Sunday, July 8, 2018

Kyle Phoenix Answers: What problems do wealthy people have that middle class people don't have?




You think about your effect on the world because your footprints are bigger. Lots of people fantasize about wealth but don't want the responsibility. Tv shows show irresponsible wealth as decadence and play but most wealth is the assumption of responsibility.
. Could you go to work 18 hour days for 17 years and not take a day off? Oprah did because whenever she had the sniffles or was tired or bored she thought about the 400 people who worked at her studio and their mortgages, their families. Her slip might affect them.
If you have a business you have to consider the staff if you sell.
You have to really consider how to give money for maximum value. Just for fun or life effect, which in the end makes you responsible for the ramifications of your gifts which most times, at lower numbers, you aren't. There are maybe half a dozen relatives I know giving $100,000 to would kill or just make Mercedes richer.
Wealth means you have to understand more and better. Various coworkers pay whatever tax is put in front of them blindly, dont invest for retirement, have no insurance for their families, dislike their work. More grants freedom but it means you have to read a lot before making moves, digest, consider, seek counsel and learn to enjoy the business and management portion of wealth. Its not an entity you can just blindly ignore.
You spend time considering character more and therefore see people clearer even if its upsetting, which it often is.
My mothers financial manager, nice guy for years, asked to borrow money, my stepfather hounded me on insurance for gain from my terminal mother, some of my friends vanished.

Which brings to success. Crabs in a barrel attack. In wealth all of your long-term needs are met so competition is less personal, its about the game, not ones life.
You are aware that you can't fix everything and that can be sobering. You want to help Puerto Rico but one, its a seeming job in itself to liquidate funds. Most wealth is not in cash accessible from an ATM machine like people think. Liquidated stock at a capital gains penalty; crack open an annuity another tax penalty; take money out of the business reaps issues and how does that affect the employees, the company stability; radically shift your normal monthly budget and rebalance where and how?
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When someone worth hundreds of millions busts out a check in 24 hours for $1 million it can seem relatively small but in comparison internally it might be costing them $10 million over the next 20 years to free that up. Because they have not been managing your millions most not rich folk dont understand that.

Choices are all costlier like marriage, unprotected sex, children, divorce, deaths. Money is like a steak to rabid folk and a chain that keeps you tied to family. You have more problems extricating yourself from toxic people. If your wealth is apparent your semen, eggs, heart is now an open season target and yes, the money is always one of the top three reasons someone is with you. If you're a romantic that can dim your bulb.

Every purchase is judged not weighed relative to your earnings. And you straddle being embarrassed and humble about this to so many people.
Your effect is again greater than your intentions most times so you learn to be circumspect, quiet, secretive, invisible about your business and your own needs.
Hence why the rich are either quiet or huddle together, wealth in comparative experience can be constantly jarring.
Smile, Kyle
KylePhoenixShow@Gmail.com




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