posted on August 9, 2004 08:39:09 AM new
RESPONSIBLE WEALTH PRESS RELEASE
June 24, 2004
Contact: Bob Keener
(617) 423-2148 x26
It Takes a Village to Make a Millionaire
New Report Blasts Myth of the Self-Made Man
Download the report PDF 280 KB
"I personally think that society is responsible for a very significant percentage of what I've earned."
Warren Buffett, CEO of Berkshire Hathaway
A new report, "I Didn't Do It Alone: Society's Contribution to Individual Wealth and Success," spotlights successful entrepreneurs and concludes that the myth of self-made success is destructive to the social and economic infrastructure that fosters wealth creation.
Martin Rothenberg, the son of a housepainter and sales clerk, grew up to become a multimillionaire software entrepreneur.
Investor Warren Buffett is the world's second-wealthiest person.
Ben Cohen co-founded Ben & Jerry's with no business background and walked away with $40 million when the company was sold years later.
While these three seem typical examples of self-made success, they're not. None of them believes they did it on their own. Like others profiled in the report, they attribute their success to many factors, among them public schools and colleges, government investment in research and small business assistance, contributions of employees, and strong legal and financial systems.
"How we think about wealth creation is important since policies such as large tax cuts for the wealthy often draw on the myth of the self-made man," says "I Didn't Do It Alone" co-author Chuck Collins. "Taxes are portrayed as onerous, unfair redistribution of privately created wealth not as reinvestment or giving back to society. Yet, where would many wealthy entrepreneurs be today without taxpayer investment in the Internet, transportation, public education, legal system, the human genome and so on?"
Jim Sherblom, a venture capitalist and former chief financial officer of the biotech firm, Genzyme, says, "The opportunities to create wealth are all taking advantage of public goods like roads, transportation, markets and public investments. None of us can claim it was all personal initiative. A piece of it was built upon this infrastructure that we all have this inherent moral obligation to keep intact."
"I Didn't Do It Alone" shows not only that society's role in wealth creation is significant, but if that role withers from inadequate revenues and political will, then opportunities for wealth and innovation will shrink. Entrepreneurism, the economy and society will be undermined.
"I Didn't Do It Alone" was written by Chuck Collins, co-author with Bill Gates Sr. of "Wealth and Our Commonwealth" and associate director of United for a Fair Economy; Scott Klinger, co-director of Responsible Wealth and a Chartered Financial Analyst; and Mike Lapham, co-director of Responsible Wealth.
Responsible Wealth is a project of United for a Fair Economy, an independent national non-profit that raises awareness that concentrated wealth and power undermine the economy, corrupt democracy, deepen the racial divide, and tear communities apart.
SELECTED QUOTES from "I DIDN'T DO IT ALONE: Society's Contribution to Individual Wealth and Success:"
"I personally think that society is responsible for a very significant percentage of what I've earned."
posted on August 9, 2004 09:43:15 AM new
Libra maybe you should listen,
""While these three seem typical examples of self-made success, they're not. None of them believes they did it on their own. Like others profiled in the report, they attribute their success to many factors, among them public schools and colleges, government investment in research and small business assistance, contributions of employees, and strong legal and financial systems.
"How we think about wealth creation is important since policies such as large tax cuts for the wealthy often draw on the myth of the self-made man," says "I Didn't Do It Alone" co-author Chuck Collins. "Taxes are portrayed as onerous, unfair redistribution of privately created wealth not as reinvestment or giving back to society. Yet, where would many wealthy entrepreneurs be today without taxpayer investment in the Internet, transportation, public education, legal system, the human genome and so on?"
"
posted on August 9, 2004 09:54:44 AM new
"all taking advantage of public goods like roads, transportation, markets and public investments. None of us can claim it was all personal initiative. A piece of it was built upon this infrastructure that we all have this inherent moral obligation to keep intact."
A quaint theory. I would state it as "I paid my SHARE for this road, and if I use it and make a million, the million is MINE and has no claims on it from the guy sitting by the road saying "gimmmeee".
posted on August 9, 2004 10:47:43 AM new
But these men/women realize that they didn't "pay their share" to make the millions they did.
How did Bill Gates "pay his share" for all the research that the government did in order for him to have a software company ? How did Bill Gates "pay his share" for 200 years of case law that protects his monopoly software copyright ?
What you seem to asert is that everyone shares in the burden for building and maintaining civilization's infrastructure, but those that take more out of it are under no obligation to put more back into it.
posted on August 9, 2004 11:43:14 AM new
Is this for real..
Ben Cohen co-founded Ben & Jerry's with no business background and walked away with $40 million when the company was sold years later.
What kind of background does this gentleman need. He took a product that he cofounded and turned it into a million dollar business because the product they made everyone loved. Who do you credit? Ben and Jerry for producing their ice cream or the customer that consumed it.
I had the same opportunities as these gentlemen but it was how I chose to use them is why I am not wealthy. Don't we all have those apportunities? Public Schools are there for all to get an education. Notice I said all, how we chose to use it makes a difference. You can't go anytime you want and still get educated. It needs to be an ongoing thing but to some they think it is a joke.
posted on August 9, 2004 07:10:10 PM new
yes I agree with that Crow. Government will help anyone that wants to start a small business. Government is all for small business, so what it takes to start one they will be there to help. Now it doesn't matter at all to the government what party afflilation you are.
posted on August 9, 2004 08:19:07 PM new
crow isn't talking about someone actually working and seeking government assistance to help them start a business, she is talking about socialism and communism because she thinks that no one should have to take resposibility for their situation...
posted on August 10, 2004 06:31:04 AM new
Aww crowfart... I am telling people what I KNOW... you post communistic propaganda up and down these boards... These men may of used to the governement to start their businesses... ever hear of the SBA?
It is not some government handout... but then you wouldn't know that would you...
posted on August 10, 2004 08:53:27 AM new
They are not referring to the SBA. And what these icons of capitalism are promoting has nothing to do with communism or socialism.
You'll have to do more than just throw out labels to have your argument taken seriously.
