Most boomer millionaires inherited their fortunes from the backbreaking work of their parents. Do you really think Babyboomers worked hard enough to "earn" anything of value? Pluuuuease! They don't understand the concept of money management; everything they touch turns to sh!t. Too much, too fast, too soon and then everyone else is supposed to clean up after them. So the basic question is, "Why is American losing millionaires?". Do you really have to have someone else fill in the blank for you? Lack of money management skills, period. Not thinking for the future, partying for the day, etc, you get the picture. The 60s song was about free love, today their song is about free money. From Enron to Madoff they've shown their true colors time and time again.

financelaw:

Do you really think Babyboomers worked hard enough to "earn" anything of value? Pluuuuease! They don't understand the concept of money management; everything they touch turns to sh!t. Too much, too fast, too soon and then everyone else is supposed to clean up after them. .

Every single one of them? Wow!

Right. I have a high net worth because of my own hard work. My parents sowed the seeds of my success by instilling in my the value of hard work. After I moved out of my parent's home at 17, I never took a dime from them. No inheritance either, as their money went elsewhere.

You deeply liberal people just can't STAND it when someone does better than you, so you fool youself into believing that they just 'lucked' into money.

Sad and pathetic.

You honestly think the original post was written by a liberal?

I don't know how many millionaires your state has, but the literacy rate must be awfully low to come away with the idea this person is a liberal.

So scott_fs

How many people did you “walk over” in the process of getting that big bank account? Think of the past 30 years and tell me that you didn’t walk into work one day and just have a “hard-on” for someone “just because” and then fire him/her by the end of that same day. Boomers haven’t earned their bank accounts from being honest but by screwing the guy that had a family to support. The old school management from the WWII days (and pre-WWII) actually cared about its employees; today’s boomers only care about themselves. There is a reason for families such as the Vanderbilt’s having money over multiple generations since the 19th Century and it’s because they respect it AND they respected their employee’s. Old school management didn’t expect their employees to jump through hoops but to do an honest day’s work. Today in the American work place, you have to be a damn magician and perform magical tricks to keep a job. It’s ridiculous. As for today’s millionaires they are a bunch of wannabee Vanderbilt’s with an education of a hillbilly. Boomers are greedy and always want more and more and will walk over anyone to get it. Think Madoff.

Whoa whoa whoa! You're saying that previous to the boomers generation "Old school management didn’t expect their employees to jump through hoops but to do an honest day’s work." If this were the case, where do you think all of the labor laws and OSHA and labor unions came from? They certainly weren't created simply because the concepts give people a warm and fuzzy feeling, but because of egregious violations of safety and human rights in factories and such. I hardly call that "old school management from the WWII days (and pre-WWII) actually cared about its employees."

No matter what, you will always have good managers and bad ones. On the flip side, you will have good employees and bad ones. but I guarantee the bad ones will never recognize themselves as such. It cuts both ways. People want employers to always do what is best for their employees, even if it is to their detriment, but we have lost the expectation that employee should act in the best interest of their employer. So what if Joe threatens to come in and harm everyone? He obviously needs mental help and the employer should accomodate him. So what if Joe is stealing from the company? You must not be paying him enough or he wouldn't feel compelled to do it. So what if Joe has a bad attitude every single day and is making key employees so upset and frustrated that they are threatening to quit? Everyone should just try harder to bend over backwards and make him happier.

No.

Employment is a contract between two people: Employee and employer. The employee has a service in their skills and time that they go into the marketplace to sell. Various employers make offers for what those skills and time are worth to them and employment is established with one of them. The employer has an obligation to pay the agreed upon wage for every minute worked, any benefits promised and provide a safe working environment. The employee has a responsibility to earn an honest days wages by being reliable, working through the entire day as efficiently as possible and not causing the employer to lose money through theft or other means. Sometimes either party will breach this contract and that's just the way it goes, but this doesn't make either side inherently evil.

I would also like to point out that there are still a lot of rags to riches stories in this country and those people have earned every last dime of it. There is so much risk in opening a business. Most businesses fail after just a few years, and depending on how the company was structured a business owner could potentially lose everything they own when it fails- including their spouse and kids, as is often the case. The employee's only risk is they might have to go looking for another job if the company fails. When you lay it all down at the high stakes table you take on huge risk and deserve to win big if you succeed or the risk wouldn't be worth it to anyone.

Alaskajenny, it's useless. Financelaw is absolutely convinced that every successful person under the age of 60 is a backstabbing, exploitive pig.

The idiocy astounds. Really.