The Rich Are Different And Maybe Not Better; You Can Be Good And Rich

The week is nearly at an end, and it wasn't a very exciting one, at least not as entertaining as the reddit rabble taking on the elitist Hedge Fund horde. It's too bad, because those peons were getting the better of the rich guys for a change.

What's concerning to all parties is how some really shrewd Wall Street types made bank on the backs of both parties, buying up puts, calls, stock on margin and reaping profits at the top and on the way down. There are players and then there are predators, which is why it's a good idea to keep your investment moves to yourself.

It's probably not a good idea to boast about how many monster boxes of silver eagles you purchased during the silver raid for two reasons: First, they probably haven't been delivered yet, so your enterprising Postal employee or FedEx or UPS delivery driver might get ideas, or somebody may be casing your place now that they know you'll have plenty of shiny; and, second, if you let people know you have valuables, you'll always and forever be concerned about protecting them, and that can be costly, to your wallet and your mental health.

The aforementioned are probably good reasons why people opt for stocks or bonds or storage of precious metals or anything they don't have to keep themselves, but, in a SHTF or TEOTWAWKI scenario, not having access to your personal wealth is a definite downer. If the exchanges shut down or the power goes out, cash and trinkets (ideally made from gold or silver) will be all that matters. How many shares of Apple you own will be largely immaterial. Rich people suffer just like poor ones, and, to boot, they're usually wildly unprepared to take care of themselves.

So, remember, the rich are different. They have servants, armed guards, gardeners, and chefs who will likely turn on them in moments of extreme stress. They're also incapable of planting seeds, slicing anything heartier than brie, scrambling eggs, or hammering nails. Forget about the tricky stuff like bandaging wounds, stopping leaks, or generally weathering the storm, so to speak. In emergencies, the last person you want around is a rich one. The lifeboat scenes from the movie "Titanic" come to mind.

A good number of rich people, because they are rich and you are not, think they are better than you. Honestly, they're probably not. You probably have more useful skills than most rich folks unless they're the self-made kind of business owner who isn't really, really rich, but has a net worth somewhere between $1 and $10 million. There are plenty of those types around.

It's how they made their money that matters when it comes to measuring the utility of rich people.

Rich people who came from modest backgrounds and made it by the sweat of their brow, being very good at something, are generally the most dependable types. Those who got rich quick playing stocks, or worse, playing stocks with other people's money, i.e., hedge fund managers, are further down the moral line, and, at the bottom are those who were born rich.

Inheritors of wealth are probably the most worthless in a pinch. They're used to just paying for anything they need. Ask them to grill a burger or two and they'll either pay somebody to do it or order out or eat something else. Really, that's how useless they are.

So, be kind to your rich friends. They're going to need your help if they become not-so-rich. And, if they remain rich, they can hire you to do things they won’t or can’t do themselves, which is just about everything. Further, they have to worry about not being rich, which stands in opposition to the desire of most people: to be rich, so you may be able to offer them comfort and consolation just by showing them that not being rich isn’t so bad.

Don't belittle yourself because you don't own much in the way of stocks or a big house or a shiny new car. You have skills and you have the opportunity to make of yourself whatever you like. It's been said that getting rich isn't that hard, but staying rich is the real trick. Maybe the definition of what rich is should be examined. Having a good moral background, trustworthy friends, and an optimistic attitude are usually worth more than all the stocks, bonds, gold, and silver in the world.

While it is a worthwhile aspiration to have some of those things, not having much is not a curse nor is having excess amounts a blessing. By no means should acquiring wealth be an all-encompassing endeavor.

Think about it. Which would you rather have around: a fellow who could build a house or one who could buy a house?

Back in the 1960s, a radio station in upstate New York, WSAY, used to have a slogan. They said, "Be Big. Be A Builder." It was always an interesting line, but one which carried a strong message.

Whether it's personal wealth, education, community, a collection, or a shelving unit for your bedroom, just keep on building. The riches will follow.

At the Close, Thursday, February 18, 2021:
Dow: 31,493.34, -119.68 (-0.38%)
NASDAQ: 13,865.36, -100.14 (-0.72%)
S&P 500: 3,913.97, -17.36 (-0.44%)
NYSE: 15,290.64, -111.95 (-0.73%)