This article explicates the old lessons of middle-class, “nouveau riche” versus the well-established, rich.
1. The middle class live comfortably, the rich embrace being uncomfortable
“Be willing to be uncomfortable. Be comfortable being uncomfortable. It may get tough, but it’s a small price to pay for living a dream.” – Peter McWilliams
“In investing, what is comfortable is rarely profitable.” – Robert Arnott
It’s comfortable to work a “safe” job. It’s comfortable to work for someone else. The middle class think being comfortable means being happy, but the rich realize that extraordinary things happen when we put ourselves in uncomfortable situations. Starting your own business is a risk and risks can be uncomfortable, but a little risk is what it takes to create wealth and achieve superior results.
Step out of your comfort zone. Look at all your options. You will have to be at least a little uncomfortable if you want to become rich. You might even have to fail and that’s great, because if you’re not failing, you’re not doing much.
Megyn Kelly took two of her Fox colleagues to the woodshed this afternoon. In response to Erick Erickson and Lou Dobbs making controversial comments this week about a Pew study finding that 40% of American households have a mother as breadwinner, Kelly brought the two of them onto her show and proceeded to tear into them. To recap: during a Wednesday evening segment of FBN’s Lou Dobbs Tonight, Erickson, Dobbs, and other Fox male contributors lamented the Pew study’s “troubling” findings, claiming it signaled a disintegration of the American family. Erickson went the farthest with his analysis, claiming it is “anti-science” to not believe that men are supposed to play the dominant role in the household. The group collectively bemoaned the increase of female breadwinners.
Only Congress can avoid this self-inflicted wound to our economy and middle class families, and the only thing standing in the way of a solution today is Congressional Republicans’ refusal to even consider closing tax loopholes that benefit wealthy Americans and well-connected corporations. The President and Congressional Democrats have put forward solutions to avoid these cuts and allow time for both sides to work on a long-term, balanced solution to our deficit challenges.
The President is serious about cutting spending, reforming entitlements and the tax code to reduce the deficit in a balanced way. The question is, will Congressional Republicans come to the table to get something done?
Members of the 113th Congress have now taken their oaths of office but their day of congratulatory celebrations and receptions will soon be a distant memory as a series of self-induced fiscal “crises” will demand this new Congress’ full attention. Over the next few months, Congress will face default, sequestration, and a possible government shutdown. We can be sure that the well-financed anti-entitlement lobby will not let these crises go to waste. Each one provides the perfect backdrop for their long-running campaign to cut Medicare, Medicaid, and Social Security benefits to pay down the federal deficit.