Do you deserve to be rich?

If wealth was the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire. Intelligence? Talent? No, the ultra-rich got to where they are through luck and brutality. The wealth creators of neoliberal mythology are some of the most effective wealth destroyers the world has ever seen ... George Monbiot

If you believe that you deserve to be rich, take a moment and define why you should be wealthy. Most entrepreneurs and professionals believe they deserve to be wealthy, which is a minimum net worth of Rs.10 crores or more. Majority of the wealthiest people feel they deserve to be rich. They may have inherited it and therefore have an inborn sense of deserving or they may have earned it and therefore feel proud of their accomplishments. There are rich people who cheated and stole to be rich, and there are also rich people who worked hard to be rich.

Do you deserve to be rich? Do you deserve everything you desire? No matter how badly you want to be wealthy; no matter what you’ve done with your life to date and what you plan on doing; no matter if you’re absolutely brilliant; no matter who you know or who knows you; no matter anything, you unquestionably, categorically, unequivocally definitely do not deserve to be rich. Simply put, no one deserves wealth. Being rich is not a right. At best, it’s a possibility.

The path to move on in the right direction to become a self-made millionaire is:

• How committed are you to becoming wealthy?
• What are you willing to sacrifice in order to become rich?
• How can you translate your values and ideals into personal wealth?
• How do your capabilities place you squarely in the line of money?
• How are you offsetting your weaknesses in other areas?
• How are you going to leverage your network to make money?
• How do your better relationships make you money today?

Becoming wealthy is not an entitlement. It’s not a privilege nor is it a right. If you’re healthy and motivated, the advantage you have is that you very likely have the opportunity to pursue wealth, or happiness for that matter. It’s taking advantage of this opportunity by actively, forcefully, and smartly pursuing wealth that can potentially become rich. 

If you grow up poor, you’ll most likely end up poor. If you grow up rich,  you’ll likely end up rich. It’s all based on the way you view the world and money. Change your spending habits and you will change your attitude. You will begin to respect money and strangely you will gain more money in your life. 

Since you don’t deserve to be rich, but you want to be rich, what are you going to do about it?

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Rich doesn't deserve to be rich; poor doesn't deserve to be poor.

Life is not fair, ergo no one deserves anything.
Amassing wealth is incompatible with morality ... Gandhi

Between 1947 and 1979, productivity in the US rose by 119%, while the income of the bottom fifth of the population rose by 122%. Between 1979 and 2009, productivity rose by 80% , while the income of the bottom fifth fell by 4%. In the same period, the income of the top 1% rose by 270%. This is to suggest that the economy has been rewarding the wrong skills. CEO's are no more deserving of the share of wealth they’ve captured than oil sheikhs. Without resorting to cheating or labour exploitation or tax evasion or over exploitation of natural resources or destruction of ecology, it is not easy become rich.

Excess Profit is deeply immoral

• Profit shows that entrepreneurs are welcome.
• Profit proves that the economy is not a zero-sum game.
• Profit is a moral concept, since without profit we will suffer from a misallocation of resources, a failure to provide the goods and services that the economy needs, the loss of tax revenue, a reduction in employment and the inability to provide for social need whether through the private sector or the public sector.
• Profit is the surplus generated by individuals (or groups of individuals) putting capital at risk. It is the price of risk. Hence profit is also the reward for innovation and ideas. Without a reward for risk capital and innovation then the economy will not grow, provide for the needs of people, or create the wealth necessary for well-being.
• Profit is not exploitation. Profit generally arises from transactions that benefit both parties. Profit actually represents the creation of wealth from mutually beneficial transactions. Unless wealth is created there is no investment, no employment and no opportunity for social good.
• Exploitation is not a good thing and economic surplus may arise as a result of immoral behavior. The problem there is the exploitation, rather than the profit itself. 
• The idea that the economy is a zero-sum game. If one party makes a profit, that must be due to another making a corresponding loss, and moral outrage against capitalism ensues. Once profit is generated it is simply removed from the economy into the hands of the already wealthy.
• Profit shows that entrepreneurs are welcome. Entrepreneurs are the lynchpin of an economy. They are the creators and innovators of new ideas which then attract the capital investment needed. If entrepreneurs are not welcome, then an economy will stagnate. Entrepreneurs needed to be attracted by the prospect of profit, so that they will bring their ideas to fruition for the mutual benefit of all. An entrepreneur is not there to be squeezed (or even exploited) but for the economic and social good of society.
• Profit generates investment and employment. However, beyond the rewards which are taken, without profit then there is no means of investment whether in capital goods or human capital; in other words, no profit, no new markets, no new production and no new employment; indeed to the contrary we are likely to see a reduction in both. Many business people see the provision of employment, not necessarily as the primary aim of a business, but one of the aims of the business enterprise.  
• Profit provides the means for social transformation in society. Perhaps this is more controversial. If we take that position we damage the moral underpinning of the rationale for profit. Profit is a surplus. To argue that profit provides a basis for social transformation is not a statement that such transformation has to be achieved by the state.
• Government has a role to play and the generation of wealth and profit and lobbyists influencing for abnormal profits. Profit also allows individuals to act. Distributing profits for the well-being of individuals and families. Similarly profit provides the means for philanthropy. Profit doesn’t seem so bad.
• While profit is moral if earned ethically, morally, legally and in reasonable quantities, while excess profit is deeply immoral. The diving line is hazy.

The vice of capitalism is its unequal sharing of blessings; 

the virtue of socialism is the equal sharing of miseries. 

Whatever moves, tax it. If it keeps moving, regulate it. 

And if it stops moving, subsidize it .... Ronald Reagan

My View:

There is no question that profit motivates entrepreneurs, boosts economy, creates jobs and boosts state revenues. Left view profit as exploitation. A company has profited at someone else’s expense. and that person stands exploited and hence profit is immoral. But unbridled profits arising out of monopoly or cartel forming or lobbying or consumer ignorance leading to abnormal profits is exploitation, immoral, illegal and crime. Excess profits also indicates that labour are underpaid and/or consumers over charged. Profits results in rich becoming richer while others remain as they are is socially unsustainable. All the above statements are true in a expanding economy but fails when economy is stagnating or shrinking. Excess consumption leads to wastage and ecological imbalances. Capitalists generally act harmoniously and in concert to fleece the people. While capitalists desires to keep all profits to themselves they will come out with evil plans to socialise the losses. Capitalism only produces a small privileged rich who are beyond conscience, and almost all others are doomed to be poor. Finally profit beyond certain point is immoral, exploitative and crime.