All of the above was stated to shock, in order to move to action. I see so many people around me, friends and family who are simply displeased. Even though the main issue of the article was money, it was also about finding a level of satisfaction with what you do as well as providing a level of financial freedom. Not waking up every morning wishing death due to the fact another 9 to 5 nightmare is ahead of you.

Regarding education, the issue I was trying to hit here, is that a lot of people go get a degree not because they are passionate about a subject, but because mom and dad simply tell them they have to go to college or they themselves believe it’s the only way. So they go to class, do the minimum they have to do (due to the fact they are not inspired) and get a degree. The same kind of lack of inspiration persists in their work life later on (thus the 9 to 5 nightmare). I believe that if you are truly passionate about something you can make a good living out of it (maybe it’s an idealistic thought but I think so)

“To be the devil’s advocate” we don’t believe in the devil here, unless of course you are Obama who is a Muslim socialist who’s just here for your taxes and children – j/k . Seriously, yes, Ivy league graduates do cough up a nice sum straight out of college more or less. However as you said most Americans do not earn those salaries and hence in the future most Americans wont (and many already can’t) survive in the future economy. The fact the middle class was the largest class was one of America’s greatest achievements and sadly that is slowly (or not so slowly) eroding. The highly skilled and hard workers will be fine.

Perhaps the word entrepreneur is not what I should have used. For me entrepreneur means someone who is not average. Someone who aspires to do something different and acts to do so. Someone who doesn’t just sheep his life (can I say that? Sheep his life?) Someone who doesn’t whine all day how much he wants to be a millionaire yet sits at home watching Jay Leno. Writing these lines I come to realize perhaps this entire article was written against mediocrity. It’s horrible so many people simply choose to be mediocre (and yes even if it’s unconscious I still think it’s a choice. Oh, I’m starting to sound Like Tony Robbins or one those others . Oh well, it’s 5am, I guess my idealistic philosophical rants are about to start. Next think I’ll somehow connect it all to theology. Time to sleep.

Regarding the “carried interest” – I stand corrected. My understanding of the US tax code is quite lacking, so thanks for pointing that out. I must say I am a bit poisoned by the liberal media (hence Jon Stewart )

P.S.
Living in Israel, I can only salute America on many terms, especially the entrepreneurial spirit and the ease (in comparison to Israel) in opening and running a business.

– Oded

-Tom

Some very good points indeed, but I do think it’s a bit over exaggerated.

I do think that entrepreneurs are born, not made. I don’t mean it’s just in the DNA, it’s also the circumstances presented: whether it’s financial hardship or social hardship. Most people cannot succeed as entrepreneurs. They would be unmotivated, directionless, and depressed after awhile. Entrepreneurship requires creativity, ingenuity, and pure work ethic, which vast majority of people lack no matter how hard you try to educate them. If we are talking about the masses, then this just isn’t for them.

On the issue of education, while I don’t think the classes itself teach you much directly, the caliber of school you attend acts as a signaling mechanism to highly sought after employers and the environment/resources of great schools really provide a place for one to mature, to incubate ideas, and to think outside the box, if the person so chooses to apply themselves in such ways. That’s why we see some of the greatest businesses born out of those who were in college, not during their subsequent working life.

To be the devil’s advocate, I do believe you can earn a great living working for companies if you truly applied yourself. From what I have seen in our industry, most successful affiliate marketers are certain smart enough to get an Ivy League education if they totally applied themselves. For those on that level of intelligence, and if they had worked towards it with earnest, the education opens a great many doors to high powered career paths in the fields of private equity, investment banking, real estate, consulting, and business development. These salaries are not $50k. The highly talented individuals typically earn $150k-250k 2-3 years out of college, and it can go up substantially from there. No, I’m not talking about the majority of the US population. However, the vast majority cannot earn a sustainable and substantial income from affiliate marketing either.

Despite all the constant ramblings and protests against the US, we seem to long forget that we live in one of the freest nations in the world, with the 4th highest per capita GDP, and a middle class that is the most substantial in a capitalistic society. You eat what you kill here, and everyone is given a chance.

-Tom

PS, on carried interest, it’s not really a “loophole”. Carried interest is part of what he earns through the appreciation of assets, and it’s taxed at the capital gains rate of 15% instead of normal income tax. A lot of his income is from carried interest because he has a LOT of investments. How would you feel if you bought a house, it appreciated 50% one year, and when you sell the house you had to pay your normal income tax of 30% on it? You wouldn’t be too happy. Well, Mit Romney just has a lot more “houses”. Except his “houses” are shares in companies. The rationale that wealthy people get taxed less as a percentage (but way more in overall dollars) is most of their money goes into the economy as investment instead of consumption. Investment is what funds businesses and creates jobs. If the answer is to raise the capital gains tax rate, then that’s a different story, but I’m not arguing for one way or the other, just laying out facts.

the article sounds allmost conspiracy but as you think about it more an more you realize its all true.

the rich is getting richer, we all need to get ourself to the other side asap.

You learn something new every day! Sometimes 2 days too late…