Author Archives: vatisha.smith

Vatisha Smith

 Rich No More

The Great Debate

If someone makes at least $300,000 a year, are they rich? What exactly does it mean to be rich? With the recent emergence of the economic crisis, this question is becoming a heavily debated issue. If you ask a so-called member of the 99%,

A lone occupier holding down the fort. Photo by V. Smith

you will certainly get a different answer than from someone who may be considered a member of the 1%.

Who and How Much?

The New York Times recently published an article on income in America. For some, it was an eye opener about who makes the most money. For others, it only created more questions about wealth in this country. The article found that most individuals deemed the top earners in the US, have an income of at least $300,000. Encompassed in that group were physicians, attorneys, financial managers, and the self-employed. The article received huge responses because many people including myself, see the RICH as professional athletes, CEOs of corporations, and entertainers. We do NOT look at our primary care physician as rich. Even television personalities, e.g., reality TV stars are considered rich.

He say, She say.

Why have many of the top 1% earners in this country, vehemently denied they are rich? In the past it was considered rude and low class to discuss money. How much you had, how much you were able to accumulate, and especially how much you spent. Now it’s become a different story.  The well to do are everywhere we look. Television, Magazines, the Internet. Rich is shoved under our noses at every turn.

Village rental for over $18,000 a month. Photo by V. Smith

If you own more than one home are you rich? If you own more than one luxury vehicle are you rich? If you are able to go on exotic vacations, and buy designer clothes on a regular basis are you rich?

What if you live modestly but have a large investment portfolio? Many would agree that earning $300,000 certainly makes you better off than someone making $30,000 a year. However, what if you make $300,000, but are heavily in debt?

View from terrace at this duplex penthouse. Photo by V. Smith

The debate can go on and on, not to mention the discussion of who is rich versus who is wealthy. That is a different discussion altogether.

Bull Market or Bull Crap? Photo by V. Smith

Who’s Playing and Who’s Not?

Love it or hate it. Facebook the mammoth social network website, just became a publically traded company.  What does this mean for us, the little people? The masses whom work day-to-day and struggle to pay our bills, all the while steadily watching the 1% have the opportunity buy Facebook stock. Unless, of course, they already own shares of the company when it was privately owned. Now that the transition from private to public has occurred, they will see the value of those stocks multiply exponentially.

What is the Game?

Photo by V. Smith

The game is the called “capitalism”, and the last time I heard, everyone is supposed to have the ability to play. However, with all the discontent between the 99% and the group they’ve named the 1%, it’s become an US versus THEM America. What the 1% don’t seem to understand, is that the 99% are not angry with them because they have money. We are angry, because they always seem to have access to MORE money, and they REFUSE to share with the rest of us. What does that mean? It means, for example, that the company who prepared the offering plan, will only offer Facebook stock to people who are wealthy. Those wealthy individuals will simply make even more money, because more often than not, it’s only the wealthy, who are offered these of opportunities. Why don’t they ever come to some of us in the ‘hood or even in suburbia and say “Hey, we’ve got this great deal for you. Sort of a pull yourself up by your bootstraps opportunity.” Some of us have a little put away for a rainy day. This is why the rich get richer and the 99% get madder and madder. We want what we used to have. Access to the American Dream.