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    Ten Wealthy Americans And How They Achieved Their Wealth! Part 2
    Ten Wealthy Americans And How They Achieved Their Wealth! Part 2
    Ten Wealthy Americans And How They Achieved Their Wealth! Part 2
    Ebook197 pages2 hours

    Ten Wealthy Americans And How They Achieved Their Wealth! Part 2

    By Thomas J. Strang

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    About this ebook

    Wealth is the abundance of valuable resources or valuable material possessions. An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. This ebook is part 2 in a series. The book consists of 10 wealthy Americans and how they achieved their wealth. They are Alice Walton, Carl Icahn, Donald Trump, Forrest Mars, Jr., George Soros, Larry Page, Michael Dell, Phil Knight, Sheldon Adelson and Steve Ballmer. Wealth refers to some accumulation of resources (net asset value), whether abundant or not. Richness refers to an abundance of such resources (income or flow). A wealthy individual, community, or nation thus has more accumulated resources (capital) than a poor one. The opposite of wealth is destitution. The opposite of richness is poverty.

    LanguageEnglish
    PublisherThomas J. Strang
    Release dateSep 5, 2015
    ISBN9781311755582
    Ten Wealthy Americans And How They Achieved Their Wealth! Part 2
    Author

    Thomas J. Strang

    Tom is semi-retired from the accounting profession where he worked for 30 years as a bookkooper, auditor, accounting manager and assistant controller. He currently operates his own accounting, bookkeeping and tax service. He is currently married to Jennifer. He has 2 children Michael and Gracie. Michael is a computer technician and Gracie is a dental assistant. He has always loved books and collecting quotes for many, many years. He tries to live by them since they provide motivation and inspiration.

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      Book preview

      Ten Wealthy Americans And How They Achieved Their Wealth! Part 2 - Thomas J. Strang

      Introduction:

      Ten Wealthy Americans And How They Achieved Their Wealth! Part 2

      Thomas J. Strang

      Published by Thomas J. Strang at Smashwords

      Copyright 2015 Thomas J. Strang

      Smashword Edition, License Notes

      ISBN #

      Smashwords License Statement

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each reader. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Return to Table of Contents

      Biography:

      In this edition, I thought it would be appropriate to include a biography. I have always loved quotations and have tried to live by them. This, of course, includes The Bible as well. We live in a world where so many bad things happen, I would prefer to uplift people rather than tear them down Anyway, I am a veteran of the accounting and computer professions. My father told me to enter it many years ago and you will never be out of work. He was right! He also said, the U.S. economy is rapidly becoming a service economy where products will be made somewhere else. This was a man with a 6th grade education who worked for United States Steel Corporation for 42 years. He was an auto mechanic, plumber and carpenter. He could handle just about anything mechanical. Well, after 30 years in the professions I decided to open my own practice. Sounds easy! Just remember, you have to be willing to work 80 hours a week for yourself so you won’t have to work 40 hours a week for someone else. I have been married for 15 years to Jennifer. We have 2 children, Michael and Gracie. Michael is a computer technician and Gracie is a dentist assistant. All proceeds from the sale of this book will go to help the poor. This will help people get back on their feet again. More to follow.

      Enjoy and God Bless.

      Tom

      Return to Table of Contents

      Forward:

      Please visit www.smashwords.com to purchase any of the following books. Please show the author you appreciate his work!

      439769-999 Quotes For Everyday Living Part 1 [1 to 999]

      528999-999 Quotes For Everyday Living Part 3 [1999 to 2998]

      526774-499 Funny and Serious Life Quotes Part 1 [001 to 499]

      528999-499 Funny and Serious Life Quotes Part 2 [500 to 998]

      543699-499 Funny and Serious Life Quotes Part 7 [001 to 499]

      451919-999 Quotes For Everyday Living Part 3 [1999 to 2998]

      455421-Celebrity Quotes

      456140-Quotations from Successful Men and Women

      457115-Famous Political Quotations

      457976-A Collection of Historical Quotations

      500509-Musicians and their Thoughts (A Collection of Thoughts from Some of Most Famous Musicians)

      477459-600 Motivational and Inspirational Quotations

      1,000-Quotations about the Power of Love and Hate

      487038-Humorous Quotes about Birthdays and Aging

      487548-A Collection of Quotes about Husband, Wife, Man and Woman

      488347-Famous Quotes about Baseball, Basketball, Football and Soccer

      488919-A Collection of Quotes (275) That Make You Think

      489181-A Collection of Quotes about Life, Living, Kindness and Integrity

      490282-An Assortment of Funny Quotes, Funny Life Quotes and Funny Sex Quotes

      A Collection of Quotations about Heaven and Hell

      An Invaluable Collection of Quotations on Aging and the Aging Process

      An Assortment of Quotations for Mothers, Fathers, Parents and Marriage and Relationships

      Quotations about Trust and Truth

      493464-138 Quotations from 114 Authors on Faith and Religion

      496100-Why Do People Tell Lies? (A Compendium of Quotations)

      Power and Politics in Government (A List of Quotations)

      498087-Motivational Quotations by Napoleon Hill, Tony Robbins and Zig Ziglar (includes 200+ Bonus Quotes)

      498407-100 Quotations by Dr. Albert Einstein

      499805-A Collection of Humorous Quotations

      Famous People Share Their Thoughts about iPad, iPhone & iPad

      500509-466108-Musicians and Non-Musicians Share Their Thoughts on Music

      502163-Biographies on Famous Comedians: Past and Present

      Youth and Age: A Collection of Quotations

      Dogs and Cats: Youth got to Love Them

      504551-War and Peace: A Collection of Quotations

      504730-Are all Lawyers Crooks? A Collection of Quotations

      Patriotism: A Collection of Quotations

      A Study Guide on the Environment

      Nature: A Collection of Quotations

      506871-America and Canada (Love of Country)

      508133-A Collection of Birthday Quotations

      509004-Failures That Lead To Success and Victory

      510099-Why Do You Like Horror Movies?

      Politicians and Comedians Poke Fun at Politics

      519685-A Collection of Theological Quotations

      521066-A Collection of Quotations from Famous Saints

      Experience is the Best Teacher

      Life’s Certainties and Uncertainties Part 1: A Collection of Quotations

      Life’s Certainties and Uncertainties Part 2: A Collection of Quotations

      Life’s Certainties and Uncertainties Part 3: A Collection of Quotations

      552936-Life’s Certainties and Uncertainties Part 4: A Collection of Quotations

      Life’s Certainties and Uncertainties Part 5: A Collection of Quotations

      526774-499 Funny and Serious Life Quotes (Part 1) 001 to 499

      499 Funny and Serious Life Quotes (Part 2) 001 to 499

      499 Funny and Serious Life Quotes (Part 3) 001 to 499

      499 Funny and Serious Life Quotes (Part 4) 001 to 499

      499 Funny and Serious Life Quotes (Part 5) 001 to 499

      499 Funny and Serious Life Quotes (Part 6) 001 to 499

      499 Funny and Serious Life Quotes (Part 7) 001 to 499

      499 Funny and Serious Life Quotes (Part 8) 001 to 499

      499 Funny and Serious Life Quotes (Part 9) 001 to 499

      499 Funny and Serious Life Quotes (Part 10) 001 to 499

      554542-A Comprehensive Listing of 175 Miscellaneous Quotations

      A Book of Miscellaneous Quotations to Enlighten and Inspire

      A Book of Quotations from Political and Military Monsters

      555074-A Comprehensive Collection of Quotations by Category Part 1

      A Comprehensive Collection of Quotations by Category Part 2

      558468-A Comprehensive Collection of Quotations by Category Part 3

      A Comprehensive Collection of Quotations by Category Part 4

      A Comprehensive Collection of Quotations by Category Part 5

      A Comprehensive Collection of Quotations by Category Part 6

      A Book of Quotations from Political and Evil Monsters

      A Comprehensive Collection of Quotations by Category Part 7

      A Comprehensive Collection of Comedic Quotations (Part 1)

      A Comprehensive Collection of Comedic Quotations (Part 2)

      A Retrospect on Rock Music Legends

      An Historical Perspective on the National Football League

      Ten Wealthy Americans And How They Achieved Their Wealth! Part 1

      About this Ebook:

      This ebook is part 2 in a series consisting of 10 wealthy Americans and how they achieved their wealth. They are Alice Walton, Carl Icahn, Donald Trump, Forrest Mars, Jr., George Soros, Larry Page, Michael Dell, Phil Knight, Sheldon Adelson and Steve Ballmer.

      Return to Table of Contents

      Wealth Defined:

      Wealth:

      Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem. An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.

      The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics yet the meaning of wealth is context-dependent. At the most general level, economists may define wealth as anything of value that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various individuals and in different contexts. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own.

      United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human and physical assets. Natural capital includes land, forests, fossil fuels, and minerals. Human capital is the population's education and skills. Physical (or manufactured) capital includes such things as machinery, buildings, and infrastructure. Qatar is the wealthiest country in the world per capita.

      Return to Table of Contents

      Definition:

      Adam Smith, in his seminal work The Wealth of Nations, described wealth as the annual produce of the land and labor of the society. This produce is, at its simplest, that which satisfies human needs and wants of utility. In popular usage, wealth can be described as an abundance of items of economic value, or the state of controlling or possessing such items, usually in the form of money, real estate and personal property. An individual who is considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group.

      In economics, net worth refers to the value of assets owned minus the value of liabilities owed at a point in time. Wealth can be categorized into three principal categories: personal property, including homes or automobiles; monetary savings, such as the accumulation of past income; and the capital wealth of income producing assets, including real estate, stocks, bonds, and businesses. All these delineations make wealth an especially important part of social stratification. Wealth provides a type of individual safety net of protection against an unforeseen decline in one's living standard in the event of job loss or other emergency and can be transformed into home ownership, business ownership, or even a college education.

      'Wealth' refers to some accumulation of resources (net asset value), whether abundant or not. 'Richness' refers to an abundance of such resources (income or flow). A wealthy individual, community, or nation thus has more accumulated resources (capital) than a poor one. The opposite of wealth is destitution. The opposite of richness is poverty.

      The term implies a social contract on establishing and maintaining ownership in relation to such items which can be invoked with little or no effort and expense on the part of the owner. The concept of wealth is relative and not only varies between societies, but varies between different sections or regions in the same society. A personal net worth of US $10,000 in most parts of the United States would certainly not place a person among the wealthiest citizens of that locale. However, such an amount would constitute an extraordinary amount of wealth in impoverished developing countries.

      Concepts of wealth also vary across time. Modern labor-saving inventions and the development of the sciences have vastly improved the standard of living in modern societies for even the poorest of people. This comparative wealth across time is also applicable to the future; given this trend of human advancement, it is possible that the standard of living that the wealthiest enjoy today will be considered impoverished by future generations.

      Industrialization emphasized the role of technology. Many jobs were automated. Machines replaced some workers while other workers became more specialized. Labor specialization became critical to economic success. However, physical capital, as it came to be known, consisting of both the natural capital and the infrastructural capital, became the focus of the analysis of wealth.

      Adam Smith saw wealth creation as the combination of materials, labor, land, and technology in such a way as to capture a profit (excess above the cost of production). The theories of David Ricardo, John Locke, John Stuart Mill, in the 18th century and 19th century built on these views of wealth that we now call classical economics.

      Marxian economics (see labor theory of value) distinguishes in the Grundrisse between material wealth and human wealth, defining human wealth as wealth in human relations; land and labor were the source of all material wealth. The German cultural historian Silvio Vietta links wealth/poverty to rationality. Having a leading position in the development of rational sciences, in new technologies and in economic production leads to wealth, while the opposite can be correlated with poverty.

      Return to Table of Contents

      Amount of wealth in the world:

      The wealth of households amounts to USD 241 trillion (2013) and is estimated to increase by 40% in five years. The U.S. net worth of $100 trillion and Switzerland's USD 0.51 million/inhabitant are the highest numbers in the world.

      The Credit Suisse Wealth Report (mid-2013) estimated that, once debts had been subtracted, an adult required just USD 4,000 in assets to be within the wealthiest 50% of world citizens. However, at least USD 75,000 was needed to reach the top 10%, and USD 753,000 to belong to the wealthiest 1%.

      Tim Harford has asserted that a small child has greater wealth than the 2 billion poorest people in the world combined, since a small child has no debt.

      Philosophical analysis:

      In Western civilization, wealth is connected with a quantitative

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