy of goods and services that people depend on. Use it to invigorate regional food systems and local production and services. Divest wealth from the fossil fuel economy (ideally in a public manner) and shift capital to the clean energy economy and vibrant new economy enterprises.

The reality is, wealth is usually only a small part of the package of other intergenerational advantages.

Bringing the wealth home means joining a growing field of impact investors and social venture entrepreneurs who are allocating capital directly to socially beneficial enterprises.

It also means recognizing the limits of the charitable industrial complex. Philanthropy is not a substitute for a progressive tax system and a vibrant and democratically accountable public sector at the local, state, and national levels. In the end, coming home means speaking up for a fair tax system and paying one’s own fair share.

The act of considering giving away your wealth will propel you forward. The reality is, wealth is usually only a small part of the package of other intergenerational advantages. I’m a personal sociological experiment: I’m White, male, and with four generations of intergenerational advantage. Even without the inheritance I gave away 35 years ago, I have plenty of other hard-wired advantages: my race and gender advantage, debt-free college education, social networks, a sense of agency, access to health care, and dozens of other benefits.

We must find others in the same boat. Renewal Networks’ “Play Big” conferences bring wealthy people together to share strategies that help align their money to their values. Another group, Resource Generation, is creating a support community for people under 35 seeking to take bold action to leverage their privilege for good.

Kate Poole, a Resource Generation member who co-founded Regenerative Finance, a network making zero-interest loans to locally controlled enterprises, told Moneymagazine that, for older generations, “building wealth was a loving thing to do for your family. I’m thinking more broadly about what is meant by ‘family.’ ”

For the sake of the extended planetary family, it’s time to break the intergenerational cycle of wealth advantage.


Chuck Collins

Chuck Collins is a senior scholar at the Institute for Policy Studies where he co-edits Inequality.org, and is author of the new book, Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.  He is cofounder of Wealth for the Common Good, recently merged with the Patriotic Millionaires. He is co-author of 99 to 1: The Moral Measure of the Economy and, with Bill Gates Sr., of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes.



THE TRUTH WILL SET YOU FREE Honesty and frankness make you vulnerable. Be honest and frank anyway.
wale63 Share to: Facebook Twitter MSN linkedin google yahoo #1
  • From:USA

Re:THINK!

Date Posted:21-11-2018 05:14:27Copy HTML

WHEN are you going to give away YOUR wealth SLEAZYRIDER? Here you are AGAIN preaching one thing for EVERYONE else and practicing another for YOURSELF.

easyrider123 Share to: Facebook Twitter MSN linkedin google yahoo #2
  • From:Norway

Re:THINK!

Date Posted:21-11-2018 06:31:34Copy HTML

Of course the moron wales doesn't get it, as usual. What a jerk.......


If I was sitting on $10 million plus of wealth I surely would use some of it to help others. No go fuck yourself wales, you impotent moron.  lol 


go play in the street

THE TRUTH WILL SET YOU FREE Honesty and frankness make you vulnerable. Be honest and frank anyway.
wale63 Share to: Facebook Twitter MSN linkedin google yahoo #3
  • From:USA

Re:THINK!

Date Posted:21-11-2018 07:48:23Copy HTML

Of course the moron wales doesn't get it, as usual. What a jerk.......


If I was sitting on $10 million plus of wealth I surely would use some of it to help others. No go fuck yourself wales, you impotent moron.  lol 


go play in the street


" I have NO retort and have been caught , AGAIN, in my hypocrisy, hence my empty and hysterical response above"-SLEAZYRIDER

Bogus0Pomp Share to: Facebook Twitter MSN linkedin google yahoo #4
  • From:USA

Re:THINK!

Date Posted:21-11-2018 08:10:43Copy HTML

DIGIT-A-DAY
2018.325 - Day 51
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z "If you can read these 26 letters, there is nothing about the universe that you can't learn." -- Lambros D. Callimoahos
Nickel Share to: Facebook Twitter MSN linkedin google yahoo #5
  • From:USA

Re:THINK!

Date Posted:21-11-2018 09:24:58Copy HTML

Napoleon ended wealth going to a single individual which divided and conquered a number of wealthy houses. We have that only if there’s no will. A will can designate a sole beneficiary. The state takes a healthy cut, wife gets half the estate and the rest is divided among children, or a deceased child’s children. Inherited wealth, money that makes money, I just want to be in that position. Timeshare people are always trying to get me to buy another, and I have to tell them that when my husband died he really did take that income with him. I don’t qualify.
wale63 Share to: Facebook Twitter MSN linkedin google yahoo #6
  • From:USA

Re:THINK!

Date Posted:22-11-2018 01:08:36Copy HTML

DIGIT-A-DAY
2018.325 - Day 51
0


" I feel the URGE to respond for my potential blowbuddy"-BOGUSPIMPED

wale63 Share to: Facebook Twitter MSN linkedin google yahoo #7
  • From:USA

Re:THINK!

Date Posted:26-11-2018 01:16:01Copy HTML

DIGIT-A-DAY
2018.326 - Day 52
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" I am in the middle of servicing my blowbuddy"-BOGUSPIMPED

Bogus0Pomp Share to: Facebook Twitter MSN linkedin google yahoo #8
  • From:USA

Re:THINK!

Date Posted:26-11-2018 01:49:06Copy HTML

DIGIT-A-DAY
2018.330 - Day 56
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z "If you can read these 26 letters, there is nothing about the universe that you can't learn." -- Lambros D. Callimoahos
wale63 Share to: Facebook Twitter MSN linkedin google yahoo #9
  • From:USA

Re:THINK!

Date Posted:27-11-2018 01:18:36Copy HTML

DIGIT-A-DAY
2018.330 - Day 56
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" I have NOTHING intelligent to contribute"-BOGUSPIMPED

Yobbo Share to: Facebook Twitter MSN linkedin google yahoo #10
  • From:New_zealand

Re:THINK!

Date Posted:27-11-2018 02:04:59Copy HTML

Of course the moron wales doesn't get it, as usual. What a jerk.......


If I was sitting on $10 million plus of wealth I surely would use some of it to help others. No go fuck yourself wales, you impotent moron.  lol 


go play in the street


In addition to the god of Jews, Muslims and Christians, Wail worships at the feet of Ayn Rand and her gospel of selfishness so she looks on generosity as an abject weakness.

wale63 Share to: Facebook Twitter MSN linkedin google yahoo #11
  • From:USA

Re:THINK!

Date Posted:27-11-2018 02:48:53Copy HTML

Of course the moron wales doesn't get it, as usual. What a jerk.......


If I was sitting on $10 million plus of wealth I surely would use some of it to help others. No go fuck yourself wales, you impotent moron.  lol 


go play in the street-SLEAZYRIDER


In addition to the god of Jews, Muslims and Christians, Wail worships at the feet of Ayn Rand and her gospel of selfishness so she looks on generosity as an abject weakness.


THIS statement of your rerveals quite a lot, especially that you haven't a clue and continue to base idiotic conclusions on false premises and concepts Dobbo!

wale63 Share to: Facebook Twitter MSN linkedin google yahoo #12
  • From:USA

Re:THINK!

Date Posted:27-11-2018 08:15:26Copy HTML

DIGIT-A-DAY
2018.331 - Day 57
7


" I have nothing but stupidity to contribute"-BOGUSPIMPED

Bogus0Pomp Share to: Facebook Twitter MSN linkedin google yahoo #13
  • From:USA

Re:THINK!

Date Posted:27-11-2018 08:51:05Copy HTML

DIGIT-A-DAY
2018.331 - Day 57
7

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z "If you can read these 26 letters, there is nothing about the universe that you can't learn." -- Lambros D. Callimoahos
easyrider123 Share to: Facebook Twitter MSN linkedin google yahoo #14
  • From:Norway

Re:THINK!

Date Posted:04-12-2018 05:51:05Copy HTML

Think about this..................



THE TRUTH WILL SET YOU FREE Honesty and frankness make you vulnerable. Be honest and frank anyway.
easyrider123 Share to: Facebook Twitter MSN linkedin google yahoo #15
  • From:Norway

Re:THINK!

Date Posted:11-12-2018 12:11:28Copy HTML

Man, please wake the hell up while you still can.............please read this




by Jake Johnson, staff writer 
Pulling back the curtain on the ostensibly "bipartisan" orientation for newly elected members of Congress at Harvard's Kennedy School in Boston, Reps.-elect Alexandria Ocasio-Cortez (D-N.Y.) and Rashida Tlaib (D-Mich.) informed the public through live social media updates on Thursday that—contrary to the ideologically neutral advertising—the private conference featured a heavy dose of speeches by corporate CEOs and completely shut out organized labor and members of the progressive community.



THE TRUTH WILL SET YOU FREE Honesty and frankness make you vulnerable. Be honest and frank anyway.
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