Erika Aguilar Blog 1

Based off of today’s lecture, we touched upon the top 1% of the wealthy population. We got direct insight into what is classified as an important factor for the super rich as compared to the rest of society. While being rich might strike as an appealing lifestyle at first glance, there are downfalls that the rich also deal with in terms of paying back money to the state, making new friends, and depending on the market to make you more money. Investopedia created an article on the top 9 reasons why you DONT want to be a millionaire. One of the main reasons that stood out and that is still being debated on today is being taxed. The state depends on your taxes as a millionaire as “giving back to your country,” based of the movie watched in class “The Top One Percent” many of the wealthy men in the film mentioned that they do not want their money touched especially if it is being used for social services and this article strongly mentions this as a big downfall to being wealthy that millionaires comment on the most. As a millionaire you will start to seek more ways to invest your money and this puts a vast majority of your priorities into the stock market, depending on it to bring you more of an investment. Aside from the money aspect of being a millionaire, there are people from a new crowd that you would have to deal with. From attending charity events, to dealing with people asking you for money constantly, and making an entire new set of friends. Being surrounded by wealthier people opens up an entire new world of networking and relations which may yield good or bad results for you as an individual. You will attract people that both need money and want money and these two scenarios each come with their own consequences.

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