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Our family struggled with poverty and, like many who struggle with poverty, I found solace in our poverty by hating the rich.
So, I had my own personal feelings for hating the rich.
But that all ended when I completed my five-year Rich Habits Study. I accumulated hard data to help me better understand the rich and the poor. My five-year study opened my eyes for the first time and for that I am grateful.
Based on my research, this is why I believe so many people hate the rich:
#1 Envy
Envy is fed by a feeling of hopelessness.
Since rich haters have a negative mindset, they invite envy into their negative-thinking universe. Rich haters are envious of so many things rich people have: their wealth, their courage to pursue their dreams, their ability to shoulder enormous risk, their persistence, their fearlessness, their optimistic attitude, their positivity, their enormous faith in themselves to overcome all obstacles, etc.
#2 Hopelessness
Hopelessness is the byproduct of not knowing what to do to become rich, not having any success mentors in your life and being indoctrinated with the limiting belief that the accumulation of wealth is impossible for the non-rich.
#3 Misconceptions About the Rich
Rich haters have many misconceptions about wealth.
Misconception #1 – Poor People Can’t Get Rich
Depending on the study, between 69-80% of the rich are self-made, meaning they came from poverty or the middle-class. So, clearly poor people can become rich.
Misconception #2 -Government Can Eliminate Injustices
Rich haters believe government can level the playing field by taxing the rich more and redistributing what they’ve taken from the rich, to the non-rich.
Misconception #3 – You Can’t Save your Way to Wealth
21% of the self-made rich in my Rich Habits Study became wealthy by saving and prudently investing their savings.
#4 College Debt
Rich-hating millennials were sold a bill of goods that college was the #1 path to success and wealth. As a result, many went into debt in order to finance a college education, only to learn, upon graduation, that college is not the panacea they thought it would be.
Many college graduates are forced to live with their parents, even into their 30’s.
#5 2008-2009 Recession
Many of today’s millennials saw their family life upended by the 2009-2009 recession. They lived through one or more of their parents losing their job. Some were forced to leave their homes, their college, their friends and their neighborhoods.
Despite the recession, the rich were able to go on about their lives as if nothing changed.
#6 Corporate Greed
Depending on the research, CEOs earn anywhere between 24 times to 300 times the compensation of the average worker. Rich haters find this unconscionable. And, quite frankly, everyone should.
The problem, however, is not with the CEOs of the world. It is with the failure of the directors on the boards of large companies who refuse to take a stand and cap CEO compensation.
#7 Political Ideologues
In his You Didn’t Built That 2012 campaign speech, President Obama argued that the rich owed their wealth to the government. He stated that everyone who built a successful business, did so because of the government and not as a result of taking enormous risks, working harder or working smarter.
He went on to explain that the government built the roads, the bridges, the sewers and the infrastructure that made it possible for businesses to engage in commerce.
He was right – the government did all those things.
But he seemed to forget that the government works for the people.
It did all those things because the people made government do all of those things and the people provided the government with the financial resources (tax dollars) to do all of those things.
Nonetheless, that speech was validation to the millions who already hated the rich, and it further fanned the flames of their hatred.
#8 Hypocritical Celebrity Role Models
There are many celebrities who bash the rich, which is ironic, since many of those rich-bashing celebrities are rich. These hypocritical celebrities are role models to many young people who follow them on social media.
Since negative thinking is a habit and habits spread like a virus throughout your social networks, those following these rich-bashing celebrities on social media become infected with their negativity towards the rich and adopt their
toxic thinking.
#9 Never Taught How to Become Rich
Since most people come from either poverty or the middle-class, they very rarely have anyone within their inner circle who can teach them what to do to become rich and successful.
No problem. That’s what college is for.
Nope. Colleges don’t teach you how to become rich and successful. There are a few colleges that offer entrepreneurial studies.
#10 Lack of Success Mentors
Only 19% of the self-made rich in my Rich Habits Study indicated that they were fortunate to have been mentored for success by someone – a parent, teacher, family member, friend, colleague or boss. So, finding a success mentor is very hard, but when you do, it is the fast-track to success.
Those who lack success mentors, you have to figure things out on your own through the school of hard knocks. Not everyone is willing to attend that school, however, as it generally requires taking risks and working absurd hours in pursuit of a dream.
Risk invites the potential for failure and because rich haters are mired in negativity, all they see is failure. Their fear of failure holds them back from taking risks. And hard work is, well, just too hard for rich haters.
#11 Negative Mindset
Many of those who hate the rich, have a negative mindset. The lens through which they see life is toxic, myopic and hostile with respect to the wealthy.
They do not see opportunities, unlimited potential, possibilities or solutions. Instead, all they see are problems, roadblocks, rigged systems, inequities, hopelessness and exploitation.
#12 Limiting Beliefs
Rich haters were raised to believe certain myths about the rich that simply are not true. Rich haters believe it is impossible for an average person to become rich. They are first in line with anti-rich clichés, such as he’s a member of the lucky sperm club or she was just in the right place at the right time.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
