4 Reasons Millionaires Are Not The Scum of the Earth

Here is society’s view on the rich and the poor:

  1. Rich people are greedy, underhanded sleazeballs and share their money with no one
  2. Poor people don’t have the opportunity to get ahead and are stuck in poverty forever
  3. It’s up to the government to redistribute the wealth and make everything fair again

…My face is getting red just writing out those statements. Each one of them just seems so ridiculous to me that it becomes almost unfathomable that this is now our nation’s typical line of thinking.

If I were given the chance to change the statements above (and I will…since after all, this is my website), I would have them read this way:

  1. Rich people earn their wealth by serving others. The more people they serve, the more wealthy they become.
  2. Poor people discredit the fact that the wealthy have worked their butts off and sacrificed greatly for their wealth. Therefore it’s easy for the poor to think they deserve a piece of it.
  3. It’s not up to the government to act like a Robin Hood hero. It’s their job to protect and serve the American people – all of them, not just the irrational outspoken minority.

4 Reasons It’s Okay to Be a Millionaire

According to Credit Suisse, there are 15 million millionaires in the United States today, which equates to roughly 6.4% of the population. That’s a ton of wealthy people!

How is it though, that so many people can be millionaires in this world? I mean, only the rich bloodlines, the celebrities, and Silicon Valley folks can become millionaires, right?

Wrong.

Those are just the everyday lies that the media is selling you – the the rich are scum, the poor are mistreated, and the government is the solution to all of our problems. And let me remind you one more time that all of this is absolute crap.

Contrary to popular belief, it’s absolutely okay to be a millionaire in this messed up society. Some people might think you’re evil – they might spit on your BMW, they might call you names, and they may even try to guilt you into giving all your money away….

But do you need to feel bad? Do you need to apologize for becoming wealthy?

Absolutely not.

Here’s are four reasons why I believe it’s okay to be a millionaire:

Okay to be a millionaire1) You Earned It

Only 20% of the wealthy have inherited their income. The great majority of the population has worked hard and earned their millionaire status with their blood sweat and tears.

A message to the millionaire:

When you started your working career, you could have decided to hang back, relax, and do the minimum. But you didn’t. Instead, you sacrificed your time, your mind, and your body over the last 30+ years to develop your wealth. Nobody gave you a free ticket. You earned it, and you should be proud of your millionaire status.

2) You’ve Been Serving People All Your Life

Most millionaires aren’t rich snobs from Wall Street. More often than not, they’re small business owners that serve people directly every.single.day. They fix your leaky pipes, they service your fancy car, and they help you renovate your house from time to time. Millionaires are often simple people that enjoy helping others.

A message to the millionaire:

You’ve always had a passion for helping people. It gave you satisfaction, it energized you, and thankfully, it also put money into your pocket. You earned your money fair and square and did it via win-win propositions. Be proud of the people you served. And don’t ever feel sorry for becoming wealthy in the end.

3) You Actually Embraced the Opportunity

Doctors, lawyers, and large business owners definitely have an advantage with their large incomes. But when they buy massive houses, drive foreign luxury cars, and only eat imported gelato (apparently in their minds, ice cream is just crap), there often isn’t much money left to spare. Large income minus large outgo equals nothing.

A message to the millionaire:

You’re different. You probably never earned a massive salary, but you still dodged the paycheck-to-paycheck lifestyle. Your mediocre house, your decade old domestic car, and your unimpressive wardrobe all played a part in your millionaire status.

Instead of living large on your hard-earned income, you saved it, invested it, and eventually reaped the rewards of your delayed gratification. It’s absolutely okay to be a millionaire. You’re just one of the few that sacrificed enough to earn it.

4) Only You Can Handle the Goose That Lays the Golden Egg

The most popular belief from society today revolves around the redistribution of wealth. Put simply, they believe that those that have money should be forced to give it all to those that don’t.

At first read, this makes absolute sense. Wealthy people could easily survive on $5 million instead of $10 million, and this simple action of redistribution could help thousands of people that are trying to scrape by on just $10,000 a year….But then you think about it for another five minutes and realize the next, more resounding issue….

Rich people understand how to earn large sums of money. And they obviously don’t do it by working a job earning $15 an hour… Instead, they do it by building businesses to develop a passive income that they can grow to an infinite size (and thereby produce an infinite income).

In short, the rich have the goose that lays the golden egg (and actually, they created the goose!). The poor only know how to eat the egg. If you give the goose away to the poor, it will be squandered, wasted, and will no longer produce.

Related: How to Grow an Unlimited Income With Your Blog

A Message to the millionaires:

You have a gift. You’ve been given the ability to grow amazingly wealthy. This also means that you have a great responsibility to help those that are not as blessed. Do NOT be guilted into giving away your gift (the goose). Instead, use that gift to bless those that are all around you!

Give to the needy. Set up programs for the underprivileged. Do everything you can to level the playing field. But do NOT subject yourself to the backlash of those that do not understand your gift.

What’s better for this world? Giving away one lump-sum of $1 million? Or $250,000 a year for the rest of your life…??

It’s Okay to Be a Millionaire. It’s Time to Embrace It.

Stop shying away in the corner. Don’t hang your head in shame. You’re wealthy – be proud of it! You earned more, saved more, invested more, and sacrificed more than anyone can understand. And now you have the responsibility to make a massive difference! Take up the torch and run with it – for you can make this world a better place.

It’s absolutely okay to be a millionaire. In fact, I encourage it!

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8 comments to 4 Reasons Millionaires Are Not The Scum of the Earth

  • Kathy

    I may not be a member of the 1% but I am a member of the 6.4% and I suspect not a single person in our neighborhood has a clue. I read The Millionaire Next Door many years ago and realized that what my goal. Every acquaintance of mine that has significant amount of money worked for it or they were in a family situation where the family worked for it. I do not envy people with more money and I do not look down on people with less.

    • It’s fun being the millionaire next door, isn’t it (I’m not quite there yet, but I’m getting close enough where I’m starting to get that feeling)? You don’t have to live next to snobs and people don’t automatically hate you because you’re rich (because they have no idea). It’s really the sweet spot in life. 🙂

  • I think where a lot of people sour on millionaires is when you look at business owners or execs that are doing very well for themselves, yet continue to lay off and fire people so that they can make more money that they’ll never get a chance to spend. It used to be that rich people could have their share, and others would end up making an honest wage. Now the rich often get richer and others have to work more hours and bring home less. The rich have no obligation to look out for the rest of the people, but it doesn’t mean that the world would be a better place if more did.
    Money Beagle recently posted..Airline Nightmare: You Can Be Right But Still Be Completely Wrong

    • Some people lose their soul a bit when they drive to earn more and more money. If it’s any consolation to the poor that they disregard, the soul-less execs aren’t really happy either. They’ve lost their purpose in life and are married to their jobs. It’s the millionaires that still care that you can champion and rally around.

  • Francis

    Hi Derek this is Francis from the Philippines. I agree being a Millionaire is okay… Actually it is so AMAZING because I am one & super proud of it. While everyone my age when I was just starting (1st job) was spending left & right I was saving/investing like crazy like what my parents did during their time. It was hard but I did it for years “deprived” myself sort of because I know that later I will reap the rewards. Now I’m a certified Millionaire & can practically buy anything I want but still living the same lifestyle as I did before. Although now I enjoy taking trips whenever I want but still careful to not go overboard. Thanks for the post I think this is already my 3rd time dropping a comment though my 2nd one was a year ago or 2. God Bless you man! P.S. I started (reading) with your most recent article & backtracking up to this one… =)

    • Love it! Thanks for stopping buy and giving your testament Francis! I never get tired of hearing from millionaires. Would you ever be interested in interviewing with me? I’m sure our readers would love to hear your story!

  • Francis

    Oh wow seriously? Have you ever interviewed someone that is NOT in the U.S.? Talking about personal finance has always been my passion. I started 12 years ago actually even earlier than that if we counted saving in piggy banks while I was in Highschool & College.Then 2007 I found out that there are blogs out there about the same subject & I was hooked even more. Until now when I have the time I still love reading blogs like yours, Budgets are Sexy, Good Financial Cents, Financial Samurai,& Retire by 40 just to name a few.

    If you think I could help then sure why not.

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