Let’s Clear Some Things Up About Billionaires.

Because they aren’t swimming in money like Scrooge McDuck.

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Photo by Colin Watts on Unsplash

Let’s Break A Couple Things Down.

It’s evident that finance isn’t taught much in schools, but that doesn’t excuse the internet-using masses for not knowing how money works. Then again, the majority of people are bad with money — so it makes sense. Lack of financial knowledge is why people equate a person's net worth to what they have in their pockets. (Hint: It’s not the same thing.)

1. Billionaires Don’t Have Their Total Net Worth Sitting In A Bank.

The definition of net worth is the sum of all assets owned by a person or a company, minus any obligations or liabilities. Bill Gates is worth $105 Billion dollars, but he doesn’t have that much to spend freely. He is worth that much largely due to his ownership stake in Microsoft. If he wanted to free up $200 Million in cash, he would have to sell some shares or go about securing a line of credit using his stock as collateral. Usually, these people have multi-million dollar personal accounts at the most. This shuts down any arguments that he can purchase the entire NFL the same way he can purchase a cup of coffee.

2. A Donation Is A Donation, Regardless Of Tax Implications.

Another argument people like to make is one that discredits wealthy people’s philanthropic efforts because they can be used as “tax write-offs”. Yes, charity is a tax write-off, but that doesn’t negate the countless lives that are impacted and changed for the better.

3. All Billionaires Are Evil, Immoral People.

Wrong.

4. Billionaires Hoard Wealth That Is Crated Off Of The Backs Of Their Workers! Eat The Rich!

Woah there, warrior! Be careful with that pitchfork before you poke an eye out. Let’s clarify some things here.

  1. A donation is a donation.
  2. Billionaires are as moral or immoral as any other person.
  3. Billionaires aren’t slave drivers.

Written by

Bizwyre’s dad. As far as work ethic, we as humans can learn a lot from ants. Don’t be nice, be kind.

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