How do wealthy people become wealthy?

How nice it would be if we were all born wealthy? It would be great if we could inherit a great amount of wealth from our parents, or grandparents. The reality is most people that are wealthy, become wealthy through their hard work.

Statistic has shown that 69% of wealthy Americans gained their wealth through hard work, investing, or ownership of a small business; 6% gained their money through inheritance; 25% become wealthy through both hard work and inheritance. That should make us feel good. It is possible for everyone to become wealthy if the right action is taken.

Most wealthy Americans believe their willingness to take on higher risk at the right time has made them successful. Of course, success comes along with tremendous efforts that they put into. In general, higher risk results in higher return. People who become wealthy through hard work are generally happier. People who inherited wealth from others tend to have more difficulties related to the money situation, such as how to allocate money between family members, and so on. People who are hard workers also have more control over their financial situation. They understand the market, recession, and the opportunities. They feel less stressed and more secure.

Working hard, taking risks, and accumulating what you have, can eventually make you financially secured. It might take some time and some luck, but it will happen if you keep making the right decisions.

http://finance.yahoo.com/banking-budgeting/article/104858/Earnings-Growth

http://www.unusualwaystomakemoney.com/

Job hunting in an economy recession

Most of you will be facing graduation in May or December. However, the economy is going into a recession and the job market is shrinking. How does someone find a job during this uncertain period of time?

First of all, alter your own situation as needed. Last March, the unemployment rate was 5.1% and there were fewer jobs on the market. If you work in real estate or construction, you might need to look somewhere else. It might not be a good idea for you at this moment.
Secondly, consider fields such as education, health care and technology. These three fields typically don’t have a correlation with the market recession. Experts say jobs in those fields haven’t been affected at all.

Third, get your resume up to date. Put everything you have done that is work related on your resume. Even volunteer jobs, after school activities, and community work can put an extra check on your resume. Always have at least 3 experts review your resume. Keep your spirit high. It can be frustrating at the beginning if you don’t get enough feedback. However, don’t stop looking. Participating at job fairs, research on websites and newspapers can be a good alternative resource.

http://hotjobs.yahoo.com/career-articles-job_hunting_in_an_unsteady_economy-321

http://hotjobs.yahoo.com/jobs-Healthcare

Comments on Matthew’s “Income Gap”

Matthew’s journal stated that there is a significant gap between male and female professionals. For the same position, women usually make less then men. With a relatively lower income, women tend to put less contribution to their 401K plan. Matthew also pointed out that large amounts of people who live in poverty are elderly women.

It is sad to see many elderly women live in poverty. How can we improve the situation? Government regulation should help elderly women get out of the poverty situation. For the other potential retirees, they need to realize that women tend to live longer and have more expenses than men, and they need to maximize their retirement savings decades before they retire. Women should also start investing more, just like men do. Women are generally more conservative and risk adverse, which means most women wound not invest their money on potential assets. That needs to change. Women can become wealthy if they do the right thing like men do.